Cardano maintains its position in the market in hopes of reaching its highest annual level.
In a not so surprising move, Cardano (ADA) has outpaced the broader market in terms of growth rate, rising by 6.01% in market capitalization to reach $13,286,536,651. This represents a 3.20% increase to $0.38 trillion in total market cap. While the cryptocurrency market as a whole has seen a surge, Cardano’s goal is simple: to continue its upward trajectory and surpass its previous highs. However, achieving this objective heavily relies on the current market momentum, as ADA still maintains a somewhat strong correlation with Bitcoin (BTC). While inherent ecosystem functionalities play their part, the resurgence of Bitcoin acts as an underlying catalyst for Cardano.
It’s worth checking the historical price of the currency, as the current price of $0.38 is the highest price the protocol has recorded since early June. Here lies the dilemma: to what extent can Cardano’s level rise amidst the current market demands? ADA dropped to a low of $0.24 on two occasions, on September 12th and October 20th.
After these intense sell-offs, Cardano has chosen a unique recovery path, fueled by positive sentiments that the approval of the Bitcoin exchange-traded fund may be on the horizon.
The next steps for Cardano are difficult to determine from its level, but ultimately, we may see the currency retest the resistance point at $0.4. If achieved, this would be its highest level since May 1st and could potentially trigger a breakout that takes ADA towards a year-end close of $0.45, reaching its peak in this year’s best gains.
There is one thing certain about Cardano’s growth trajectory, and that is consistency in its initiatives, such as Midnight and Partner Chains, along with overall improvements. With an overall bullish trend, Cardano may maintain its upward movement beyond current market allocations.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.
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