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Cardano (ADA) is in consolidation mode today as the price slipped 2.87% to $0.3806, setting a new narrative for analysts to wade through. Rather than present a gloomy outlook, market analyst Ali Martinez believes Cardano might be wiggling into a position where it can surge to its highest price for the year.
Tomiwabold OlajideThe analysts revealed that Cardano's demand at the $0.37 and $0.38 price range shows optimism, as over 166,470 wallets bought the coin at this level. Moving forward, Martinez said ADA now has limited resistance, and with its strong support level at $0.38, a potential 20% surge might be recorded to breach its previous yearly high of $0.4518.
Cardano has always been tagged as an undervalued digital currency considering its value proposition, technological innovation, research milestones and vibrant community. For a protocol that allegedly has one of the best staking mechanism designs in the Web3.0 world, a price of $0.38 is deemed too small.
Martinez believes the growing demand can change the narrative. However, he cautioned that investors must watch out for any inability to hold onto the support zone that might trigger another drop to $0.34.
Cardano bullish milestone to watch
The call for Cardano's imminent price upsurge goes beyond just the on-chain metric as its ecosystem continues to welcome innovative protocols that have continued to sustain the demand for ADA.
Arman ShirinyanAs reported earlier by U.Today, Cardano made another grand showing as an Artificial Intelligence (AI) enabler with the launch of Cardano GPT, its first generative AI chatbot.
This launch builds on other protocols like Midnight Network and Mithril that the Layer-1 blockchain has launched in recent times. In addition to these milestones, the Cardano founder is exploring strategic collaborations that can drive interest in the protocol and ultimately push the price of ADA in the long term.
Yuri Molchan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov