Cardano Price Up by 0.88% – Time to Buy ADA Coin?
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- Cardano is currently trading at $1.36 with a 24-hour trading volume of $881,505,385.
- ADA would spend the next six to nine months of 2022 perfecting its decentralized apps (DApps) ecosystem (IOG).
- Traders are likely to take a buy trade over $1.3888 and vice versa.
During Monday’s early European session, the ADA/USD coin succeeded in extending its previous session’s bullish rally. It remained well bid at around the $1.3600 level as Charles Hoskinson emphasized the Cardano (ADA) ecosystem’s substantial expansion while addressing concerns made by other crypto community members in the previous year.
Cardano is currently trading at $1.36 with a 24-hour trading volume of $881,505,385. Cardano has gained 0.12% in the last 24 hours, with a live market cap of $45,377,607,007; the current market rank is #6. There are 33,485,480,382 ADA coins in circulation, with a maximum supply of 45,000,000,000 ADA coins.
With growing interest in blockchain and crypto as a whole, this might be a good opportunity to buy Cardano and rise with the market.
Cardano Will Begin 2022 By Perfecting Its DApps Ecosystem
According to Charles Hoskinson, CEO of the blockchain’s development arm, Input-Output Global, Cardano would spend the next six to nine months of 2022 perfecting its decentralized apps (DApps) ecosystem (IOG).
Hoskinson announced his first instructional podcast of the year, a whiteboard video on DApps and development. The purpose of the podcast was to illustrate the advantages of Cardano’s DApp development approach over others, such as Ethereum.
Hoskinson’s review of DApps on Cardano comes at a time when DApps are all the rage in the Cardano community. Since the release of the Alonzo hard fork, which added smart contract capabilities to the world’s largest proof-of-stake blockchain network, Cardano, the community has been anticipating the release of several DApps in development.
As we enter January, there is much excitement because several DApps are set to launch in the next few weeks. However, the price of ADA, the network’s native token, has not reflected the anticipation. ADA is currently trading at around $1.36, a 10.9 percent decrease from the previous week.
A bearish bias in the crypto market weighs on ADA/USD.
Since the start of the day, the crypto market has been flashing red, and the cause can be linked back to recent dips in Bitcoin, the world’s largest cryptocurrency. The bitcoin price failed to soar above $48,500, and it began a new downward trend. After trading below the $48,000 and $46,500 levels, BTC entered the negative zone.
Despite the recent drop in the world’s most popular cryptocurrency, Bitcoin, Cardano (ADA) has managed to extend its upward run due to recent developments in the Cardano network. In a recent YouTube video, Charles Hoskinson discussed the rapid growth of the Cardano (ADA) ecosystem in a recent YouTube video and the concerns raised by other members of the crypto community during the past year.
On the other hand, the broad-based bullish bias in the US dollar, backed by many factors, had a substantial role in limiting gains in the ADA/USD currency pair. For instance, the dollar climbed in Asia on Monday morning, although it had a quiet start to 2022 because of holidays in many key Asia-Pacific markets. Market sentiment is being influenced by the global spread of the omicron COVID-19 type, pushing up demand for safe-haven assets. Even though the number of cases in Xi’an, in western China, has fallen, Johns Hopkins University figures reveal that the global number of illnesses has topped 290 million as of January 3.
Cardano Technical outlook: upward trendline to support ADA at 1.4350
Cardano price prediction remains neutral as the ADA/USD consolidates in a narrow trading range between 1.3880 and 1.2810 levels. A breakout from this range could trigger further movement in the market.
Cardano’s immediate resistance stays at 1.4906 or 1.5938 levels on the bullish side. A further uptrend could lead the ADA/USD price toward the 1.7585 level. The RSI and Stoch RSI support an uptrend as both leading indicators hold above 50. Therefore, the odds of a bullish breakout remain strong.
On the bearish side, a breakout of the 1.2818 level can lead Cardano’s price towards the 1.2023 or 1.1515 level. Traders are likely to take a buy trade above 1.3888 and vice versa. All the best.
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