Friday, October 7

Cardano Reaches 1st Place Among Most Profitable Assets in Last 24 Hours

As stated by the  CoinMarketCap, Cardano has reached the top 3 of the most profitable assets on the market as it gained around 14% of its value in the last 24 hours, which makes it the most quickly growing asset in the top 100 of the CMC.

Read Also: Cardano’s Sidechain Milkomeda Could Become Network’s ZkRollup

ADA technical analysis

Source: TradingView

According to the chart, ADA has reached the upper border of an extremely long falling wedge, and it may break it at some point. Initially, U.Today covered the potential of Cardano exiting the global downtrend and starting a new rally up to the top.

Longer timeframes like one week are displaying high reversal potential because of the constantly declining volatility and overwhelming selling pressure. The relative strength index sign reached a three-year low in May, pointing to a reversal, which was already experienced after ADA successfully bounced off the $0.5 price support level and is now trading at $0.63.

Read Also: 191 Million Shiba Inu Burnt in 24 Hours, 1.10 Billion In A Week Along With 1,159 Bone Tokens

As previously mentioned, institutional investors are dropping some of their ETH and BTC holdings and switching to Cardano because of the network’s high potential in the future and relatively low price compared to the fundamental value of the ecosystem.

Initially, the network celebrated more than a 350% year-to-date increase in daily transactions, suggesting the rising adoption of the ecosystem among retail and institutional traders. Such an enormous increase was also fueled by the release of the first decentralized applications built on Cardano.

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