Cardano Price Prediction as ADA Becomes Top 10 Coin in the World – Can ADA Reach $100?
The Cardano price has increased by 1% in the past 24 hours, reaching $0.260110 as the wider cryptocurrency market barely moves today.
ADA's rise means that it has become the ninth-biggest coin in the market in terms of capitalization, with the altcoin also up by 6% in a week and by 1% in the last 30 days.
The cryptocurrency has also risen by 5.5% since the beginning of the year, and with the market showing some signs of long-term recovery earlier this week, Cardano's fundamentals could help it see more gains in the near and more distant future.
ADA is showing encouraging signs of strength at the moment, with its indicators warming up but still have plenty of space left to rise before the coin becomes overbought.
Its relative strength index (purple) is rising to 60 after struggling to hit 40 around a week ago, with the coin's growing momentum potentially on course to increase further in the coming days.
At the same time, ADA's 30-day moving average (yellow) looks as though it's about to begin rising up toward its 200-day average (blue), after having spent months well below the longer-term indicator.
In other words, ADA has been oversold for too long, so today's rise could be the beginning of a much-needed recovery rally.
There's no particular fundamental reason or piece of news as to why ADA is rising today, yet it needs to be remembered that Cardano continues to grow and develop as a layer-one blockchain network, and that its development ultimately means that ADA should rise sooner or later.
Indeed, Cardano's total value locked in has risen by 220% since the beginning of the year, and given that this percentage far exceeds ADA's gains over the same period, it has to be concluded that the rising TVL is due to rising usage.
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