Cardano shows resilience amid market downturn, eyes $1 in 2024

As the euphoria that has driven the crypto market fades, huge names like Cardano are becoming sluggish.

ADA is trading around $0.4825, with a 3.23% dip in the past 24 hours. The crypto has lost over 9% value in the past week alone. Despite the dip, Cardano has not stopped its market advancements at all.

The network has been establishing more partnerships, undertaking more projects, and setting up new updates. One of these developments came from Cardano whales after massive ADA holders showcased an interest in crypto.

A couple of days ago, ADA witnessed a surge in the number of daily transactions from 5,005 to 6,980. The uptick signified confidence in ADA whales and their willingness to reposition the holdings for future market shifts.

After analyzing the transaction volume, it was revealed that the 24-hour volume for ADA was 26.9 billion. Although the move did not boost Cardano’s market price right away, it highlighted how much faith ADA holders have in the coin. Hence, the community considers Cardano as the most promising crypto for the future.

Cardano is not far behind on that front, as the network onboarded nine new projects to boost ADA holders’ trust. In one month alone, the number of projects built on Cardano has gone from 1,310 to 1,319. During this time, the network has helped four new projects launch, taking the number from 153 to 157.

It demonstrates that both ADA holders and crypto projects are supporting the network. Cardano also completed its stress test on block usage, adding new benchmarks for developers to oversee the contract lifecycle.

But how does this all relate to Cardano’s price prediction? Will ADA reach $1? Cardano is showing notable resilience during the market downturn if market metrics are to be believed.

The ADA crypto is trading in the $0.46 to $0.48 support range. The level aligns with the 50% Fibonacci retracement level, which suggests a healthy correction for the coin. This means that the price of Cardano will stay around the support level for a bit before experiencing a new surge.

A breakthrough is expected to see ADA buyers push the crypto to a 25% rally above the $0.61 resistance level. If that happens, Cardano will look at the next resistance level, which is placed at $0.677.

ADA, the native cryptocurrency of Cardano, has shown remarkable resilience during the current market slump, successfully retaining its value inside the $4.8-$4.6 support area.

The altcoin appears to be correcting before a new spike since this support level matches the 50% Fibonacci retracement level. The price of Cardano is building a bullish reversal pattern known as the double bottom pattern, with $4.8 as its base support.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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