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Cardano (ADA) Price Growth Lags, Here's What Can Drive Short-Term Growth

Tue, 03/14/2023 - 14:41
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Godfrey Benjamin
Cardano price picked up pace after initial lag amid ongoing market upsurge
Cardano (ADA) Price Growth Lags, Here's What Can Drive Short-Term Growth
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In the early hours of today, the price of Cardano (ADA) showed a significant lag when compared to Bitcoin (BTC) and the other top-ranked altcoins. Riding on the broader market influence, Cardano buyers have woken up and are now accumulating the digital currency in a bid to catch the unprecedented short-term rally being experienced on the market at this time.

At the time of writing, Cardano has added 7.82% growth over the past 24 hours to $0.3594, with weekly growth also showing impressive heights. Though this growth is stellar and a good foundational build-up for a token that has fallen by as much as 3% over the trailing 30-day period, it still lags behind the more than 16% daily uptick in Bitcoin.

In order to continually drag the price of Cardano in the short term, buyers must do all they can to intensify their buy-ups in the $0.33087 to $0.35033 range. This range, according to data from crypto analytics platform IntoTheBlock, is where close to 200,000 addresses are at the money.

Cardano ITB
Image Source: IntoTheBlock

The intense buy-up at this range will help push the price of the asset, and combined with the broader fundamentals from the market, pick a new weekly high.

Related
Cardano (ADA) up 6% Despite Market Turmoil as Whale Buys Dip

Erratic volatility, visible growth

As far as the market is concerned at this time, the volatility being recorded is hard to keep pace with. Just at the intersection of the weekend and the new week, the market had plunged to the lowest it has seen in months, all for a scheduled recovery fueled by Bitcoin.

In order for Cardano to also sustain its short-term update, a number of promising ecosystem growth updates with relatable significance must be shared. This could be in the form of new protocols like DJED stablecoin or a mega partnership it has in the works.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.