Cardano’s profitability and the fundamental value of the ecosystem are still on the rise
Over the past 24 hours, most digital assets struggled to show positive price performance in the cryptocurrency market, but Cardano was not one of them. One of Ethereum’s biggest rivals has become the most profitable crypto in the past 24 hours, according to CoinMarketCap’s High.
Despite an extended downtrend, ADA is constantly testing local resistance levels and aiming for a quick recovery as the asset’s overall profitability is still at one of the lowest levels compared to Ethereum or even Bitcoin, which has suffered a downturn. correction of almost 80%.
For now, Cardano is desperately trying to break above the 50-day moving average, which acts as a barrier for assets moving in a downtrend. If broken, ADA could move towards the next resistance level near $0.7, the price level that corresponds to the 200-day moving average.
Unfortunately, the growth we are seeing today was likely only possible due to the lack of selling pressure caused by the weekend trading session infamous for its relatively low trading volume and liquidity.
Fundamental growth of Cardano
Although it is only the beginning of the month, Cardano’s vibrant ecosystem has seen many releases and additions like the confirmation of the Vasil hard fork which will take place on September 22, the release of GeroWallet, the successful audit of Aada Finance and the next launch on September 13.
Most industry experts believe that projects like Cardano will flourish in the next bull run, as the fundamental value of the networks will be the determining factor in the next cycles of market growth, and speculative assets like Shiba Inu will no longer attract users, unless the markets become extremely overbought once again.