Since its inception in 2017, Cardano has surged more than 762%. Even the year 2022 has been a decent start for Cardano as the currency has gained almost $200 million in Total Value Lock within just a week of 2022 beginning. Today, April 24th, the ADA price is still enjoying its bullish momentum though most of the cryptocurrencies are signaling red.
At the time of writing, Cardano is trading at $1.22 with a surge of 4.37% in the last 24hrs.
Cardano To Skyrocket With The Upcoming Releases!
Cardano has a lot on its plate that is scheduled to release in the coming days. The release includes Stablecoin, Wrapped Bitcoin, DEXs, and many more. The release was confirmed through a Twitter post by ADA whale.
Also if we see on the technical side, Cardano is very much close to the July 2021 mark and with these many scheduled releases, its ADA price looks attractive as well.
As ADA is currently trading around the $1.22 level, if the bulls manage to surpass this mark the price action could see a new turn.
As per Santiment data, Network Realized Profit/Loss stood at around $146k at press time which is a very positive sign.
Not Everything Unders Bulls Control!
Though the current price action of Cardano looks bullish, on the contrary, the price DAA divergence as per Santiment’s data is depicting sell signals over the last two days and the largest sell signal was seen yesterday, April 3rd. This data brings fear of short-term weakness and traders must be cautious.
In a nutshell, Cardano is still under a bullish trend where most of the altcoins are experiencing a downfall along with flagship currency Bitcoin. But following its massive dip since the time it reached ATH, there might be slight corrections seen in the coming days.
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Source: https://coinpedia.org/altcoin/cardano-price-analysis-will-ada-price-hit-1-5-or-correction-is-on-horizon/