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At the moment, Cardano is one of the most valued layer-1 cryptocurrencies in the world, with a market price of $1.06, and it is seeing a loss of 20% on its peak this year.
The drop comes off the back of a good November, which saw the price of the token trade at $1.327, its most favourable market price of the crypto bull season for the past couple of years. ADA dip is, however, not an isolated case, with other token holders also seeing their tokens, such as Avalanche and Binance Coin, dropping off their all-time highs.
One of the contributing factors of the drop is the fall in the total value locked (TVL) in ADA decentralized financial (DeFi) ecosystem. DeFi Llama data shows ADA protocols are currently holding over $597 million in assets down from around $700 million the previous month. Some of the most active DeFi players are Liqwid, Minswap, Indigo, and Splash Protocol.
Cardano Whales Wallet Activity Drops
ADA holders have begun to lose interest as the number of active wallets is low. Sitting at a low 43,000 active addresses over the past day, it’s sad to see that trading volume and balance have decreased. Simultaneously, the market for ADA seems to be passive as both the demand and the alts are low.
Despite these problems, ADA value could be bolstered by many aspects. After Bitcoin reached its latest high, surpassing $106,000, there seem to be more investors in cryptocurrency, making way for Cardano. In addition, a bitcoin ETF, which is expected to lift its price through 2025, would also be an advantage.
In conclusion, Cardano is predicted to go up due to the theory of the “Santa Claus rally,” in which price increases are witnessed on multiple occasions before Christmas.
Cardano Signals a Potential Price Rally
The daily chart shows that Trump’s election win catalyzed a rally in ADA in November. Thereafter, the altcoin has been constructing a bullish pennant. This has a strong upward thrust, which is followed by a symmetrical triangle that is now nearing its apex.
Also, Cardano has seen a golden cross in the form of the 50-day and 200-day Exponential Moving Averages crossing in an affirmative manner.
This configuration indicates that, probably, there is sufficient momentum building up for a strong price shift. In case the breakout occurs, the price climbs to 1.325, an appreciation of 23% from its current level. But, should the price be unable to hold above 1.00 in support, the bullish perspective would be rendered incongruous.
Cardano has drifted down to $1.06 along with an overall pullback in the crypto market, with prices of coins such as Avalanche and Binance Coin also falling from recent highs.
However, ADA has a bullish pennant configuration, which means that a suitable recovery will soon be possible. This has indeed attracted the interest of investors as they are anticipating the next mighty move. For the time being, the market might remain sleepy.
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FAQs
Is Cardano a buy or sell today?
In our assessment of ADA, the technical indicators have today recommended buying. A one-week assessment also indicates that it is a good time to place a buy.
How much is ADA right now?
Recently, there have been a lot of fluctuations in the price of Cardano. In the last hour, it has been slightly up 0.56%, but in the last 24 hours, it has depreciated by 1.02%. For the week, Cardano has depreciated by 9.73%.
In this case, ADA is worth about $1.09, with the daily trading volume being $1.42 billion. In relation to the previous record of $3.10, Cardano’s worth is less than 64.93%.
How high will Cardano go?
Cardano has a forecast of reaching $10.32 by the year 2030, according to expert predictions and research studies.
Is Cardano listed on Binance?
To begin trading Cardano on Binance, a user first has to open an account on Binance US. Also, one has to verify his or her account through the KYC process. Before starting crypto trading, it is vital to take the time to learn how the process works and to conduct some research.
