For the price of Cardano, there was a expectation of more rise after 20 million islands withdrawn from the stock exchanges in the last seven days. The narrowing of the supply in the stock exchanges means less island coins ready for sale. According to some analysts’ assessments, it is possible for the subcoin to experience a significant rise in a short time.
Ada Coin Price Estimation
The current data reveals that the island is traded around $ 0.71 and has a small decline. At the same time, according to CoinMarketcap data, Cardano’s trading volume exceeded $ 902 million; This may indicate that the market interest is high. The amount of token withdraws from the stock exchanges emphasizes the reluctance of investors to sell.
Technical analyzes show that Altcoin’s graphs are stripped of a triangular formation. This is considered a harbinger of a upward movement in the near future.
Justin Qu: “The island signaled the rise by breaking the downward formation in the daily graph. This may mean that new peaks may soon occur.”
If the support level is maintained, it is foreseen that the first resistance point for Altcoin is around $ 1.24, and if this level is exceeded, it is predicted to increase up to $ 1.46. Some analyst comments also include expectations that the price of Cardano can reach $ 2.70.
Cardano Network Data
In addition, the Cardano Network is also recovered in the number of active transactions on the network and the total value locking (TVL) ratio. Tvl’s rise to $ 442 million is remarkable because it is one of the highest levels of the last month. Dex transaction volume has been observed in the last 24 hours of $ 3.87 million.
These developments show that positive technical and fundamental predictions against Cardano continue. It can be said that investors closely follow the decreasing supply and increasing network activity. The current data states that fluctuations may occur in the price of subcoin depending on the dynamics of the market.
According to analyzes, increasing operations and rising blockchain activity can provide positive movements in the value of Altcoin. This may require investors to be careful when evaluating their demands in the market. In general, Cardano price and network activities can be in parallel with the developments in the market.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
