Cardano is the dark horse of the crypto world!
As Bitcoin continues its historic bull run, breaking new price records, the spotlight is shifting towards altcoins, and ADA seems poised to steal the show. This large-cap altcoin, with a fully diluted valuation of about $15.5 billion and a daily trading volume exceeding $373 million, has surged over 2% in the last 24 hours. As of Tuesday, October 29, it was trading around 34 cents during the early New York session.
What is next?
After being stuck in a macro correction for the past seven months, Cardano’s price against the US dollar is now indicating a potential turnaround. The layer one (L1) altcoin has gained bullish momentum over the last four months, forming a weekly reversal pattern characterized by a double bottom and a bullish divergence in the weekly Relative Strength Index (RSI).
Crypto analyst Ali Martinez points out that ADA’s price movement resembles a fractal pattern seen during the 2020 bull market. Based on this pattern, Martinez is optimistic that ADA’s price will rally toward a new all-time high as the market enters a parabolic phase in the coming months.
Additionally, the ADA/BTC pair is currently retesting multi-year lows, having been trapped in a downward trend since the fourth quarter of 2021. This situation could mark a critical turning point for Cardano as it tries to regain ground against Bitcoin.
Despite some positive developments, such as the recent integration with the BOS bridge to access Bitcoin, the Cardano network has seen stagnant growth in its total value locked (TVL) over the past year. This is in contrast to other emerging L1 networks like Solana (SOL) and Toncoin (TON), which have experienced more significant progress.
Market data analytics firm IntoTheBlock warns that ADA’s price may face a pullback due to low on-chain activity. For Cardano to succeed, it must reignite the on-chain momentum that has been lacking in recent months.
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