Cardano (ADA) Price News: Cardano is among the very few top cryptocurrencies that stood the test of time amid market challenges. The cryptocurrency is currently ranked 8th based on market cap with total valuation of $8.88 billion. The proof of stake (PoS) blockchain is among the busiest in terms of crypto developer activity in the last one year. This comes amid the bear market environment that has grappled the crypto market in 2022 with multiple setbacks.
Also Read: Busiest Crypto Developer Communities 2022 Besides Ethereum, Cardano
The Cardano (ADA) Price fell by around half its value three months ago, thanks to the crypto market volatility and liquidation crisis. In this context, on chain indicators reveal interesting patterns that suggest Cardano (ADA) price is currently undervalued. As of writing, ADA price stands at $0.2557, down 3.28% in the last 24 hours, according to price tracking platform CoinMarketCap. Around this time last year, the cryptocurrency has been valued at around 7-8 times the current price.
According to Santiment Insights, there is a clear divergence between whale purchase activity and ADA price. This is a bullish signal considering that the whales kept buying despite the FTX related crisis in the industry. Data shows that the divergence is clearly seen among whales that hold 100,000 to 1 million ADA and 1 million to 10 million ADA. Also, traders are preferring to hold on to their bags even as the cryptocurrency’s price went down.
“There are signs of exhaustion of sellers. On every big price decrease there are less and less coins moving at a loss. BULLISH”
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In addition, the current trading scenario points to having a gap in volume. This means the buying activity to catch up in the coming weeks. It remains to be seen if 2023 begins to show signs of bullish environment for cryptocurrencies.
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