Cardano (ADA) Price Prediction: Renewed Investor Interest Pushes Prices 6.5% Higher

Cardano has experienced renewed investor interest following a major exchange listing and technical breakout patterns. The cryptocurrency currently trades around $0.70

Cardano experienced renewed investor interest following a major exchange listing and technical breakout patterns. The cryptocurrency is currently trading around $0.70 after recording gains of over 6.5% in the past 24 hours.

Laterally moving in a descending channel

This development comes after ADA secured a listing on Bitstamp for U.S. traders. The development marks the end of regulatory uncertainty that previously limited access for American investors.

Bitstamp announced via its official channels that Cardano is now available for trading to U.S. citizens. The listing follows changes in the SEC’s regulatory approach after previous concerns about ADA potentially being an unregistered security.

This news follows closely after e-commerce, points-of-sale, and Fintech platform, PayMongo, announced support for Cardano. The move will allow users in the Philippines to easily purchase goods and services using ADA.

The development also follows reports that government bonds, known as BND, and broadly diversified Total Stock Market Index (TRXVX) are now available for trading on Bitstamp.

These developments come after the U.S. unit of leading cryptocurrency exchange Binance announced plans to cease offering futures, options, and pay-in / pay-out services for U.S. traders.

The development comes after the exchange faced scrutiny from the Securities and Exchange Commission (SEC) over its activities in the U.S.

Earlier this month, the SEC filed a lawsuit against Binance, which marks the latest move by the regulator against cryptocurrency exchanges operating in the U.S.

The suit, filed with the U.S. District Court for the District of Columbia, claims that Binance and its CEO, Changpeng Zhao, have engaged in violations of securities law.

According to the complaint, Binance misled users about its operational procedures and legal compliance efforts, and also failed to properly register its operations.

The SEC is seeking permanent injunctions against Binance and Zhao to halt any further violations of U.S. securities law, plus disgorgement of illegally obtained gains, together with interest and penalties.

The lawsuit follows months of speculation over potential regulatory action against Binance after the exchange pulled out of applying for registration with the SEC earlier this year.

The agency previously warned investors about the risks associated with cryptocurrency derivatives on foreign exchanges.

The SEC’s lawsuit against Binance marks a significant escalation of its efforts to crack down on cryptocurrency exchanges and issuers of digital assets.

Earlier this year, the SEC sued crypto exchange, Coinbase (NASDAQ:COIN), for allegedly operating as an unregistered exchange, broker, and clearing agency.

The agency also reached settlements with cryptocurrency firm, Blockfolio, and two other companies for failing to register their token offerings.

These cases highlight the SEC’s increasing focus on enforcing U.S. securities law in the evolving cryptocurrency landscape.

ADA Price Analysis: Technical Breakdown

Looking at the technical analysis, ADA is trading inside a descending channel pattern on longer time-frames. A sustained move above $0.77 could confirm a bullish breakout from this channel.

Technical indicators are showing mixed signals at present. The asset is encountering mild selling pressure at the 200-day Exponential Moving Average on the 4-hour charts.

This resistance level coincides with a horizontal resistance zone that has previously seen ADA pullback by over 10% when encountering it. However, given the recent momentum, different market conditions could be unfolding.

Importantly, ADA has now broken out of its prolonged descending trendline and is exhibiting strong upward movement. A breakout from the channel, converging with the 200-day EMA, could propel further gains.

The MACD indicator is displaying a bullish bias, although the close proximity between the MACD line and the signal line suggests that market strength remains minimal at present.

Meanwhile, the Relative Strength Index (RSI) is positioned at 62.77, indicating that the asset is not yet overbought.

Analysis of Next Price Levels

In the near term, if the buyers succeed in closing a 4-hour candle above $0.71, then we might see another 18% gain. From here, the next resistance level is located at $0.78.

Failure to break above $0.71 could result in downward pressure, potentially pushing the price toward $0.62.

In other news, a crypto analyst has explained how using $ADA (Cardano) ‘s previous bull cycle as a guide for this one, prices could be setting up for another move to and above its 1.272 Fibonnaci Level which is currently at the ~ $5.35 Price Point!

This means that a nearly +666% upside from here can be possible.

Ada (price today $0.70)

“Using previous cycles as a guide, we can see that after setting a new cycle high, the price tends to pullback to the 0.786 Fibonnaci Level before continuing