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What is the current situation of Cardano (ADA), one of the largest cryptocurrencies in the market and a smart contract platform based on advanced technology? While altcoins like SOL and LINK have experienced significant increases, the price of ADA Coin has not recovered as expected. So, what does the on-chain situation tell us? What should investors pay attention to?
ADA Coin Reviews
The price of ADA Coin is at an important cost point. It has an average price between $0.288 and $0.33 for approximately 5.7 billion ADA Coin. This indicates a stronger cost region than the $0.27 zone. Therefore, if the strong increase in BTC price does not continue, it can be expected that many investors who bought at an average of $0.31 will cut their losses at the $0.3 threshold and some will turn to profit sales.
Whale transactions have returned to almost the same level as 10 days ago. This indicates that the weak performance of ADA Coin’s price is also due to the lack of whale interest.
Interest in the Cardano network has not increased as expected. Even during periods of rapid increase in BTC price, we did not see a significant recovery in the number of active addresses, new addresses, and addresses with a balance greater than zero on the network. This indicates the lack of attractive applications on the Cardano network. Although it gained smart contract capabilities about two years ago, many fresh layer1/layer2 networks host more popular applications than the Cardano network.
ADA Coin Price Predictions
Compared to 2021, Cardano has many more competitors now and there is not much that makes it unique. Investors who have shifted their focus to competitors they see more potential in are accumulating. Moreover, we see an ADA Coin that is likely to miss the next bull run while network development progresses slowly.
Speaking of the price, the $0.3 zone, which was tested during the August 7th event, has still not been surpassed. While BTC has gained over 20%, ADA Coin has lagged behind the market average. If we are to see a real comeback from $0.23, the price will need to turn the $0.3 and $0.33 resistances into supports and regain the $0.385 area.
BTC’s fuel is running out, tomorrow the PCE data will be released, and the weekend is approaching, which means low volume. Considering all the details from start to finish, if BTC does not initiate a surprise second wave rally, the price of ADA Coin may move sideways or downwards.
