Cardano Price Prediction: ADA Leaps to $0.26 – A Solid Investment for the Long Haul?

Updated: 29 August 2023

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Cardano has reached $0.26 and is up by 0.67% in the last 24 hours. This rise might be insignificant, but it may be good news for some investors still enamored by its long-term prospects.

ADA Rises 0.64%

In the last 24 hours, ADA has risen marginally by 0.67%. This marginal increase highlights the consolidation range that Cardano has been in since last week. However, the token’s monthly price action shows a 15% decline.

At 6:16 AM EST, Cardano was trading at $0.26. There has been a marginal surge of 0.47% in the token’s market capitalization. Its trading volume has also increased by almost 19%. This increase signifies the community’s interest in this crypto that has faced multiple red candles since entering 2023.

Factors Currently Influencing ADA’s Price Action

Cardano is currently indebted to two factors – the overarching macroeconomic activity and some of its merits.

Even the macroeconomic activities have influenced ADA deeply, especially after the SEC marked it as a security, along with 67 other cryptocurrency exchanges. That has led to multiple cryptocurrency exchanges delisting Cardano – the latest among them is Binance, which has removed two trading pairs, ADAUP/USDT and ADADOWN/USDT, from its list of trading pairs.

Furthermore, Binance also released a statement that certain Cardano liquidity pools will be removed, including ADA/BNB.

Revolut was another cryptocurrency exchange that removed Cardano from its listing chart along with Solana and Polygon – both of which were marked as security by the US Securities and Exchange Commission.

While these factors contributed to Cardano trading in the red zones, some positives in the Cardano ecosystem have allowed its price to be stable so far.

On August 18th, Input put out a post on X (formerly Twitter) showcasing the weekly developments that the project has gone through.

What’s going down on #Cardano? 💫

Check out this week’s development update on #EssentialCardano and stay abreast of all the latest developments in core technology, wallets and services, smart contracts, scaling, governance, and more. 👇https://t.co/GAzbEl2jkf

— Input Output (@InputOutputHK) August 18, 2023

It showed that Cardano has been working on tech improvements to make the ecosystem more accessible. The Hydra node has also been updated, and work on the Lace multi-delegation feature is currently underway.

Cardano Price Analysis

The daily chart shows that ADA has found stable ground after experiencing a monthly decline of 37.25%. Since the past two weeks, the token has been trending between $0.27 and $0.24, with the former acting as ADA’s psychological resistance and the latter being the token’s psychological support.

It shows that there are some efforts by the bulls to keep the price of ADA stable. Could it be an attempt to accumulate in preparation for any bull run? It isn’t very likely.

The token hasn’t recently made many waves other than being in the news for negative reasons.

ADA’s RSI is 39, closer to the oversold zone, and its MACD is negative. Even though the histogram is green, it is too soon to tell whether the token will potentially move up.

ADA Alternative – Sonik

ADA’s current predicament makes Sonik Coin a better alternative investment. This cryptocurrency is a meme coin that takes inspiration from Sonic the Hedgehog and creates its blockchain-powered cousin – Sonik the Hedgehog.

Sonik the Hedgehog presents unique imagery that meme-fies the original video game character while centralizing the theme of speed to the token’s utility.

Sonik Coin’s primary utility is stake-to-speed, allowing Sonik Coin holders to earn APY every week. Regarding the project’s tokenomics, there are 299,792,458,000 tokens in total – equivalent to the speed of light.

40% of those tokens have been dedicated to staking, 10% is for liquidity, and the remaining 50% is dedicated to the ongoing presale.

The project is about to end its presale within seven days. Those interested in this speedy token can visit sonikcoin.com to participate in this project.

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