Cardano price analysis: ADA continues to decline, reaching a low of $0.3429

Cardano's price analysis shows a strong bearish move today, as the coin just beached the $0.3372 support at the moment. The price has been under pressure since the start of the day, as sellers have been pushing it down.

Timeline of Cardano

Cardano price analysis is bullish for today, as an increase in price up to $0.3511 has been observed. The bulls have been successful in crafting an upwards trend line for the price function during the last few days, and the trend is the same for today as well.

Cardano (ADA), the cryptocurrency that underpins the smart-contract-enabled Cardano blockchain, was trading at around $0.34 per token, at press time. It was up about 4% on the day amid a larger cryptocurrency rally but was slightly boosted by the good news about the Cardano development team delivering a new network upgrade.

House to over 1000 decentralized applications (dApps), a new report from Messari revealed that the leading Layer 1 blockchain Cardano [ADA] saw growth and some corresponding declines in Q4 2022.

Cardano price analysis shows an uptrend as the ADA/USD pair holds above $0.3400. The bullish trend has been in place since the start of this week, and the pair has climbed from $0.3200 to a high of $0.3566.

Cardano Price Prediction: Since last week, the Cardano coin price attempted twice to break the $0.355 local resistance level. However, the daily rejection candles at this resistance indicate the selling pressure is high and the ADA price will most likely revert lower.

Cardano's [ADA] development activity took a back seat for the majority of last week as it went sideways. However, the graph managed to register a spike on 16 March, after which it once again declined.

Cardano, one of the most popular blockchain networks, is seeing significant growth in its Total Value Locked (TVL) metrics. Data from DeFi Llama shows that TVL of the Cardano network has seen an increase of 20% almost every month, highlighting the increasing popularity of the network's DeFi ecosystem.

Cardano (ADA), the cryptocurrency that powers the smart-contract-enabled Cardano blockchain, was last changing hands around $0.34 per token, up around 4% on the day amid a broader rally in cryptocurrencies, but lifted somewhat by positive news about the Cardano development team delivering a new network upgrade.

ADA price Prediction: The Cardano price recovery rally struggles to surpass $0.35 resistance indicating the overhead supply pressure is high. The daily time frame showcasing higher price rejection aforementioned resistance indicates the sellers are likely to prolong the prior correction phase.

On Thursday (March 16), a popular pseudonymous $ADA whale commented on the growing importance and popularity of Cardano's DeFi ecosystem. Yesterday, the prominent Cardano ($ADA) influencer “ADA whale” (“cardano_whale” on Twitter) tweeted about the rapid growth of Cardano's TVL (363 million ADA, which is roughly $118.