The cryptocurrency market is struggling to find direction and oscillating back and forth. Leading crypto Bitcoin (BTC) failed to stay above the psychological level of $20,000. Leading altcoin Ethereum (ETH), on the other hand, posted weekly gains of over 5%. However, the ‘Ethereum killer’ Cardano (ADA) was the most profitable crypto on the market this week.
Cardano became the star of the week in the cryptocurrency market
cryptocoin.com As you follow, the crypto market is trying to find direction in uncertainty. Most digital assets have struggled to maintain a positive price performance in the market over the past 24 hours.
However, Cardano, the strong rival of the leading altcoin Ethereum, was not one of them. Because, according to CoinMarketCap data, ADA was the most profitable asset among the top 20 cryptos in the last 24 hours. In addition, ADA recorded an increase of over 12% on a weekly basis. Thus, it was again the most profitable cryptocurrency among the top 20 projects.
Source: CoinMarketCapADA price analysis
According to crypto analyst Arman Shirinyan, ADA was moving in a prolonged downtrend. Despite this, the analyst notes that Cardano is constantly testing local resistance levels. Also, the overall profitability of the asset is still at the lowest levels compared to Ethereum or even Bitcoin, which is facing an almost 80% correction. So the analyst expects a quick recovery for ADA.
Arman Shirinyan continues his analysis in the following direction. For now, ADA is desperately trying to break above the 50-day moving average, which acts as a barrier for downtrend moving assets. If it breaks, it will likely move towards the next resistance level at $0.7, which is the price level corresponding to the ADA 200-day moving average.
Unfortunately, the rise we see today was most likely due to relatively low trading volume and liquidity. The lack of selling pressure during the notorious weekend trading session allowed this rise.
Cardano’s ecosystem continues to grow
Even though it was just earlier in the month, Cardano’s vibrant ecosystem has seen many releases and additions. For example, the Vasil Hard Fork has been confirmed to take place on September 22. There is also the GeroWallet version, the successful Aada Finance audit, and the launch on September 13.
According to most industry experts, the core value of networks will be the determining factor during subsequent growth cycles in the market. That’s why experts say projects like Cardano will blossom during the next bull run. Also, according to experts, speculative entities like the Shiba Inu have a tough job. Because, unless the markets are overbought once again, they will no longer attract users.
