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As of writing, Cardano (ADA) was trading at $0.2464, up 0.26% in the last 24 hours. If the bulls maintained momentum, ADA would retest or surpass its previous support level of $0.2472 and head back straight to the $0.30s again. Then we have VeChain (VET) in the limelight as the European Parliament reached a provisional agreement on the ‘New Battery Law’ that might form a solid use case for the VeChain (VET) project. Last but not least, Orbeon Protocol (ORBN) managed to skyrocket over 805% in December, and analysts now predict it will surge over 6,000% in Q1 2023.
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Cardano (ADA) has been trading between $0.25 and $0.26 for virtually all of December. If a bullish momentum arises, this could result in a rally that reaches or retests its previous resistance level of $0.2531.
When we combine this with the fact that the Relative Strength Index (RS) on Cardano (ADA) has retreated from oversold territory, we can only conclude increased buying pressure, and this might cause Cardano (ADA) to surge to as high as $0.30 within the next couple of weeks.
Thanks to its research-first ethos, Cardano (ADA) has seen some novel developments that have placed Cardano (ADA) ahead of some of its competitors. For instance, Cardano’s early implementation of staking has seen the token rise in price compared to its competitors.
Cardano (ADA) could be very interesting for those looking for an interesting short-term play without too much downside risk, even though it is highly dependent on Bitcoin’s movement.
The European Parliament and Council are closer to enacting the new battery law, which may force battery
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