Price Analysis

Will Cardano Retrace Its Footsteps Back to the 3rd Position by Market Cap?

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Highlights

  • Cardano could make way to a newer path for the crypto industry, creating newer opportunities for other coins.
  • ADA prices could retrace their way back to $3, taking its market ranking to the third position.

    Cardano has been one of the top-tier coins in the industry, with a strong underlying protocol. The platform has been standing against strong winds in its sail lately. The digital asset has slipped down to 5th position from its 3rd position during its previous leg-up. Meanwhile, the makers have been imparting steady inputs to the blockchain.

Which could be a game-changer for the platform and for other platforms to follow suit in the long run. Enthusiasts are awaiting for ADA prices to reclaim their ATH and head beyond. The Hydra update could help the network regain its lost momentum. The Cardano team believes the update to influx significant traffic to the platform. 

Feather to Cardano’s Platform 

   According to some sources, the number of Cardano wallets has surpassed the 2 million mark. The network reached the previous milestone of 1 million ADA wallets on the 22nd of May 2021. In addition, the Cardano improved proposal repository already has 30+ CIPs that have been formalized to improve.

Cardano’s initiative towards a greener world, which was started 5-weeks ago. The Cardano community has donated more than 360,000 trees. Veritree will be matching all donations from the 31st of October to the 12th of November. To plant more trees, in honour of COP26. 

Cardano Price Could Retrace Its Way to Previous Highs!

   ADA price has been moving in a descending triangle ever since it hit its ATH of $3.10. And has not made significant attempts to break through the resistance. The digital coin at press time is trading at $2.092. While the market cap is around $68,477,778,196, the 24-hour trading volume is at $4,265,088,391.

However currently, we can see a candle attempting to breach through the resistance. Which can only be validated once it reaches the $2.2 level. The next resistance would be at $2.3, northwards of which can be considered as a bull run for Cardano taking it to highs of $3. 

Collectively, netizens believe Cardano to be a great project for the long term. With the developmental era’s in place. We can expect it to be a matter of time, before Cardano flys high to its target in near future. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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