Cardano Hits Bottom? What You Should Consider Before Rushing Into ADA

Cardano managed to enter the top 5 cryptocurrencies by market cap and take the number 4 position, not including USDT. The cryptocurrency has seen important appreciation in 24 hours (5%) and during the past week (25%) following an explosion in its ecosystem. Related Reading | Cardano’s Ecosystem Explodes, Why ADA Could Be Quick To Resume Bullish Trend As of press time, ADA trades at $1.47 as it bounces up its lows in the 4-hour chart. Cardano was heavily impacted by recent months price action in the crypto market. After reaching an all-time high north of $2,20, the cryptocurrency lagged and dipped back into its critical support zone just above $1. Economist Michaël van de Poppe believes ADA has begun an upward trend after bouncing back from the lows with continuation but could yet present a buying opportunity. The analyst has been bullish on ADA for a while and believes $1 will remain critical support. As seen below, Cardano (ADA) has constantly bounce back from these levels on every major dropped including March and July 2021 when the entire crypto market saw a crash of over 50%. At the moment, ADA’s price approaches resistance near $1.53 and could yet give traders an opportunity to take a long position. Van de Poppe claimed the following on Cardano’s potential future price action: If you want to get into Cardano and you didn’t really get the chance you were looking for (…). In that case, we are looking at long entries at the lower boundaries so around $1.3. We are looking at support here on a daily timeframe. On lower timeframes, van de Poppe believes traders shouldn’t be chasing positions, but $1.41 could provide an “aggressive” opportunity to take a long. In that sense, Cardano must break above $1.55 to continue its bullish momentum. Cardano Experiences Ecosystem Explosion Even if ADA manages to break above the aforementioned resistance, the price could form a consolidation zone above those levels which could present a more efficient opportunity to take a long position. Should Cardano sustain those levels, its price could start targeting former highs at around $2 and $2.33. Although Cardano has been trading with more strength than some of the other cryptocurrencies in the market, Bitcoin must maintain its current levels or trend upside to prevent ADA for re-testing its support levels. At the moment, Bitcoin seems to be leaning for more downside for the short term. ADA’s recent bullish price action seems to have been driven due to a growth in the number of projects building on the network. As NewsBTC reported a week ago, there are currently over 200 projects leveraging the network smart contract capabilities. Related Reading | Cardano Set To Enter The Babbage Era After Alonzo HFC Milestone

Cardano Price Surges After Metaverse Project Launch, ADA Gains More Than 30% in 7 Days

Cardano Price Surges After Metaverse Project Launch, ADA Gains More Than 30% in 7 DaysThe smart contract token cardano has surged in value during the last 24 hours after a metaverse project called Pavia launched. Seven-day statistics indicate that cardano’s price has spiked 30.9% over the week and took over the fifth-largest crypto market cap position on Sunday evening (EST). NFT and Metaverse Project Pavia Pushes Cardano’s Price Higher […]

Vitalik Buterin Asks Twitter Followers Which Crypto They Prefer to Overtake Ethereum — Cardano, Tron Favorites

Vitalik Buterin Asks Crypto Twitter Which Currency They Prefer to Replace Ethereum — Cardano and Tron WinnersEthereum co-founder Vitalik Buterin set up a pair of polls on Twitter asking his followers if 80% of all transactions and savings in the year 2035 are in one currency and it is not ether, which currency they would prefer it to be. He asked them to choose from a number of cryptocurrencies including bitcoin, […]

Value Locked in Defi Jumps 2.3% in 7 Days, Ethereum NFT Sales Dominate, Fantom TVL Jumps 26%

Value Locked in Defi Jumps 2.3% in 7 Days, Ethereum NFT Sales Dominate, Fantom TVL Jumps 26%On Saturday, January 15, 2022, the value locked in decentralized finance (defi) protocols across a number of blockchains has increased from $233.95 billion since January 8, to $239.44 billion. Curve’s total value locked (TVL) dominance today is 9.76% with its $23.38 billion TVL. Meanwhile, native assets for the top nine smart contract platforms have seen […]