ada coin
Will Cardano fall out of top 10?
Here are some of the factors that could affect Cardano’s price and ranking
- DeFi Growth and Setbacks
Cardano’s recent strides in the decentralized finance (DeFi) sector are noteworthy. The Total Value Locked (TVL) in the Cardano DeFi ecosystem has reached $359.95 million, driven by the popularity of decentralized exchanges (DEXes) and decentralized applications (dApps). However, the NFT sector within ADA’s ecosystem has seen a decline.
- Competition from Rivals
Cardano faces tough competition from blockchain platforms like Solana (SOL), Polkadot (DOT), Avalanche (AVAX), and Ethereum (ETH). These rivals boast faster transaction speeds, lower fees, and higher scalability, potentially luring developers and users away from Cardano.
- Whale Movements and Shifts
Prominent Cardano Whales are shifting their focus to alternative platforms, particularly Solana and DeFi powerhouse Retik Finance (RETIK). The shift is driven by the innovative approaches of these platforms, showcasing the evolving landscape of the crypto market.
- Technical Analysis
A comprehensive technical analysis reveals a mixed sentiment. While oscillators suggest a balanced market, the 50-day Simple Moving Average (SMA) signals a potential downturn. Traders are advised to monitor short-term momentum and MACD trends for potential buying opportunities.
- ADA’s Trajectory and Bullish Predictions
Cardano enthusiasts believe in its promising trajectory, citing its previous rise from 0.013 to $3 without decentralized exchanges (DEX), oracles, stable coins, or decentralized applications (Dapps). Some optimistic voices even predict a potential rise to $10 during the current bull market.
- Developer Activity and Long-Term Viability
Cardano maintains a consistent top position in developer activity, scoring 410.5 on Santiment’s Developer Activity scoreboard as of Jan 12. Increased developer activity indicates a commitment to protocol improvement and building new products, enhancing Cardano’s long-term viability.
