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Cardano (ADA) Forms Unexpected Support Amid 13% Price Jump

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Fri, 3/11/2023 - 9:50
Cardano (ADA) Forms Unexpected Support Amid 13% Price Jump
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Cardano (ADA) is on a bullish run as it has formed unexpected support at the $0.32 price level. Specifically speaking, the coin has printed a 5.09% surge over the past 24 hours, with the price pegged at $0.3233. Effectively, ADA has recorded more than 13% over the past week to mark one of its most ambitious price runs in recent times.

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ADA 1D Chart. Source: CoinMarketCap

The Cardano growth is a story of resilience following a very tough year for the protocol. Over the past year, Cardano dropped to its lowest price level of $0.2471 on Oct. 18, a figure that marked consistency in price fall despite proven developer activities soaring on the Cardano protocol.

At a time, the profitability of Cardano plunged over 90%, adding another layer of pessimism to what the future holds for the coin.

The recovery printed over the past two weeks is a testament to the impact of the strategic planning and decentralization that Cardano embodies. During this time, the number of whale addresses and transactions has soared, complementing efforts focused on launching the Midnight Protocol as well as the upgrading of existing protocols like Mithril and the Lace wallet.

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Cardano and future plans

To many Cardano proponents, ADA is still grossly undervalued. While paring off its losses for the year remains its primary target at this time, ending 2023 positively is an ambition to watch.

While Cardano maintains the lead spot per Github Commits, the protocol has also welcomed two veterans, Sean Ford and David Markley, to lead its stablecoin business as CEO and COO, respectively.

While Cardano's year started with a tumultuous twist, the present outlook points to a potentially positive closing. Broader market sentiment bordering on the anticipation of a Bitcoin spot ETF approval from the U.S. SEC is also playing a major role. In all, seeing Cardano end the year at $0.4 will be a dream come true for many.

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