Cardano’s profitability and ecosystem’s fundamental value are still on rise
Most of the digital assets have struggled to show positive price performance in the cryptocurrency market over the past 24 hours, but Cardano was not one of them. According to the top of CoinMarketCap, one of the biggest Ethereum rivals has become the most profitable crypto in the last 24 hours.
Despite moving in a prolonged downtrend, ADA is constantly testing local resistance levels and aiming for a rapid recovery as the overall profitability of the asset is still on one of the lowest levels compared to Ethereum or even Bitcoin, which faced an almost 80% correction.
For now, Cardano is desperately trying to break above the 50-day SMA, which acts as a barrier for the asset in a downtrend. If broken, ADA will be able to move towards the next resistance level around $0.7, the price level that corresponds to the 200-day EMA.
Unfortunately, the growth we are seeing today was most likely only possible due to the lack of selling pressure caused by the weekend trading session infamous for a relatively low trading volume and liquidity.
Fundamental Development of Cardano
Despite the start of the month, Cardano’s vibrant ecosystem has seen several releases and additions, such as the confirmation of the Vasil hard fork on September 22, the GeroWallet release, successful Ada finance audit and the upcoming launch on September 13.
Most industry experts believe projects like Cardano will blossom during the next bull run as the fundamental value of networks will be the defining factor during the next growth cycles on the market, and speculative assets like Shiba Inu will no longer attract users, unless markets become extremely overbought once again.
