Cardano Price Forecast as ADA Enters Top 10 – Will It Overtake Solana?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Cardano price has risen by 2.5% in the past 24 hours, moving to $0.4055 as the crypto market as a whole gains by 2% today.
This means that ADA has gained by 13% in a week and by 16% in a month, with the coin in the market also seeing a 66% rise in the past year.
These gains mark a promising period for Cardano, which has now become the tenth-biggest coin in the market, flipping Tron this morning.
Given its recent momentum, and given ongoing Cardano updates, we could certainly see the alt climb higher and flip other coins.
ADA has been riding some strong momentum this week, which would imply that we may see a little dip this weekend before it continues its medium- and long-term growth.
For example, its relative strength index (purple) has declined from a high 70 early this morning to just over 50, suggesting that some traders may be taking profits today.
This is happening amid a 30-period moving average (period) that has been well above the 200-period average (blue) for more than a week, its distance also suggesting that a little correction is due very soon.
Yet the fact that ADA has hit its highest volume for a month today (at just over $460 million) would suggest that any correction will be brief, with the alt having lots of impetus right now.
Some traders have noted that its current pattern is uncannily close to replicating the movements of its 2019 rally, which would imply very strong gains in the coming months.
It helps that Cardano is boasting increasingly strong fundamentals, with the network continuing work on scaling
Read more on cryptonews.com
