- Early October saw a lower high of $2.30, suggesting consolidation.
- Cardano is gaining momentum in many areas, not only DeFi.
The market has had a mixed day. Cardano’s price has been very steady for four days. This year, the price of ADA has increased by 1426 percent. An ADA coin now costs $2.20, and the market cap is close to $70 billion.
The Cardano price has been locked in a tight range for weeks, but it is now showing signs of life. The coin is currently worth about $2.20. That should continue to rise until significant events occur that cause it to decline. Cardano’s price has remained flat for weeks. Early October saw a lower high of $2.30, suggesting consolidation in a tighter range.
As a consequence, the coin may soon break out. Because this is a symmetrical triangle, the coin will break anyway. The $2.5 resistance and $2.0 support will be critical levels to monitor. ADA price cycle is the most parabolic ever, according to @Bitboy Crypto’s Ben Armstrong.
New Initiatives Emerge
On the fundamentals front, the Cardano ecosystem is becoming busier as new initiatives emerge. One such initiative is RavenDex, a decentralized exchange that has sold over 60% of its tokens to early adopters and aims to launch a fully functioning system by the end of the year.
Derived, another DeFi project released its IDO earlier. Ethereum, Polkadot, Avalanche, and Binance Smart Chain are supported by Derived, a multi-chain synthetic asset trading platform built on Cardano.
Cardano is gaining momentum in many areas, not only DeFi. The blockchain has just started supporting NFTs, enabling users to mint and trade them without a smart contract address. SpaceBudz recently announced the completion of its first Cardano-based NFT sale, which exceeded $1 million, a new record for the network.