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Cardano Ecosystem

The Market Periodical

01/15/2024

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Will ADA Crypto Hit the Level Of $1.00 in the Upcoming Days?

In the last seven days, the ADA crypto price has increased by 8.9%.The stablecoin market cap of the Cardano crypto is $366.85 Million. Source: CoinMarketCap Cardano is a PoS blockchain platform that supports...

Will ADA Crypto Hit the Level Of $1.00 in the Upcoming Days?

ADA Crypto

  • In the last seven days, the ADA crypto price has increased by 8.9%.
  • The stablecoin market cap of the Cardano crypto is $366.85 Million.
Source: CoinMarketCap

Cardano is a PoS blockchain platform that supports smart contracts and dApps. It uses Ouroboros to achieve sustainability and scalability. It has a native token, ADA, that is used for fees, rewards, and governance. It is developed by three organizations and progresses through eras.

The market cap of the Cardano crypto has declined by 1.53% in the last 24 hours, resulting in a value of $19.007 Billion. Additionally, the market cap ranking of the crypto, as per CoinMarketCap, is #8 and the market cap dominance is 1.068%. 

The traded volume for the crypto also has increased by 12.3% in the last 24 hours and the volume/market cap ratio of the Cardano crypto is 1.89% and it has a traded volume of $362.276 Million.

The current circulating supply of the Cardano crypto is 35.395 Billion ADA, which is 78% of the max supply. Additionally, the max supply of the crypto is 45.0 Billion ADA and it has a fully diluted market cap of $24.14 Billion.

Cardano Derivatives Analysis

The options volume for the Cardano crypto has declined by 92.9% in the last 24 hours following a flat change in options open interest.

The long/short ratio for the ADA crypto in the last 24 hours is 0.9414 and the long liquidations for the crypto is worth $575.39K against the short liquidations of $55.29K. 

The following data shows the sellers’ dominance in the ADA crypto price in the last 24 hours.

ADA Crypto
Source: Coinglass

ADA Crypto Technical Analysis

ADA Crypto
Source: ADA/USD Chart By Tradingview

The ADA crypto price is facing resistance at the level of $0.6985, which has resulted in a decline in the price. The ADA crypto was forming a higher high swing pattern on the chart but it is unable to break above the crucial resistance of $0.6985.

If the price of the Cardano crypto manages to break above the level of $0.6985, we might see further increases in the price. 

ADA/USD Chart by TradingView

The 50-day and the 200-day EMAs are forming a golden cross pattern while the price of the ADA crypto has declined below the 50-day EMA. The Bollinger band is reversing for downward momentum and the price has declined below the median level.

The MACD is forming a bearish histogram on the charts and the MACD and the signal line are forming a bearish cross. The lines of the MACD have recently declined below the zero level, indicating bearishness in the price.

Summary

Cardano is a PoS blockchain with smart contracts and dApps. ADA is its native token. ADA faces resistance at $0.6985 and has bearish indicators. The price prediction is uncertain, but some analysts expect it to reach $1 or higher in the future.

Technical Levels

Support Levels: $0.2410 and $0.4600

Resistance levels: $1.1900 and $1.640

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Ritika Sharma

Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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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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