The post Cardano (ADA) Remains Heavily Undervalued Amid Anticipated Altseason Ahead appeared first on Coinpedia Fintech News
The palpable growth of Solana (SOL) and Toncoin (TON) has outshined Cardano (ADA) in the web3 space over the past year. Cardano network has in the process received an equal share of criticism and applause from the crypto community.
On one hand, some crypto enthusiasts have referred to the Cardano network as a sleeping giant on the verge of a bullish breakout. On the other hand, some investors have classified the Cardano network as a zombie project, which will likely underperform in this bull cycle.
Why Bet on Cardano
The Cardano web3 ecosystem boasts more than $192 million in total value locked (TVL) from a few DeFi protocols led by Minswap, Indigo, and Liqwid, among others. From a developer perspective, the Cardano network is in the last phase of decentralization amid the highly anticipated Chang upgrade, which will introduce self-sustaining features.
Cardano’s number of addresses with a balance has hovered around 4.45 million for over a year. Here's what's going onDuring the last cycle, Cardano experienced significant growth, positioned as a strong alternative to Ethereum. However, in the current cycle, the network faces… pic.twitter.com/WJrnAP8FQZ
— IntoTheBlock (@intotheblock) August 13, 2024
As a result, Cardano’s transaction count and active user base have remained stable since April, indicating a committed community that continues to engage with the protocol.
According to on-chain data analysis provided by IntoTheBlock, the Cardano network settles about $7.2 billion daily in on-chain volume. With nearly 40 percent of Cardano’s supply held by long-term investors, it is safe to assume the altcoin is well positioned for major bullish uproar.
Midterm Prediction for ADA Price
$ADA has experienced a significant decline, dropping over 58% from its peak on March 13, 2024. However, it is currently forming a bullish pennant, and there’s potential for a bullish reversal as the RSI on the 3-day chart shows hidden bullish divergence between the last two price… pic.twitter.com/Y5yPGTEnrO
— Bitcoinsensus (@Bitcoinsensus) August 13, 2024
Amid the heightened crypto volatility, ADA price has gradually formed a bullish pattern in the higher time frames. From a technical standpoint, ADA price has been forming a macro megaphone pattern this year, with a potential bullish breakout expected after consistently closing above the weekly 50 and 200 Moving Averages (MAs).
In such a scenario, the ADA price will be aiming for $1.16, which coincides with the weekly 1.618 Fibonacci Extension.
Also Check Out: Top 3 Altcoins To Stack Immediately For 100% Upside!
