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Crypto economy (EN)

02/08/2024

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Cardano (ADA) Leads the Market: Up 11% in a Day and This May Be Just the Beginning - Crypto Economy

TL;DR Cardano (ADA) is a blockchain platform that competes with Ethereum (ETH) and has seen a 54% increase in trading volumes in the last 24 hours. ADA’s price has been fluctuating since late 2023, reaching...

Cardano (ADA) Leads the Market: Up 11% in a Day and This May Be Just the Beginning - Crypto Economy

TL;DR

  • Cardano (ADA) is a blockchain platform that competes with Ethereum (ETH) and has seen a 54% increase in trading volumes in the last 24 hours.
  • ADA’s price has been fluctuating since late 2023, reaching a high of $0.66 and a low of $0.50, and is currently facing a major resistance at $0.53.
  • Crypto analyst Ali Martinez predicts that ADA can break out of its downward trend and rise by 32% to $0.68 if it can close above $0.53 for a day.

Cardano is a blockchain platform that has been developing its ecosystem for years. Its native token, ADA, had a remarkable price surge in late 2023, after a long period of decline and stagnation. The cryptocurrency, which aims to challenge Ethereum (ETH), has experienced many ups and downs in recent months. 

According to CoinGlass, Cardano (ADA) saw a significant increase of 54% in its trading volumes in the past 24 hours. This pushed the total value of trades in both spot and derivatives markets to nearly $1 billion, which is 5.88% of the cryptocurrency’s market capitalization.

It began to rise from around $0.25 in mid-October 2023, reaching $0.66 in mid-December and then mostly dropping since then. However, the token has shown a sharp increase in the last 24 hours, and it could still recover from its downward trend. Currently, Cardano is the eighth-largest digital asset, with a market capitalization of $17 billion, according to CoinMarketCap.

Cardano Has a Major Hurdle to Overcome at $0.53

Cardano (ADA) Leads the Market: Up 11% in a Day and This May Be Just the Beginning

On Tuesday, Cardano’s price opened at $0.50, in a zone where two 60-day trend lines converged. The key support level was also at $0.50. The ADA tokens displayed some interesting market indicators as a result. The cryptocurrency also exhibited some intriguing technical indicators, such as a falling wedge and a rising trading volume.

The higher trading volume warrants a closer look at ADA’s price movements. The ADA price chart shows a consistent drop since mid-December, with a 3.33% decrease today. The lack of clear support for the ADA price in this area indicates a possible fall to $0.38 per token, which is a 22% drop from its current level.

Ali Martinez, a well-known crypto analyst, posted on X on Thursday, February 8, that Cardano (ADA) has entered a descending triangle formation on the chart, which is a negative indicator in technical analysis (TA).

#Cardano shows signs of a descending triangle formation on its daily chart. A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing $ADA up to $0.68! pic.twitter.com/DoizuVPiRI

— Ali (@ali_charts) February 8, 2024

This formation occurs when the price makes lower highs and a lower resistance level, forming two trendlines. However, Martinez thinks that ADA can still reverse this trend and surge by 32%, reaching $0.68, if it can close above $0.53 for a day.

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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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