Cardano Price Prediction as Bulls Hold $0.30 Level – Can ADA Pump to $1 Soon?

cryptonews.com:

The Cardano price has inched up by 0.5% today, reaching $0.306274 as the cryptocurrency market enjoys a similarly modest rise in the past 24 hours.

ADA is now up by 1% in a week and by 4% in the past month, with the altcoin having risen by 24% since the start of 2023.

Such gains are relatively modest compared to other major cryptocurrencies, suggesting that ADA has in fact been undervalued by the market in recent months.

In turn, this indicates that it could be on the brink of a major breakout, given just how discounted it arguably is relative to a fairer value.

Cardano has been trading within the $0.30-$0.33 range for the past couple of weeks, as indicated by its current resistance (red) and support (green) levels.

Its inability to break through $0.33 is likely to be disappointing to many holders and traders, yet there are signs that ADA could be close to witnessing a significant rally.

For one, ADA's relative strength index (purple) has climbed from 30 to 50 in the past couple of days, indicating an increase in positive momentum that may help to push the coin higher.

Secondly, the cryptocurrency's 30-day moving average appears to have flattened out after spending two weeks falling gradually, another sign that it may be due to pick up soon.

Given how undervalued ADA has been in the past few months, a rally is certainly overdue, although there isn't any major event or update on Cardano's horizon that would provide a strong fundamental catalyst for such a rally.

That said, Cardano continues to enjoy gradual development, even if its growth is hardly spectacular.

For example, it has now entered the top ten for layer-one blockchains in terms of total value locked in, with its TVL having increased by an impressive 276% since the start