Cardano (ADA) is the most valuable smart contract platform running on the floor of the stake (PoS) algorithm. Of course, that will change once Ethereum completes the merger. So what’s going on in the Cardano ecosystem, which hasn’t been a year since we met smart contracts? Will Cardano’s native cryptocurrency ADA be able to start a new rally in the short term?
Cardano Coin Future
After experiencing an almost 55% increase, Cardano is again slack to its levels 2 months ago. Destroying investors’ expectations for a rise, ADA completely outstripped its gains. However, there are now some signs of the tide changing in favor of the altcoin. Will Cardano be able to start to recover?
According to Santiment, Cardano has currently reached levels where it has historically only seen a price increase. The fact that prices peak when the intraday MVRV 30-day range approaches 29% and takes ADA with it as soon as it drops confirms this. If history repeats itself, ADA investors will smile.
Now, since it is at minus 15%, the price and indicator have both bottomed out and an uptrend seems possible from here. This will be a major event as Cardano has not recorded an all-time high for seven months.
Cardano (ADA) Network Data
ADA Coin performed horribly during the bullish October rally, performing similarly in the January rally, and also making significant gains when it rose almost 55% during the mid-March to April rally. However, it has lost 27% in the last two weeks.
While the potential spike doesn’t help ADA hit an all-time high of 258.28%, it could help the coin close above $1,214, an unbroken resistance for almost two months.
Although a new ATH is truly a dream come true moment for investors who have been waiting for it for a while. While Cardano is trading at $2,961, there are 204 thousand addresses accumulating ADA.
There is some reassurance on this as a significant portion of the volume bought by Cardano (ADA) holders is around the $1,214 resistance mentioned above.
In total, investors have purchased close to 26.18 billion ADA, worth $23.5 billion, at prices ranging from under $1,214, and if the altcoin manages to rebound, 26 billion ADA will have been spared. This will increase the motivation of investors.