😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

Cardano Hits 20 Million Transactions Processed. What Are Its Future Predictions?

Published 12/03/2021, 07:30 AM
Cardano Hits 20 Million Transactions Processed. What Are Its Future Predictions?
ADA/USD
-

Cardano is one of the most stable proof-of-stake blockchains on the market. Hitting the milestone of 20 million transactions proves the advanced development and progress of the four-year-old cryptocurrency. After sinking to disappointing lows in the past few months, is Cardano set to soon reach a new peak?

Nawab, a cryptocurrency expert and director of Crypto Consultants UK, commented on Cardano’s price fluctuation:

Cardano (ADA) has been experiencing some turbulence regarding its price action as of late. With the implementation of its smart contracts and the Alonzo upgrade not having as large an impact as previously expected before the launch, ADA has continued to sell off.

The overall pull back in the market didn’t help. The asset has lost almost 50% of its value since hitting an all time high in early September. Having said that, it does now seem to have reached or to be close to reaching an extreme low.

Due to a wick down to $1.40 on the 28th of November, the low priced asset was bought up almost instantly, leading to ADA’s current sideways trajectory. We do see a short term reversal back to the upper side, although resistance might be found at approximately $1.78. If the aforementioned resistance is broken then the 21 week moving average will be the next stop.

On The Flipside

  • Cardano is a valuable token and maintains an impressive 70% supply from stakeholders.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.