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At the time of writing, Cardano’s cryptocurrency ADA was experiencing a surge in trading value, with each token worth approximately $0.34. The rise of around 4% on the day was part of a broader rally in the cryptocurrency market. Still, it was also partially due to positive news about a new network upgrade delivered by the Cardano development team. So what’s the latest in ADA price price prediction?
Cardano’s ADA Cryptocurrency Surges with Network Upgrade and Increased Platform Use
The Cardano blockchain platform has seen a significant increase in platform use, with the ADA-denominated value of coins held within the network reaching an all-time high of 341 million. These statistics come from DeFi Llama and suggest a growing interest and utilization of the Cardano platform.
Cardano is placing a strategic bet on extensive network development to outpace competitors like Ethereum (ETH). One of the latest upgrades, known as the Valentine (SECP) improvement, is expected to drive a price surge by enhancing security and interoperability features on the blockchain. This upgrade aims to bolster the platform’s capabilities and increase its appeal to potential users and investors.
https://twitter.com/LucidCiC/status/1636675286841593856?s=20
Cardano’s commitment to continuous innovation and improvement demonstrates its determination to become a significant player in the blockchain industry. Moreover, addresses holding between 10,000 and 10,000,000 ADAs have accumulated more coins. Since 27 July, these addresses have increased their portfolios by 0.46% of ADA’s current supply, accumulating approximately $138 million worth of ADA in just over ten days.
Cardano(ADA) Overview
During the bull run, Cardano reached its peak of $3 in September 2021. However, the price dropped, taking a loss between September and November 2021 before a further bearish move was experienced. The following months after the drop would now see the price of ADA drop immensely in 2022 as the price was now down 80% since the beginning of the year to settle at $2.28.
In 2022, Cardano experienced a significant decline, dropping from a peak of $3.10 in September 2021 to slightly over $0.47 in July 2022. However, with only 75% of the total coin supply currently in use, there is still potential for investors to acquire more ADA.
Over the past year, Cardano has proven to be an active cryptocurrency, and investor optimism is reflected in the increased number of Cardano wallets. An average of 121 new wallets were created per hour since the record-breaking price run, indicating a 98% increase.
At the time of writing, the price of Cardano (ADA) is trading at $0.345878, with a 24-hour trading volume of $376,630,394. Over the past 24 hours, there has been a slight 0.87% increase in its price, while over the past 7 days, it has seen a more substantial growth of 4.50%. With a circulating supply of 35 billion ADA, the current market capitalization of Cardano is estimated to be $12,116,080,929.
ADA Price Prediction: ADA/USD Daily Chart Analysis. A positive Rebound
The price of ADA took on bearish reverse after hitting the resistance level of $0.41. The price formed a double-top pattern which in trading indicates that the price of the asset might reverse to the downside. However, the price has hit the support level that has seen it rebound shortly to the upside.
The price of ADA is trading slightly below the 50-day and 200-day moving averages which still shows the possibility of a further bearish move. If the price should break above the 50-day and 200-day moving averages, then a possible bull run will be inevitable to resistance level 2.
The relative strength index has also been bullish, trading slightly below the 50-level mark. Based on the analysis above, we can forecast two targets for ADA price. Key targets reach $0.45 and $0.57, respectively.
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