Reasons Why ADA Is Thriving in the Current Crypto Bear Market
Cardano (ADA) has been one of the projects that have thrived in this year’s crypto bear market.
According to CoinMarketCap, the price of ADA is currently at $0.4421 after a 24-hour rise of 3.17%. ADA’s price is still down over the last seven days by around 7.17%. Its total market cap is $15.02 billion, ranking it as the 8th biggest crypto by market cap.
Shifting focus away from ADA’s price temporarily, investors seem to have a bullish outlook on the crypto as the number of ADA addresses continues to grow. As things stand, the number of ADA addresses rose from just over 3 million at the beginning of the year to over 5 million currently.
The number of projects being built on the Cardano blockchain has also surpassed 900 as teams continue to incorporate the ADA network into their projects.
A key thing to take note of on the weekly chart for ADA/USDT is the MACD indicator. A big bullish flag will be the MACD line crossing above the signal line, which, at the moment, looks as if this event may happen on the weekly chart. This could be a very good sign of things to come for ADA, especially since its price has consolidated on the weekly chart.
The MACD line may cross above the signal line on the daily chart as well after ADA’s price set a new low in this bear cycle. Since then, ADA’s price has rebounded and looks to target $0.5.