Even as the market is stuck in volatility, at the time of reporting, the global crypto market is positioned at above $1 trillion with a surge of 1.64% over the last 24hrs. On the other hand, the world’s first currency has dropped by 0.11% overnight trading around $21,539.
However, there are a few altcoins like Ethereum, XRP, Cardano, and Solana among others who are on a bull ride.
An on-chain analytics firm, Santiment reports that Cardano’s price action will not go down below that of Ethereum (ETH) or Binance Coin (BNB). The prediction by the firm is based on the MVRV indicator. MVRV, a percentage of market capitalization to realized capitalization, is calculated to assess profit margins and determine whether a cost is higher or lower than the market price.
Hence, as Cardano’s MVRV is one the lowest markings, the possibility for the asset to plunge any further is too less. The prediction is especially true against ETH and BNB as they have not yet reached that low level.
Despite this kind of analysis from the on-chain firms being reliable, it’s important to know that the crypto market is too volatile and risky.
Cardano Price Action
Cardano’s ADA started its downward journey on August 17 and lasted till August 19. It is clear from the image that the quotes stabilized in the $0.4–$0.6 price range when looked at from the perspective of the previous four months.
However, on the contrary, though the current price movements are bullish, the currency might still plunge. Hence it’s not a feasible move to open positions in the middle of any range. Also, it needs to be noted that at the start of June, Cardano registered a 30% surge from the same price range of $0.46.
At the time of writing, Cardano is selling at $0.4643 with a surge of 0.28% in the last 24hrs.
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