The Cardano (ADA) ecosystem has experienced significant transformations over the past week, particularly with the implementation of the highly anticipated Chang hard fork. This upgrade introduced several enhancements aimed at improving the network’s functionality and scalability.
However, despite these advancements, the ADA coin saw a decline in its position, slipping out of the prestigious top ten cryptocurrencies. As of now, Cardano’s market capitalization has dropped to a low of $11.87 billion, landing it in the 11th position. This shift was largely due to the rise of Toncoin (TON), which has surged ahead with a market value of $12.29 billion.
According to CoinMarketCap, ADA was trading at $0.3263 at the time of this report. This follows a daily rise of 2.51%, although it experienced a 7.51% decline over the past week. Cardano is likely to remain outside the top 10 for a longer period than anticipated. Despite this recent uptick, Cardano is projected to remain outside of the top 10 cryptos for a longer period than initially anticipated.
Price Predictions for Cardano (ADA) This Weekend!
According to our technical analysis, the ADA Coin is likely to experience a bearish weekend, with a projected dip of approximately 1-5%. The Cardano altcoin is expected to finish the week at $0.3102, reflecting a 4% decline from its current price.
The Cardano (ADA) market is experiencing heightened bearish sentiment. Additionally, prominent Bitcoin supporter Adam Back has stated that the value of ADA, Cardano’s native currency, could potentially decline by another 90%.
The Chang hard fork was a key catalyst for Cardano, yet it didn’t significantly boost the ADA cryptocurrency’s price. While Hoskinson regarded it as a major milestone for the network, the impact remains limited. Consequently, the ADA asset may struggle to regain its position in the top 10.
Also Read: Ripple (XRP): How to Become a Millionaire with XRP by 2030
Disclaimer: The information in this article should not be considered anything as financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.
Praveen got into the world of cryptocurrency in 2017 by trading and investing. With a wealth of experience managing various crypto-related projects, Praveen is deeply passionate about all aspects of cryptocurrency, blockchain, Metaverse, and NFTs.