Cardano Price Prediction – Can ADA Become the Biggest Coin?
Cardano continues to dominate headlines due to upgrades on its blockchain or its developer’s social media antics. However, can its native token, ADA, become the most valuable in the market?
With the crypto market experiencing a downturn, ADA has plunged. At press time, ADA trades at $0.36, indicating a downtrend of 1.27% in the past 24 hours. This price drop aligns with the broader market, which has also lost 0.6% of its value in the same period.
With its bear run, ADA only trades above its 10-day moving average (MA) and 20-day MA. The crypto asset currently trades below all other MA indicators, especially those that denote long-term interest.
ADA displays a negative moving average convergence divergence (MACD), indicating a sell signal. However, the digital asset’s relative strength index (RSI) of 36.31 shows it is approaching the underbought region.
Buy ADA on eToro
The most significant bullish signal for ADA appears to be a rumor of a listing on the popular FTX exchange.
Earlier this week, FTX CEO Sam Bankman-Fried hinted on social media that the exchange could be looking to list ADA on their exchange. As the billionaire explained, FTX International has ADA perpetual contracts listed, and adding spot ADA is part of the exchange’s roadmap.
Listing on major exchanges like FTX can be a bullish signal for most cryptos. This should provide some short-term gains for ADA.
According to data from Santiment, ADA is at its lowest relative position compared to its realized value since 2019. The indicator measures an asset’s valuation based on average trader loss, and the last time the indicator flashed, ADA’s price doubled in three months.
While this isn’t a confirmation that ADA’s price could hit the same stride three months from
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