Cardano

<ul>
 <li>Cardano’s ADA token experienced a 2.87% decrease, settling at $0.3806 in the last day.</li>
 <li>The current price marks a crucial support zone, with analysts suggesting the potential for further upside for Cardano.</li>
 <li>Analyst Ali Martinez highlighted substantial demand, with 166,470 wallet addresses acquiring ADA within the $0.37 to $0.38 range.</li>
</ul>
<p>The price of <a href="https://thenewscrypto.com/?s=cardano" target="_blank" rel="noopener noreferrer nofollow">Cardano’s</a> ADA token has entered a period of consolidation over the past day, sliding 2.87% to $0.3806 at press time. This price level represents a crucial support zone, according to market analysts, who believe further upside could still be in store for the fifth-largest cryptocurrency by market capitalization.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Cardano</a> sits at a key demand zone between $0.37 and $0.38. Here, 166,470 wallets acquired 4.88 billion <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ADA</a>.<br><br>With minimal resistance ahead and solid support below, remaining above this zone could pave the way for <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ADA</a> to climb to new yearly highs. Still, watch out, as losing… <a href="https://t.co/GDjhspFSVr" rel="noopener noreferrer nofollow">pic.twitter.com/GDjhspFSVr</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1729065108213535130?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 27, 2023</a>
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<p>In a tweet posted earlier today, analyst Ali Martinez noted substantial demand around Cardano’s current price range based on on-chain data. Over 166,470 wallet addresses acquired ADA at prices spanning $0.37 to $0.38. With strong underlying support at this level, Martinez suggests the blockchain network’s native asset could see a 20% price spike to revisit its 2022 high of $0.4518.&nbsp;</p>
<p>Often cited as an undervalued cryptocurrency given its extensive capabilities, Cardano has thus far failed to meaningfully breach the $1 threshold.</p>
<p>For a layer-1 blockchain that purportedly offers one of the most well-designed proof-of-stake mechanisms and claims over $1 billion total value locked, a sub-$0.40 valuation continues to spark debate around current prices reflecting true fundamental value.</p>
<h2 class="wp-block-heading" id="h-cardano-seems-lucrative-near-the-0-38-mark">Cardano seems lucrative near the $0.38 mark</h2>
<p>Yet for investors accumulating ADA anywhere near the $0.38 mark, the risk-reward scenario looks increasingly positive. According to Martinez’s analysis, any break below the lower boundary of this support zone could result in a further drop to around $0.34. However, with buy-side volume evidently piling in around current levels, the downside appears limited in the short term.&nbsp;</p>
<p>Beyond positive on-chain signals, Cardano’s underlying ecosystem continues to expand through the onboarding of new protocols spanning decentralized finance, non-fungible tokens, and more, all contributing to a sticky demand dynamic for ADA.</p>
<p>While further volatility can be expected from the asset embroiled in the latest crypto market turbulence, analysts will be closely monitoring price action to see if a more decisive breakout takes form.</p>

Cardano Price Consolidates With Potential for a Surge

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