Cardano ( ADA ) is about to recover from its current level, according to the latest technical analysis by prominent cryptocurrency analyst Michaël van de Poppe.
In fact, professional trading analyst Poppe gave his latest trajectory for Cardano based on the ADA/BTC chart and its past performances.
On the chart, the ADA is trading at 0,00004635 BTC is close to the price range in which the ADA is currently trading; however, Poppe expects to surpass the 0,00005250 BTC level as it rebounds to previous highs.
It's about time that #Cardano is going to bounce here. pic.twitter.com/qrcZAEe18E
- Michaël van de Poppe (@CryptoMichNL) October 4, 2021
Cardano is currently trading at $2,22, up 1,77% in the last 24 hours and 4,7% in the previous seven days, with a market capitalization of $71,1 billion.
In this article, we will discuss:
Shades of Gray in Cardano
Recently, digital asset management firm Grayscale stated that Cardano is now executing more than 115.000 transactions a day, an increase of about 13-fold since the beginning of 2021, according to its recently released report.
Furthermore, Grayscale highlighted that the ability to maintain Cardano's network expansion could be key to retaining and attracting new investors to the cryptocurrency's native asset ADA in the short to medium term. Currently, the ADA has around 2,8 million users, which represents a 7,3x growth since the beginning of the year.
The gray scale in the report indicated:
"If dApps (decentralized applications) and other new use cases attract new users, increase network usage and improve Cardano's metrics, these factors could support a core value rotation in ADA by existing and external investors."
Additionally, Grayscale noted that Cardano's ability to create an “attractive cloud super app platform and dApp ecosystem for users” will decide whether or not the protocol is a long-term success in the cryptosphere.
phantom current
However, after the epic rally to $3,00 in August, with the Alonzo bifurcation approaching and the subsequent price drop, some investors, especially the pessimistic ones, have different expectations for the currency, believing the price is overpriced and that the initiative is primarily driven by a Charles Hoskinson-focused personality cult.
In fact, the ADA has a very long project plan that is far from complete, which reinforces these views. Furthermore, there is an ongoing dispute over the degree to which Cardano actually has a working product, being dubbed by some as a “ghost chain”.
In fact, the project may have a lot to do with competing proof-of-bet networks, especially since smart contracts have just been implemented in the main grid.
cardano community
Contrary to these notions, Cardano holders were constantly sustained by news of Chainlink integrations and cutting-edge collaborations with companies such as Veritree (#CardanoForest), Dish telecoms and Rival video games.
The #cardanoforest continues to grow! >27% funded. Thank you for the amazing @Cardano community! @CardanoStiftung pic.twitter.com/PrkW0xzhbZ
— veritree (@veritree_) October 1, 2021
Not to mention, Cardno recently disclosed a $100 million investment by EMURGO, recently had a successful conference, and the deployment of smart contracts on its mainnet has allowed rival Ethereum (ETH) to build decentralized applications (dApps) on its platform.
Finally, in an announcement made on September 28th, Ardadex Protocol states that it will be the first DeFi platform to offer DEX and NFT launchpad functionality on the blockchain Cardano.
