Cardano price has staged a strong comeback in the past few weeks as demand for the coin rose. ADA was trading at $0.4088, which was about 24% above the lowest level this year. This price is about 86% below the highest level in October 2021.
NFTs to the rescue?
Cardano is a well-known blockchain project that aims to become a leading player in the smart contract industry. It is an Ethereum rival that has better features like faster speeds and lower transaction costs.
Cardano went mainstream in 2021 as cryptocurrency prices rallied. At the time, it was seen as a better alternative to Ethereum, which was then a proof-of-work (PoW) platform. As ADA rallied, its total market cap jumped to over $90 billion.
Cardano has had limited success in the DeFi industry, a year after it activated its smart contract features. According to DeFi Llama, it has a total value locked (TVL) of more than $88 million, making it much smaller than projects like Klaytn, Moonriver, Hedera, and Gnosis among others.
Most recently, Cardano has found some success in the Non-Fungible Token (NFT) industry. Data compiled by OpencNFT shows that there are more than 7.6k NFT projects in Solana. The volume of these NFTs in the past 24 hours was worth over A1.38 million, which is equivalent to over $552k.
This growth makes Cardano the fourth-biggest player in NFTs after Ethereum, Solana, and Immutable X. In the past 30 days, Cardano’s NFTs jumped by 190% to over $24 million. This growth is being dominated by collections like The Ape Society, Oremob, Cabins by The Ape, and Clay Nation by Clay.
Therefore, there is a likelihood that Cardano price will continue rising as it becomes supported by the NFT industry. Just this week, the biggest crypto news was the decision by Meta Platforms to get deeper into the industry.
Cardano price prediction
The four-hour chart shows that the ADA price has made a strong recovery in the past few days. In this period, it has managed to move slightly above the 50-day moving average while the Relative Strength Index (RSI) has risen above the neutral point.
Cardano has also formed what looks like an inverted head and shoulders pattern. In price action analysis, this pattern is usually a bullish sign. Therefore, there is a likelihood that the coin will keep rising as buyers target the next key resistance at $0.50, which is about 22% above the current level.
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