Cardano Up 10% With Strong Bounce Back and Wallet Milestone

While the broader cryptocurrency has entered a sort of consolidation, Cardano’s native crypto ADA is showing strength bouncing off the support trendline. Over the last 24 hours, the ADA price is up by more than 10% and is currently trading at $0.3794 and a market cap of $13.1 billion.

On the technical chart, Cardano (ADA) has given a major bounce back, however, it faces strong resistance at $0.40 on the upside.

#ADA

Nice bounce at trendline support

Let’s see if it can break resistance pic.twitter.com/N2VsDW0q4e

— Nebraskangooner (@Nebraskangooner) March 29, 2023

While the broader crypto market showed strong momentum this month in March 2023, Cardano (ADA) continued to exhibit volatile price behavior. While other altcoins have advanced 15-20% this month, Ceardano’s ADA is currently trading at almost flat to nil games.

Despite the subdued price action in ADA, the Cardano blockchain network continues to touch new milestones. Recently, the Cardano blockchain breached the 4 million wallet milestone. Amid this development, Dan Gambardello, founder of Crypto Capital Venture, has shared his ultra-bullish case scenario for Cardano. The analyst expects that the Cardano (ADA) price can touch a massive $15 during the next bull run cycle. This means that the Cardano market cap will touch a staggering $500 billion.

He further added that the developments of Cardano are in line with that of Ethereum. Gambadello added:

“I’m not even discussing the fundamentals here. I’m not even discussing what Cardano as a blockchain is doing. When I did this video last time, Shelly wasn’t even here, the staking mechanism for Cardano wasn’t even here yet, the Mary hard fork was not even here yet, multi-asset Ledger, Alonzo, and smart contracts.”

Cardano and zkEVM

The Cardano blockchain continues to gain attention as its beta altcoin zkEVM is set to go live. Analysts expect that it would create a renewed demand for the ADA cryptocurrency.

Cardano founder Charles Hoskinson recently showered praises over Polygon’s zkEMV launch. “Congratulations to the Polygon community. It’s really cool to see innovation like this in the industry,” he wrote.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.