Two Billion ADA Support Holds Key for Cardano’s Bullish Reversal to $0,40
- Cardano finds support at the two billion ADA level, aligning with the price range of $0.285 to $0.301.
- The Daedalus 5.3.0 Mainnet release introduces support for the new ProjectCatalyst registration process.
Cardano’s ADA has experienced a consistent decrease in value since July 14, following its peak at $0.38. Additionally, if today’s trading results in a negative closure, ADA will complete its fifth consecutive day of trading in the red. Notably, there was a significant surge in ADA’s price between July 13 and July 14 due to renewed optimism regarding Cardano’s exemption from the regulatory challenges posed by the SEC, influenced by Ripple’s recent legal victory.
Subsequently, profit-taking by sellers became prevalent as ADA consistently ended each day with a decline. However, according to IntoTheBlock’s on-chain data, a substantial demand wall of two billion ADA could potentially deter bearish movements. Presently, Cardano finds support at the two billion ADA level, aligning with the price range of $0.285 to $0.301. Within this range, 62,400 addresses purchased 2.08 billion ADA at an average price of $0.292.
Consistent Positive Trend: Green Days Amidst Market Fluctuations
The ADA price chart has exhibited remarkable performance over the last 24 hours. Despite a turbulent cryptocurrency market, ADA established a bullish trend, indicating significant progress when observing the charts.
Currently, ADA is trading at around the $0.32 range and has seen an impressive increase of over 4 percent. In terms of weekly performance, ADA outshines many other cryptocurrencies by showcasing a substantial growth of 8.80 percent within the past seven days. Upon closer examination of the chart, the positive trend becomes even more evident.
Over the past week, the ADA chart has remained consistently green, displaying no signs of decline, even amidst considerable market fluctuations. While reaching a low of approximately $0.29 during this period, ADA achieved a noteworthy milestone by surging to a new high of $0.36. ADA’s accomplishments extend beyond price appreciation, as its market capitalization has also experienced growth.
Cardano Unveils New Network Upgrade
Recently, the developers of Cardano have rolled out the latest update, Daedalus 5.3.0, incorporating numerous fresh features and modifications to the blockchain.
According to a tweet from Input Output Global, the Daedalus 5.3.0 Mainnet release introduces support for the new ProjectCatalyst registration process. It enhances the stability of the exchange rate conversion feature, among other improvements. Additionally, this update ensures greater consistency in formatting the syncing progress percentage.
⭐ OUT NOW: #Daedalus 5.3.0 for mainnet
The #Daedalus 5.3.0 Mainnet release supports the new #ProjectCatalyst registration process, improves the stability of the exchange rate conversion feature, and more. 🧵
1/ pic.twitter.com/C1bhiqgynB— Input Output (@InputOutputHK) July 17, 2023
Current users will receive a notification to update through the Daedalus newsfeed. This new update includes various dependency updates, such as Cardano-wallet 2023-04-14, Electron 24.2, Node.js 18.14.0, trezor-connect 9.0.8, and Cardano Ledger JS app 6.0.0. The latest version has the potential to draw in new users and stimulate growth in the daily address chart, which has reached a plateau, as reported by Artemis’ data.
The Race for Market Cap: Cardano’s Quest for the Top Spot
The cryptocurrency market is witnessing a survival-of-the-fittest scenario, with every digital asset striving for a comeback, including Cardano. Recently, Cardano temporarily lost its 7th position in the market cap rankings to Solana.
Nevertheless, ADA managed to reclaim this position by experiencing significant surges in its market cap. Cardano’s market capitalization currently surpasses $11 billion, reaffirming its competitive standing in the market.
Despite Cardano’s price action appearing more favorable than SOL’s, its on-chain metrics still indicate a bearish outlook. Notably, ADA’s trading volume experienced a significant decline, indicating reduced investor interest in actively trading the token.
Furthermore, positive sentiment surrounding ADA also sharply declined in the past week. Moreover, following an initial increase, ADA’s 1-week price volatility decreased, reducing the likelihood of a sudden price uptrend in the coming days.
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