- The trading price of the Cardano token has increased by 9% in the last 24 hours.
- The ADA price is forming a bullish structure on the charts.
Cardano is a PoS blockchain platform that supports smart contracts and dApps. It uses Ouroboros, a research-based consensus mechanism, to achieve sustainability and scalability. ADA is its native token which is used for fees, rewards, and governance. Cardano evolves through eras, with Voltaire being the final one.
The market cap of the Cardano token has advanced by 9.02% while the volume of the crypto is trading flat with a slight increase of 6.7%. Additionally, the derivatives volume has witnessed a slight decline of 3.2% in the last 24 hours.
The market cap value of the Cardano token is $18.867 Billion and the market cap ranking of the crypto is #8, as per CoinMarketCap. Additionally, the traded volume value of the Cardano token is $603.8 Million and the volume/market cap ratio is 3.33%.
The open interest of the Cardano token increased slightly by 5.4% and the options volume has declined by 92.94% while the volume of the options is worth $6.59K. Furthermore, the long/short ratio of the crypto is 0.9841 and the short liquidation of the crypto is worth $602.2K.
Cardano Blockchain Data Overview
The circulating supply of the Cardano token is 35.381 Billion ADA, the max supply of the crypto is 45.0 Billion ADA, and the total supply is 36.513 Billion ADA. Moreover, the fully diluted market cap of Cardano is $23.921 Billion.
Cardano’s stablecoin market cap is $18.77 Million and the fees for the crypto is $14,272.
ADA Crypto Technical Analysis
Increasing by more than 190% from the most recent swing low, the ADA crypto is witnessing a buying momentum on the charts. The price of the crypto is currently taking support and is in a retracement phase.
If the price of the ADA crypto breaks above the last swing high, it will result in a breakout above the change of character level and the price of the crypto might lead to further highs.
ADA/USD Chart by TradingView
The indicators on the daily chart of the ADA crypto price are indicating deep retracements and if the indicators further decline to lows, we might get to see a change in the trend of the crypto.
The 50-day and the 200-day EMAs are forming a golden cross pattern on the charts and the price of the crypto is taking support at the 50-day EMA. Additionally, the ADA crypto price has hit the upper band of the EMAs and since then it has witnessed a decline.
The RSI has also declined below the 50-level. It also declined below the 14-day SMA but if the RSI value rebounds above the 50-level, a continuation in the bullish trend can be seen.
Conclusion
The ADA crypto price is showing strong resilience along with a potential to break out of the resistance zone. The fundamentals and technicals are favorable for the continuation of a bullish trend. ADA could reach new highs in the near future if it sustains the momentum and demand.
Technical Levels
Support Levels: $0.2400 and $0.4600
Resistance levels:$1.1900 and $1.6400
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.