Cardano Price Prediction as ADA Breaks Above $0.30 Resistance Level – Here's Where ADA is Heading Next
Cardano (ADA), the cryptocurrency that powers Cardano’s high-performance smart contract-enabled layer-1 blockchain protocol, just broke above the key $0.31 resistance level and is up close to 10% on Thursday.
The rally comes amid broad upside in crypto markets after a US judge ruled that XRP is not a security.
“XRP, as a digital token, is not in and of itself a 'contract, transaction, or scheme' that embodies the Howey requirements of an investment contract,” Judge Torres concluded.
The SEC sued Ripple, XRP’s creator, back in 2020 on the accusation it had been selling XRP as an unregistered security.
Since 2020, the SEC has taken a heavy-handed approach to the crypto sector, claiming that most tokens and activities classify as securities offerings and fall under its regulatory jurisdiction.
This has weighed heavily on crypto prices broadly, though Cardano itself took a beating back one month ago when the SEC directly targeted the cryptocurrency by labeling it a security in its lawsuits against Coinbase and Binance.
The SEC’s argument against ADA is now substantially weakened by the XRP verdict, hence why Cardano is one of the best-performing cryptocurrencies of the day alongside other cryptos also labeled as securities by the SEC, like Solana (SOL) and Polygon (MATIC).
ADA’s Thursday pump means it has now recovered a staggering 44% from its June lows around $0.22.
Things are looking very bullish for Cardano right now.
The latest pump has seen ADA break above a short-term pennant structure, which is often followed by significant follow-through buying, and break above its 50-Day Moving Average.
It also confirms the 21DMA level as strong support.
ADA’s next stop is likely going to be a retest of its 100 and 200DMA and May lows in the
Read more on cryptonews.com
