Cardano (ADA) has made a remarkable comeback, surpassing the $0.40 mark for the first time in almost 200 days, indicating a strong finish to the year. In an exciting development, Cardano founder Charles Hoskinson has extended an invitation to former OpenAI (ChatGPT) CEO Sam Altman to collaborate on a decentralized Large Language Model (LLM) project.
ADA has experienced impressive gains in recent weeks, culminating in its breakthrough of the $0.40 resistance level. This surge in price suggests a positive end to the year and the possibility of reaching a new yearly high. Although the token’s price peaked at $0.41, it fell short of the yearly high of $0.46. These significant gains followed the conclusion of the annual Cardano summit, which featured the inaugural “Battle of the Builders” competition.
Currently, ADA is trading at $0.377, experiencing a slight retracement in the past few days. However, the digital asset has still managed to gain nearly 3 percent in the last 24 hours. This indicates that while there may be a lack of strong bullish momentum leading to the recent drop, there is still substantial support. Any potential decline to the $0.35 level should be met with a rebound.
Based on weekly timeframe technical analysis, ADA has been trading between $0.25 and $0.40 since November 2022. Investors are optimistic that the token can find further support in the coming months, allowing it to end the year above $0.46. Crypto analyst Ali Charts has even issued a bold prediction, suggesting that ADA’s price could reach around 75 cents by the end of the year. Ali Charts based this optimistic outlook on the similarities between the current macro consolidation and the 2018-2020 bear market, excluding the impact of the Covid-19 Black Thursday. The analyst believes that ADA’s ability to close above 45 cents in the first week of December will be crucial in achieving this target.
In a recent YouTube analysis, market analyst and Crypto Capital Venture founder Dan Gambardello compared Cardano to Amazon. Gambardello predicts a meteoric rise for ADA, drawing parallels to Amazon’s success as a retail giant specializing in e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence.
Furthermore, Cardano founder Charles Hoskinson has invited former OpenAI CEO Sam Altman to collaborate on a decentralized LLM project, describing it as a “fun Cardano Partnerchain.” This partnership could lead to exciting developments in the future.
In terms of support levels, ADA has strong backing around $0.35, with further support available at $0.30. However, most experts believe that ADA is on a bullish trajectory, with a long-term target of $0.46 and $0.40 serving as a key psychological position.
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