Cardano (ADA) has witnessed an impressive surge in value, with the token surpassing the crucial $0.40 resistance level for the first time in almost 200 days. This achievement signals a strong finish to the year and potentially a new yearly high. The price of Cardano reached a peak of $0.41, slightly below the annual high of $0.46.
These remarkable gains come shortly after the conclusion of the annual Cardano summit, which featured the inaugural “Battle of the Builders” competition.
Currently, ADA is trading at $0.377, experiencing a slight retracement in the past few days. Over the last 24 hours, the digital asset has seen a modest increase of nearly 3 percent. This suggests that there is a lack of significant bullish momentum contributing to the recent decline. Nevertheless, there is substantial support, and any test of the $0.35 lower levels should result in a rebound.
According to weekly technical analysis, ADA has been trading between $0.25 and $0.40 since November 2022. Investors are optimistic that the token will find further support in the coming months, enabling it to finish the year above $0.46.
Renowned crypto analyst Ali Charts has made an intriguing price prediction for ADA, projecting that it will close the year trading around 75 cents. The analyst based this bullish forecast on the striking resemblance between the current macro consolidation and the bear market of 2018-2020, albeit without the impact of the Covid-19 Black Thursday. It is worth noting that Ali Charts’ optimistic outlook for ADA by the end of the year depends on the altcoin’s ability to close above 45 cents during the first week of December.
In a recent YouTube analysis, market analyst and Crypto Capital Venture founder Dan Gambardello drew a parallel between Cardano (ADA) and Amazon (AMZN). He predicts a meteoric rise for ADA similar to that of Amazon, which has evolved into a retail giant specializing in e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence.
In a related development, Cardano founder Charles Hoskinson extended an invitation to Sam Altman, the former CEO of OpenAI (ChatGPT), to collaborate on a decentralized Large Language Model (LLM) project. Hoskinson described the potential partnership as a “fun Cardano Partnerchain.”
On the downside, ADA enjoys strong support around $0.35, and further support can be found at $0.30. However, most experts believe that ADA is on a bullish trajectory, with a long-term target of $0.46 and $0.40 serving as a significant psychological position.