Cardano Price Up By 13.84% – Time to Buy ADA Coin?

Following Bitcoin’s value drop earlier this week, Cardano faced a predictable decline like many other cryptocurrencies. However, the asset is on a rebound to new highs, making this a perfect moment to buy ADA.

Volatility is normal in the crypto market, and ADA seems to be riding the volatile waves to a price increase. Cardano’s green trade chart indicates the decentralised token’s resilience in the market.

To better understand ADA’s price movement, we will look at the technical indicators and fundamental variables that influence the crypto asset to see if now is a good time to buy ADA.

Cardano Market Position

At the time of reporting, the digital currency is trading at $1.469, reflecting a 13.84% price increase in the last 24 hours. The Cardano token presently dominates 2.03% of the global crypto market and is maintaining the 6th spot in the crypto market.

Cardano has a market cap value of $49 billion, which is a 13.77% increase in the last 24 hours. The coin has a 24-hour trading volume of $2.5 billion and is down by 6.24% in the last day.

ADA has recorded a 5.73% decrease in the last six months. However, the digital asset is set to go on a bullish run as the year-to-date (YTD) statistics indicate an impressive 696.85% increase.

Cardano has made impressive gains in the last six months as the price movements show that the asset is on an uptrend. The coin was trading at $1.39 on July 2 but showed promise of an upscale, trading at $1.79 on August 12.

The Cardano utility token continued to rise, reaching $2.95 on September 2 before making a descent to $2.19 on October 19. The digital token levelled out on November 11, trading at $2.25. Cardano has opened up an opportunity for investors to buy ADA as the coin is currently downward.

Cardano Technical and Fundamental Analysis

Cardano’s technical indicators signify a bearish run in the last 24 hours. The digital asset sits below the 20-day moving average (MA) support price of $1.618. The long term indicator also depicts a bearish run as the asset trades below the 200-day MA support price of $1.864.

The token has a Relative Strength Index (RSI) of 37.47 signalling an underbought market. The Moving Average Convergence and Divergence (MACD) trend line further confirms the RSI as it shows a bearish streak, with the orange trend line slightly in the lead and suggesting a sell signal.

Despite the bearish streak, investors consider the Ethereum rival a premium asset that holds great potential for future returns. This is due to some fundamental factors prompting investors to buy ADA.

In October, Decentralized Finance(DeFi) banking protocol MELD concluded a $1 billion initial stake pool offering (ISPO), giving Cardano (ADA) holders the ability to stake their ADA in exchange for MELD tokens.

While Cardano isn’t enjoying as many Decentralised Exchanges (DEXs) as the pioneer smart contract network, the Ethereum killer has surpassed the number of transactions made on the Ethereum network.

There is a lot of positive anticipation surrounding the 2022 roadmap of the blockchain protocol. In a tweet, Cardano’s founder, Charles Hoskinson shared his excitement and anticipation, and this has caus+ed quite the buzz in the crypto world.

Hoskinson hinted at new innovations and technologies geared towards placing Cardano in an even stronger position in the coming year.

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