One of the most popular cryptocurrencies of 2021 Cardano (ADA), In 2022, he moved away from this performance. ADA, which increased its performance especially in the first quarter of 2021, is now on the agenda with a new hope.
Positive Developments Continue in Cardano
The first decentralized cryptocurrency exchange on the Cardano network SundaeSwap, passed the ADA volume of 100 million after discussions. With this aspect, Cardano’s first decentralized cryptocurrency exchange actually shows that smart contracts also work smoothly. So, how exactly does the ADA stand in the shadow of these developments?
Reaching smart contract support in September 2021, ADA is trading at $1.01. ADA, which has decreased by 6% in the last 24 hours, is negative with the general downward trend of the market.
Cardano bulls previously pushed the price as high as $2.96 in September 2021 but the momentum did not hold. According to the data provided by Finbold, ADA has been well below the value it fully deserves in the last 2 years. Especially looking at the MVRV indicator, it is seen that the actual value of ADA is above $1.20 even for now. Popular crypto analyst Ali Martinez stated that ADA investors are currently at a loss on the 365-day chart and that ADA is below its value.
Despite this situation, there is a significant increase in the number of investors in the network. The number of daily addresses increased by 167% in a short time, reaching 112,500 addresses.
Such an increase is usually followed by volatility first and then by a price increase. For the ADA price,n $1.10 resistance is important and $1.25 will be critical. However, it is very difficult for other altcoins to perform well before the negative outlook in Bitcoin improves.
*Not investment advice.