Some investors and market observers are attempting to forecast Cardano‘s (ADA) price trends in the future. Despite the current price displaying losses, a leading cryptocurrency expert believes that ADA is currently “in its proper place.”
Cardano Loses 10th Spot Against Telegram’s Toncoin
Recently, Cardano has gained significant attention, yet its underwhelming price action and limited trader interest have become a notable downside. While boasting advanced technology and a robust community, the platform falls short in terms of the buzz and market activity seen on chains such as Solana.
More recently, Charles Hoskinson confidently asserted the superiority of Cardano in response to a survey naming it among the top Layer-1 networks. Furthermore, he seized the opportunity to criticize Solana following its transaction failures which hit an alarming 75%, resulting in a higher number of dropped transactions than usual.
Despite this, on Tuesday, the ranking of ADA among the top ten cryptocurrencies changed. On CoinGecko’s list, Toncoin (TON) overtook Cardano (ADA), with a market capitalization of $23.3 billion surpassing ADA’s $20.1 billion. Consequently, TON claimed the 10th position in terms of market size that was previously held by ADA.
According to CoinMarketCap’s current rankings, Ada is among the top ten cryptocurrencies and holds the ninth position before undergoing a swap or change with another digital asset.
ADA Is “Where It Should Be”
Recently, cryptocurrency expert Ali Martinez noted that there had been a decrease in large transactions involving ADA. It’s unclear if this trend indicates that the price will stabilize or decline further.
According to some people, TON surpassing Cardano’s position on the list is a sign of challenges within its ecosystem. Analyst Martinez previously forecasted this outcome around Bitcoin‘s record-breaking ATH of $73,373. At that moment, he saw similarities between ADA‘s trend and the one observed from 2018 to 2021.
During the time studied by Martinez, the price of Cardano’s token stayed within a range between $0.026 and $0.082 for an extended period. Once this price barrier was surpassed, the value of ADA rapidly climbed to $0.35 within a few weeks, eventually reaching its all-time high of $3.09.
Based on the analyst’s assessment, if the trend of that fractal persists over the next few weeks, investors can expect the price of ADA to move between approximately $0.55 and $0.80. After this period of consolidation, there could be a significant increase in value, potentially reaching the support level of $1.7.
Following a time of stabilization, the analyst believed that the token’s price was ready to surge past the $5 mark.
Around a month have passed, and according to the analyst, “Cardano’s situation remains unaltered.” Martinez emphasized that the price of ADA continues to fluctuate between the $0.55 and $0.80 mark, with potential for a breakout. He added, “ADA is right where it needs to be.”
Though the analyst predicted a positive outlook, ADA‘s current price of $0.5762 is still 81.5% lower than its all-time high in 2021. At present, there was a 5.4% decrease from the previous day’s value. Moreover, its weekly and monthly performance showed a decline by 3.6% and 22.3%, respectively.
Instead, the token’s market action has seen a significant increase of 6.6% within the past 24 hours, accompanied by a substantial trading volume of over $500 million daily.
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2024-04-11 07:48