Cardano

The crypto market is on a roll, with the total cap hitting a whopping $1.4 trillion. Bitcoin is leading the charge, <a href="https://cryptodaily.co.uk/2023/11/bitcoin-bull-market-rages-higher" rel="noopener noreferrer nofollow">breaking past $37,000</a> on November 9. In this exciting landscape, Cardano (ADA) is turning heads. Its trading volume has surged by over 100% in just 24 hours, a clear sign of increasing investor interest. The current price of ADA, around $0.38, is its highest since early June. It has managed to recover from previous lows near $0.24, partly fueled by anticipation of a Bitcoin spot ETF approval.<a href="https://scapesmania.io/?utm_source&#61;cryptodaily&amp;utm_medium&#61;mmedia&amp;utm_campaign&#61;ADA" rel="noopener noreferrer nofollow">ScapesMania</a> (MANIA), a new entrant in the market, is also making waves. With the current market dynamics, it stands out as a presale project that promises high returns, and it&#39;s considered easier to predict compared to its contemporaries. However, as with all cryptocurrencies, both ADA and MANIA are subject to the market&#39;s whims.ScapesMania: Transparency, Innovation, And Rewards CombinedWhile some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project&#39;s appeal.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9dda86a5f38847dbab73656d7ba676d6.png" />Presale is Live Now - Join Now for a Chance to Benefit with MANIABacked by an award-winning developer crew, ScapesMania stands for transparency: every member’s social media profile is public. The project can achieve this not just by bringing big innovation to the game, but by putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is what makes ScapesMania the project with a bright future ahead.<a href="https://scapesmania.io/?utm_source&#61;cryptodaily&amp;utm_medium&#61;mmedia&amp;utm_campaign&#61;ADA" rel="noopener noreferrer nofollow">Presale is Live, Learn More About Major Benefits</a>Cardano (ADA) Fundamental AnalysisCardano (ADA) is playing it smart, not just surfing the ups and downs of market prices, but also seriously ramping up its tech capabilities. They&#39;re rolling out cool new features like Midnight and <a href="https://cryptodaily.co.uk/2023/11/cardano-to-leverage-polkadots-substrate-for-partner-chains" rel="noopener noreferrer nofollow">Partner Chains</a>, while also giving a facelift to what they already have. This kind of smart, focused growth could be just the ticket for ADA to stand strong in the ever-shifting crypto market.The big news for Cardano (ADA) is in the DeFi department. Their <a href="https://defillama.com/chain/Cardano" rel="noopener noreferrer nofollow">total value locked in DeFi applications</a> has skyrocketed, jumping over 50% to hit around $250 million. This isn&#39;t just a statistic - it&#39;s a solid sign that people are really getting behind ADA, especially with more jumping into staking. And even though it&#39;s been playing catch-up with Ethereum in DeFi, the asset is now making some noticeable strides.Cardano (ADA) is considering a bold move to <a href="https://twitter.com/SmaugPool/status/1721902510779380128?ref_src&#61;twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1721902510779380128%7Ctwgr%5E757fe6cfd33f1a28dd49400a63a67519411595d7%7Ctwcon%5Es1_c10&amp;ref_url&#61;https%3A%2F%2Fcrypto.news%2Fcardanos-bull-run-why-the-price-is-up-and-whats-next-for-ada%2F" rel="noopener noreferrer nofollow">cut its treasury tax</a> significantly, from a substantial 20% down to just 5%. While this could mean more rewards for ADA holders and boost network engagement, it&#39;s not without its risks – it might reduce the funds available for new developments and expansion. The final decision, reliant on community approval, can leave its mark on the token’s further trajectory.Cardano (ADA) On-Chain AnalysisWhale activity within Cardano (ADA) is particularly noteworthy. <a href="https://twitter.com/intotheblock/status/1721871580291027260?ref_src&#61;twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1721871580291027260%7Ctwgr%5Ebb348ff29b6d649b17c0ff31caa4f4630d64874f%7Ctwcon%5Es1_c10&amp;ref_url&#61;https%3A%2F%2Fcryptonewsbytes.com%2Fthis-data-about-cardano-will-wow-you-peep-how-it-accumulated-600-million-within-the-price-range-of-0-249-to-0-271%2Fcryptocurrency%2F" rel="noopener noreferrer nofollow">IntoTheBlock data</a> shows a whopping $600 million poured into the token as high-net-worth investors have significantly increased their stakes, especially in the favorable $0.249 to $0.271 price bracket.The most prominent investors, holding over $10 million in ADA, have surged by 139%, a strong signal of their optimistic outlook on the asset’s future.Next to that, despite a notable dip in network activity, with a 64% drop in active addresses from a June peak of 427,000 to 150,000 by September, there’s been a recent revival. Cardano (ADA) <a href="https://app.santiment.net/charts/wFZ3j3lP__sCl" rel="noopener noreferrer nofollow">active addresses</a> have rebounded to 209,000, indicating a resurgence in user engagement.Cardano (ADA) Technical AnalysisCardano (ADA), with its current trading price of around $0.38, exhibits interesting potential for both bullish and bearish scenarios. In the bullish perspective, the asset&#39;s recent performance has been noteworthy. It has seen a 1% price increase in the last 24 hours and an impressive 16% rise over the past week. This uptrend places ADA comfortably between its first support point at $0.348 and the resistance level at $0.4.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/bab5bbb420a24cdeb1240fc05ab6927c.png" />Source: <a href="https://www.tradingview.com/chart/3rzIBxxK/?symbol&#61;COINBASE%3AADAUSD" rel="noopener noreferrer nofollow">TradingView</a>The crossing of the 9-day moving average at $0.335 and the proximity to the 1-month high of $0.386 further bolster the bullish case. If this momentum continues and Cardano (ADA) breaks past the second resistance level, it could aim for the 52-week high of $0.46, especially considering its substantial market cap of over $12 billion.On the flip side, bearish signals cannot be ignored. ADA is currently trading above its second support point at $0.334, but a downturn could see it testing lower levels. Key indicators such as the 3-10-16 day MACD moving average stalling at $0.298 and the price crossing the 40-day moving average around $0.273 suggest potential weakness.Should Cardano (ADA) fall below these levels, it could lead to a retest of the 1-month low at $0.24 or even the 52-week low of $0.236. Such a scenario might be triggered by broader market downturns or negative news impacting investor sentiment.ConclusionCardano (ADA) is making waves in the crypto world, not just following market trends but also boosting its tech game. Diving deep into DeFi and attracting attention with its potential treasury tax reduction, ADA draws in both small investors and big whales. Despite a dip in active users, its rebounding user engagement is a positive sign. In the ever-shifting crypto landscape, Cardano (ADA) is definitely one to watch.Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.RELATED TOPICS: <a href="https://cryptodaily.co.uk/tag/altcoins" rel="noopener noreferrer nofollow">#ALTCOINS</a> <a href="https://cryptodaily.co.uk/tag/spotlight" rel="noopener noreferrer nofollow">#SPOTLIGHT</a> <a href="https://cryptodaily.co.uk/tag/breaking-news" rel="noopener noreferrer nofollow">#BREAKING NEWS</a>

Is Cardano (ADA) Severely Undervalued? Analysts Weigh In

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