Cardano Skyrockets to $0.40 – Is a New Yearly High Imminent?

• For the first time in 200 days, Cardano (ADA) has climbed back above $0.40, signaling a strong end to the year.
• Cardano founder has extended an invitation to OpenAI (ChatGPT) ex-CEO Sam Altman to work on a decentralized Large Language Model (LLM) project.

Cardano (ADA) has posted spectacular gains over the last couple of weeks. A few days ago, this culminated in ADA topping the $0.40 resistance level. This was the first time the token topped this critical level in nearly 200 days. The figures suggest a strong ending to the year and possibly a new yearly high. Cardano’s price reached a high of $0.41, below the yearly high of $0.46.

These impressive gains come just days after the annual Cardano summit came to an end. The first-ever “Battle of the Builders” competition was held during this summit.

At the time of press, ADA is trading at $0.377 after retracing in the last couple of days. In the last 24 hours, the digital asset has added nearly 3 percent. This suggests that there’s a lack of strong bullish momentum leading to the recent drop. Fortunately, there is still strong support, and any test of the $0.35 lower levels, should be met with a bounce back up.

Cardano (ADA) Sets $0.75 Price Target by End of Year

According to the weekly timeframe technical analysis, ADA has traded between $0.25 and $0.40 since November 2022. Investors are optimistic that the token can find further support over the coming months to end the year above $0.46.

With the interesting performance and network development, popular crypto analyst Ali Charts has issued an intriguing ADA price prediction. According to the crypto analyst ADA’s price is likely to close the year trading around 75 cents.

Notably, the crypto analyst based the ADA bullish argument on the close resemblance of the current macro consolidation to the 2018-2020 bear market, but without the Covid-19 Black Thursday. Worth noting that the ADA bullish outlook by Ali Chart by the end of the year is based on the altcoin’s ability to close above 45 cents during the first week of December.

Read More: Cardano Bulls Eyeing $0.75: Analyst’s Bold Prediction for Year-End Rally

Popular market analyst and Crypto Capital Venture founder Dan Gambardello has in a recent YouTube analysis likened Cardano (ADA) to Amazon (AMZN). The analyst predicts a meteoric rise in ADA similar to AMZN which has become a retail behemoth of a company focusing on e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence.

On a related development, Cardano founder Charles Hoskinson has recently invited OpenAI ex-CEO Sam Altman to work on a partnership on a decentralized LLM project, suggesting that it would be a “fun Cardano Partnerchain.”

On the lower side, ADA enjoys great support around $0.35. Further down, the altcoin can find support at $0.30. However, most experts believe ADA is on a bullish trajectory with $0.46 as the long-term target with $0.40 as a key psychological position.