Cardano Ecosystem Shows incredible Growth! Can ADA Price Get A Push ?

Cardano, the sixth-largest cryptocurrency by market capitalization, had a strong year, outperforming both Bitcoin and Ethereum with a bullish performance of 828 percent.

The token price appears to be being taken over by the bulls. Before the recent turn of events, the ADA coin remained in a state of neutrality. ADA is currently trading at $1.42 at the time of writing.

The price of ADA reached an all-time high in early September, coinciding with the Alonzo upgrade, which received a lot of attention and was the key factor that drove the price up, hitting an all-time high until mid-September, when it began to decrease.

Cardano wallets have increased by over 1,200 percent year over year, from 190,000 to 2.5 million, indicating that the cryptocurrency’s network is gaining traction, thanks in part to the inclusion of smart contracts. According to data provided by the Cardano Foundation, the number of ADA wallets has increased by over 1,200 percent since last Christmas.

As the first three phases of the Cardano roadmap, Byron, Shelley, and Goguen are already mostly deployed, the Cardano ecosystem completed numerous key milestones in 2021. 

The IntoTheBlock analytics group’s In/Out of the Money series of indicators displays addresses and volume for a cryptocurrency dependent on profitability. Based on blockchain data, these addresses are then clustered to identify major buying zones that are predicted to operate as price support or resistance. 

Source: Intotheblock

Cardano faces a sell wall, according to In/Out of the Money, at the $1.46-$1.63 level above where it now trades. From the $1.46 level to the all-time high of $2.97, a large sell order, or collection of sell orders, is issued. 

On the contrary, almost 562,000 addresses have placed purchase orders in the $1.21 to $1.32 range, indicating strong support.