Cardano Price Will Overcome Consolidation? Find Out!

Cardano Price Will Overcome Consolidation? Find Out!
  • Since June, the total volume has decreased.
  • Charles Hoskinson revealed the Alonzo hard fork in August 2021.

In October, the bitcoin market re-emerged. The total crypto market value has grown to $2.3 trillion in eight days.

Cardano’s ADA coin is one of the best-performing cryptocurrency assets, owing to the overall market increase. Cardano’s price has been trending downwards in recent weeks. However, a higher bottom was made at the end of September, indicating bullish momentum.

It is retracing after failing to remain above the $2.30 barrier, indicating a further decline. The pivot point support zone for the daily ADA currency technical chart and price trend is $1.90, followed by $1.65.

ADA/USDT: Source: TradingView

Since June, the total volume has decreased. The volume has risen in recent days. End-of-September saw a significant drop in Cardano’s average number of big transactions. Since the recovery began, the average transaction volume has remained below the 6-month norm.

Charles Hoskinson revealed the Alonzo hard fork in August 2021, triggering a 116 percent increase in Cardano pricing the following month. The Cardano ‘Alonzo’ hard fork launched on September 12, 2021, introducing smart contracts to the network. After the launch, over 100 smart contracts were deployed in 24 hours.

Absence of Institutional Buying

The layered blockchain team claims that their technology has proven useful in developing decentralized applications and smart contracts. Large transaction investors enable transfers of $100,000 or more. As a consequence, a drop in major transactions indicates a drop in movement. This means that addresses with a balance have made fewer transfers since September 15.

It also showed a lack of institutional purchasing. According to the same, Bitcoin received $68.7 million while Ethereum received $20.2 million. Cardano, on the other hand, only received $1.1 million. According to CoinMarketCap, Cardano price today is $2.27 USD with a 24-hour trading volume of $1,930,950,478 USD.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.