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Cardano (ADA) Demonstrates Strong Price Action, Here’s What Happened

Cardano (ADA) Demonstrates Strong Price Action, Here’s What Happened

ADA, Cardano’s native blockchain token, is showing some exciting price action as it bounced back to $0.33 for the second time this fall. After last touching this price in late October, ADA has posted a gain of more than 30%. In the price. Whether Cardano can show a similar result again will become clearer in the coming days if the price can sustain above this zone. However, it is essential to note that despite all the turmoil in the crypto market, In the bearish last year, ADA had stayed below $0.33. This level, first set in early 2021, was the starting point from which Cardano reached its all-time high in August of the same year.

Since then, ADA has lost about 90%, widely considered enough correction in the crypto market. In terms of technical analysis, if the decline is bound to continue when the next level after $0.33 is nearby, the price of ADA would drop by half.

Cardano (ADA) price fundamentals

From a fundamental analysis point of view, i. H. with a clear focus on operational performance and the narrative surrounding the blockchain, Cardano is doing well. Therefore, due to the absence of ADA on the spot market of the notorious cryptocurrency exchange FTX, Cardano likely averted a significant tragedy that would no doubt have sent token prices into freefall. Cardano also saw increased network activity during the turmoil. This is how Cardano (ADA) managed to lose some and gain some despite the price decline.

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