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Home Crypto News

Cardano (ADA) Lines Up For Massive Rally Despite Position

Admin by Admin
October 27, 2022
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Cardano (ADA) faces the sternest price test in nearly three years. Analysts believe that the dirtiest side of the storm has passed and it could be smooth sailing from here on out.

Cardano’s price is at its lowest ebb in comparison to its realized value. statistic indicated that the last time Cardano realized this metric was back in 2019. It served as the catalyst for a strong price rally three months later.

Cardano now sits at its lowest relative position compared to its realized value since Jan 2019. This is a sign of undervaluation based on average trader losses. ADA’s price doubled the following 3 months the last time its MVRV Z-Score hit this level.

The market value to realized value (MVRV) is a key technical indicator with a track record of being a fairly accurate predictor of an asset’s price action. The MVRV is calculated by dividing Market Value by Realized Value, while Realized Value is simply the sum of value when all ADA last moved.

Presently ADA’s MVRV score stands at -1.35 for the first time in nearly 45 months. The asset currently trades at $0.39, a far cry from its all-time high of $3.10 that it achieved in Sep 2021.

At the moment, ADA’s market capitalization is pegged at $13.4 billion and ranks in place as a cyclical asset, bulls are hopeful that the rally from Jan 2019 might repeat itself.

In terms of technical innovation, 2022 has been Cardano’s best year with the launch of the Vasil hard fork. The upgrade ushered in a number of benefits for the network, such as improved throughput speeds and decentralized application (DApp) usage, and advanced smart contract capabilities.

Apart from the upgrade, the team is working on a layer-2 scaling solution and has struck impressive partnerships with other players in the space. Recently, Charles Hoskinson, Cardano’s founder, announced that Algorand (ALGO) is on the Cardano network through the use of Mikomedia, a blockchain interoperability provider.

 

 

 

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