ADA Price Analysis: Bulls Break $0.4, Where Does ADA Go From Here?

Blockchain - distributed ledger technology

The price of Cardano’s native token, ADA, has seen a surge of 63% in 2023 so far. The price hit an intraday high of $0.42 on Thursday, showing a strong performance following Bitcoin’s greatest performance of the year so far. On-chain metrics and other factors suggest ADA could continue higher, as whales and sharks have been accumulating tokens since the price crash that followed the FTX crypto exchange collapse. Additionally, Cardano developer Input Output HK has recently announced a key upgrade to the network that has gone live, providing increased scalability and enhanced cross-chain interoperability. This news, along with the bullish sentiment across crypto this year, suggest that ADA could continue to rise in value. Analysts predict that ADA/USD has formed an inverse head & shoulders pattern and could reach a target of $0.65 in the near future.

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