Cardano is a blockchain platform for developing decentralized applications and smart contracts. It is based on a proof-of-stake consensus mechanism called Ouroboros, which aims to be more energy efficient than traditional Proof-of-Work mechanisms.
Cardano also uses a unique multi-layer architecture, with a separate layer for transaction processing and another for contract execution, allowing more flexibility and scalability.
ADA price action has reached the new peak valuation of $0.38, which brings the token close to its previous strong resistance of November 2022 at $0.44. The technical outlook of ADA has taken a positive turn since 2023 began a positive movement for cryptocurrencies. ADA has thus reclaimed its market capitalization of $13 billion.
Can Cardano hit $1 in 2023?
ADA price action takes a bullish uptrend after a breakout from its 100 EMA curve of $0.341. The Strong resistance for this token is trading close to the 200 EMA curve or $0.44.
