• Cardano (ADA) is bouncing at key support in the $0.28 area and forming a bullish ascending triangle structure.
• Crypto markets are retracing after US jobs numbers were not as hot as feared, leaving ADA 7% down from earlier weekly highs in the $0.30 area.
• With technicals suggesting an ADA recovery and DeFi TVL hitting new all-time highs, now could be a good time to buy the dip.
Cardano Price Prediction
The Cardano (ADA) price is bouncing at key support in the $0.28 area and forming a bullish ascending triangle structure, while crypto markets retrace following US jobs data that wasn’t as hot as feared. This leaves ADA 7% down from earlier weekly highs in the $0.30 area, making it potentially an opportune time to buy the dip.
Technical Structure Suggests Bullish Breakout
The bounce keeps alive hopes that Cardano has formed a bullish ascending triangle structure which often forms ahead of a bullish breakout. If ADA can break above resistance in the $0.30 area, this could open the door to a swift recovery back to its 200DMA and resistance in the $0.35 area – recovering all of its losses since last months SEC FUD labeling it as a security .
DeFi Ecosystem Booming
Not just technical analysis suggests an ADA recovery is on cards either; The blockchain’s Decentralized Finance (DeFi) ecosystem continues to go from strength to strength despite SEC FUD, with USD-denominated total value locked (TVL) of crypto locked in Cardano smart contracts (via Cardano Decentralized Apps) back above $200 million and almost back to yearly highs, and ADA-denominated TVL continuing to hit new all-time highs .
Buy The Dip?
With technicals suggesting an ADA recovery and DeFi TVL hitting new all-time highs, now could be a good time to buy the dip – although US regulatory uncertainty still hangs over it .
Alternative To Consider – DeeLance
As well buying into Cardano (ADA), an innovative web3 project called DeeLance is building a metaverse powered by crypto and NFTs that’s hoping to revolutionize remote working forever , and put freelancers and employers together with 100% transparency on the blockchain .