Cardano (ADA) Price Analysis: Can ADA Stay Above $1.0?
Cardano ($ADA) surged after Nasdaq-listed cryptocurrency exchange Coinbase addressed a withdrawal glitch that had enraged the cryptocurrency community since many are believed to have invested and held their holdings on Coinbase. The cryptocurrency’s price increased by more than 3.39%...
Cardano ($ADA) surged after Nasdaq-listed cryptocurrency exchange Coinbase addressed a withdrawal glitch that had enraged the cryptocurrency community since many are believed to have invested and held their holdings on Coinbase.
The cryptocurrency’s price increased by more than 3.39% during the last 7 days. The cryptocurrency’s popularity increased quickly after Coinbase seemed to address an issue that was limiting withdrawals.
With the addition of smart contracts to Cardano’s network last year, the price of its native cryptocurrency, ADA, skyrocketed. The first viable decentralized finance (DeFi) application was deployed on its network earlier this year. The program, MuesliSwap, a decentralized exchange, had its total value locked increase by more than $1 million in two days.
- Between December 13, 2021, and January 13, 2022, the number of smart contracts based on Plutus, a Cardano-based smart contracts platform, increased by 72, increasing from 897 to 969. Cardano’s growing number of smart contracts validates the idea that the network will likely emerge as a significant challenger to Ethereum, which now dominates the area.
- Although Cardano is a newcomer in this space, the smart contract’s rise of more than 8% in a month is a significant milestone as the network strives to become the go-to blockchain for the development of decentralized apps.
Stats of ADAUSD
Fear & Greed Index: 21, Fear
All-time High: $3.10
ROI: 5774.06%
24h change: -1.44%
7d change: 3.39%
Market Cap: $42,649,175,152
Circulation Supply: 33,513,203,402 ADA
Total Supply: 33,968,614,581 ADA
Daily Chart Breakdown of ADAUSD
Source: TradingView
The Cardano price recovered from $1.0 just earlier this week. From this point, ADA’s price can go back to $1.0. Alternatively, a break above $1.35 will push the market towards $1.50.
4h Chart Breakdown of ADAUSD
Source: TradingView
On the 4h chart, ADA has just been rejected by the supply zone of $1.29 with the confluence of the falling trendline. At this time, the market sentiment seems bearish. However, a break above $1.30 will push the price towards $1.40.
1 Hour Chart Breakdown of ADAUSD
Source: TradingView
On the 1h timeframe, ADA’s market has fallen after touching the trendline three times. A break above $1.30 will push the market towards $1.35. Alternatively, considering the recent bearish momentum, the market could also fall back to $1.23 before a continuation rally.
Final Thoughts
$1.0 is the most important level Cardano (ADA) right now. The market has bounced from $1.0 multiple times, making it the most significant support level.
I have been in financial markets since 2013. With a diverse experience of different asset classes, I trade and create educational content for Crypto, Forex and Stock Markets.
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