Join our Telegram channel to keep up to date with breaking news
Cardano has hit $0.26 and is up 0.67% in the last 24 hours. This rise may be insignificant, but it could be good news for some investors who are still excited about the long-term prospects.
ADA up 0.64%
Over the past 24 hours, ADA is marginally up 0.67%. This minor increase underscores the consolidation area Cardano has been in since last week. However, the monthly price action of the token shows a 15% drop.
Cardano price monthly chart
At 6:16 a.m. EST, Cardano was trading at $0.26. There was a marginal increase of 0.47% in the token’s market cap. Trading volume has also increased by almost 19%. This surge shows the community’s interest in this cryptocurrency, which has faced multiple red candles since the start of 2023.
Factors currently affecting the price development of ADA
Cardano currently owes credit to two factors – overall macroeconomic activity and some of its merits.
Even macroeconomic activity has heavily impacted ADA, especially after the SEC classified it as a security along with 67 other cryptocurrency exchanges. This has led to several cryptocurrency exchanges delisting Cardano – the most recent of which is Binance, which removed two trading pairs, ADAUP/USDT and ADADOWN/USDT, from its list of trading pairs.
Additionally, Binance released a statement that certain Cardano liquidity pools, including ADA/BNB, will be removed.
Revolut was another cryptocurrency exchange to remove Cardano from its listing chart, along with Solana and Polygon – both classified as safe by the US Securities and Exchange Commission.
While these factors have helped Cardano trade in the red, some positives in the Cardano ecosystem have meant the price has remained stable so far.
On August 18th, Input published a post on X (formerly Twitter) presenting the weekly developments the project has been going through.
What is happening on #Cardano? 💫
Check out this week’s development update on #EssentialCardano and stay up to date with the latest developments in core technology, wallets and services, smart contracts, scaling, governance and more. 👇https://t.co/GAzbEl2jkf
— Input Output (@InputOutputHK) August 18, 2023
It showed that Cardano is working on technical improvements to make the ecosystem more accessible. The Hydra node has also been updated and work is currently underway on Lace’s multi-delegation feature.
Cardano price analysis
The daily chart shows that ADA has found stable bottom after a monthly decline of 37.25%. For the past two weeks, the token has been hovering between $0.27 and $0.24, with the former acting as ADA’s psychological resistance and the latter as the token’s psychological support.
It shows that the bulls are making some efforts to keep the price of ADA stable. Could it be an attempt to accumulate in preparation for a bull market? It’s not very likely.
The token hasn’t garnered much attention lately other than being in the news for negative reasons.
ADA’s RSI is at 39, closer to the oversold zone, and its MACD is negative. Although the histogram is green, it’s still too early to tell if the token will potentially go up.
ADA Alternative – Sonic
ADA’s current predicament makes Sonik Coin a better alternative investment. This cryptocurrency is a meme coin that takes inspiration from Sonic the Hedgehog and creates its blockchain-based cousin – Sonik the Hedgehog.
Sonik the Hedgehog presents unique visuals reminiscent of the original video game character while focusing the theme of speed on the utility of the token.
The main benefit of Sonik Coin is stake-to-speed, allowing Sonik Coin holders to earn APY every week. As far as the project’s tokenomics go, there are a total of 299,792,458,000 tokens — that’s the speed of light.
40% of these tokens are for staking, 10% is for liquidity, and the remaining 50% is for ongoing presale.
The presale of the project ends within seven days. Anyone interested in this fast token can visit sonikcoin.com to participate in this project.
Related
Wall Street Memes – The Next Big Cryptocurrency
- Early Access pre-sale now live
- Established community of stock and crypto traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Ranked as the best cryptocurrency to buy in the meme coin sector
- Team behind the OpenSea NFT Collection – Wall St Bulls
- Tweets replied to by Elon Musk
Join our Telegram channel to keep up to date with breaking news
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.