Cardano (ADA) remains one of the talked-about cryptocurrencies in the market. However, current market conditions create uncertainty regarding its future growth.
Current Market Metrics of Cardano
At the time of writing, Cardano is trading at $0.7297. According to CoinMarketCap, ADA’s price has dropped by 4.25% in the past month, corresponding to a quarterly decline of 21.07% and a loss of 13.46% since the start of the year. Cardano trades below its 20, 50, 100, and 200-day moving averages, while the average 30-day volume is $349.99 million.
Potential Recovery and Resistance Levels
The bearish sentiment has been prevailing in the Cardano market in recent weeks, but if the trend continues, prices may drop to the nearest support levels at $0.5263, $0.4197, and $0.2472. However, the odds for an upside note resistance levels at $0.8713, $0.9779, and $1.1504.
Factors Influencing Cardano's Growth
Among the primary factors for potential Cardano growth are technological advancements in the ecosystem, such as the Hydra Protocol, as well as investor interest. According to experts, the approval of an ETF for ADA could act as a growth driver. The Polymarket platform estimates the chance of ETF approval by 2025 at 61%. Additionally, the increase in total locked value on Cardano’s blockchain to $354.7 million indicates significant changes in the ecosystem.
Despite current challenges, Cardano continues to attract attention due to its technological innovations and potential market growth. Upcoming events, including ETF approval, could become significant drivers.
