Main navigation

Cardano (ADA) Becomes Most Profitable Asset on Crypto Market

Sun, 09/04/2022 - 10:38
article image
Arman Shirinyan
Cardano's profitability and ecosystem's fundamental value are still on rise
Cardano (ADA) Becomes Most Profitable Asset on Crypto Market
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

In the last 24 hours, most digital assets have been struggling to show a positive price performance on the cryptocurrency market, but Cardano was not the one of them. One of the biggest Ethereum rivals has become the most profitable crypto in the last 24 hours, according to CoinMarketCap's top.

Despite moving in a prolonged downtrend, ADA is constantly testing local resistance levels and aiming for a rapid recovery as the overall profitability of the asset is still on one of the lowest levels compared to Ethereum or even Bitcoin, which faced an almost 80% correction.

Cardano profile
Source: CoinMarketCap

As for now, Cardano is desperately trying to break above the 50-day moving average, which acts as a barrier for assets moving in a downtrend. If broken, ADA would be able to move toward the next resistance level at almost $0.7, the price level that corresponds to the 200-day moving average.

Unfortunately, the growth we are seeing today was most likely only possible due to the lack of selling pressure caused by the weekend trading session infamous for a relatively low trading volume and liquidity.

Fundamental growth of Cardano

Despite it only being the beginning of the month, Cardano's vibrant ecosystem saw many releases and additions like the confirmation of the Vasil hard fork that will happen Sept. 22, GeroWallet release, successful Aada Finance audit and the upcoming launch Sept. 13.

Here Are Results of One of Most Popular Bitcoin Investment Strategies

Most industry experts believe projects like Cardano will blossom during the next bull run as the fundamental value of networks will be the defining factor during the next growth cycles on the market, and speculative assets like Shiba Inu will no longer attract users, unless markets become extremely overbought once again.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.