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Cardano is holding firm at $0.82 support after a string of bounces that have kept its uptrend intact. Price has been riding an ascending trendline since early July, and every dip has been met with steady buying. That setup has traders asking the same question — is ADA still one of the best altcoins to buy now?
Growing Ecosystem and On-Chain Activity
The ecosystem of Cardano continues to expand at a healthy rate. The network has over $320 million in total value locked on the DeFi platforms with over 4.5 million daily active addresses. There is actual usage of that activity, not speculation only. Beyond that, treasury actions such as converting a portion of ADA into stablecoins and Bitcoin point to a more long-term strategy to enhance liquidity and enhance the ecosystem.
Technical Setup Points to More Upside
ADA is experiencing critical bullish patterns on chart. This run was prepared by the double-bottom of 0.58-$0.60, and now $0.82 is the critical zone of support.
Fibonacci retracement levels depict a strong buying pressure at the $0.618 mark as well, which has led to several rallies. It is near resistance at $0.95 and even more at $1.00 and moving above $1.00 may be the beginning of a bigger rally. Their loss of control over bulls may occur should the price fall below $0.75. However, so long as the ADA does not fall beneath its trendline the upward scenario remains open.
Green and School Approved
The proof-of-stake system is one of the features of Cardano that make it stand out. Unlike proof-of-work coins, Ouroboros consumes very little energy, which is attractive to environmentally friendly investors. The credibility is further enhanced by the fact that the development of Cardano is premised on peer-reviewed research. Large institutions such as Franklin Templeton already began to operate Cardano nodes, which is a good sign that big players are taking ADA seriously. This kind of support is useful in improving trust particularly since the regulations in crypto are becoming tighter.
Emerging Altcoins in the Market
Cardano with a price of $0.82 holds it squarely on the radar of being one of the best altcoins to keep an eye on – and analysts are now making the same mention about MAGACOIN FINANCE. They regard its utility-based model and initial growth opportunities similar to those of Cardano in the initial period of its development. This is why both the projects are being put down as solid choices going into the next altcoin cycle.
Final Word
The technical outlook of Cardano is still bullish, and as long as it remains above $0.82, there will be a way to reach $1.00. MAGACOIN FINANCE is also beginning to attract the interest of investors outside ADA, with some describing it among the best altcoins to buy today.
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Source: https://en.bitcoinsistemi.com/cardano-hits-0-82-support-is-ada-still-one-of-the-best-altcoins-to-buy-now/