Cardano (ADA) has witnessed a significant downturn in the last seven days, losing 11% of its valuation. Sellers drove the price down to a critical support level of 46 cents. While the price managed to bounce once at this support, market observers are now closely monitoring whether buyers can regroup and stage a comeback.
Analyzing Cardano (ADA)’s Path to Recovery
Renowned crypto analyst Ali Martinez has emerged as a beacon of hope for Cardano enthusiasts. Martinez, sharing insights via a post on X, pointed out a promising buy signal on the Cardano daily chart.
The signal is closely tied to a recent touch of the 0.618 Fibonacci retracement level, indicating a potential turning point. If this signal holds true, ADA could break past the formidable $0.55 resistance, paving the way for higher targets at $0.69 and, optimistically, even reaching $0.93.
As of now, the current value of Cardano sits at $0.503402, with a 24-hour trading volume of $1.14 billion and a market capitalization of $16.96 billion. Over the past 24 hours, ADA experienced a decline of 0.89%.
Moreover, Coincodex’s ADA price prediction foresees a 3.35% increase in ADA’s value and reaches $ 0.531608 by January 14. Analyzing the technical indicators, the current market sentiment for ADA appears to be Neutral Bearish, with a Fear & Greed Index score of 76, indicating Extreme Greed.
Considering the price fluctuations of ADA at the beginning of 2023, crypto experts anticipate an average ADA rate of $0.510 in January 2024. The expected range includes a minimum price of $0.470 and a maximum price of $0.551.
Cardano 2024: Staking, TVL, NFTs Soar
As of the onset of 2024, ADA has documented 3,064 staking pools, contributing to a staked quantity totaling 22.76 billion ADA, encompassing 64.94% of the overall supply.
This surge in activity extends to various Cardano-based projects. Recent data indicates substantial growth, particularly in the lending protocol Indigo and the on-chain exchange Minswap, with the most significant developments occurring in the past week.
Simultaneously, the Total Value Locked (TVL) in ADA presently amounts to $354.73 million, and the 24-hour trading volume stands at $6.43 million, as per DeFiLlama’s compiled data. Furthermore, ADA’s non-fungible token (NFT) sales volume has risen to nearly $9 million, marking a noteworthy 60% increase.
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