Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Investors and analysts are trying to predict Cardano’s (ADA) price\u2019s future performance. As the price continues to show red numbers, a top crypto analyst considers that ADA is “right where it should be.” Related Reading: ADA Price Ready To Soar As Cardano Network Hits New 88.6 Million Transaction Milestone Cardano Loses 10th Spot Against Telegram\u2019s Toncoin Cardano\u2019s recent spotlight has highlighted its disappointing price performance and lack of appeal for traders. Despite its technology and strong community, the ecosystem lacks the activity and demand of other chains like Solana. Recently, Charles Hoskinson defended the project, stating that \u201cCardano always wins,\u201d referencing a poll ranking the best Layer-1 networks. Moreover, Hoskinson took another jab at Solana\u2019s network problem after its recent transaction failure rate reached 75%. Nonetheless, on Tuesday, ADA lost its spot in the top ten cryptocurrencies after being flipped by Toncoin (TON). According to CoinGecko data, Cardano\u2019s market capitalization of $20.1 billion was surpassed by TON\u2019s $23.3 billion market cap. As a result, ADA\u2019s spot as the 10th largest cryptocurrency by this metric was taken by TON. ADA drops to be the 11th biggest cryptocurrency by market cap. Source: CoinGecko Per CoinMarketCap data, ADA remains in the top ten cryptocurrencies, ranking ninth on the website\u2019s list before being flipped. ADA Is \u201cWhere It Should Be\u201d Last week, crypto analyst Ali Martinez revealed that ADA\u2019s whale activity was \u201cexperiencing a lull.\u201d\u00a0 To the analyst, whether this was a signal of further price consolidation or a drop remained to be seen. Some\u00a0believe\u00a0that TON\u2019s overtaking of Cardano\u2019s place on the list highlights some of the ecosystem’s problems. Martinez reiterated his prediction made around the time Bitcoin registered its latest all-time high (ATH) of $73,373. At the time, the analyst considered that ADA resembled the pattern observed from 2018 to 2021. During the period observed by Martinez, Cardano\u2019s token went through a long consolidation period, with the price hovering between $0.026 and $0.082. After breaking out of this resistance level, ADA\u2019s price surged to $0.35 in the following weeks before continuing its upward trajectory to its ATH of $3.09. According to the analyst, if that fractal continued during the following weeks, investors should \u201canticipate ADA consolidating in the $0.55 to $0.80 range. This would be followed by a surge to the $1.7 support level. After another consolidation period, the stage would be set for the token\u2019s price to \u201cbreakout to $5,\u201d the analyst considered. Almost a month later, the analyst considers that \u201cnothing has changed for Cardano.\u201d Martinez reaffirmed the price consolidation between the $0.55-$0.80 range and subsequent breakout, as \u201cADA is exactly where it should be.\u201d Despite the analyst\u2019s optimistic forecast, ADA\u2019s price of $0.5762 remains 81.5% below its 2021 ATH. At writing time, the token dropped 5.4% from the previous day. Additionally, its performance has decreased by 3.6% and 22.3% in the weekly and monthly timeframes. However, the token\u2019s market activity has surged 6.6% in the last 24 hours, with a daily trading volume of $502.1 million. Related Reading: Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible? ADA’s performance in the 1-day chart. Source: ADAUSDT on Tradingview Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":602565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,84005,79508,1286,26263,4085,12143,87713],"class_list":["post-602564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-ada-price","tag-adausdt","tag-charles-hoskinson","tag-crypto-analyst","tag-telegram","tag-ton","tag-toncoin"],"acf":[],"yoast_head":"\n
Cardano: Crypto Analyst Firm On $1.7 Prediction For ADA<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n