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Cardano Price Prediction as ADA Forms Reverse H&S

cardano the price has moved sideways in recent weeks as cryptocurrencies remained in a consolidation phase. ADA was trading at $0.3610, which is about 10% above its lowest level this month. The market cap has risen to about $12 billion, which is below the all-time high of over $90 billion.

Is Cardano a good buy?

Cardano price has experienced a strong bearish trend in recent months as ecosystem concerns persist. This decline is largely in line with that of other cryptocurrencies such as Ethereum, Bitcoin and Solana.

Another concern is that Cardano’s ecosystem is slowing down. For example, total value locked (TVL) in Cardano’s ecosystem has crashed from over $350 million to about $82 million.

The largest applications in Cardano’s ecosystem include MinSwap, WingRiders, Meld, SundaeSwap, and MuesliSwap. MinSwap has a TVL of over $32.7 million and has a 39.3% dominance. Wingriders has a TVL of over $12.46 million.

Football Highlights

The only positive thing about Cardano is its performance in the Non-Fungible Token (NFT) industry. Data from OpenCFT shows that the volume of NFTs has increased by more than 117% in the past 30 days to A44.18 million.

The total number of transactions has increased to over 158k, while the number of NFTs sold has increased by more than 51% in the past 30 days. Yet this volume is significantly lower than that of other chains such as Ethereum, Tezos and Solana.

Meanwhile, ADA price is in a strong bearish trend due to the actions of the Federal Reserve. The bank has raised interest rates by 300 basis points and analysts expect the bank to rise by 125 basis points before the end of the year.

Cardano price prediction

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The hourly chart shows that the ADA price has been in a tight margin for the past few days. It traded at $0.36 on Tuesday, which was higher from last week’s low of $0.330. Along the way, the coin has formed an inverted head and shoulders (H&S) pattern. The pattern shoulders are $0.3657.

The coin has risen slightly above the 25-day moving average while the Relative Strength Index (RSI) has formed a triangle pattern. Therefore, the coin is likely to have a bullish breakout as buyers target the next key resistance level of $0.3800.

How to buy Cardano?

eToro

eToro offers a wide variety of cryptos, such as Bitcoin, XRP, and others, in addition to crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or be copied by other users.

Buy ADA today with eToro

Bit Stamp

Bitstamp is a leading cryptocurrency exchange that offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company that provides users with an intuitive interface, a high level of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy ADA today with Bitstamp


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