Cardano (ADA) Price Predictions Are Forecasting an Imminent Uptick

Cardano price predictions are forecasting ADA’s imminent uptick now that ADA has breached the $0.80 resistance zone.

Despite a recent downturn, Cardano (ADA) has shown remarkable resilience, emerging from the recent bear market with a 60% year-to-date price increase.

After hitting a low of $0.32 in March, Cardano's price has steadily recovered, bouncing back from support at $0.55. As ADA trades above this zone, it is also making its fourth attempt to break out of an extended descending wedge pattern that began in late last year.

If successful, this breakout could pave the way for a substantial surge in Cardano's price. However, the wedge's angle suggests that a breakout may not occur until later in 2024.

The cryptocurrency exchange's open interest in Cardano's network has also been steadily increasing, indicating that institutional players are accumulating ADA in anticipation of the upcoming bull run. Despite this activity, ADA's price has risen relatively slowly.

As seen in the chart above, Cardano's price has been largely contained within an ascending channel since March. This channel provides some insight into the potential price levels that ADA might reach next.

After bouncing off support at $0.55, Cardano's price encountered resistance at the $0.62-$0.68 zone, where it encountered resistance twice before finally breaking through. Now, as ADA approaches the $0.82 resistance, it will be interesting to observe whether this zone poses a significant challenge, leading to stagnation or a consolidation pattern.

If Cardano bulls manage to convert this zone into support, the next pivotal resistance level to watch will be at $1.

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However, recent news of a full audit on IOG following accusations from the Cardano community about the misuse of ADA tokens might dampen the bullish sentiment that has been building around ADA.

Members of the Cardano community have accused IOG of using ADA tokens for purposes other than those stated in the whitepaper. These accusations led to calls for a full audit of IOG to ensure that the company is using tokens in accordance with the community's wishes.

Following these calls, IOG announced that it will undergo a full audit by an independent accounting firm. The audit will cover all of IOG's financial statements and activities for the past year.

While the announcement of the audit is a positive development, it remains to be seen whether it will be sufficient to appease members of the Cardano community.

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