Before the anticipated fourth Bitcoin (BTC) halving this weekend, Cardano (ADA) has set a firm support level at roughly 44 cents. With a fully diluted market value of around $21 billion and an average daily trading volume of about $562 million, Cardano bounced back by nearly 4% in the last 24 hours to trade around $0.46 on Friday.
Although ADA‘s price has decreased by 20% over the last week, it is currently initiating the initial phase of a larger-term bull market.
In addition, the price of ADA managed to break free from its long-term downward trend and reached new heights after hitting a bear market low of approximately 24 cents towards the end of last year.
Ali Martinez’s Take on Cardano (ADA) Price Action
After finishing mid-term adjustments within the past few weeks, the value of ADA is poised for a significant surge towards new highs in the upcoming months, as per crypto expert Ali Martinez’s analysis. Using the Market Value to Realized Value (MVRV) indicator, Martinez predicts a potential 75% price increase for ADA.
A crypto analyst shared their perspective: The MVRV ratio of ADA, which measures the profit or loss for investors, fell below -22 percent once more after the recent price drop. It’s important to note that when this happened previously, ADA saw a significant rally, surging over 75 percent in just a few days following the dip.
When the MVRV Ratio of Cardano’s #ADA token last dipped below -22%, its price experienced a significant surge of over 75%. Now that the MVRV Ratio is once again under this threshold, there’s a good chance we’ll witness another noteworthy price increase.
— Ali (@ali_charts) April 19, 2024
In simpler terms, the price of ADA bounced back on its weekly 0.618 Fibonacci Retracement level, suggesting that the correction following the ABC pattern has ended. The Relative Strength Index (RSI) is trying to recover above the 50 mark, but it’s important for buyers to protect this border as a potential support line.
Prior to now, Martinez pointed out that the price trend of ADA has been aligning with the 2018-2021 market cycle. Despite market instability, the large investors in Cardano, known as “whales,” are persistently amassing more coins. With this ongoing trend, Martinez remains optimistic that the price of ADA will surpass $1.7 in the near future.
Cardano’s situation remains unaltered. The price of $ADA sits comfortably within the $0.55 to $0.80 zone, poised for a surge towards $1.70 once it breaks through this range.
— Ali (@ali_charts) April 9, 2024
State of Web3 Space in Cardano Ecosystem
Based on a report from Coinspeaker, the Cardano web3 community has experienced substantial growth following the introduction of smart contracts by the core team, including Charles Hoskinson, via the Alonzo Hard Fork in 2021. As per recent market figures from Defillama, the Cardano network currently holds a total value locked (TVL) amounting to approximately $307 million and a stablecoins market capitalization of around $20 million.
At present, the team behind Cardano’s core development is focusing on enhancing its network’s capabilities to match those of rising layer one (L1) chains like Solana (SOL), Binance Smart Chain (BSC), Tron (TRX), Toncoin (TON), and Avalanche (AVAX), among others. They are optimistic about increased adoption in the near future due to Cardano’s Hydra Head scaling solution.
Remarkably, the Cardano network was crowned the best L1 solution of the year on Wednesday in Dubai.
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2024-04-19 17:30