• Cardano (ADA) is experiencing a bounce at key support in the $0.28 area.
• Bullish technical patterns suggest an ADA recovery might be on the cards.
• Despite US regulatory uncertainty, now could be a good time to buy the dip.
Cardano Price Prediction: ADA Falls 7%
Cardano (ADA) has fallen by 7% from earlier weekly highs in the psychologically important $0.30 area as the broader crypto market retraces. The fall keeps alive hopes that ADA has formed a bullish ascending triangle structure ahead of potential break out.
DeFi Ecosystem Growing Strong
The blockchain’s Decentralized Finance (DeFi) ecosystem continues to go from strength to strength despite US Securities and Exchange Commission’s labeling of it as a security last month. As per DeFi Llama, the USD-denominated total value locked (TVL) of crypto locked in Cardano smart contracts is back above $200 million and almost back to yearly highs while ADA-denominated TVL continues to hit new all-time highs.
Time To Buy The Dip?
With Cardano still in the process of forming a bullish short-term technical structure, bulls remain optimistic and short-term price predictions are thus bullish. If ADA can break above resistance in the $0.30 area, this could open the door to a swift recovery back to its 200DMA and resistance in the $0.35 area – which could potentially recover practically all of the ground lost due to SEC FUD last month.
An Alternative Crypto To Consider
An innovative new web3 project called DeeLance is building a crypto and NFT-powered metaverse that puts jobs market on blockchain with decentralization and transparency features that could remove overly powerful middlemen like Fiverr or Upwork that take huge cuts from freelancers’ earnings – revolutionizing remote working forever and overhauling recruitment sector worth over $761 billion annually .
Conclusion
Despite US regulatory uncertainty hanging over Cardano, now might be a good time for investors looking for long term gains to buy dip into this project as its DeFi ecosystem continues growing strong – not to mention possible upside if it succeeds in breaking out from its current formation as per bullish technical patterns .