- Cardano matains top 10 market position.
- ADA tokens trades an estimated price of $1.08.
- Sundaeswap (SUNDAE) utilized Cardano’s blockchain.
Cardano remains one of the solid and potential networks in the space. As a result, ADA continues to gain massive support from the crypto community and investors in and out of the industry. This popularity of Cardano enables the network to expand its global reach which is very helpful in driving Cardano’s mass adoption of tokens.
In terms of technology, Cardano never stops developing its technology to provide a seamless experience to all its users. For example, the network recently launched Sundaeswap (SUNDAE), a decentralized exchange that utilized Cardano’s blockchain.
On the other hand, Cardano maintains its position as one of the top 10 cryptos in Coingecko. At the time of writing, the crypto trades at an average price of $1.08 with a 24-hour trading volume of almost $800 million.
Source: TradingView
Based on the chart above, ADA maintains its trading position above the Arnaud Legoux moving average (ALMA), an uptrend position. If ADA can sustain this momentum, ADA might have the chance to boost its price and break its resistance level of $1.25. Indeed, this event will bring joy to all the traders and investors holding the ADA coins.
However, it will be a different story if the price breaks out below the ALMA indicator. In other words, the price of the crypto might fall.
Source: TradingView
Meanwhile, the crypto’s relative strength index (RSI) continues to maintain its phase within the 70-30 range level. This means that traders can trade confidently without worrying about any major price reversals.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.