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Cardano (ADA)
Cardano ADA 1.65% has recently experienced a significant price drop, but now has the potential to bounce back as it moves towards its previous strong accumulation zone. The launch of Midnight L2, a privacy-focused Layer-2 network, could be the impetus for a new era for this blockchain project.
Technical analysis shows that a descending channel pattern has formed due to ADA’s bearish trend since early October. Investors previously accumulated a lot of ADA tokens in the $0.30-$0.35 range, making it an important area to watch.
If the price manages to break above $0.40, it could confirm a trend reversal and push the recovery up to at least $0.60, giving a potential upside of around 50% in the short term.