Cardano’s price is rising, but not as much as the prices of other cryptocurrencies. The native token ADA is trading at $1.1742, which is about 28% above its lowest level this year. Other coins like Ethereum, Solana, Terra, and NEAR have seen their prices rise by more than 30%.
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Cardano is one of the largest blockchain projects in the world. According to CoinGecko, the crypto coin has a market capitalization of more than $37 billion, making it the seventh-largest cryptocurrency in the world. Bitcoin, Ethereum, Tether, Binance, and USDC are larger.
However, Cardano has been an embattled blockchain project. Some have referred to it as a ghost chain. This means that there are still no major projects on this network. This was partly because Cardano did not have smart contracts for years.
The situation changed in 2021 with Alonzo hardfork. Since then, the ecosystem has grown and developers have launched DeFi, Non-Fungible Tokens (NFT), and Metaverse projects.
Some of the largest DEX exchanges in Cardano are AdaSwap, DOEX, Cardax, and ADAX. At the same time, there are several DeFi projects currently being developed on the blockchain, such as Cardano Mixer, Atomic Swap, and Ada Finance. Nevertheless, these DeFi projects are still small.
Other parts of the ecosystem include Ardano, Cardahub, and SingularityHub. Cardano also has projects in Launchpad, crypto lending, and infrastructure.
Analysts point out that it is too early to tell if Cardano will become a viable alternative to existing blockchains such as Ethereum, Solana, and Polkadot.
The next major catalyst for the Cardano price will be the upcoming U.S. consumer inflation data. Analysts expect the data to show US inflation rising to 7.3% in January and core inflation to 5.3%. These figures are important because they affect interest rates.
Cardano Price Forecast
The four-hour chart shows that the ADA price fell to a low of $0.9235 in January this year. Since then, the coin has recovered spectacularly and is trading at $1.1765. The recovery has been in line with the general performance of stocks and cryptocurrencies.
Along the way, the Coin has formed an ascending channel, shown in red. The current price is slightly below the top of this channel. It is also below the Fibonacci retracement level of 38.2% and above the moving average of the last 25 days.
Therefore, I suspect that the price of Cardano will continue to fall as the bears target the bottom of the ascending channel at around $1.
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