Advertisement
AD

Main navigation

Cardano (ADA) Becomes Most Profitable Asset on Crypto Market

Advertisement
Sun, 4/09/2022 - 10:38
Cardano (ADA) Becomes Most Profitable Asset on Crypto Market
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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.

Advertisement

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.

Article image
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.

Advertisement

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.

Related

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.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD