Mithril

Cardano

David

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Cardano (ADA) is on a bullish run as it has formed unexpected support at the $0.32 price level. Specifically speaking, the coin has&nbsp;<a href="https://coinmarketcap.com/currencies/cardano/" rel="noopener noreferrer nofollow">printed</a> a 5.09% surge over the past 24 hours, with the price pegged at $0.3233. Effectively, ADA has recorded more than 13% over the past week to mark one of its most ambitious price runs in recent times. <img data-entity-type="file" data-entity-uuid="0c03c627-c450-457b-aef3-8fb6144e0b9f" src="https://u.today/sites/default/files/inline-images/ADA_1D_graph_coinmarketcap%20%283%29.jpeg">ADA 1D Chart. Source: <a href="https://coinmarketcap.com/currencies/cardano/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
The Cardano growth is a story of resilience following a very tough year for the protocol. Over the past year, Cardano dropped to its lowest price level of $0.2471 on Oct. 18, a figure that marked consistency in price fall despite proven developer activities soaring on the Cardano protocol.
At a time, the profitability of Cardano&nbsp;<a href="https://u.today/cardano-ada-may-need-urgent-restructuring-if-this-happens" rel="noopener noreferrer nofollow">plunged</a> over 90%, adding another layer of pessimism to what the future holds for the coin.
The&nbsp;<a href="https://u.today/cardanos-on-chain-metrics-signal-bullish-trend" rel="noopener noreferrer nofollow">recovery printed</a> over the past two weeks is a testament to the impact of the strategic planning and decentralization that Cardano embodies. During this time, the number of whale addresses and transactions has soared, complementing efforts focused on&nbsp;<a href="https://u.today/cardano-midnight-begins-with-first-group-of-pioneers-details" rel="noopener noreferrer nofollow">launching</a> the Midnight Protocol as well as the&nbsp;<a href="https://u.today/cardanos-mithril-takes-quantum-leap-with-latest-release" rel="noopener noreferrer nofollow">upgrading of existing protocols like Mithril</a> and the Lace wallet.
<h2 id="cardano-and-future-plans">Cardano and future plans</h2>
To many Cardano proponents, ADA is still grossly undervalued. While paring off its losses for the year remains its primary target at this time, ending 2023 positively is an ambition to watch.
While Cardano maintains the lead spot per&nbsp;<a href="https://u.today/cardano-ada-outshines-dot-link-eth-in-this-area-details" rel="noopener noreferrer nofollow">Github Commits</a>, the protocol has also welcomed two veterans, Sean Ford and David Markley, to lead its stablecoin business as CEO and COO, respectively.
While Cardano's year started with a tumultuous twist, the present outlook points to a potentially positive closing. Broader market sentiment bordering on the anticipation of a Bitcoin spot ETF approval from the U.S. SEC is also playing a major role. In all, seeing Cardano end the year at $0.4 will be a dream come true for many.

Cardano (ADA) Forms Unexpected Support Amid 13% Price Jump

Table of Contents

U_Today

Other articles published on Nov 3, 2023

Just In: CFTC’s New Rules Fail to Embrace LedgerX’s Innovation

Opensea Pro Integrates With The Polygon Network To Streamline NFT Trades

‘Rich Dad’ R. Kiyosaki: The rich save ‘real assets’ like gold, silver, Bitcoin

Crypto Expert Hails XRP’s Game-Changing Impact on Cross-Border Transactions

Machine learning algorithm sets Cardano price for November 30, 2023

FTX’s Bankruptcy: A Dark Cloud with a Silver Lining for Creditors

Join our free newsletter for daily crypto updates!