- ADA’s price dipped below the 9 and 20 EMA lines on the 4-hour chart.
- CoinMarketCap shows that the price of ADA stands at $0.4001 at press time.
- Technical indicators suggest that ADA’s price will continue to drop in the next 24-48 hours.
Cardano is a third-generation, decentralized proof-of-stake (PoS) blockchain platform designed to be a more efficient alternative to proof-of-work (PoW) networks. Scalability, interoperability, and sustainability on PoW networks like Bitcoin are limited by the infrastructure burden of growing costs, energy use, and slow transaction times.
Current Market Standing
Cardano (ADA) is ranked as the eighth biggest project in terms of market cap, according to CoinMarketCap. It experienced a 24-hour price drop of 2.49% – taking its price down to $0.4001 at press time. The Ethereum-killer’s market cap currently stands at $13.568 billion.
Meanwhile, ADA’s 24-hour trading volume currently stands at $370.41 million. Furthermore, the price of ADA is nearer to its 24-hour low at $0.3843. The altcoin’s daily high stands at $0.4024.
Despite the 2+% drop in ADA’s price in the last 24 hours, its weekly performance is still i…
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