Cardano Price Up By 1.38% – Time to Buy ADA Coin?
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This might be the right time to buy ADA because Cardano has been on a steady increase in the past few weeks, after hitting an all-time high (ATH) of $3.10 on September 2.
Following the launch of smart contracts compatibility, the asset is currently the 6th most valuable crypto asset by market cap.
This article considers the digital asset’s technical and fundamental performances.
Cardano: Coin Market Position
Cardano is currently at a stable price of $2.052 and is up 1.38% in the last 24hrs, although the asset took a downturn of 2.58% to $1.9 the previous week.
The asset has amassed dominance and currently controls 2.39% of the global market. It has a market capitalisation of $68.48billion, which is up 1.25% in the last day. Its 24-hour trading volume stands at $1.5 billion but is currently down by 20.8%.
Within the last six months, Cardano made a 1380% increase, it was trading at $2.38 on the 16th of May 2021; however, the asset took a downward turn in the market on the 19th of July 2021 and fell to $1.082.
The asset made a slow and steady leap up to its new all-time high(ATH) of $3.10 on September 2. It has since settled on the stable support price of $2.05. ADA seems to be gearing for another bullish run in the coming months, as trends indicate.
Cardano Technical and Fundamental Analysis
Cardano is stabilising at a support price of $2.05, as its 20-day moving average (MA) support price suggests. The proof-of-stake protocol is on a bullish run as indicated in its 200-day MA. Indicators show it is currently sitting at $1.849, with its current price at $2.05.
The moving average convergence and divergence indicator confirm a buy signal. Its Relative Strength Index (RSI) figure of 47 put Cardano in the underbought region. This implies that it is ideal to buy ADA and rise with the market.
Cardano’s potential bullish run is owed to some fundamental factors. The reveal of a new protocol, Mithril, to solve chain synchronisation, state bootstrapping, and trust issues in the blockchain makes the top of the list.
At the Cardano Summit, Pyrros Chaidos and Roman Oliynykov, designers of the Mithril protocol, presented it as a solution to further improve the efficiency rates of the blockchain. Cardano’s consensus protocol determines how individual nodes assess the current status of the ledger system.
The protocol has three functions: it selects the chains, verifies the blocks created, validates the transactions, and verifies if new blocks should be produced by performing a ledger check.
With the Mithril protocol, stakes can be leveraged to achieve higher efficiency, ensure transparent setup while not requiring increased trust settings.
The protocol also allows for leveraging the trade-off between size and efficiency, which is guaranteed by the modular component design. Mithril works in a public setting, so signers do not have to interact to produce a valid signature.
As indicated by technical factors, the bullish trend is pushed by Cardano’s partnership with World Mobile to provide E-Gov solutions to Tanzanians to help close the digital gap in their economic system.
World Mobile aims to bring internet access to Africa by selling affordable network nodes on the Cardano blockchain.
The project will enable Tanzanians to earn from each transaction made on the nodes by means of the World Mobile Token (WMT).
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