Cardano (ADA), has seen its price rise by over 8% within the last 24 hour, reaching $0.51. XRP and ADA are now both valued at $17.6 Billion, respectively. ADA is currently worth $17.5 Billion.
ADA suffered a huge decline of 83% over its September all-time high. The recent price surge may be due to the imminent release of hard fox.
The launch was originally scheduled for June, but it was delayed due to technical issues. Input Output will soon announce the date for the launch of the hard fork.
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ADA Trading between Two Critical Levels
For the first time, XRP was scrapped from CoinMarketCap’s top 5 list in February due mainly to U.S. SEC controversies and lawsuits. Ripple is now hedging on Cardano. Last year’s ADA price peak fueled smart contracts and blockchain.
ADA needs to catch up with BNB which has a current market cap of $42 Billion. Cardano’s price ended Sunday in the red at -$0.005. The closing was in red, for the second consecutive day in three days.
Currently the ADA is trading between two levels. Bulls seek to get back to the $0.64 to $0.67 area. On the other hand, the bearish ADA traders are seeking to pivot and dispatch ADA’s price down testing the $0.395-$0.43 range.
The ADA cost was exactly $1.22 in 2021. The average ADA cost in the past 30 day was $0.47, which represents an increase of 8.89% over that time period.
ADA Total Market Cap at $16.5 Billon on Daily Chart | Source: TradingView.com
ADA Increases 25% in the Last 7 Days
The ADA price jumped by 25% last week and was followed by large liquidations. Although the price fell due to the reverse price trend, bears were not happy with the outcome. ADA finished the week with flying colors, as its price rose by 25%. The ADA price managed to hold at $0.5.
Cardano has outperformed all its competitors and is now the sixth-most important coin by market capital at CoinMarketCap. Its capitalization currently stands at $17.7billion, keeping ADA ahead DOGE and XRP.
Cardano will continue to run with the green light. The condition of crypto markets will determine how it turns out. ADA traders are optimistic, and have vested interests in ADA. However, apart from updating the Vasil network and Cardano community, Cardano is also trying to weather the crypto winter as well as economic recession.
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Featured Image from NewsCrypto. Chart by TradingView.com