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Cardano Ecosystem

Tron Weekly

01/30/2023

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Cardano (ADA) Price Hinges On Critical Support Zone, Crypto Pro Predicts

You are here: Home / News / Cardano (ADA) Price Hinges On Critical Support Zone, Crypto Pro Predicts Bitcoin has been making headlines as the most popular cryptocurrency, but now it’s time to pay attention to...

Cardano (ADA) Price Hinges On Critical Support Zone, Crypto Pro Predicts

You are here: Home / News / Cardano (ADA) Price Hinges On Critical Support Zone, Crypto Pro Predicts

Cardano (ADA)

Bitcoin has been making headlines as the most popular cryptocurrency, but now it’s time to pay attention to Cardano (ADA). A leading crypto analyst and trader, Ali Martinez, has shared his thoughts on ADA’s future price trajectory on Twitter.

With the help of analytics firm IntoTheBlock, Martinez pointed to a crucial support zone for ADA between $0.365 and $0.376. This zone, where 92,000 addresses purchased roughly 4.40 billion $ADA, could determine the future of the cryptocurrency.

If the demand wall within this support zone holds, Martinez believes that Cardano has a strong chance of reaching new highs in the near future. The crypto pro is optimistic about the potential of this altcoin and encourages others to keep a close eye on the developing situation.

With the crypto market constantly evolving, it’s important to stay informed about the latest developments and trends. The insight provided by Martinez and IntoTheBlock offers a valuable perspective on the future of ADA and the potential impact it could have on the market.

Cardano ADA’s Path To Higher Highs

However, when it comes to price analysis for ADA, CoinMarketcap’s data shows that it is trading at $0.3797. Currently, the daily chart displays a 2.49% decrease, whereas the weekly chart shows a slight 0.92% increase in value.

ADAUSDT 2023 01 30 04 56 35
Source: Tradingview

Cardano, currently ranked 8th on CoinMarketCap, is preparing for a big network update on February 14th. According to reports, the update, scheduled for 21:44:51 UTC, aims to integrate popular digital signature norms into Cardano’s smart contract platform, Plutus.

It will give developers access to a broader range of multi-signature projects and enhance security. While the update will not affect most projects, it is expected to boost the value of Cardano’s native token, ADA, which is currently considered undervalued.

The move is being closely watched by the crypto community, with some speculating that Cardano may break its previous record of $3 and overtake its main competitor, Solana.

As Cardano and Solana continue to be compared and referred to as “Ethereum killers,” this update could give Cardano the edge it needs to stand out in the crowded crypto market. 

Related Reading | TRON’s Justin Sun Urges TRX As Legal Tender In 5 Nations

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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