Cardano ADA is a leading cryptocurrency that lists among the top ten tokens in terms of market capitalization. The coin’s value is still up by over 1000% since the beginning of the year, despite the significant losses accrued during the May market crash.
At the time of writing, ADA is trading at $1.30 on major exchanges after a 0.5% dip in 24 hours.
Cardano Price Analysis
Cardano is currently trading at a critical level that is highly risky to both short-term holders and long-term holders. The token is inches away from retreating to the $1 level. Such retreats have been reported during sharp market bears. Going below might affect current short-term holders who may dispose of the token, fearing losses. However, low levels present an ideal entry position.
There is also market optimism that ADA may shoot towards an upswing if there is support from the broader cryptocurrency market. The immediate support for the token lies at around $1.50. To achieve such levels, Cardano needs to amass demand and market support. Going past $1.50 might reestablish bulls, making short-term traders jump in, hence strengthening bulls.
ADA has one of the most robust supports from its underlying Cardano network. Recently, Nexo digital assets platform integrated ADA into its set of financial services. The integration follows growing demand from the Cardano community and Nexo’s clients. This integration will boost demand and the popularity of Cardano.
With Cardano’s popularity in the crypto market, we might see more projects launching on the network, creating value for ADA.
The Cardano network is also launching a highly anticipated upgrade that is causing a buzz in the crypto community. The excitement surrounding this considerable milestone for ADA has led to over $30 billion worth of ADA staked on the platform. Cardano’s investors remain bullish about the full smart contract implementation; hence we might witness an ADA rally soon, at least for the short term.
Where to Buy ADA
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