ADA Cardano’s utility has grown exponentially in the last five months. The growth of this coin is not just from those who own it but also through all that have an interest or potential for using a dApp, which will make their life easier by allowing access with one cryptocurrency instead of common cryptocurrencies like Bitcoin or Ethereum.
Cardano ADA Price is down 0.94% in the last 24 hours and trading at $2.04 with a trading volume of $4,500,094,660. The current market capitalization for ADA tokens stands at around $67,780,273,474, making this project worth looking into if you’re interested in blockchain technology or cryptocurrency.
ADA Cardano Price Analysis
Cardano is one crypto that has been doing quite well this year. However, from the current trend, it looks like Cardano might be consolidating between two converging trend lines, which could signal more pain ahead for investors who are tired of seeing their investments crash instantly without warning.
ADA’s price has been zigzagging up and down over the past few months. September 21st saw three lower highs but also five higher lows! What is it that makes this pattern so interesting?
As FxStreet graphs indicate the formation of a symmetrical triangular pattern. According to them, “This setup forecasts a 6% downswing, but a breakout will push ADA to the intended target at $1.767. In a bearish case, ADA could also drop to the $1.680 support floor”.
ADA has been consolidating for the past few months, but it looks like there’s some consolidation coming to an end. On October 27th ADA broke out of this pattern and dropped 13% before recovering quickly into another one that set up three lower highs and four higher lows just since then.
Cardano Layer 2 Solution Hydra Upgrade
Cardano is pushing its network toward commercial use. Hydra will be an essential component in developing and scaling the infrastructure that supports such ambitious goals.
With the release of Hydra, a new layer-2 scaling solution for ADA is in progress. This update will introduce 1,000 nodes capable of handling 1000 transactions per second, each upgraded ability to process information quickly and efficiently on demand.
ADA Price Prediction
Here is the long-term Cardano Price Prediction. The future of Cardano looks bright with so many analysts predicting the coin will continue to grow.