Cardano (ADA) Remains Heavily Undervalued Amid Anticipated Altseason Ahead
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The Web3 is a truly dynamic world, and there’s no telling what the next development will be. Solana (SOL) and Toncoin (TON) has outshined Cardano (ADA). Cardano has drawn both praise and criticism, leaving its role in the crypto space up for debate.
Some crypto enthusiasts view Cardano as a “sleeping giant” ready for a bullish breakout. Others, however, consider it a “zombie project” that might underperform in the current market cycle. This reflects the diverse opinions within the crypto community about Cardano’s future.
Why Bet on Cardano
The Cardano ecosystem currently holds over $192 million in total value locked (TVL), supported by DeFi protocols like Minswap, Indigo, and Liqwid. On the development side, Cardano is nearing the final stage of decentralization with the upcoming Chang upgrade, which will bring new 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 on
During 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
Despite differing views, Cardano’s transaction volume and user engagement have remained steady since April, showing a committed community that continues to support the protocol.
Investors are Confident!
According to data from IntoTheBlock, Cardano handles about $7.2 billion in on-chain volume daily. With nearly 40 percent of Cardano’s supply held by long-term investors, the altcoin seems well-positioned for a significant bullish move.
Technical Analysis: ADA’s Bullish Trends
In a volatile crypto market, ADA’s price has been forming a bullish pattern on longer time frames. This year, ADA has created a macro megaphone pattern, with a potential breakout expected as it consistently closes above the weekly 50 and 200 Moving Averages (MAs).
If this pattern holds, ADA’s price could target $1.16, which aligns with the weekly 1.618 Fibonacci Extension.
Also Check Out: Top 3 Altcoins To Stack Immediately For 100% Upside!
Cardano: Bull or bear? Share your analysis and predictions.
