Cardano, one of the altcoins that drew attention during the time when Bitcoin was at $35,000 in the crypto market, continues to be discussed among investors as it moves towards the desired price level of $1. Ranked eighth by market cap, ADA is gaining popularity.
The price surge in ADA led to a more than $100 billion influx into the entire crypto sector in just one day. This event followed rumors surrounding the potential approval of the Bitcoin exchange-traded fund (ETF).
Current State of Cardano (ADA) Price
After months of consolidation, Cardano’s price finally broke out of the descending wedge formation. Typically, such situations occur at the end of a downtrend and indicate a consolidation and balance period.
Breaking above the upper descending trendline usually signals the beginning of an uptrend, usually supported by a significant increase in trading volume. Investors analyzing this formation keep their buy orders above the trendline.
According to the latest data from 21milyon.com, ADA is currently trading at $0.281246. It experienced an insignificant 0.1% decrease in the last 24 hours. However, the longer-term ADA price rally over the past 7 days triggered an impressive increase of 13.7%.
As the ninth largest cryptocurrency by market cap, ADA’s potential to return to the critical $1 level reminds us that it traded above this price point for a significant portion of the bullish market in 2021. It even reached $3 a few times during this period. Therefore, a price increase may not be too far off.
Cardano (ADA) Future
An important development has occurred for the Cardano community. The Cardano Foundation announced significant changes to the network’s stake parameters to enhance the project’s democratic aspect. According to the official announcement made by the Cardano Foundation, active community participation brought about significant changes in stake measurements.
The announcement stated:
Following the evaluation by Stake Pool Operator (SPO) Poll and the Parameters Committee, the Foundation successfully proposed reducing the minPoolCost parameter on the Cardano mainnet from 340 to 170 ADA.
These changes, realized through community participation and transparent decision-making processes, support the promotion of decentralized and inclusive blockchain ecosystems for cryptocurrencies. As the ADA price continues to rise and the crypto market grows, Cardano enthusiasts eagerly await more updates and developments in this dynamic field.
