ADA is one of the cryptocurrency assets that manage to put its position in the 10-largest cryptocurrency assets by market cap. It is famous. It is often considered to be one of the fastest-growing cryptocurrency assets.
The current price of the ADA coin is US $0.43. It is an increase of 2.85 percent in the last 24 hours as of 4th October. It is expected to see around a 12 percent hike in October’s first week. It is in a bearish trend.
In the last 24 hours, ADA has maintained its sideways trend. It initially rose by nearly 2 percent until violent sell-offs sank twice to $0.36.
The price movement of ADA last year
2021 was a brilliant year for Cardano. A strong performance, with bulls reaching over 691 percent in a year, can demonstrate this movement. According to data from CoinMarketCap, it outperformed Ether and Bitcoin by 453 percent and 75%, respectively.
At the beginning of 2021, ADA had a market capitalization of US$5.5 billion and a price of USD0.18 for one ADA. Then, in the final days of 2021, the company had a market capitalization of USD49 billion and a price of USD1.46 for one ADA token.
In the same year, ADA also briefly reached a market capitalization of USD97.52 billion and an all-time high of USD3.03 at the beginning of September 2021.
ADA reduced by 1 percent in 24 hours
The currency’s Relative Strength Index (RSI) is currently just 27 on the one-day chart, the lowest score among the top 100 currencies behind XRP, and XLM appears to be moving toward the “Weak” zone. However, the currency found solid support at $0.36, which decreased by 1% in just 24 hours. The trading volume increased by more than 20% to $415 million. ADA reached a 21-month low following the US Consumer Price Index publication last week.
ADA has struggled throughout the weekend, trading between $0.36 and $0.38.The token will be down 70% in 2022 and nearly 90% from its all-time high, with $0.35 as its next support level and $0.40 as its next resistance level. ADA has struggled all weekend, whereas other coins recovered after the news of inflation.
What will happen now?
The currency has a falling wedge pattern on the 12-hour chart because it was the short-term price on Monday. Support has been consistently established at $0.36, so it is currently in the positive. A rise in trade volume typically supports bullish price movement, as has also been demonstrated. Remember that the coin is still bearish and that volatility is likely to follow in the coming days for short-term traders.
Profit-taking opportunities exist at the 50-day SMA of $0.4178, the 100-day SMA of $0.4455, and the 200-day SMA of $0.4692.A few brokers likewise figure Cardano may yet decline substantially more. $0.30 is the next level of support. Some analysts believe that as much as $0.25 or even $0.15 could be at stake if it is broken.
Will it grow?
Despite the token’s difficulties over the past year, Cardano has long been a favorite among investors in cryptocurrencies with a longer time horizon. Diverse data metrics indicate that investors have high confidence in the project. According to two statistics from blockchain experts Messari, the protocol is now being utilized more than ever. These statistics show that the volume, number of transactions, and activity on the chain continued to rise in 2022. Current owners have been adding tokens to their holdings even as ADA prices have decreased.
The total number of token holders has increased from 0.92 percent to 1.15 percent, while the total number of token holders has decreased from 0.59 percent to 4.95 percent. Cardano NFTs have also increased this week as investors switch from Solana, a rival chain, to Cardano. The decision was made in response to Magic Eden’s announcement that royalties would no longer be required, which raised concerns about the potential effect on new connections.
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