Cardano

Bitcoin

Toncoin

Spot

Investors and analysts are trying to predict Cardano’s (ADA) price’s future performance. As the price continues to show red numbers, a top crypto analyst considers that ADA is “right where it should be.” 
<h2 style="font-weight: 400" id="cardano-loses-10th-spot-against-telegram-s-toncoin">Cardano Loses 10th Spot Against Telegram’s Toncoin</h2> 
Cardano’s recent spotlight has highlighted its disappointing price performance and lack of <a href="https://www.newsbtc.com/news/breath-of-fresh-air-viral-cardano-girls-video-sparks-conversation-about-the-project/" target="_blank" rel="noopener ">appeal for traders</a>. Despite its technology and strong community, the ecosystem lacks the activity and demand of other chains like Solana. 
Recently, Charles Hoskinson <a href="https://www.newsbtc.com/news/is-not-holding-ada-a-red-flag-cardanos-founder-thinks-so-community-pokes-at-solana/" target="_blank" rel="noopener ">defended</a> the project, stating that “Cardano always wins,” referencing a poll ranking the best Layer-1 networks. Moreover, Hoskinson took another jab at Solana’s network problem after its recent transaction failure rate reached 75%. 
Nonetheless, on Tuesday, ADA lost its spot in the top ten cryptocurrencies after being flipped by Toncoin (TON). According to CoinGecko data, Cardano’s market capitalization of $20.1 billion was surpassed by TON’s $23.3 billion market cap. As a result, ADA’s spot as the 10th largest cryptocurrency by this metric was taken by TON. 
<img loading="lazy" decoding="async" class="size-large wp-image-602572 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Captura-de-Pantalla-2024-04-10-a-las-11.54.36-a.-m.png?w=860&amp;resize=860%2C140" alt="Cardano, ADA, Toncoin, TON, Dogecoin, DOGE" width="860" height="140" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Captura-de-Pantalla-2024-04-10-a-las-11.54.36-a.-m.png?w=1272 1272w, https://www.newsbtc.com/wp-content/uploads/2024/04/Captura-de-Pantalla-2024-04-10-a-las-11.54.36-a.-m.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Captura-de-Pantalla-2024-04-10-a-las-11.54.36-a.-m.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Captura-de-Pantalla-2024-04-10-a-las-11.54.36-a.-m.png?w=860&amp;resize=860%2C140 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Captura-de-Pantalla-2024-04-10-a-las-11.54.36-a.-m.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Captura-de-Pantalla-2024-04-10-a-las-11.54.36-a.-m.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Per CoinMarketCap data, ADA remains in the top ten cryptocurrencies, ranking ninth on the website’s list before being flipped. 
<h2 style="font-weight: 400" id="ada-is-where-it-should-be">ADA Is “Where It Should Be”</h2> 
Last week, crypto analyst Ali Martinez revealed that ADA’s whale activity was “experiencing a lull.”&nbsp; To the analyst, whether this was a signal of further price consolidation or a drop remained to be seen. 
Some&nbsp;<a style="font-size: 15px" href="https://twitter.com/cryptowizardBTC/status/1777351774149529864" target="_blank" rel="noopener nofollow">believe</a>&nbsp;that TON’s overtaking of Cardano’s place on the list highlights some of the ecosystem’s problems. Martinez <a href="https://twitter.com/ali_charts/status/1777815990207701052" target="_blank" rel="noopener nofollow">reiterated</a> his prediction made around the time Bitcoin registered its latest all-time high (ATH) of $73,373. At the time, the analyst considered that ADA resembled the pattern observed from 2018 to 2021. 
During the period observed by Martinez, Cardano’s token went through a long consolidation period, with the price hovering between $0.026 and $0.082. After breaking out of this resistance level, ADA’s price surged to $0.35 in the following weeks before continuing its upward trajectory to its ATH of $3.09. 
According to the analyst, if that fractal continued during the following weeks, investors should “anticipate ADA consolidating in the $0.55 to $0.80 range. This would be followed by a surge to the $1.7 support level. 
After another consolidation period, the stage would be set for the token’s price to “breakout to $5,” the analyst considered. 
<img loading="lazy" decoding="async" class="wp-image-602586 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/04/cardano-ada-adausdt.jpg?w=860&amp;resize=860%2C562" alt="cardano ada adausdt" width="860" height="562" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/cardano-ada-adausdt.jpg?w=1280 1280w, https://www.newsbtc.com/wp-content/uploads/2024/04/cardano-ada-adausdt.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/cardano-ada-adausdt.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/cardano-ada-adausdt.jpg?w=860&amp;resize=860%2C562 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/cardano-ada-adausdt.jpg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/cardano-ada-adausdt.jpg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Almost a month later, the analyst considers that “nothing has changed for Cardano.” Martinez reaffirmed the price consolidation between the $0.55-$0.80 range and subsequent breakout, as “ADA is exactly where it should be.” 
Despite the analyst’s optimistic forecast, ADA’s price of $0.5762 remains 81.5% below its 2021 ATH. At writing time, the token <a href="https://www.newsbtc.com/news/cardano/cardano-price-tumbles-grayscale-sells-ada/" target="_blank" rel="noopener ">dropped</a> 5.4% from the previous day. Additionally, its performance has decreased by 3.6% and 22.3% in the weekly and monthly timeframes. 
However, the token’s market activity has surged 6.6% in the last 24 hours, with a daily trading volume of $502.1 million. 
<img loading="lazy" decoding="async" class="size-large wp-image-602577 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/04/ADAUSDT_2024-04-10_08-13-28.png?w=860&amp;resize=860%2C466" alt="ADA, ADAUSDT, CArdano" width="860" height="466" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/ADAUSDT_2024-04-10_08-13-28.png?w=1502 1502w, https://www.newsbtc.com/wp-content/uploads/2024/04/ADAUSDT_2024-04-10_08-13-28.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/ADAUSDT_2024-04-10_08-13-28.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/ADAUSDT_2024-04-10_08-13-28.png?w=860&amp;resize=860%2C466 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/ADAUSDT_2024-04-10_08-13-28.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/ADAUSDT_2024-04-10_08-13-28.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1">

“Where It Should Be”: Crypto Analyst Remains Firm On $1.7 Prediction For Cardano (ADA)

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