Cardano's (ADA) price has been in a robust rally. However, a closer look shows that it is extremely overbought and that the price could pullback. The Cardano price has been unstoppable lately.
- Cardano price continues its 2,300% bull run becoming the fourth-largest cryptocurrency by market cap.
- ADA has sliced through the $0.75 resistance level hinting at another leg-up on the horizon.
- On-chain metrics note a strong growth in user adoption, supporting the bullish thesis.
ADA price has increased 100% since Feb. 1 as social media engagement and excitement about the addition of smart contract functionality is propelling ADA to its highest price level since the bull market of January 2018. The extraordinary bull run pushed the so-called "Ethereum killer" higher in the market capitalization rankings.
Cardano price aims for higher highs
Cardano price confirmed a breakout of an inverse head and shoulder after its shut above the pattern’s neckline on January 4. Since then, ADA has witnessed a 275% upswing in less than 35 days.
On-chain data add credence to the bullish thesis. Indeed, Cardano’s network has seen a 130% increase in new users over the last month. Almost 50,000 new ADA addresses were created on February 9 alone.
The Etherum network is still struggling with heavy congestion and high gas fees and projects like Cardano, which are equipped to stake, are steadily attracting more attention.
Once smart contract functionality is brought to Cardano’s main net, the platform will be able to host a variety of dApps including decentralized finance (DeFi) protocols, a sector that has been one of the main driving forces in the growth of the cryptocurrency sector over the past year.
Total Cardano (ADA) Supply & Market Cap
Cardano has been in the market since September 2017.
The total fixed supply of ADA is 45,000,000,000 ADA out of which 31,112,484,646ADA is floating in the market(at the time of writing this article).
