In recent months, the Cardano (ADA) ecosystem has displayed remarkable resilience in the face of adversity from various geographical fronts. Notably, the United States labeled this smart contract platform as heavily centralized and accused it of violating securities laws.
Consequently, the leading cryptocurrency exchange, Binance, removed ADA perpetual contracts from its offerings on August 17, 2023. However, Cardano enthusiasts need not fret, as quarterly Cardano futures contracts and regular ADA spot charts remain accessible for traders and investors.
Cardano Price Potential Rebound
CryptoBusy, a UK-based digital asset analyst with a substantial following of over 121k on the X platform, believes that the current market conditions present an opportune moment to purchase and accumulate more Cardano (ADA). This assessment is grounded in a comprehensive analysis of both fundamental and technical factors.
According to CryptoBusy, Cardano’s price is presently retesting a support level for the third time this year, following substantial losses in the previous year. Furthermore, the weekly Relative Strength Index (RSI) indicates a rising divergence, suggesting the possibility of an imminent breakout.
The crypto analyst also highlighted the Cardano network’s remarkable performance, with a staggering 1,700 percent increase in on-chain transactions. This surge has been propelled by the burgeoning DeFi (Decentralized Finance) ecosystem. Data from defillama reveals that Cardano’s total value locked (TVL) has experienced exponential growth, reaching approximately $160 million year-to-date.
Was this writing helpful?
Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.
NFTxLV - Sep 29 - Oct 1, 2023 | Las Vegas Convention Center
Discover the intersection of art and blockchain with NFTxLV, where the world of NFTs collides with the allure of Las Vegas, creating an unforgettable experience for collectors, artists, and enthusiasts alike.GET TICKETS!