Cardano appears to be trading above the $0.92 mark, a critical support level that has attracted a lot of buyers. ADA has a potential to recover to $1 if it maintains its current level.
The “Ethereum-killer” is on the verge of breaking out, with founder Charles Hoskinson suggesting the creation of a decentralized media network.
In response to Elon Musk’s attempt to take control of Twitter, Cardano founder Charles Hoskinson suggested that the Tesla CEO create a decentralized social media site.
Hoskinson proposed a cross-chain between Bitcoin, Doge, and Cardano for the decentralized media platform.
With the launch of prominent stablecoins USD Tether and USD Coin via the WingRiders Disk and Milkomeda cooperation, there has been a notable increase in on-chain activity on the Cardano blockchain network.
Analysts have evaluated the Cardano price movement and forecasted an increase for the Ethereum-killer. According to statistics from IntoTheBlock, Cardano has the most significant support level at $0.92, with roughly 44,800 addresses holding more than 6.79 billion ADA. Cardano’s price could go to $0.80 if it continues to fall.
A bullish impulse around present price levels, however, could run against firm resistance at $1, where 241,000 addresses possess over 4 billion ADA. Higher highs could be possible if the daily candlestick closes above this barrier.
Yet profitability remains extremely low!
The Cardano network and its native token, ADA, had a strong start to 2022, with a more than 54 percent increase in March, giving investors hope that the coin would finally break through its long-term downtrend and retrace, but this was not the case.
The coin’s profitability remained below 20%. This indicates the percentage of prior investors who remain in profit. Asset profitability is a solid metric that allows us to analyze the success of an asset as an investing tool.