ADA Token Price on Cardano: Technical Analysis Hints at Potential Bullish Surge

Crypto News– According to CryptoBusy, ADA Token price has recently formed a substantial falling wedge pattern, extending from its all-time high (ATH) to its current price.

Utilizing the ADA/USDT daily chart on Twitter (X), CryptoBusy explained the price dynamics of Cardano. The analyst pointed out that Cardano has descended into a favorable buy zone, making it an attractive asset for accumulation.

ADA Token Price on Cardano: Technical Analysis Hints at Potential Bullish Surge

CryptoBusy anticipates a price rally from this zone, leading to a HODL phase and ultimately culminating in the peak of the bull run. The analyst’s prediction places the end of the bull run somewhere between the middle of 2024 and 2025.

Additionally, CryptoBusy highlighted Cardano’s increasing transaction volume, citing data from Santiment, a market intelligence platform specializing in on-chain and social metrics. The data indicated a remarkable 1,700% surge in transaction volume on the Cardano blockchain. CryptoBusy also noted that Cardano has exhibited strong development activity, outperforming several major projects such as Hedera (HBAR), Chainlink (LINK), InternetComputer (ICP), Cosmos (ATOM), and MultiverseX (EGLD).

Interestingly, CryptoBusy observed that despite Binance’s delisting of ADA perpetual contracts on August 17, 2023, traders have continued to engage with the digital asset. They have opted for quarterly futures contracts and regular spot charts for their trading endeavors, effectively mitigating the impact of the delisting on Cardano’s price.

CryptoBusy also highlighted Charles Hoskinson’s acknowledgment of the pivotal role played by the Cardano community in the blockchain project’s development. In a shared video, Hoskinson emphasized the organic growth of Cardano’s community and its significant contributions to the project’s evolution from its early stages. Hoskinson stressed the importance of further education and training for the majority of Cardano community members, especially in understanding key Cardano products, including the incentivized testnet (ITN).

Binance Removes Cardano (ADA) Trading Pair

Binance, a prominent global cryptocurrency exchange, recently revealed its decision to remove multiple trading pairs, among them the Cardano ADA/BIDR pair. This modification is scheduled to take effect on September 8th, leaving many pondering the rationale behind it and the timing of the decision. To grasp the situation, let’s start with a glance at the market.

At present, Cardano (ADA) is trading at around $0.256 according to the latest data available. The most plausible explanation for this delisting centers around liquidity, or rather the lack thereof. Cryptocurrency exchanges often opt to delist trading pairs that fail to generate sufficient trading volume. It’s a straightforward business move. Insufficient liquidity can open the door to price manipulation and diminish the appeal of the trading pair for both the exchange and its users.

It’s worth noting that Cardano is not the sole asset in this category. The list of soon-to-be-axed trading pairs is extensive and encompasses other assets such as AUDIO/BUSD, BAT/BUSD, MATIC/BIDR, and more. In this context, Cardano finds itself in the company of several other assets facing a similar fate.