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- 1 The option volume of the Cardano token has declined by 92.94%.
- 2 This token has a massive max supply of 45 Billion ADA.
Cardano is based upon a Proof-of-Stake platform of blockchain, designed to be sustainable and flexible. The token was launched in September 2017 by Charles Hoskinson, who is also known to be the co-founder of Ethereum. The ADA coin uses a POS consensus mechanism and it has a circulating supply of 34.401 Billion ADA.
The Cardano coin is highly traded on Binance following a volume of 35.34%. The USDT covers the highest volume of the currency pair of crypto. The Cardano is mainly designed for changemakers, innovators, and visionaries. Its ADA coin hit an all-time high price of $2.84 over two years ago.
Cardano has a volume/market cap ratio of 0.023. It follows up a market cap rank of #47 as per Coingecko. The current market cap of crypto is $8.608 Billion, leading to a decline of -1.28% in the last 24 hours. This results in a market cap dominance of 0.074%.
The derivative data of the ADA crypto are highly disappointing. The derivative volume has declined by 31.98%, resulting in $158.37 Million. This coin’s long/short ratio is 1.0734. This indicates the losing interest of traders in the community.
Cardano Price Technical Analysis
Cardano’s price has declined to lower levels following a downtrend. The crypto is currently trading inside a falling wedge pattern and hitting the supports. The current market structure of the coin can lead to further lower levels.
As the price has been consistently declining, the EMA and the RSI for the coin are indicating a sell signal.
Cardano Activity Analysis
As per the data provided, there has been no significant activity in Cardano. There has been no significant growth in the network of ADA coin. There also has been no huge transaction made in this crypto asset for a long time.
Conclusion
The ADA crypto is following a downtrend and there has been no significant activity in the token. The EMA and RSI are also acting bearish. This crypto asset also does not show any significant activity. It led to a huge decline in the volume of crypto.
Therefore, this cryptocurrency’s price may stay volatile and continue to decline to lower levels.
Technical Levels
- Support levels for the Cardano Coin are: $0.24400 and $0.200
- Resistance levels for the Cardano Coin are: $0.3600 and $0.46300
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
