The price of Cardano is currently stabilizing near a short-term resistance zone. The price is bouncing around at a major resistance zone. If the price can hold, it will set off a tremendous upswing. Investors may be on the lookout for a dip-buying opportunity.
ADA’s price completed a ‘Cup and Handle’ configuration on the daily chart. After marking the swing highs near $1.24, the price made a hefty 26 percent retracement. A resurgence of buying pressure would push the price upward.
Many in the cryptocurrency sector are still optimistic about Cardano’s potential acceptance. In January, Ethereum co-founder Vitalik Buterin polled the Twitter (TWTR) community to see which currency, other than ETH, they would prefer to dominate transactions in 2035. ADA received 42 percent of the more than 600,000 votes cast, compared to 38.4 percent for bitcoin.
Poll for Ethereum community. You wake up in 2035, and 80% of all transactions + savings in the world are in one currency that is not ETH. Which would you prefer it to be? — vitalik.eth (@VitalikButerin) January 13, 2022
In the midst of the current negative market, one cryptocurrency that investors are anticipating a bullish run is Cardano native token ADA. Due to a 178 percent rise in the global crypto population in 2021, Cardano has positioned itself for adoption by allowing users to build other native assets in the blockchain and execute transactions without the use of a smart contract. As a result, there are now over 2.5 million native tokens. This has enabled ADA investors to obtain a return on investment (ROI) of more than 200 percent in 2021.
Furthermore, it appears that Cardano’s “Alonzo” upgrade is having a big impact on investor mood. In fact, the upgrade is about smart-contract functionality and addresses one of the network’s most visible flaws, according to critics.
While everything appear to be going well for the bulls. A drop below the session’s low, on the other hand, would undermine the pair’s positive prognosis. In that situation, the downside support level may be $0.95. A surge in sell orders would push the price even closer to the horizontal support line at $0.85.
As of press time, the ADA/USD pair was trading at $0.95, down 0.04 percent on the day. According to CoinMarketCap, the 24-hour trading volume of the eighth-largest cryptocurrency by market capitalization is $490,037,557.
02 Feb 2023
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