Cardano is the stablest proof-of–stake cryptocurrency on the market. The four-year-old cryptocurrency’s advanced development and progression is evident in reaching the 20 million transaction milestone. The cryptocurrency is poised to reach new heights after falling to lows over the last few months.

Nawab, a cryptocurrency expert and director of Crypto Consultants UK, commented on Cardano’s price fluctuation:

Cardano’s (ADA) price movement has seen some volatility in recent months. ADA is still selling after its smart contracts were implemented and Alonzo’s upgrade did not make the impact that was expected.

The overall pull back in the market didn’t help. This asset has seen its value drop by almost half since reaching an all-time high of nearly $20,000 in September. It does not appear to have yet reached, or close to reaching, an extreme level.

Due to a wick down to $1.40 on the 28th of November, the low priced asset was bought up almost instantly, leading to ADA’s current sideways trajectory. Although we see an immediate reversal to the upper side in the near term, resistance could be located at $1.78. The 21-week moving average will become the next stop if the resistance above is broken.

Flipside

• Cardano, a highly valued token that is in high demand from investors, has an incredible 70% stock.

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