Cardano (ADA), the eighth largest cryptocurrency in the world by market capitalization that powers the layer-1 Cardano protocol, was last trading with gains of close to 3% in the last 24 hours in the $0.26s amid more than $100 million in trading volumes, as per CoinGecko.
After testing key long-term resistance in the $24 are last week, ADA is on course to post a fifth successive session in the green on Monday.
The cryptocurrency has been rallying in tandem with the broader market in recent days, with Bitcoin pumping amid optimism about upcoming spot Bitcoin ETF approvals.
Price predictions could be about to take a turn for the better if ADA is able to muster a sustained break to the north of its 100DMA and early October highs at $0.27.
Price Prediction – Where Next for Cardano (ADA)?
A break above the $0.27 level could open the door for a more sustained upside move for ADA towards its downtrend from the yearly highs and its 200DMA.
These levels of resistance will likely come into play in the $0.30 area and a break above here would open the door to a fast run higher back towards the July highs at $0.38.
Is a New Bull Market Starting?
With Bitcoin poised to pump to new yearly highs, traders might be asking whether now is also Cardano (ADA)’s time to shine.
Could a new bull market be starting?
Whilst ADA’s near-term uptrend could continue as the broader market rallies on spot Bitcoin ETF optimism, its worth noting a few major headwinds faced by Cardano that could prevent a break above the aforementioned downtrend from the yearly highs.
First is continued uncertainty regarding ADA’s regulatory status in the US.
The US Securities and Exchange Commission (SEC) has claimed that ADA is a security in various lawsuits against crypto firms operating in the US like Coinbase and Binance.
US-based crypto exchanges have largely delisted ADA as a result out of fear of the agency taking regulatory action against them, which will hamper demand for ADA as the broader crypto bull market matures.
In the longer term, US legal uncertainty will dampen Cardano ecosystem development in the country, which is an important leader in the global crypto industry.
Secondly, the Cardano ecosystem continues to struggle to garner meaningful traction and mainstream adoption.
This is emphasized by its poor total value locked (TVL), which was last around $200 million, ranking it as the 15th largest chain by TVL.
Moreover, Cardano’s blockchain has only processed between 45,000 and 65,000 transactions per day in the last 15 days, as per cardanoscan.io, well below the transaction numbers seen on other major blockchains like Bitcoin, Ethereum and Solana.
As a result, many analysts continue to claim that Cardano is a “ghost chain”.
Lady of Crypto summarized this argument well in a recent video on YouTube.
Moreover, according to Lady of Crypto, Cardano is slow and expensive compared to its competitors, has yet to see any real-world adoption and has a slow development pace that means it struggles to keep pace with the fast-moving crypto industry.
Cardano (ADA) Alternative to Consider – TG.Casino ($TGC)
Cardano’s outlook is mixed.
Crypto investors with an appetite for high-risk, high-reward investment strategies should take a look at a new crypto presale being conducted by TG.Casino.
TG.Casino is an exciting Telegram-based crypto gambling upstart that has been taking web3 by storm.
2023 has been a big year for crypto gambling, with protocols like Rollbit seeing explosive user growth, and the platform’s native token also seeing big upside.
But the barriers remain high for non-crypto native users to bet using these platforms, given they need to navigate complicated concepts such as setting up, connecting and working with crypto wallets.
TG.Casino intends to do for crypto gambling what Unibot did for advanced crypto trading – simply things with Telegram automation, whilst putting crypto gambling at the fingertips of Telegram’s 700 million (and rapidly growing) userbase.
TG.Casino is conducting an exciting presale to fund platform growth and has already raised over $400,000 via the sale of its native $TGC token.
Early investors are already making yields in the region of 1,000% (thanks to rewards specifically set aside for $TGC token stakers – all tokens bought in presale are automatically staked).
While this yield will fade over time as more money pours into the presale, $TGC holders will also benefit from TG.Casino’s planned token buyback scheme, which will provide passive income to $TGC token stakers and raise the token’s price through token burns.
Visit TG.Casino Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
This news is republished from another source.
