Table of Contents
What is Cardano (ADA)?
Cardano, established in 2015 by Charles Hoskinson and launched in 2017, is a blockchain platform. It strives to serve as a decentralized application (dApp) development platform, incorporating a multi-asset ledger and smart contracts that can be verified.
Operating on the Ouroboros consensus protocol, Cardano utilizes a proof-of-stake mechanism. Its native cryptocurrency, Ada, serves as the primary digital asset within the Cardano ecosystem.
The governance of Cardano is decentralized and jointly managed by three entities: the Cardano Foundation, IOHK, and EMURGO. These organizations play a crucial role in overseeing and advancing the Cardano platform.
Cardano Price Analysis
Over the course of this week, the altcoin experienced a significant accumulation, providing it with a much-needed boost towards reaching the $0.3 level. This level holds both psychological importance and has been tested multiple times in the past, making it a crucial support level. Reclaiming it as a solid support floor would pave the way for a potential rebound to $0.37, aligning with the 200-day Exponential Moving Average (EMA) and marking the starting point of the crash in June.
In addition, surpassing this milestone would involve breaking through a substantial demand wall. This wall represents 3.69 billion ADA, equivalent to $996 million, purchased by nearly half a million investors at an average price of $0.32. Once this supply turns profitable, it may trigger a bullish sentiment and contribute to a further price increase towards the aforementioned barrier at $0.37.
Cardano Price Prediction
Looking at the 4-hour technical analysis chart, Cardano bounced up from the support and it tends to ride the wave a little for the past days. After that, it finally bounced up from the support zone and is now trading at the price point of $0.3. However, it is now close to the 200-day moving average price line at $0.324, which is also another hurdle, resistance area. If Cardano (ADA) is able to break through the resistance, we can expect it to rise up more. Our expectation for the bullish price is that Cardano (ADA) can reach $0.4 soon.
However, another possible scenario is that if the bulls are unable to rise the price more and bears are taking over the market, a possibility of breaking its current low can be seen. It can dump lower than $0.25.
Latest News about Cardano (ADA)
Since June 1, 2023, Cardano has been experiencing steady growth in its user base, with an average of 2,446 new crypto wallets being added daily. As of June 21, the total number of Cardano holding addresses reached 4,161,225, according to data obtained from Cardano Blockchain Insights by Finbold.
To put it in perspective, the Cardano network has expanded by 48,924 new addresses in June alone, representing an increase of 8.29% since the beginning of the year. On January 1, 2023, the total number of wallets stood at 3,842,647.
Among the days in June, June 10 saw the highest number of wallets added, with 3,979 new ADA wallets joining the network. On the other hand, June 18 marked the least successful day in terms of new wallet additions, with 1,498 new wallets becoming part of the Cardano network.
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