The price of the cryptocurrency Cardano has fallen by 2.35%, but analysts remain optimistic about its future.
Price Drop of Cardano
Today, the price of Cardano decreased to $0.72. This drop occurred amid an overall decline in the cryptocurrency market. Nevertheless, some analysts emphasize positive aspects.
Technical Analysis and Predictions
Experts predict a potential rise to $1.35 soon, and possibly even to $5 in a strong bull market. A falling wedge pattern on Cardano’s price chart indicates that there has been a breakout and the current retest of the resistance line as support is significant. This is a strong signal for buyers, indicating growing momentum. 'A breakout above $0.84 could set Cardano on a path toward $1.30!' noted analyst Ali.
Market and DeFi Usage
Despite the decrease in the likelihood of SEC approval for a Cardano ETF from 89% to 80%, the DeFi usage on Cardano continues to grow. The total value locked exceeds $325 million, and the recent Airdrop increased the number of holders to 3.1 million. If the broader crypto market rallies, this could support price increases, affirming bullish predictions.
Despite the recent decline, positive forecasts and growth in the DeFi sector provide grounds for optimism among Cardano investors.
