Price Analysis

This is Why You Can be Bullish with Cardano (ADA) Price! A 10% Jump May be Underway

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Apr 20, 2022

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Highlights

    Cardano price has responded positively with the latest market trends and broke through the descending consolidation

    The ecosystem is expanding every new day, being home for various projects and also a major upgrade being on its way

The Cardano platform underwent a major upgrade in September 2021 by implementing the smart contract capabilities which allow the network to scale at a faster pace. The ecosystem has achieved multiple milestones as the network development has soared significantly. Adding to the substance, the upcoming Vasil Hard Fork may also bring up newer upgrades and improvements. 

With a new milestone reached, the Cardano blockchain is now the home of nearly 900 projects as of April 18. Moreover, nearly 400 projects have been added over the past month which is a big achievement. IOHK recently tweeted in this regard 

The projects include NFT collections, DeFi lending and new wallets which are being developed on the blockchain. The network recently added almost 100,000 wallets to its network, just before the platform launched the ERC-20 converter. Currently, the ecosystem holds the milestone of 3 million wallets as of April 2022. Yet the IOHK founder, Charles Hoskinson believes it is just getting started. 

Cardano (ADA) Price Analysis

ADA price after forming multiple lower highs and lows finally reversed the trend and inculcated a notable uptrend. The price which was believed to slide down below $0.8 levels has undergone a 180-degree shift and now aims to hit the $1 mark at the earliest. 

adaprice

The ADA price appears to have undergone a gigantic descending trend, remaining away from the market trends. However, the asset has responded positively to the recent market bounce and now aims at the $1 pivotal zones. The price had recently halted the descending trend by consolidating just above $0.92 levels for quite a long time. However, it failed to range beyond $0.96 despite multiple attempts. 

The fresh bounce within the space has ignited a notable upswing with the price which now appears to have been swinging in a safer zone. Therefore, now when Cardano (ADA) price has ignited a strong spike, the asset could hit $1.05 within no time. And further maintaining the uptrend, the price may settle the monthly trade above $1.1. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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