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Cardano’s Price Performance In The Current Bull Run – Is ADA Lagging Behind?

As Bitcoin (BTC) is currently in a bull run, eclipsing the $60,000 mark once again, the spotlight has turned to ADA performance in comparison. With a history that mirrors Ethereum’s (ETH) early days, ADA’s journey through the market’s ups and downs has prompted a closer examination of its potential trajectory.

The eighth-largest cryptocurrency by market cap, ADA has seen its fair share of highs and lows, with a recent uptick in price sparking both interest and speculation about its future.

Particularly, Cardano’s current trading level, lingering below the highs of the March-April 2021 bull run, has raised eyebrows, especially when juxtaposed with Bitcoin’s bullish momentum.

During the last peak period when BTC hit $60,000, ADA traded above $1. Yet, as Bitcoin revisits its former glory, ADA’s valuation stands around $0.6, presenting a curious case for analysis.

Dan Gambardello, a crypto analyst have drawn parallels between ADA’s price action and Ethereum’s historical performance, suggesting that ADA may be on the cusp of a “significant breakout”, akin to ETH’s journey post-2017.

ADA Historical Echoes With Ethereum

Dan Gambardello’s comparison of ADA to Ethereum’s past trajectory sheds light on the developmental parallels and market behavior between the two cryptocurrencies.

Gambardello points out that ADA’s entry into the market towards the tail end of the 2017 bull run placed it in a different starting position than ETH. Despite this, both currencies achieved notable highs during that period.

The subsequent bear market phases for both ADA and ETH were marked by substantial corrections and periods of foundational development, crucial for their long-term viability, according to Gambardello. The analyst added that the emergence of Decentralized Finance (DeFi) projects on both platforms, with Uniswap for ETH and SundaeSwap for ADA, underscores the parallel paths of “innovation and growth.”

This historical perspective suggests that ADA’s current position and 78% dip from its peak might not be as dire as it appears. Instead, it could indicate a maturing phase that precedes significant growth, much like Ethereum experienced after its initial setbacks.

The comparison offers a hopeful outlook for ADA, positioning it as a digital asset with the potential to recover and surpass its previous highs as it follows in Ethereum’s footsteps.

Cardano (ADA) price chart on TradingView

Cardano’s Potential Unfolding

Crypto analysts Trend Rider and Ali’s recent analysis has also amplified the optimism surrounding Cardano’s future. Trend Rider’s alert on a potential new all-time high for ADA, backed by a significant increase in the Trend Strength Indicator, echoes the sentiment of a pending rally reminiscent of ADA’s climb to $3.6.

Furthermore, Ali’s projection of ADA hitting $8 in the upcoming bull run, based on a breakout pattern in the weekly price charts, adds to the growing consensus of Cardano’s untapped potential.

Featured image from Unpslah, Chart from TradingView

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Crypto Pundit Says Cardano Rivals XRP Community, But Why Is ADA Price Struggling?

Cardano has consistently remained one of the largest cryptocurrencies in the industry with the price of its native ADA coin following the crypto market rally. However, it has not performed as well as other cryptocurrencies despite its marked popularity among investors. Given this, crypto pundit Ben Armstrong, popularly known as BitBoy, has shared his views on why the network is struggling.

Cardano Struggles Through Misinformation

One of the problems that the crypto analyst mentioned that Cardano has run into over the years is the fact that there has been misinformation. A lot of times, Cardano has been subject to FUD (Fear, Uncertainty, and Doubt) especially when it comes to its decentralized finance (DeFi) capabilities.

The network is really playing catch-up when it comes to DeFi as the likes of Ethereum and Solana enabled this ability years before Cardano. However, the network has seen significant growth since it first announced smart contract capabilities back in 2021.

Armstrong explains that a lot of FUD have also been directed at the founder Charles Hoskinson whose involvement with Ethereum as one of the co-founders in the early days is often called into question. But contrary to popular belief, the analyst believes that Hoskinson’s involvement with Ethereum actually helps to boost the credibility of the Cardano network.

Hoskinson has also been subject to allegations of being a scammer, as well as the Cardano network being “finished,” among other interesting allegations, as well as its native ADA token being referred to as a stablecoin. The last part takes a jab at the fact that the ADA price has not moved much in the last year.

However, Armstrong explains that Cardano boasts one of the most decentralized token distributions in the entire crypto industry. “Currently, over 60% of the supply is staked and during the bull market, the number was well over 70% on a regular basis,” he stated. This makes the coin an attractive choice for investors.

Cardano ADA price chart from Tradingview.com (XRP)

ADA Community Similar To XRP Community

Armstrong has been vocal about his support for the XRP community which he believes is the strongest community in crypto. Then coming up behind the XRP community, the crypto analyst believes that the Cardano community is the second-strongest in the industry.

In addition to this, Armstrong calls ADA “one of the most consistent performing coins in the history of crypto.” ADA, on its own, has managed to perform incredibly well in each bull market since its inception. During the 2020-2021 bull market, the ADA price would go from around $0.02 to over $3 before correcting back downward.

Presently, the ADA price is trending at $0.61, rising approximately 143% in the last year alone. With a market cap of $21.7 billion, it is currently the eighth-largest cryptocurrency by market cap.

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Cardano Falling Wedge Pattern: Analyst Predicts 100% Increase Following Breakout

Cardano may not be a top gainer in the crypto market but that does not mean that it has fallen behind. During the altcoin rally, the price of Cardano’s native coin ADA has gone from a low of $0.25 to a high of almost $0.4 before correcting back downwards. This positive trend has been preserved even through the crypto market dip and it seems that there is only one thing in the way of Cardano’s rise to a new yearly high.

Falling Wedge Pattern Holds Back Cardano

According to a crypto analyst on the TradingView website, the one thing that is holding back the Cardano price from mounting a full-blown rally is a falling wedge pattern which it is currently stuck in. This falling wedge pattern has appeared as the ADA price has retraced and then eventually recovered.

The crypto analyst who goes by CobraVanguard identifies this falling wedge pattern as the important pattern to break for ADA. As with any cryptocurrency, if ADA is able to break out of this pattern, then a massive rally could follow, ending in a high peak.

Cardano price chart from Tradingview.com

CobraVanguard’s price target after breaking out of this falling wedge pattern is over the $0.7 level. Following this trend would mean that the ADA price could rise another 100% from its current level, putting it on a recovery path similar to that of Solana (SOL).

The initial target for this recovery is at $0.57 where a small retrace is expected. Afterward, the crypto analyst sees another surge that takes it straight through the $0.78 mark. Then just below $0.8 is where resistance is expected.

Cardano price chart from Tradingview.com (ADA crypto analyst0

ADA Whales Ramping Up Their Activity

As the bull case for Cardano continues, the ADA whales are not being left in the sidelines. As data from IntoTheBlock shows, these large investors have been increasing their activities across the network, especially in the last day.

The number of large transactions on the Cardano network, that is transactions carrying $100,000 or more, jumped significantly in the 24-hour period. November 15 numbers came out to 4,320 whereas this number grew to 6,110 on November 16.

Naturally, the transaction volumes of these large investors are also up during this time. It rose from around $7.2 billion on Wednesday to more than $10.46 billion on Thursday, with more than 27.2 billion ADA moved across these transactions.

These trends among these large investors could suggest that the anticipation for a bullish run isn’t localized to just smaller investors alone. So whales could be waiting for better prices before they begin profit-taking.

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Cardano (ADA) 50-Week EMA Flashes Bullish, Is $0.45 On The Way?

Cardano (ADA) is one of the altcoins that has seen major gains in recent days, and this has ignited chatter about how the crypto token could climb. In line with this, Dan Gambardello, the founder of Crypto Capital Venture, has some answers as he provided insight into the token’s trajectory using technical analysis.

What The Charts Are Saying About Cardano

In a video shared on YouTube, Gambardello highlighted the fact that ADA saw a weekly close above the 50-week exponential moving average (EMA), which is something he labeled as “special” and “something “huge.” This is so because there are currently similarities between now and the last cycle, which ushered in the bull market.

Interestingly, he noted that Cardano seems to be above the game this time around, as the close above the 50-week moving average occurred this time while ADA is still in the accumulation phase, unlike back in February 2020 when it happened just after the accumulation phase. 

He also linked the Relative Strength Index (RSI) to these happenings as he noted that, just like the last cycle, ADA was overbought as it was preparing for an upside move. Despite the overbought similarities, he mentioned that this could be different in that ADA continues instead of a retracement as both the 20-day and 50-day exponential moving averages haven’t crossed over the 200-day EMA.

Can ADA Make A Move To $0.45?

Although the crypto founder admitted that he didn’t exactly have a target as to what price level ADA could hit, he mentioned that the daily chart was hinting at $0.45 as a possible target. However, he doesn’t believe Cardano can add that much gain to hit such height, as he predicts a “big retracement” soon enough.

As to how high he believes Cardano (ADA) can reach before the retracement, he mentioned that the crypto token could peak at $0.40 before the expected retracement, which could see ADA drop to around $0.29 and $0.30 based on the moving average structure. 

Such a decline will represent about a %15 decline, but Gambardello is optimistic as he stated that such a dip usually occurs in between the end of the bear cycle and the start of the bull cycle. Meanwhile, he said that ADA could also fall to a Fibonacci support at around $0.26 and $0.28.

Despite his prediction that Cardano is going to fall soon enough based on its overbought status, Gambardello isn’t ruling the target of $0.45 out. He just believes it could take longer rather than just seeing all green candles straight up to that target. 

At the time of writing, ADA is currently trading at around $0.35, up over 3% in the last 24 hours, according to data from CoinMarketCap. 

Cardano ADA price chart from Tradingview.com

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Cardano Climbs TVL Ranks: 198% Yearly Surge Puts Network Among Top 15

Cardano (ADA), a Proof-of-Stake (PoS) Layer-1 (L1) smart contract network launched in 2017, experienced a largely quiet Q3 2023 in the overall crypto market. However, the network faced challenges with a decline in ADA’s price and revenue. 

Despite these setbacks, Cardano showcased growth in its treasury balance, stablecoin market cap, and Total Value Locked (TVL) ranking. Furthermore, the network’s infrastructure and connections to other ecosystems have paved the way for future decentralized finance (DeFi) sector developments.

Cardano Sees Decrease In Daily Active Addresses And Transactions

According to a recent report by Messari, ADA’s price declined for the second consecutive quarter, down 9.5% quarter-over-quarter (QoQ) to $0.25, in line with the overall crypto market’s 9.2% QoQ fall. 

The revenue generated from transaction fees also decreased by 29.9% QoQ, reflecting a decline in user urgency to transact during this period.

Cardano’s Treasury balance grew by 7.2% QoQ to 1.39 billion ADA. Although the treasury’s value in USD terms decreased by 3.0% QoQ due to ADA price depreciation, it demonstrated steady growth in ADA holdings. 

Currently, 20% of transaction fees contribute to the treasury, providing a potential funding source for future projects.

Cardano

Moreover, Cardano experienced a decline in daily active addresses for the third consecutive quarter, down 28.9% QoQ to 41,100. Average daily transactions also decreased by 12.2% QoQ. 

However, the ratio of transactions to active addresses indicated that while the number of active users decreased, those present were power users, suggesting high engagement within the network.

Average daily dapp transactions decreased by 14.7% QoQ, but overall, they increased by 40.0% YTD. Non-fungible token (NFT) transaction activity declined for the third consecutive quarter, while NFT trading volume increased, highlighting the growing value of Cardano NFTs.

Cardano’s TVL Demonstrates Stability Despite Market Challenges

Cardano’s TVL remained steady, declining only 0.1% QoQ. However, its TVL ranking among all networks improved from 21st to 15th during Q3, indicating relative growth compared to other ecosystems. 

Cardano

The launch of two new stablecoins, iUSD and DJED, significantly contributed to the overall TVL growth, as the stablecoin market cap increased by 16.3% QoQ.

Per the report, Cardano also made progress in interoperability and core infrastructure during Q3. Partnerships with networks like Wanchain and developments in state channels, on-chain governance, and sidechains demonstrate the network’s commitment to expanding its capabilities. 

Overall, Cardano’s Q3 2023 reflects a period of challenges and growth for the network. Despite declining ADA’s price and revenue, the treasury balance, stablecoin market cap, and TVL ranking showcased positive trends. 

The network’s infrastructure developments and connections to other ecosystems position it favorably for future advancements in the DeFi sector. As Cardano continues to address challenges and foster innovation, it remains a key player in the blockchain landscape.

ADA Price Soars By 17% In 30 Days

Despite the sideways movement and declines in various indicators of Cardano’s overall ecosystem, ADA has experienced a significant surge of 17% in the past 30 days. 

Currently, ADA is trading at $0.2983, continuing its upward trend recovery over the past weeks following a sharp decline since July 13 and a subsequent consolidation phase. 

Cardano

This consolidation phase led to a breakout of the previous four-month trend, which halted on October 19, triggering the recent surge in the token’s price. However, looking at the one-year timeframe, ADA’s value has seen a decline of 26%.

Featured image from Shutterstock, chart from TradingView.com 

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Cardano Whale Addresses Continue To Fall, What Does This Mean For ADA Price?

The ADA price has moved in tandem with the rest of the crypto market after a small rally but Cardano whales continue to threaten this positive price action. According to recent data, the balances of large ADA whales have continued to decline, suggesting that they may be selling off their substantial holdings.

Cardano Whale Balances See Large Drop

Over the last month, the balances of Cardano’s largest holders have been on a decline. This has occurred as the price of ADA has fallen but with each small recovery, these whales seem to be taking advantage of the market to sell at a profit.

The significant drop in balances over time has been noticed in the wallets holding between 1 million and 10 million ADA have fallen. This assertion is backed up by data from IntoTheBlock which shows a large decline in the holdings of these large holders.

Cardano ADA whales

Toward the end of September, addresses holding between 1 million and 10 million ADA held a total of 5.63 billion tokens. However, going into October, their balances began to drop by the millions. By October 15, their total balance was sitting at 5.41 billion, representing a drop of 220 million tokens.

At the same time that this was happening, larger whales holding between 10 million and 100 million ADA have been increasing their balances. Their holdings increased from 11.81 billion ADA to 12.26 billion ADA toward the end of September. It then saw a small reversal but in August, their holdings settled at 12.16 billion tokens, representing a 300 million increase.

This would suggest that while the 1 million to 10 million cohort had been selling, the 10 million and 100 million cohort had seized the opportunity to buy. This ended in a transfer of over 300 million ADA to these already massive whales, increasing their dominance in the market.

Cardano ADA price chart from Tradingview.com (Whales)

ADA Holders Plunge Further Into Losses

Amid the sell-offs from the 1 million to 10 million ADA cohort, Cardano holders continue to feel the impact of the bear market. Unlike the rest of the top 10 largest cryptocurrencies which have maintained a good profitability ratio, ADA has performed horribly.

Cardano ADA addresses in profit

According to data from IntoTheBlock, only 6% of the almost 4.5 million ADA holders are seeing profit. A whopping 4.09 million addresses are sitting in losses, accounting for 91.76% of the total holder base. In contrast, 2.06% (91,990) addresses are breaking even.

ADA is currently trading at $0.25, a 91.84% drop from its all-time high price of $3.10, according to Messari. However, it remains the 8th-largest cryptocurrency with a market cap of $8.88 billion.

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Cardano: Factors That Could Drive ADA Price As High As $12

The Cardano community has been one of the fastest-growing in the crypto space and this has shone a heavy spotlight on the ADA price. With expectations mounting already even amid the crypto winter, there are key factors that stakeholders believe could drive the altcoin’s price as high as $12.

ADA Price Could Reach $12

In the last bull market, the ADA price went on a tremendous rally that saw the coin rise from as low as $0.03 to as high as $3.10 at its peak. This price action cemented the token as one of the winners of the bull, and some investors believe that the coin could be poised for another repeat of this price action. One X (formerly Twitter) user has given some points as to why this could be the case.

In the post, the user points to the current state of interaction and sentiment in the crypto market right now, which they refer to as brutal. However, they do not believe that this will always be the way things will be. According to the user, a quick change in the interaction and sentiment would lead to a rapid price increase.

At this point, they believe that most investors will end up entering the asset at a much higher price of $3 and above. This would put it at its previous all-time high. However, it doesn’t end there. They put forward that at the end of the next bull market, the ADA price would be between $8 and $12.

As with any forecast, a timeframe is often asked and they responded that they expect this to happen in the second quarter of 2025. This would coincide with the current 4-year cycle that usually sees prices of cryptocurrencies topping out by Q2 and Q3.

Cardano ADA price chart from Tradingview.com

Cardano Is In Better Shape

A prominent Cardano influencer has also painted a bullish picture for the digital asset. @cardano_whale, an account that boasts over 137,000 followers on X, said in a tweet that the Cardano network is currently in better shape than it has ever been.

They urged investors who have been increasingly critical of the network to think if they are that way because they are projecting their emotions from the ADA price action onto the network itself. “If you’ve noticed yourself become increasingly negative about it over the last year or so, consider that you might just be projecting emotions from price action onto it,” the post read.

Although ADA has not seen the most impressive performance, it has not deterred bullish predictions from analysts. One analyst explained that ADA at $0.25 was a prime accumulation price and that the price of the digital asset could climb as high as $5.

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Is Cardano (ADA) The Worst Investment Of 2023? Here’s What The Data Says

Over the years, Cardano (ADA) has grown to be one of the most beloved cryptocurrencies, securing its spot as one of the top 10 largest cryptocurrencies by market cap in the process. However, while the Cardano network has grown tremendously, investors in its native ADA token have not been as lucky with profitability levels plummeting over the last two years.

How Many ADA Holders Are Seeing Profits?

Data from the on-chain tracking website IntoTheBlock shows that ADA might be the worst performer of the top 10 in terms of profitability. While the other assets in the top 10 have managed to maintain a reasonable profitability level for holders during the bear market, ADA has been in free fall.

As a result of this, the tracker shows that the percentage of ADA investors seeing any kind of profit at this time has fallen to 0%. An alarming 95% of holders are reported to be seeing losses while 4% are sitting in neutral territory, meaning the prices at which these tokens were last moved correlate with the current price of the altcoin.

Cardano ADA holders

To put this in perspective, Bitcoin, the largest cryptocurrency in the market, is sitting at 64% of holders in profit. Ethereum, the second-largest cryptocurrency, is at 52% of holders in profit. Dogecoin, which is one spot ahead of Cardano on the list, is at 41% of holders sitting in profit.

Mid to long-term traders also completely dominate the ADA holder base. According to IntoTheBlock, 39% of all holders have held their coins between 1-12 months, while 61% of all holders have held for more than one year.

Cardano Not Giving Up The Fight

Despite the low profitability of the coin, investors seem to be looking toward ADA’s current price level as a good entry. This is evident in the CoinShares Digital Asset Fund Flows Weekly report that showed that despite massive outflows from digital asset products, Cardano held strong. The altcoin was able to maintain its inflow trend with another $0.43 million flowing from institutional investors into the asset.

Crypto analysts are also very bullish on the coin’s potential. One analyst, Kara Szabo, predicted that the price of ADA would rise as high as $5 in the next bull market, saying that the altcoin is in a prime price range for accumulation.

Another analyst Hashtoshi, also said in an interview that he expects the altcoin to exceed its previous all-time high price marked in 2021. Hashtoshi attributes this expected rise to the network’s design and strong community backing the token.

Cardano ADA price chart from Tradingview.com