HomeNewsWill Cardano Follow Bitcoin's ATH Pattern? Analysts Eye Bullish Rally

Will Cardano Follow Bitcoin’s ATH Pattern? Analysts Eye Bullish Rally

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  • US states may use Cardano’s blockchain to create transparent and secure voting systems, showcasing its potential beyond finance.
  • Despite market downturns, historical trends and on-chain indicators imply ADA’s price recovery and expansion.

Cardano (ADA) is a major cryptocurrency player and a potential catalyst for disruptive blockchain applications. As previously reported by ETHNews, several US states are considering using the Cardano Foundation’s blockchain technology to create a transparent and secure voting system, demonstrating the platform’s rising power.

This program furthers Cardano’s objective to create more transparent, equitable, and efficient global systems by using blockchain to improve electoral processes.

Cardano’s Hardiness in the Face of Cryptocurrency Volatility¬†

Despite the crypto market’s decline due to Bitcoin, Cardano’s history and technology point to a recovery. Most crypto assets, including ADA, are volatile due to Bitcoin’s volatility.

According to CoinMarketCap, ADA is now the 9th largest cryptocurrency by market cap after slipping more than 11% in the last week and 2.46% in the last 24 hours.

Weighted sentiment has dropped, indicating unfavorable market sentiment about ADA. ADA’s high social volume shows continuous interest in the cryptocurrency, which may protect it from larger downturns.

Source: Santiment

The ADA’s Future: Trends and Predictions

Cardano Dapp analysts said that historical patterns show that ADA may follow Bitcoin’s lead in hitting new highs, signifying a bullish period for ADA, especially given Bitcoin’s recent peak at $73k.

On-chain analytics imply ADA’s MVRV ratio may reverse trend, and the network-to-value (NVT) ratio may undervalue the asset. These characteristics may indicate an ADA price rise.

Source: Santiment

Also, technical indicators, such as the MACD, Money Flow Index (MFI), and Relative Strength Index (RSI), suggest the ADA price will continue to go to the pit.

Source: TradingView

Collaborations with diverse industries and educational and regulatory efforts make the Cardano Foundation a major contributor to blockchain ecosystem growth and adoption. The Foundation’s first annual report highlights Cardano ecosystem growth, operational robustness, educational activities, and adoption across sectors.

US states’ interest in Cardano’s blockchain for electoral systems shows its stability, security, and transparency. It shows blockchain’s practical implications beyond financial transactions, which could lead to wider adoption in public sector operations and governance. To explore more details about this development, you can watch the following YouTube video:

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628