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Popular Ethereum killer Cardano is among the gainers in a market currently controlled by the bears. Its network token ADA has posted a bullish flag, while the broader crypto market has seen some of its gains retrace in the last day.
What could be the reasons for the contrarian move, and is it the best time to buy ADA? Let’s find out.
ADA Resists Market Slump
The market performance of Cardano (ADA) has been impressive over the last 24 hours, with its price increasing by 0.13% and a trading volume of $367,571,529.
The digital asset value has been pushing green consistently for a while, with a 16% surge in the last two weeks and 7.5% in the last month.
With a circulating supply of 34 billion ADA coins, Cardano is valued at a market cap of $13,351,861,535 and holds the 7th position on CoinMarketCap rankings. At the time of writing, the Cardano token is trading at $0.37.
The asset’s value has defied the broader market, which is down by 0.78% in the last day. Moreover, there is a chance that the price will rise further when the general crypto market rallies.
Unsurprisingly, the recent price increase has influenced the ADA’s form into a bullish movement.
The crypto asset’s current price rises above the 50-day simple moving average (SMA) value of $0.35 for the short term. However, it trails below its long-term 200-day SMA metric of $0.54.
A broader crypto market rally could boost the asset’s momentum and see it catch up to its long-term price.
According to the technical analysis chart, ADA found support at the 50% Fibonacci retracement level of $0.34 before rebounding. Currently, the asset has hit the 61.8% Fibonacci retracement level of $0.37 and has been hovering there for some time.
However, this level may act as resistance to ADA, or the coin could break through and surge to new price levels.
The asset’s moving average convergence divergence (MACD) metric is above the signal and in the buy zone, while its relative strength index (RSI) of 58.08 indicates that it is currently underbought.
The technical results of ADA have been positive. However, there is potential for improvement, and a persistent bullish trend combined with a market rally could propel the asset’s price to a new level.
Cardano Users to Access Ethereum dApps Directly From ADA Wallets Soon
According to a recent tweet from Milkomeda’s CEO, Sebastien Guillemot, Cardano users will soon be able to access Ethereum Virtual Machine (EVM) contracts through any ADA wallet, increasing the network’s utility for developers and users.
Cardano will be a top EVM chain next month
Milkomeda (Cardano’s EVM layer) is launching a feature allowing EVERY Cardano user to use EVM contracts directly from ANY Cardano wallet
All in pure ADA
This will instantly make Cardano one of the largest EVM chains by user count pic.twitter.com/fp6WwdFmF4
— Sebastien Guillemot (@SebastienGllmt) March 30, 2023
That is because of a soon-to-be-released feature on Milkomeda, a network that links EVM contracts to blockchains like Cardano and Algorand.
This new development will enable Ethereum application developers to build on Cardano’s network using Solidity without having to learn new toolkits or a new language.
Explore These Value-Driven Assets for Profits
ADA’s technical capabilities and performance have been modest. However, a few value-oriented coins offering practical use cases are gaining popularity. These new coins are presently in their presale phase, making it easy for potential investors to get them at a low cost for larger profit margins.
One such value-driven asset is Love Hate Inu’s token, $LHINU.
Love Hate Inu is a vote-to-earn (V2E) platform where users can vote on hot topics securely and without bias. This is due to its blockchain-based voting system.
Unlike other meme tokens, Love Hate Inu intends to use
blockchain technology and meme token appeal to transform the polling and survey sector.
Hey #LoveHateInu gang!👋
Guess what? We just hit a major milestone – we raised over $2.2 million!🤑🎉
Big ups to all the voters who made this happen!🙌🚀
You don't wanna miss out on the funniest #MemeCoin around!😂💰
Come join the #Presale, folks!🥳https://t.co/Pu2Bo8WOUy pic.twitter.com/fbrM6b1Q7q
— Love Hate Inu (@LoveHateInu) March 31, 2023
At press time, 1 LHINU token is priced at $0.000095, and investors can buy using ETH, BNB, or USDT.
The project has been a sensation since it debuted, raising over $2.25 million from investors in just a few weeks.
Another value-driven coin for investors to consider is the native token for Metropoly, $METRO.
Metropoly aims to transform the real estate market by democratizing access to real estate investment by creating the world’s first marketplace for real estate non-fungible tokens (NFTs).
The project offers an NFT marketplace backed by real-world properties that can be acquired with as little as $100.
https://twitter.com/metropoly_io/status/1641651690196590593?s=20
At the time of writing, METRO is selling for $0.0714 per token, and investors can purchase using ETH, USDT, or BNB.
The blockchain-based real estate project has garnered over $1 million from investors in its ongoing presale.
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