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Cardano Ecosystem

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09/06/2023

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Cardano Price: Top Reasons Why ADA is The Best Altcoin To Buy Right Now

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...

Cardano Price: Top Reasons Why ADA is The Best Altcoin To Buy Right Now
cardano

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.

#Cardano $ADA Massive Chart and Ecosystem Update: 🚨

The chart looks promising, forming a large falling wedge from its all-time high down to its current price.

As you may know, the transaction volume on the #Cardano blockchain has been growing, surging by 1,700% according to… pic.twitter.com/QUAiN16iFE

— CryptoBusy (@CryptoBusy) September 5, 2023

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.

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Photo of Zameer Attar

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.

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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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