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- ADA’s price has dropped more than 2% over the last 24 hours.
- The 24-hour drop in the altcoin’s price has resulted in ADA’s price breaking below a positive trend line.
- Technical indicators on ADA’s daily chart suggest that ADA’s price will drop in the coming 24-48 hours.
Cardano is a third-generation, decentralized proof-of-stake (PoS) blockchain platform designed to be a more efficient alternative to proof-of-work (PoW) networks. Scalability, interoperability, and sustainability on PoW networks like Bitcoin are limited by the infrastructure burden of growing costs, energy use, and slow transaction times.
Cardano (ADA) Current Market Standing
Cardano (ADA) is ranked as the eighth biggest project in terms of market cap, according to CoinMarketCap. It experienced a 24-hour price drop of 2.84%, taking its price down to $0.3874 at press time. The Ethereum-killer’s market cap currently stands at $13.413 billion.
Meanwhile, ADA’s 24-hour trading volume currently stands at $387,231 million. Furthermore, the price of ADA is nearer to its 24-hour low at $0.3794. The altcoin’s daily high stands at $0.4003.
ADA’s drop in price over the last 24 …
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