Cardano price has demonstrated consolidation at fundamental support levels which analysts predict will result in a new market uptrend.
Cardano (ADA) shares the same downward trend along with the broader cryptocurrency market right now.
Experts indicate the asset has potential recovery potential which could place the price between $0.90 and $0.94 soon.
Cardano Price Consolidates Near Support
Cardano price range exists inside a parallel channel while holding its equilibrium level near the lower boundary.
Analysis suggests that ADA will recover given its ability to stay within the established pattern.
A TradingView analyst observed ADA breaking through past resistance points which created a new price zone for trading.
Cardano active addresses Source: IntoTheBlock
In addition, the market analysts validated ongoing bullishness in the market after the price maintained upward movement following what seemed to be a bearish RSI divergence.
The analyst predicts that ADA will rise toward the important resistance zone spanning from $0.90 to $0.94 given its current market structure remains intact.
However, the trend may shift negatively if market support fails to maintain its current strength.
Market Activity Shows Increased Engagement Despite Price Drop
Despite the declining price, the Cardano blockchain shows no signs of slowing down in terms of network activity.
IntoTheBlock data shows that Cardano user participation has expanded because daily active addresses grew 11.99% in the last week.
The number of new addresses on Cardano rose by 4.79% but zero-balance addresses experienced a 12.26% increase during this period.
Besides, the steady rise in active Cardano addresses shows interest in the network remains constant across market volatility.
The rising user participation signals potential interest in ADA which could help stabilize its price and lead to a market recovery.
Blockchains with active participation tend to show price change patterns so continuous network engagement can form a basis for eventual profits.
Analyst Projects Long-Term Growth for Cardano
Beyond the short-term price movements, some analysts foresee a more ambitious trajectory for ADA.
Tim Warren has predicted that Cardano will pass Dogecoin and USD Coin to rank among the six or seven largest cryptocurrencies according to market capitalization.
Notably, Warren’s analysis is based on two key factors, a strong bull market cycle and the potential adoption of Cardano’s blockchain for U.S. government expenditure tracking.
Under this scenario, Cardano would attain a $250 billion market capitalization and push ADA’s price to approximately $7.
The speculative prediction highlights the significant expansion potential that would emerge from widespread adoption.
Meanwhile, Cardano founder, Charles Hoskinson continues to push for clearer crypto regulations, focusing on the FIT21 bill to define digital assets as securities or commodities.
He advocates for incorporating academic research and cooperation with government entities to shape policies.
Hoskinson’s efforts aim to provide stability and prevent regulatory overreach in the crypto industry.
At the time of writing, Cardano (ADA) price is trading at $0.8097, marking a 2.67% decline over the past 24 hours.
The price shows signs of consolidating near support, with a slight upward momentum following recent declines.
