- In the last seven days, ADA crypto fell by 22%.
- Cardano crypto was released on 1st September 2017.
Source: CoinMarketCap
ADA is a PoS blockchain platform launched in 2017 by Charles Hoskinson and Jeremy Wood. It offers smart contracts, scalability, and sustainability through Ouroboros consensus.
Cardano facilitates transactions, governance, and staking rewards. Managed by multiple entities, Cardano progresses through eras, with ADA holders gaining voting rights in the future Voltaire era.
The trading volume of the Cardano crypto has witnessed an advance of 28% in the last 24 hours which has resulted in a traded value of $1.115 Billion. Moreover, the ranking of the traded volume of the crypto is #20 as per CoinMarketCap.
Despite advances in the trading volume of crypto, the market cap of the crypto has witnessed a decline of 3.92% in the last 24 hours. This further results in a market cap value of $21.026 Billion which makes it the 8th largest cryptocurrency in the global cryptocurrency market.
The volume/market cap ratio of the crypto is 5.44% and the market cap dominance of the crypto is 0.86%. Moreover, the sentiment of the crypto is bearish while the fear and greed index indicates greed as it is at 74.
The volatility of the crypto is relatively high while the circulating supply of the crypto is 35.569 Billion ADA which is 79% of the max supply.
The given maximum supply of the Cardano is 45.0B ADA followed by a total supply of 36.714 Billion ADA. Also, the fully diluted market cap for the crypto is $26.633 Billion.
Cardano Crypto Derivatives Analysis
Source; Coinglass
A very huge long liquidation worth $14.8 Million was recorded on March 5th, 2024 witnessing seller dominance and even in the last 24 hours, the crypto has witnessed a higher long liquidation worth $3.25 Million.
Furthermore, the short liquidation recorded for the crypto is worth $336.39K. The derivatives trading volume of the crypto has witnessed an advance of 41.9% resulting in a traded value of $1.76 Billion.
The open interest for the crypto has further declined by 13.8% in the last 24 hours following a further decline of 92% in the options volume of the crypto.
Cardano Crypto Blockchain Data Overview
Source: DefiLlama
The stablecoins market cap followed by the Total Value locked for the crypto is consistently advancing since the year 2023. The total value locked for the crypto has advanced to $383.68 Million
The following rise also has led to a stablecoins market cap of %18.67 Million. Moreover, the total raised amount for the crypto is worth $62.24 Million. A surge in the number of developers for the crypto can also be seen.
Price Vs Price Volatility Of ADA Crypto
The price volatility for the crypto has been rising steadily for the last few days indicating higher engagement of traders in the crypto. Despite this, the price of the crypto has started to decline from certain highs indicating weakness in the trading price of the crypto.
ADA Crypto Technical Analysis
Source: ADA/USD Chart By TradingView
The ADA crypto price is forming a higher high swing structure on the weekly chart of the crypto. If we look at the most recent price action, the price of the Cardano crypto has started to decline from the recent swing highs witnessing profit booking.
$0.4400 is a crucial support level for ADA, if the price breaks below this level, a further decline and change in trend to bearish in the crypto price is likely.
ADA/USD Chart by TradingView.com
The price of the ADA crypto has declined below the 20 and 50-Day EMAs while the price is still sustaining above the 200-Day EMA. This indicates a possibility of a bounce back in price as the EMAs are still in a golden cross.
The MACD line is declining from the higher levels followed by the decline in signal line value. Also, the histograms are bearish on the chart while the lines are trading above the zero level.
The RSI is declining from the overbought zones and has declined below the 14-Day SMA. The value of the RSI further has declined below the 50 level and is currently trading at a level of 41.35.
Summary
Cardano (ADA) faces uncertainty as it experiences a 22% loss in seven days, yet shows a 28% increase in trading volume. Despite being the 8th largest cryptocurrency, its market cap has dropped by 3.92%. Technical indicators suggest a potential bounce-back, but declining RSI and MACD pose bearish signals.
Technical Levels:
- Support Levels: $0.2400 and $0.4500
- 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.