Cardano Gains $2B Inflows in last 24 hours Despite Market Sell-off
In an interesting turn of events, data available on CoinMarketCap shows that ADA, the native token of Cardano, has been holding up tightly amid the global cryptocurrency market crash.
While Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and other top coins shredded above 18% of their value in the last 48 hours, ADA barely lost 10%. At the time of writing, ADA is arguably the only coin that has recovered with a 15% gain in the last 24 hours.
Interestingly, the market capitalization of ADA has climbed from $15.02 billion to $17.12 billion, adding over $2.1 billion amid the current market uncertainty. Meanwhile, the value of BTC and ETH continued to trade in the red, falling further by 7.45% and 4.23%, respectively, in the last 24 hours.
According to TradingView, ADA’s price resistance levels are $0.45 and $0.55. Likewise, it has support levels at $0.45 and $0.38. A majority of premium users on TradingView support a bullish sentiment for ADA.
In other news, Input-Output Global (IOG), a Cardano developer, lately made two product announcements via Twitter that may potentially shoot up the price of ADA soon.
They introduced a brand new wallet called Lace and launched a new Ethereum Virtual Machine (EVM). The new Lace wallet is a light wallet that will offer users an enhanced capability and ease of use.
The EVM tool will assist developers in constructing solidity-based apps from scratch or migrating existing ones. This tool will make it feasible for products to emerge independently from the Cardano mainnet and establish their dynamics.