Friday, 19 April 2024

Crypto News

Cardano price prediction as volatility slips to January lows

Cardano price prediction as volatility slips to January lows

Cardano price moved sideways on Tuesday as the coin’s volume retreated and volatility dropped to the lowest level since January. ADA dropped to a low of $0.3705, where it has been at in the past few days. This price gas crashed by more than 20% from the highest point this year.

Volatility and volume slips

Cardano, like other cryptocurrencies, has been in a tight range in the past few days as investors focus on the debt ceiling issues. Democrats and Republicans have disagreed on how to raise the debt ceiling ahead of the June 1 deadline.

As we wrote in this article, interest in Bitcoin and other cryptocurrencies has fallen to the lowest level in two years. Additional data shows that the volume of cryptocurrencies traded in most centralized and decentralized exchanges has been falling.

On a positive sign, the total value locked (TVL) in Cardano’s ecosystem has been growing. Data compiled by DeFi Llama shows that the TVL has jumped to $197 million, the highest level since May last year. This level is much higher than last year’s low of about $70 million.

In ADA terms, the TVL in the ecosystem has jumped to A$187 million. Most dApps in the ecosystem have seen their TVL jump in the past few weeks. They include the likes of MinSwap, Indigo, WingRiders, Liquid, and MuesliSwap among others.

There are otherr positives in Cardano, according to data compiled by IntoTheBlock. In a note, the analytics company said that the number of transactions in the ecosystem has jumped. Transaction volume rose by 205% between January and this week. Most of the users mostly engaged in Cardano are small traders with between $10 and $50.

Cardano price prediction

The daily chart shows that Cardano has been moving downwards in the past few days. It has fallen below the year-to-date high of $0.4628 to the current $0.3725. It has crossed the 50-day moving average, signaling that bears are taking over.

Most importantly, we see that the Average true Range (ATR) has crashed to the lowest level since January 8th of this year. ATR is one of the most popular…

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