Cardano (ADA) is currently trading at $0.2752 with an increase of over 65% in its trading volume to $304.79 million. Its price change in 24 hours is +$0.006083, up 2.17%. Also, ADA’s 24-hour low is $0.2681 while its high is $0.27562. the market capitalization is up 2.25% to $9.51 billion. It is currently ranked among the top tencryptocurrencies classified CoinmarketCapat number 9.
The circulating supply is 34.52 billion ADA, with the maximum token supply set at 45 billion ADA tokens. ADA has performed well recently since the turn of the year, prompting optimism among holders.
With the extended crypto winter of 2022, investors are hoping for more favorable market conditions going forward. Cardano’s recovery has reignited interest in the project, raising questions about how long it can sustain the rally.
What is behind the price increase of ADA?
ADA is enjoying increasing acceptance as its trading volume has increased. Investors and coin holders are more likely to choose the project based on its utility. Cardano is one of the largest blockchains using the energy-efficient Proof-of-Stake network.
This Proof-of-Stake helps to save energy and protect the environment. The Cardano network also supports the creation of smart contracts. These smart contracts facilitate the creation of decentralized applications (DApps) on the Cardano network.
It’s also gaining more attention in Web3 and for gaming applications. With faster transaction times and regular upgrades, it’s ideal for technological innovation. Cardano upgrades are also thoroughly researched and scrutinized before being released to the public.
The price of ADA is currently hovering around $0.27. | Source: TradingView.com ADAUSD price chart
ADA Price Prediction
ADA is trading below its 50-day and 200-day Simple Moving Average (SMA). the candlestickHowever, the formation on the chart indicates a possible uptrend in the coming days. A thick green candle on the daily chart indicates continued upward pressure and is likely to continue in the coming days.
ADA’s next resistance level is at $0.329. Other resistance levels are $0.44, $0.595 and $0.777. If the bulls keep the pressure up, it will test the next resistance level of $0.329 in the coming days. The $0.260, $0.262 and $0.265 support levels held and acted as the fulcrum for the price advance.
The Relative Strength index (RSI) is in neutral territory above 40 oversold zone at 49.19. However, the RSI is likely to rise above 49 in the coming days. The Moving Average Convergence, Divergence (MACD) shows neutrality but indicates a possible uptrend. The MACD line is falling below the signal line but is positioned up.
The price of ADA will see a slight increase in the coming days. However, from the candlestick patterns, many red candles are present. This means that the trend can reverse into a bearish pattern at any time. Expect ADA to rally to $0.329, the next level of resistance.
Please note that this is not investment advice. The above price predictions are the author’s analysis. Always conduct adequate research and technical analysis. Invest the amount you can afford to lose.
Featured image from Pixabay and chart from TradingView.com
Source: Crypto News Deutsch