Recently, the price of Cardano (ADA), the most well-known proof-of-stake blockchain, has gone up a lot. The value of the token has gone up to $0.4235, which means buyers are feeling more optimistic and the market is getting better as entirety.
Cardano’s price has gone up by about 7% since the last time this was written during European trade hours. It is now worth $0.4235.
With this rise, ADA’s market value has reached $15 billion, making it the 10th largest cryptocurrency by market capitalization, according to CoinMarketCap. The amount of money traded in the last 24 hours was about $336 million, which is 0.15% less than the previous time.
Cardano Price Movement Stabilizes
In the past week, Cardano’s price has been moving between $0.35 and $0.42, which shows that the market is currently in a period of stabilization. This change comes after ADA prices rose sharply, by more than 20% in a short amount of time.
According to data from Into the Block, there was a major rise in large investor transactions, especially between July 8th and 9th, when 110 million ADA worth of trades took place. This price increase is due to big investors buying a lot of ADA to make it more popular, which caused the price to go up.
ADA just recently made major modifications to its mainnet. The v6.5.0 update makes a lot of changes that make the blockchain stronger and more capable.
The Ogmios update is part of this change, which is in line with Cardano node 9.0.0. Ktorz, the technical head at the Cardano Foundation, said that a new query for the protocol’s treasury and reserves is one of the most important new features of this update.
Cardano’s price could go above the $0.45 support level if traders who are bullish keep buying it. This could push it toward the $0.5 level. If the current trend of rising prices continues, ADA could even get close to $1 during the next market rise.
On the other hand, if the market isn’t strong enough, ADA’s value could drop to the support level at $0.42. If negative trends continue, Cardano could reach a lower support level at $0.4.Cardano’s price is moving in a modest but good way every day, according to its technical indicators.
