Cardano Price Update Trading at US$0.5313, Volume Subdued

Cardano price update: Despite a low trading volume, the price is at US$0.5313

Crypto News: The current Cardano price update (ADA), is US$0.5313 as of Wednesday, January 17, 2024, at 07:06 GMT. The past seven days have seen a 15.7% decrease in price, while the past 24 hours have seen a 0.55% decrease. Cardano’s trading volume is low, having dropped 18.7% over the past 24 hours and 32.4% over the previous seven days. With a market valuation of US$16.9 billion, Cardano makes up 2.1% of the whole cryptocurrency market capitalization.

The 50-day moving average, or US$0.55, is a significant resistance level for Cardano. The next resistance level, located at US$0.60 the 23.6% Fibonacci retracement level of the decline from the US$0.98 high to the US$0.35 low may be tested if the price can break above this level.

The price is being supported on the downside by the US$0.50 mark, which is the 38.2% Fibonacci retracement level of the upward advance from the US$0.35 low to the US$0.55 high. Price declines below this level might send it down to the 50% Fibonacci retracement level of the same move, or US$0.45.

Cardano price has a varied set of technical indicators. Being above both the zero and the signal lines indicates a bullish MACD. But because it is falling below the 50 line, the RSI is bearish. The Stochastic oscillates about the 50 level, indicating that it is neutral.

Cardano’s price is now stabilizing in a limited range, therefore it is waiting for some triggers to push it higher. In the first quarter of 2024, the project is scheduled to introduce its Goguen smart contract capabilities, which might increase its uptake and inventiveness. In addition, Cardano is developing its interoperability and scalability solutions, such as Ouroboros and Hydra, which might improve its security and speed.

Cardano Price History of Past 30 Days

The price of Cardano has changed considerably over the last 30 days, from a low of US$0.35 to a high of US$0.68, based on historical data from Yahoo Finance. The daily open, high, low, close, and volume of Cardano from the previous 30 days are displayed in the table below.

Cardano Price Forecast

Different sources, using varying methodologies and presumptions, offer varying projections for the price of Cardano in the future. Following are a few of the most well-liked ones: 

• Changelly projects that Cardano will hit US$2.75 by 2025, based on both the cryptocurrency’s past price fluctuations and BTC halving cycles.

• Based on technical indicators and the state of the market, CoinCodex projects that Cardano will reach US$0.93 by 2023.

• Based on the anticipated release of Goguen and the possible uptake of Cardano as a smart contract platform, Coinpedia projects that Cardano will hit US$2.02 by 2024.

• Based on the current price trend and the Fibonacci retracement levels, PrimeXBT projects that Cardano will reach US$0.80 by 2022.

Naturally, they are not investment recommendations; they are only estimates. Several variables, including news, legislation, developments, and market circumstances, might affect the real price of Cardano. 

The post Cardano Price Update Trading at US$0.5313, Volume Subdued appeared first on Analytics Insight.