Despite The Market Slump, Cardano Remains Resilient And Aims To Reach $1 In 2024. - CMN | Latest Cryptocurrency News Today

As the initial excitement fueling the cryptocurrency market subsides, prominent names like Cardano are experiencing a slowdown. ADA is currently trading around $0.4825, reflecting a 3.23% decrease in the last 24 hours and a cumulative 9% loss over the past week. Despite this dip, Cardano continues to make strides in the market.

Despite the market fluctuations, Cardano has been actively forging new partnerships, initiating projects, and implementing updates. Notably, Cardano whales, representing significant ADA holders, have demonstrated increased interest in the cryptocurrency. Recently, ADA experienced a surge in daily transactions from 5,005 to 6,980, indicating the confidence of ADA whales in repositioning their holdings for future market shifts.

Analyzing the transaction volume, it was revealed that the 24-hour volume for ADA reached 26.9 billion. While this move didn’t immediately impact Cardano’s market price, it underscored the strong belief ADA holders have in the coin, positioning Cardano as a promising crypto for the future.

Cardano has also strengthened its standing by onboarding nine new projects, emphasizing the community’s and crypto projects’ support for the network. In a month, the number of projects on Cardano has increased from 1,310 to 1,319, with the network aiding in the launch of four new projects, bringing the total to 157.

Despite market uncertainties, Cardano‘s resilience during the downturn is evident in its current trading range of $0.46 to $0.48, aligning with the 50% Fibonacci retracement level. This suggests a healthy correction for the coin, and predictions indicate that ADA is likely to maintain this support level before experiencing a new surge.

A breakthrough could propel ADA to a 25% rally above the $0.61 resistance level, with the next resistance anticipated at $0.677. ADA, Cardano’s native cryptocurrency, has demonstrated notable resilience during the current market slump, holding its value within the $4.8-$4.6 support area. The altcoin appears to be in a correction phase before a potential upward spike, with $4.8 serving as a base support for a bullish reversal pattern known as the double bottom pattern.