Cardano is holding up well even as the broader crypto market pulls back. The global market cap is near $3.75 trillion. ADA price now trades at about $0.7931, down roughly 2% today but still up close to 96% for the year.
In a Youtube video, the Cheeky Crypto team explains why they think ADA might be nearing the end of a long bear phase and setting up for a much bigger move.
What you'll learn 👉
Market Setup and Key Signals for Cardano
The team describes ADA current price action as a “monstrous bear trap.” They point to approximately $1.47 million in open interest, which would be capable of shifting sentiment quite rapidly if it starts to unwind.
On the charts, ADA price is below its 20-day and 50-day moving averages but well above its 200-day, showing long-term resilience. The RSI at 36 also indicates the token is oversold and could be in for a bounce.
Cheeky Crypto continues with the fact that they have made accurate predictions in the past, such as observing the FTX collapse and predicting the bottom in the market in 2022 months in advance. They indicate that these are predictions, not guarantees, and invite individuals to do their own research.
Read Also: Why a Top Analyst Chooses Cardano (ADA) Over Ethereum
Growth Inside the Cardano Network
The ADA ecosystem is still building. Binance Academy has introduced a Cardano fundamentals course with rewards of up to 10,000 ADA.
At the same time, World Mobile and Minutes Network are running a Unity Node that lets users earn rewards through mobile calls that help verify a telecom grid. This setup uses NFTs and involves staking MNTX and WMT tokens for 24 months.
Cardano is also focusing on stablecoins to improve liquidity and drive decentralized finance adoption. Better liquidity could help bring more users and strengthen the network over the long term.
ADA Price Targets and What’s Next
Cheeky Crypto thinks a 25-30% short-term rise is possible, with a $5 target for ADA price still in play for this bull cycle if stablecoin-driven liquidity keeps growing.
The team believes this latest drop may be the last shakeout before a major rally. They indicate that clearing key resistance and keeping network growth on track could help ADA turn this bear trap into a run toward $5.
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