ADA is a token of the platform Cardano. Its current price is around $0.3816 at the time of writing, with a low of $0.2404, and its market cap is 13 billion dollars. The long-term outlook seems to reflect a bullish trend. However, technical analysis provides a more bearish outlook when looking at the short-term picture.
What is Cardano (ADA)?
ADA is the coin of the Cardano platform, which is around $0.3816 by the time of writing, with a low of $0.2404. It reached a high of $1.24, and its current ranking is #8, according to CoinMarketCap, with a market cap of 13 billion dollars.
ADA is a digital currency that anyone can use regardless of geographical location. Transactions using ADA are secure and recorded permanently on the Cardano blockchain. It does not require any third party to mediate user value exchange.
ADA Coin Market Analysis
ADA has a total supply of 35,449,292,674 coins worth around $0.3816 with a market volume of 353 million dollars, whereas the market capitalization is 13 billion dollars at writing.
Cardano (ADA) is trending in a bearish direction, and there is a high likelihood of a price breakdown. However, once the current downtrend ends, it’s anticipated that the long-term increase in value should resume. In addition, just in time for Valentine’s Day, the Cardano community will get a major upgrade courtesy of Input Output. On this day, they’ll introduce new Plutus SECP cryptographic primitives to their network.
ADA Price Prediction
Cardano (ADA) has had a booming year in the cryptocurrency market, and chances are it will continue to excel in 2023. It’s certainly worth considering for investment, with many experts predicting a prosperous future for the asset. In the 4H timeframe, the price action of $ADA/USDT has broken the support trendline of the ascending channel. A downward movement is expected from here.
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Closing Thoughts
The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.
