Cardano (ADA) price is up over 8% in the last 24 hours; peaking at $0.51. ADA has currently outpaced XRP in terms of market capitalization, which is now valued at $17.6 billion and XRP at $17.5 billion.
However, ADA is still heavily down 83% from its all-time high in September. The upcoming launch of Hard Fox seems to have been the impetus for the recent price spike.
The launch was supposed to take place in June, but was delayed due to technical problems. The hard fork launch date will be announced soon by the Input Output team.
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Trading ADA between two critical levels
XRP was first delisted from CoinMarketCap’s top 5 list in February mainly due to disputes and lawsuits with the US Securities and Exchange Commission. Now Ripple has decided to hedge against Cardano. The price of ADA peaked last year, which in turn activated smart contracts on the blockchain.
However, ADA has a lot of catching up to do to keep up with BNB, which currently has a market cap of $42 billion. The price of Cardano finished Sunday in the red at -0.005 dollars. It closed in red for the second time in a row in the last three days.
The ADA price is currently trading between two critical levels. And the bulls are trying to get back to the $0.64-$0.67 range. On the other hand, bearish ADA traders are looking to reverse and send the ADA price down, testing the $0.395 to $0.43 range.
In 2021, on this exact date, the price of ADA was $1.22. The average price of ADA over the past 30 days was $0.47, up 8.89% from the same time period.
ADA total market cap at $16.5 billion on the daily chart | Source: TradingView.com
ADA is up 25% in the last 7 days
The price of ADA jumped 25% last week, followed by a massive liquidation. While the price reversal pushed the price lower, the bears took the hits when trading the coin. ADA finished the week with a bang, soaring 25%. The price of ADA also managed to keep its price at $0.5.
With this, Cardano has outperformed its competitors and now ranks as the sixth most significant coin in terms of market capitalization on CoinMarketCap. Its current capitalization is $17.7 billion, putting ADA ahead of SOL, DOGE, XRP and BUSD.
So, will Cardano continue to run the green light? Well, everything will depend on the state of the crypto market. ADA traders are very optimistic and trust ADA, but in addition to upgrading the Vasil network, the Cardano community is also experiencing a crypto winter and an economic downturn.
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Featured image from NewsCrypto, chart from TradingView.com
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