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Cardano is said to be designed in such a way that it performs better than Ethereum when it comes to running smart contracts.
Cardano has now lost 86.2% of its $3.09 all-time high
ADA still remains as the 8th largest crypto by market capitalization
$1 trading price remains a big challenge for Cardano
After all, Charles Hoskinson, the founder of the ADA network, was one of the developers of the network of what is widely recognized as the “king of all altcoins.”
Hoskinson made sure the work he has done with Cardano was better, enhancing its smart contract performance.
But even that improvement seems to fall short in helping the digital currency grow, as its price continues to hover around low levels.
A look at data from Coingecko reveals ADA changing hands at $0.42, being down by 4.3% for the past week.
Despite that, it still belongs to the top 10 cryptocurrencies in terms of market capitalization, ranking 8th with its value of over $14.4 billion.
Cardano In Recurring Price Pattern
The ADA/USDT technical chart provides better insight about the price movement of Cardano, which appears to be in a recurring pattern.
There is a descending triangle pattern in the daily time frame for the asset in which its price has resonating response for the past four months.
The $0.417 support level, which was already tested three times, appears to be crucial point for ADA for its failure will mean a steep fall for the asset’s trading price.
Within the observed triangle, there is an additional pattern to which Cardano price responds to – a descending wedge pattern. This seems to be the reason why the crypto is currently at the $0.42 mark.
This wedge pattern could encourage a mini-bullish momentum for ADA as it might trigger a 9% increase in value for the altcoin.
Looking Ahead At Cardano Price
A break below the extended support level of $0.418 is likely to create a downward pressure for Cardano, putting it to a significantly lower support of $0.3675.
However, in the event that the opposite happens, ADA might climb to a trading price of $0.4850 and if its demand increases, this level will be surpassed and the asset’s price will shoot all the way up to $0.5835.
At this point in time, the biggest challenge for Cardano is to hit the $1 mark, which is actually lower than its recorded all-time high of $3.09 which was attained on September 2 last year.
ADA total market cap at $14.8 billion on the daily chart | Source: TradingView.com
Featured image from Zipmex, Chart: TradingView.com