Cardano (ADA) follows the market’s general sentiment and records positive price action on a low timeframe. The cryptocurrency has been trading heavily since the sector took another dive into its current levels, but there is light at the of the tunnel.
Cardano (ADA) trades at $0.32, with a 12% rally in the last 24 hours. Over the previous week, the token records a 29% profit and stands as the best-performing crypto asset for this period. Other cryptocurrencies in the top 10 are seeing similar price action.
ADA’s price with bullish momentum on the daily chart. sources: ADUSDT trading view
Cardano Will Take Over Higher Spots In Top 10 By Market Cap
According to a pseudonymous Cardano bull, the cryptocurrency is underpriced. The token has suffered along with other risks on assets due to tighter macroeconomic conditions. Despite the downside trend, ADA remained one of the largest cryptocurrencies by market capitalization.
Cardano first entered this ranking in late 2021, at the high of the previous crypto bullish cycle. At that time, the company behind its development introduced a series of improvements and rollout smart contract capabilities on the platform.
These improvements made Cardano compatible with decentralized finance (DeFi) applications and took it to the top of several metrics, including monthly contributions from developers. The ADA ecosystem bloomed.
Two weeks ago, as NewsBTC reported, there was another spike in Cardano’s on-chain activity. These metrics support ADA’s bullish thesis as they hint at seller exhaustion following a massive downtrend and substantial accumulation from mid to large investors, as seen in the chart below.
Cardano balance of addresses. Source: Santiment
The pseudonymous analyst wrote the following about ADA’s future and its potential to see further profits:
(…) I believe that’s where it fairly belongs. Socials drive crypto value and this is the 3rd largest community, at least. The 2020-22 VC driven TPS, TVL, ponzinomics psyops are coming to an end. Cardano will assume its rightful place.
ADA Out Of The Crypto Top 10 By Market Cap?
On the other hand, ADA’s detractors posted their 2023 predictions for the token. Crypto personality Eric Wall forecasted that ADA would “finally drop” from the top 10 by market cap.
The Cardano community rejected the prediction; some believe ADA will exit the general group and enter the top 3, thus fulfilling the prophecy. While others have different expectations and, while bullish on ADA, acknowledge the ranking fluctuations. One user wrote:
Can’t pretend it’s not possible (for Cardano to exit the top 10). Perfect storm of Elon tweets some crap about doge, polygon partners with meta, sol VCs decide to pump all at the same time. Insurance is that the same people shorting ADA seem to also be shorting sol, so they both go up with a squeeze.