Since its inception in 2017, Cardano has jumped over 762%. Even the year 2022 was a good start for Cardano, as the currency gained nearly $200 million in Total Value Lock in just a week into 2022. Today, April 24, the ADA price is taking advantage still some bullish momentum although most cryptocurrencies are signaling red.
As of this writing, Cardano is trading at $1.22 with a 4.37% upside in the last 24 hours.
Cardano will skyrocket with the next releases!
Cardano has a lot on the way which should be released in the next few days. The release includes Stablecoin, Wrapped Bitcoin, DEX and many more. The release was confirmed with a Twitter post by ADA whale.
Moreover, if we see from the technical side, Cardano is very close to the July 2021 mark and with these many releases planned, its ADA price also looks attractive.
As ADA is currently trading around the $1.22 level, if the bulls manage to break above this mark, the price action could see a new turn.
According to data from Santiment, the profit/loss made by the network was around $146,000 at the time of publication, which is a very positive sign.
Not everything is under the control of the bulls!
Although Cardano’s current price action appears bullish, on the contrary, the DAA price divergence according to data from Santiment has been depicting sell signals over the past couple of days and the strongest sell signal was seen yesterday, April 3. This data raises fears of near-term weakness and traders should be cautious.
In a nutshell, Cardano is still under an uptrend where most altcoins are experiencing a drop along with the flagship currency Bitcoin. But after its massive plunge from the time it hit ATH, slight corrections could be seen in the coming days.
Was this writing helpful to you?