Cardano price at the peak of a bullish rally: ADA price will soon reach the $0.93 level.

The Cardano (ADA) network, a top-rated Layer 1 (L1) blockchain with approximately $350 million locked by the Web3 protocol, is in the final stages of nullifying the 2022/2023 bear market. Since the 70% breakthrough in December, Cardano bulls have gained the upper hand thanks to the continued altcoin recovery.

Moreover, with a fully diluted value of approximately $22 billion and an average 24-hour trading volume of approximately $738 million, the mid-cap altcoin has attracted notable attention from web3 developers and digital asset investors.

Factors Delaying Mass Adoption of Cardano

The Cardano network is supported by a community of dedicated developers and investors. However, smart contract-oriented networks face significant competition from other layer 1 (L1) blockchains, especially Ethereum, Solana, and Binance Smart Chain (BSC). In addition to fierce competition in the cryptocurrency market, the Cardano network has gone to great lengths to ensure that its web3 protocol is seamlessly interconnected with other L1 chains to further improve liquidity.

ADA Pricing Analysis

According to renowned cryptocurrency analyst Ali Martinez, ADA price is preparing to begin the second leg of its bull season after posting a solid breakout in the fourth quarter of 2023. The cryptocurrency analyst claimed that if the strength continues, the price of ADA could easily reach 93 cents. Defend the support area between 46 cents and 49 cents over the next few days. According to the weekly automatic pin retracement, in the near term, ADA price is targeting 82 cents after clearing the resistance level near 69 cents.