Cardano price has not been left behind in the ongoing cryptocurrency meltdown.ADA plunged to a low of $0.32, which was much lower than the all-time high of over $3.With a market cap of $11 billion, it means that its valuation has plunged by almost $80 billion in the past few months.So, is ADA a good investment or is it a value trap? The rise and fall of Cardano Cardano is a leading blockchain network that grew incredibly popular in 2021.It was launched by Charles Hoskinson, a co-founder of Ethereum.Cardano became popular as investors sought for cleaner alternatives to Ethereum, which used a proof-of-work (PoW) mechanism at the time.
It was also billed as a faster alternative to Cardano since it can hande thousands of transactions per second (tps).However, at the time, Cardano did not have an ecosystem since it did not have smart contract capabilities.This changed in August 2021 when the developers launched the Alonzo hard fork.Since then, thousands of developers have embraced Cardano.
However, it is struggling in Decentralised Finance (DeFi), which is one of the top use cases for blockchain networks.It has a total value locked (TVL) of about $70 million, making it the 34th biggest chain in the world.It is even smaller than relatively unknown projects like Ultron, Canto, and Velas.At the same time, key DeFi apps in its ecosystem have struggled to compete with the likes of Uniswap, Maker, and Aave.It is, nonetheless, finding some success in the NFT industry.
Data compiled by CryptoSlam shows that the total volume of NFTs traded in the network has been growing.In the past 24 hours, it has handled over $237k NFTs.Similarly, in the past 30 days, it has handled NFTs worth over $25 million.However, as shown below, the volume has been dropping.Cardano price prediction ADA/USD chart by TradingView The renko chart above shows that the Cardano price has been in a strong bearish trend in the past few months.
In this period, the coin has moved below all moving averages.It has also moved below the important support level at $0.3341, the lowest point on October 23.Cardano’s awesome oscillator has moved below the neutral level.Therefore, the path of the least resistance for the coin is lower.
As such, at this moment, it is a bit risky to buy Cardano will continue falling as sellers target the key support at $0.300.How to buy Cardano Binance Binance is one of the largest cryptocurrency exchanges in the world.It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.Buy ADA with Binance today Coinbase Coinbase is a global cryptocurrency exchange.Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from.Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.Buy ADA with Coinbase today Disclaimer Share this article Categories Analysis Tags Cardano Related Articles 17 November 2022 Best DeFi cryptos to buy for the long term 17 November 2022 Are your funds safe? Crypto lending platforms continue to fall 17 November 2022 Polkadot Price: DOT/USD on edge amid contagion risks Featured Broker Log in using the app and claim the Mystery Box to receive up to $10,000 in reward One of the top digital asset exchanges by trading volume Serving millions of users in over 100 countries Open My Account.
