As a researcher with extensive experience in the cryptocurrency market, I have closely followed the performance of various digital assets, including Cardano (ADA). The recent bullish trend in Bitcoin (BTC) and other large-cap altcoins has left Cardano struggling to gain momentum. Despite having a fully diluted valuation of about $20 billion and a daily average traded volume of around $245 million, Cardano’s price against the US dollar has remained below the 200 weekly Moving Average (MA) since May 2022.
With increasing interest from institutional investors and individual traders in digital assets, Bitcoin (BTC) has been the standout performer among cryptocurrencies, driving positive sentiment in the altcoin market. On the other hand, Cardano (ADA), a significant altcoin boasting a fully diluted valuation of approximately $20 billion and an average daily trading volume of around $245 million, has failed to gain momentum over the past six months.
Based on current crypto oracle reports, Cardano’s value against the US dollar has stayed below its 200-week moving average since May 2022. In contrast, Bitcoin has experienced a price increase of over 200% during this time frame. It is also noteworthy that Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) are all currently trading above their respective 200-week moving averages.
Some market analysts have labeled Cardano as a “sleeping giant” due to its potential for significant growth, while others have grouped it with cryptocurrencies referred to as “zombie coins,” which are believed to have little or no real value or activity.
Hoskinson Defends Cardano Ecosystem
In his latest update on the Cardano platform, Charles Hoskinson, its founder, reassured doubters that significant advancements are on the horizon within the next half year. He emphasized that the ADA cryptocurrency is committed to addressing tangible economic, political, and social challenges.
“A major turning point in our project’s development is approaching, marked by the proliferation of numerous community-built dApps, an industry-leading R&D scale-up, upcoming significant events like Rare evo and the Foundation summit, attendance at Token 2049, maturing technologies such as Hydra, partnerships with various chains like Prism, Midnight, Catalyst, and a constitutional convention in Argentina – all of which Hoskinson highlighted.”
As a researcher, I’ve discovered that the Cardano Foundation has recently formed a strategic partnership with Entre Ríos state in Argentina to boost blockchain advancement and acceptance. With this latest collaboration, joining numerous other significant Cardano partnerships, Ian Hoskinson is optimistic that the value of ADA will experience substantial growth due to the widespread adoption of digital assets spearheaded by institutional investors.
🎊 We are delighted to announce a new partnership in Argentina! 🇦🇷
After a successful public signing event between Rogelio Frigerio (@frigeriorogelio) and Rafael Fraga Fagundes (@rafaelfraga_f), the Cardano Foundation is partnering with the government of Entre Ríos state to advance blockchain technology adoption.
¡Viva la comunidad y la blockchain!
— Cardano Foundation (@Cardano_CF) June 5, 2024
ADA Market Outlook
Following the Alonzo Hard Fork update, Cardano’s network has blossomed into a bustling Web3 ecosystem, boasting over $257 million in total value secured (TVS). According to our latest findings, approximately 565 million ADA tokens are currently committed to various web3 initiatives spearheaded by Minswap, Indigo, and Liqwid, among others.
To draw in more investors, the Cardano platform introduces mem coins like Snek (SNEK) and Hosky Token ($HOSKY,) among others. Nevertheless, Cardano faces significant competition from other layer-one chains such as Ethereum (ETH), Solana (SOL), and Toncoin (TON).
As an analyst, I’ve observed that from a technical perspective, the price action of ADA has been shaping like a bullish megaphone pattern. This pattern typically precedes significant price increases. If the current support level holds, the potential target for ADA price lies at $1.18. Remarkably, this level aligns with the 1.618 extension of the weekly Fibonacci sequence.
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2024-06-06 13:32