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Cryptocurrency Cardano (ADA) is currently valued at over $2,30 with a 9.80% increase on the daily chart. As of press time, it outperforms Bitcoin, Ethereum and other cryptocurrencies in the top 5 by market cap

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Cardano as an Crypto assets

After experiencing a massive surge at the lows of the market, ADA seems to be ready for further upside with an important resistance at $2.5. As seen in the chart below by Material Indicators.

The Crypto segment is in the process of bottoming out, and Cardano is in a great position to make a move. The cryptocurrency market has been in a continual uptrend and ADA is in a strong uptrend according to the analysis.

However, the price sits at seemingly week support in low timeframes and is susceptible to more downside if the crypto market trends further down. Upwards, ADA moves flipped $2.5 from resistance to support in order to take on new price target close

The price of Cardano sits at seemingly strong support in low timeframes. It is possible for ADA to fall further in the crypto market if the industry continues downward. If not, Cardano’s rally may continue towards its new target at around $3

Cardano was able to rebound after hitting previously identified resistance near $0.15. One of the most important developments in this rebound was an increase in buying pressure, as signaled by the accumulation distribution indicator.

Crypto hedge funds and institutions have been buying ADA’s climb into its current levels. Most of these investors could be taking profit at these levels, but their selling pressure has been apparently mitigated by buying orders between $100,000 to $1,000,000.

To summarize, there is a high concentration of selling by retail investors in the ADA market, who are selling coins. This selling pressure has been offset by large purchase orders between 100K and 1M.

A look at how the investment community sees Cardano.

The Cardano ecosystem continues to grow quickly as evidenced by the positive trend of Cardano’s development on GitHub and the recent announcement of key additions that improve its performance.

Over the past few months, the Cardano’s ecosystem has been collaborating to bring its potential to life. The ecosystem is growing with great speed and helps to strengthen crypto sphere. After its smart contract capabilities were deployed with the help of HFC Alonzo, the ecosystem entered a new phase in which many investors bet on its growth.

IOHK has just released a beta version of the Plutus Application Backend, which will enable its integration to the Cardano wallet. Conceived as a platform that will allow users to easily deploy financial contracts. Read more about IOHK Plustus Application Backend

This marks a significant milestone in the DeFi journey on Cardano, simplifying on-chain #smartcontracts integration and smoothing the route to dApp  deployment.

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Originally posted 2022-09-07 16:34:42.