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At the time, Cardano (ADA) and Solana were seen as the closest competitors, but over time, with a constant decline in the trading price, market cap, and adoption over the past few quarters, the prices of ADA have continued to fall, and when writing it was exchanging hands at $0.7297.
According to data from CoinMarketCap, Cardano’s prices are down by 4.25% in the monthly time frame, and a decline of 21.07% in a quarter and a loss of 13.46% since the beginning of this year were seen.
Are odds favoring Cardano’s recovery to $1?
Until publishing, ADA is trading below its 20, 50, 100, and 200-day exponential moving average, and the average 30-day volume is $349.99 million.
The bears seem to be dragging Cardano for the past few weeks, and if the bearish momentum continues in the upcoming session, there are chances of further shading in prices with nearest support of $0.5263 followed by $0.4197 and $0.2472.
However, the odds are favoring growth in the trading prices of Cardano, marking the resistance of $0.8713; its 2nd resistance is $0.9779 and $1.1504.
In a 30-day time frame, the highest trading price of Cardano is $1.13, and in 52 weeks, its highest traded price is $1.32, yet the all-time high of ADA is $3.10, recorded on September 02, 2021.
A poll over the Polymarket prediction market asked whether Cardano ETFs would get approval in 2025. As per experts, the approval of ADA will likely register a bounce after the approval of its ETF from the Securities and Exchange Commission of the United States.
The poll has around a 61% approval chance; on the other hand, the TVL on the Cardano chain grew significantly, currently having a total locked value of $354.7 million.
What factors could pull Cardano above $1.00?
A few main factors could drive ADA towards technological advancement in the ecosystem, like Hydra Protocol, and the inclination of investors is also termed one of the primary factors.
The data available notes that whale buying and acquisition could also trigger a spark in ADA price, which could help it reach $1.00.
Cardano’s market cap is $25.72 billion till writing, and the trading volume was $765.1 million with a growth of 48%; in terms of market capitalization, it is the 9th most prominent cryptocurrency.
It is worth noting that a sudden growth in the trading price of Cardano was seen after it got included in the draft that talks about the crypto reserve for the United States.
