• Cardano (ADA) trades at $0.252, down 1.61% in the last 24 hours
• Messari has issued a study highlighting Cardano’s accomplishments in 2022
• Cardano’s expanding ecosystem comprises DEXs, lending and borrowing protocols, decentralized stablecoin providers

Cardano (ADA) trades at $0.252, down 1.61% in the last 24 hours. On-chain analytics firm Messari has issued a study highlighting Cardano’s accomplishments in 2022. Cardano hosts nearly 8,000 NFT projects and 15 marketplaces, yet its monthly volume is only around $6.8 million. In the third quarter of 2022, JPG.Store attained over 90% of the market share. The top collection in space, SpaceBudz, has done over 40 million ADA in volume. In June 2022, IOG released the Cardano EVM Sidechain in alpha, allowing Solidity developers to quickly transfer apps into the Cardano ecosystem. Despite a late entry into the DeFi space, Cardano’s TVL is ranked 30th. Cardano’s expanding ecosystem comprises DEXs, lending and borrowing protocols, decentralized stablecoin providers, and any other necessary DeFi infrastructure. The DeFi ecosystem has Minswap, WingRiders, and SundaeSwap with 52%, 20%, and 19% of market share dominance, respectively. According to Santiment data, Cardano ranks as the foremost blockchain in terms of development activity in the last 30 days.

Key Levels
Resistance Levels: $0.385, $0.300, $0.275
Support Levels: $0.250, $0.200, $0.150

ADA/USD Daily Chart: Bearish

ADA/USD Daily Chart 

Following its continuous consolidation along the low of $0.25, the ADA/USD pair has struggled to raise bids above $0.275. The break below the psychological level of $0.30 led buyers to flee, exacerbating pessimistic sentiment. In the event of a rebound, the $0.275 and $0.30 levels have now been designated as new areas of resistance.

On the daily chart, a bearish moving average (MA 50) and moving average (MA 200) are forming, implying that the downward acceleration may not recede at the moment. The pair is headed for lows in the $0.20 support area. A rebound may occur as a result of an oversold relative strength index (RSI).

ADA/USD 4-Hour Chart: Bearish

ADA/USD 4-Hour Chart

The relative strength index is almost oversold on the 4-hours chart, which may pique the curiosity of buyers. The projected comeback in ADA/USD, on the other hand, may give trend followers opportunities to sell into strength. ADA/USD remains bearish below $0.30, falling below the 4-hour moving average (MA 50).

If the bulls want another shot, they must break through the $0.30 barrier. A drop below $0.25 would trigger a new round of selling below the December support level of $0.247. If the pair breaks down, it might continue to fall toward the $0.20 level.

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The post ADA Price Analysis: How Will Impressive 2022 Development in Cardano Blockchain Impact Price Going Forward? appeared first on Latest Crypto News.

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ADA Price Analysis: How Will Impressive 2022 Development in Cardano Blockchain Impact Price Going Forward? was first posted on December 28, 2022 at 9:05 am.
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