Cardano (ADA) Sees Recovery and Surging Growth in Smart Contracts
The beginning of 2024 was a rocky period for Cardano (ADA), with significant price fluctuations. However, since January 20, ADA has been regaining momentum and experiencing a surge in value. In fact, the token has gained 22.56% since January 23, going from $0.48 to $0.58.
Cardano’s growth is best reflected in the increasing number of smart contracts on its blockchain. In January alone, it added as many smart contracts as it did in all of 2023, and an additional 5,000 in the first 10 days of February.
ADA Price Chart
The drop in ADA’s price in early and mid-January affected the entire crypto market, resulting in a year-to-date decline of 6.49%. However, over the past month, ADA has seen an impressive rise of 22.56%, with its current price at $0.58.
Despite this positive trend, ADA experienced a drop in price leading up to February 23, with a 3.19% decline within 24 hours. Furthermore, according to one expert’s technical analysis, ADA may be headed for a significant drop.
Cardano Technical Analysis Sends a Strong Sell Signal
A prominent crypto analyst, Ali Martinez, warned that the TD Sequential technical indicator signals a major sell-off and price correction for ADA when applied to its 3-day chart. The indicator has previously accurately predicted bearish trends for ADA.
The TD Sequential indicator is a pattern-seeking tool that assesses an asset’s past performance to determine if a trend will continue or reverse.
However, whether Cardano will actually experience a correction or continue its upward trajectory will become clearer as weekend trading progresses.
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