Even as the market is stuck in volatility, at the time of reporting, the global crypto market is positioned at above $1 trillion with a surge of 1.64% over the last 24hrs. On the other hand, the world’s first currency has dropped by 0.11% overnight trading around $21,539.
However, there are some altcoins like Ethereum, XRP, Cardano and Solana which are on a bull ride.
On-chain analytics firm, Santiment reports that Cardano’s price action will not go below Ethereum (ETH) or Binance Coin (BNB). The prediction by the firm is based on the MVRV indicator. MVRV, the percentage of actual capitalization to market capitalization, is calculated to assess profit margin and determine whether costs are greater or less than market value.
Therefore, since Cardano’s MVRV is the lowest, the chances of the asset going down further are very slim. The prediction is especially true for ETH and BNB as they are yet to hit that low.
Despite this kind of analysis from the on-chain firms being reliable, it’s important to know that the crypto market is too volatile and risky.
cardano price action
Cardano’s ADA began its decline on August 17th and lasted until August 19th. It is clear from the image that the quotes have stabilized in the $0.4-$0.6 price range if viewed from the perspective of the last four months.
However, on the contrary, though the current price movements are bullish, the currency might still plunge. Hence it’s not a feasible move to open positions in the middle of any range. Also, it needs to be noted that at the start of June, Cardano registered a 30% surge from the same price range of $0.46.
At the time of writing, Cardano is selling at $0.4643 with a gain of 0.28% over the past 24 hours.
