Cardano is among the top ten cryptocurrencies in terms of market cap. Because of its good performance and dominance in the market, Cardano has continued to attract more crypto investors, and it remains one of the best investments among low-priced cryptocurrencies.
Cardano is trading at $1.32 at the time of writing after a 3.5% decline in the past 24 hours.
Cardano Price Analysis
Like bitcoin and the majority of the broader market right now, ADA is slightly declining after retreating from the $1.4 high reached over the weekend. Despite the slight correction, ADA has managed to maintain some of the gains made within the week.
Currently, ADA bears are kicking in, but buyer support from those taking advantage of the dip could prevent further losses. If the current trend reverses and an upswing is recorded, we could see ADA heading towards $1.5, and it could later push on to $2. With market signals showing a good buy, the downtrend could fade, and bulls might kick in again.
On the other hand, bears could creep in again, in which case we will see ADA headed towards $1.2. If the coin reaches $1, the downtrend could reach exhaustion, and speculative buyers might help the price consolidate at slightly above $1. A downtrend is also most likely to occur if the current upswing from the broader cryptocurrency market fails.
The Cardano hardfork was one of the greatest developments that will happen within the Cardano ecosystem. According to the network’s founder, the hardfork update will take place in September, where Cardano will issue an update on the adoption of smart contracts.
Charles Hoskinson, Cardano’s founder, stated that the update scheduled in the next few weeks would boost the network’s potential and include schemes that will execute programs both inside and outside the Cardano blockchain network.
The update has eagerly been waited for by the crypto community, and it will play a big role in boosting ADA prices.
Where to Buy ADA
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