The Cardano (ADA) cryptocurrency displayed significant price action in the early days of 2023, rising over 60%. It broke out of a daily bearish trendline and is attempting to break through the resistance of a bearish pattern. Although there were some bearish interruptions, the bulls managed to maintain the rally. However, there is a possibility that an inverted impulse could cause the price to decrease in the near future.
The Cardano (ADA) price appears to have been rejected at the upper resistance of a descending parallel channel as bearish sentiment has intensified around these levels. However, there is still a chance of a bullish breakout that could lift the price to the upper resistance at $0.57, after surpassing $0.55. On the other hand, a rejection could cause the price to fall to the lower support near the 2022 bottom.
Additionally, there are upcoming events that could provide a bullish boost, such as the launch of the native stablecoin Djed scheduled for the coming week. Furthermore, the Cardano-based wallet is approaching the $4 million mark and currently stands at around $3.9 million. With nearly 1000 projects being built on Cardano, a third of them being NFTs, it is clear that the platform is attracting new projects. However, the price trend remains uncertain.
Therefore, the upcoming weekend may turn the tables for the Cardano (ADA) price and pave the way for reaching higher targets.
Source: https://coinpedia.org/price-analysis/cardano-ada-rising-from-the-ashes-or-heading-for-a-fall/