Cardano (ADA) Price Update: Potential for Significant Upside Move
Cardano (ADA) has processed over 88 million transactions, indicating a growing network activity that could positively impact the price of ADA. With 1,353 active projects on the network and the launch of Fund12, Cardano is poised for continued expansion and the onboarding of new developers. This growth reflects founder Charles Hoskison’s commitment to organic network development, rather than relying solely on hype. These bullish fundamentals suggest that ADA’s price may be on the cusp of a significant upward movement, offering relief to holders concerned about its stagnant performance despite a booming crypto market.
Technical Analysis Suggests Bearish Outlook
Despite positive network developments, the ADA price chart paints a bearish picture. Analyst Alan Santana notes a bearish trend with ADA’s price lagging and a potential drop to $0.34 to establish support. Santana advises caution, suggesting a bearish stance until market conditions change and support is confirmed. ADA is currently trading at around $0.58, showing some upward movement in the last 24 hours. The bearish technical outlook suggests that ADA’s price may face further downward pressure in the short term.
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