ADA Coin Price – Factors to Consider
If you’re interested in the ADA coin price, then you’ve come to the right place. The ADA is currently in a downtrend, but is seeking support from buyers. The long-term goal is to cross the $1.3 mark by the end of 2022. Here are a few factors to keep in mind:
ADA coin price is based on ada coin price
The ADA coin price is dependent on several factors, and is determined by a number of different market forces. For example, there are a number of factors that influence the price of the ADA coin, including the market cap of Bitcoin. If the coin were priced at $1 trillion, it would cost $30, while if it were valued at $13 trillion, it would cost $400. Regardless of the underlying cause, the ADA coin price should be based on the current market value of Bitcoin.
The ADA coin price fluctuates on a daily basis, with the highest value seen on 10 February 2021. On this day, it closed at $0.9439. Within a week, it hit an intraday high of $1.31. ADA traded as low as $0.9252 on 13 April 2021, but rallied back to $1.16. This is a good sign for the future of the ADA coin.
ADA coin price is in a downtrend
While ADA coin price may be in a downtrend, the Cardano ecosystem is still growing. Metrics like TVL indicate a positive future for the Cardano network. It is important to remember that fundamentals are more important than price. The sentiment of the crypto market is also a factor to consider. Cardano is on the rise again and could decouple from Bitcoin. This rally could be part of a short squeeze. Otherwise, the coin may reach a lower high before the price goes further down.
The ADA coin price hit an all-time high of $3.10 on 2 September 2021. The coin suffered a sell-off after the Alonzo hard fork introduced smart contracts to the blockchain. ADA failed to participate in the crypto rally in November. The price of ADA is currently at $0.02, down from a high of $3.10 in March 2022. However, it may still have a positive outlook for 2023.
ADA coin price is trying to gain support from the buyers
The RSI and accumulation area are pointing to a buying situation in the ADA coin price. ADA price dropped by 5.50% over the past 24 hours, in sync with the top crypto assets in the space. Bitcoin and Ether have both fallen over 3% during the same period. A revival in ADA’s price would be a welcome development, since it would likely open doors for recovery toward the Point of Control.
The ADA coin price has been trying to gain support from the buyers since its ICO boosted its market capitalization to over $600 million. The market cap grew to more than $600 million by the end of October, with the team raising over $63 million in the process. ADA’s price is trying to gain support from the buyers, and the bulls could sabotage the plan by curbing the bulls’ price target.
ADA coin price is trying to cross $1.3 mark by the end of 2022
ADA coin price is attempting to break through the $1.3 mark before the end of the year. The crypto coin started out strong, rallying to an all-time high of $1.3 on Jan. 4, 2018. Following this high, ADA began a gradual downtrend and spiraled into a bear market by mid-2018. This trend continued for almost two years, with the ADA price dipping below $0.02 on the market crash of March 2020.
In the past few weeks, ADA coin price has shown some signs of recovery. On 19 May, it breached a $0.783 support level, breaking out of a falling wedge. Afterwards, it recovered to $1.48 before breaking above the $1 mark. However, there is a high chance that ADA coin price will fall by the end of the year due to negative criticism and ebbing volumes.