There is Room for Additional Upside
Cardano is coming off a strong two-day rally, which has come after a prolonged period of bearishness. The 2-day gain in Cardano has allowed it to gain close to 10%, surpassing the market cap of Solana to reclaim the 5th spot on the most capitalized cryptocurrency.
Trading volumes have also surged, indicating that open interest in the token is increasing. This is because the price is now deemed attractive for reinvestment by many players.
Cardano is set to launch Phase 3 of its roadmap, which is Basho. This involves the implementation of a solution to drive up its transaction speeds. It also includes an interoperability upgrade, allowing for cross-chain interaction between Cardano and other blockchains.
Cardano Price Prediction
The intraday decline is now testing the 1.499 support level. A bounce off this level allows the bulls to aim for the 1.601 price mark. 1.761 only becomes an available target if the 1.601 resistance is cleared. 1.847 and 1.943 are additional targets to the north.
On the flip side, a breakdown of 1.499 allows for an additional pullback to 1.405. 1.197 is another target to the south. There is also the potential for 1.300 to serve as a pitstop on the way there.
ADA/USDT: 4-hour Chart
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