Cardano (ADA) Price Firmly Anchored at Significant Support Levels

Altcoin News

• The number of transactions on the Cardano blockchain is increasing daily. 
• Cardano has been down 3.72% in the last 24 hours.

For over a month, the Cardano price has fluctuated around the critical support level of $1.01, unable to develop any significant upward momentum. Whenever the asset tries to leap, it immediately drops back to these levels and properly consolidates. Currently, a further drop has brought the price dangerously near to the mystical $1.00 mark. However, ADA may not be as gloomy as expected despite the recent price increase.

ADA/USDT: Source: TradingView

Optimistic Waves With Lack of Volatility

The price of ADA looks to be firmly anchored at significant support levels. In order to kickstart the Bull Run towards the near-term objective of $1.5 at $1.49, the asset has to develop strength by accumulating healthily. As the network activity rises, the asset’s positive trend is expected to continue but at a lower level of volatility.

The number of transactions on the Cardano blockchain is increasing daily. The ADA transaction volume rose to $35.14 billion only a few days before surpassing Bitcoin’s and Ethereum’s. Volatility continues to rise even after being slashed by more than half on the next day.

Read More: Cardano Price Prediction

In a news statement issued on Thursday, the Cardano Foundation introduced Fernando Luis Vasquez Cao as the newest member of its Board of Directors. His work background has been diverse and spectacular. Straight out of graduation, Fernando began working for the Japanese telecom company NTT. After more than a decade at SBI, he was promoted to leadership roles.

According to CoinMarketCap, the Cardano price today is $1.01 USD with a 24-hour trading volume of $1,265,042,412 USD. Cardano has been down 3.72% in the last 24 hours.