These technical patterns tend to form before a bullish breakout.
So, with ADA still nearly 7% below previous weekly highs in the psychologically important $0.30 area as the broader crypto market pulls back, is it time to buy the dip?
Price Prediction: What’s Next for Cardano (ADA)?
With Cardano still in the process of forming a short-term bullish technical structure, bulls are bullish, and therefore short-term price predictions are bullish.
If ADA can break through the resistance in the $0.30 area, this could open the door for a quick recovery to its 200 DMA and the resistance in the $0.35 area.
If ADA can take advantage of this rally, it would have recouped virtually all of the ground it lost in the wake of the US Securities and Exchange Commission labeling it as a security last month.
And it’s not just the technicalities that suggest an ADA recovery is on the cards.
The blockchain Decentralized Finance (DeFi) ecosystem continues to go from strength to strength, despite SEC FUD (which stands for Fear, Uncertainty, and Doubt).
according to DeFi FlameUSD-denominated Total Value Locked (TVL) of cryptocurrencies locked in Cardano smart contracts (via Cardano decentralized applications) has once again surpassed $200 million and is almost back to yearly highs.
Meanwhile, the ADA-denominated TVL continues to reach new all-time highs.
All of that said, while US regulatory uncertainty continues to weigh on the ADA, now could be a good time to buy the dip.
Buy Cardano now
Cardano (ADA) Alternative to Consider: DeeLance (DLANCE)
An innovative new web3 project called DeeLance is building a metaverse based on cryptocurrencies and NFTs that, for the first time in the industry, places the job market on the blockchain.
The project, which is touted as one of the hottest crypto startups of 2023, is building a metaverse to unite freelancers and employers and promises to revise remote work forever, as well as the $761 billion dollar recruiting sector.
Using the decentralization and transparency of the blockchain, DeeLance wants to eliminate overly powerful intermediaries like Fiverr and Upwork that have abused both freelancers and employers for the past decade.
DeeLance is already generating a lot of buzz in web3 circles and some observers believe it could upend the still-heavy web2 platform-focused freelance/gig economy.
The project has already raised a whopping $1.5 million in just a few months since the launch of its $DLANCE pre-sale token.
DeeLance also recently secured a huge strategic investment of $1.12 million from major venture capital firm Bitgert Ventures, a sign that institutions are increasingly taking notice of the project’s potential.
Investors are encouraged to quickly move into the safe tokens, as when the pre-sale reaches $1.7 million, the price will rise from its current super cheap level of $0.038.
With DLANCE set to debut on major cryptocurrency exchanges later this year at $0.57, investors jumping in now can make profits of around 50%.