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Cardano (ADA) Might Be Next in Line for Breakout, Here's Why

Mon, 07/03/2023 - 13:50
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Godfrey Benjamin
Cardano's resilience, DeFi ecosystem, governance and developer community may help power its next price rally
Cardano (ADA) Might Be Next in Line for Breakout, Here's Why
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Cardano (ADA) is seeing a relatively milder bullish growth momentum today as different digital currencies are charting new growth strides. At the time of writing, the cryptocurrency is changing hands at a price of $0.2936, up by 1.12% in the past 24 hours. For the trailing seven-day period, Cardano has managed just a 1.47% upsurge.

There is every reason to assume Cardano might be next in line for a massive price breakout judging by its deep correlations with Bitcoin (BTC). Cardano is uniquely positioned owing to its relatively smaller price and highly functional developer ecosystem.

The potential of Cardano to beat its own stagnation hinges on the efforts of members of the protocol's ecosystem to publicize the advances ongoing on the blockchain. The Cardano network embodies a series of impressive growth tracks showcasing the influx of new products that can drive demand for the ADA coin.

Cardano's brewing buying momentum, if sustained, may push the price beyond the key resistance level point at $0.3. If achieved, we may see new funds injected, which might ultimately drive the Fear of Missing Out (FOMO) that can fuel the rally.

Revolut Drops Cardano (ADA), Solana (SOL) and Polygon (MATIC), But There's Catch

Surpassing SEC scare

One major event that derailed Cardano from its growth path is the move by the United States Securities and Exchange Commission (SEC) to add it to the list of digital currencies it tagged as an investment contract.

The stunts by the SEC have caused brokerage firms like Robinhood, eToro and Bakkt to delist the coin, alongside the duo of Solana (SOL) and Polygon (MATIC). While the fear of the coin's future remains uncertain, investors appear to be bypassing the fear to continue business as usual.

Cardano remains one of the top-ranked tokens by market capitalization as the confluence of positive fundamentals in product release, DeFi growth, governance approach and correlation with Bitcoin is poised to stir a trigger in the long run.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.