ADA Price Analysis May 2022

ADA is a coin of platform Cardano. Its current price is around $0.7763 by writing, with a low of $0.7424, and has a market cap of 26.2 billion dollars.

What is Cardano?

As one of the newest additions to the crypto world, Cardano has its own goal of providing banking services to unbanked communities. Their main application areas are identity management and verification. Cardano can streamline the process by simplifying some of the more complicated steps that usually happen during certain transactions when managing customer identities.

What is ADA?

ADA is the coin of the Cardano platform, which is around $0.7763 by the time of writing, with a low of $0.7424. Its current ranking is #8 according to CoinMarketCap, with a market cap of 26.2 billion dollars.

ADA reached a high of $3.10, with a low of $0.7424. ADA is the first 3rd-generation cryptocurrency that aims to solve the scaling and infrastructure problems introduced in 1st generation cryptocurrencies like bitcoin and 2nd generation cryptocurrencies like ethereum.

ADA Coin Market Analysis 

ADA has a max supply of 45,000,000,000 coins worth around $0.7763 with a market volume of 684 million dollars, whereas the market capitalization is 26.2 billion dollars at writing. 

The number of Cardano holders who intend to hold on to their coins for at least 30 days has gone up by 181.65% in the last 30 days. As a result, these holders now collectively hold 36.14% of all coins available.

 Ada Holders Data
ADA Holders Data

ADA Price Prediction

Cardano has been gaining a lot of value over the past few years, and looking we’re set for some more in the future. In particular, the rise in Cardano’s market price has mostly been attributed to its high resilience to attack.

On the 1D timeframe, $ADA/USDT formed the Descending Triangle Pattern where the price action broke down the 1st Horizontal Support level and currently respected the 2nd Horizontal Support level after rejecting out from the Resistance trendline.

Ada Charts 2022
ADA Charts 2022

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Closing Thoughts

Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we just discussed about might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.

Disclaimer: Our analysis is for educational purposes.

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Pratyaksh

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