ADA Drops to Last Place in the Top 10 Cryptocurrencies

FXOpen

ADA, the native blockchain token of the Cardano network, has dropped to 10th place among the cryptocurrencies with the largest capitalization. Today, according to CoinMarketCap, the capitalization of Cardano (ADA) is USD 20.7 billion.

On the one hand, this happened due to the success of such competitors as:
→ Dogecoin (DOGE) with a capitalization of USD 27.1 billion, approximately +108% since the beginning of the year;
→ Toncoin (TON) with a capitalization of USD 23.7 billion, approximately +193% since the beginning of the year.

On the other hand, the ADA/USD rate behaves weaker than other cryptocurrencies. Year to date, it has dropped by several percent since January 1, 2024. And this is against the background of a bull market, which should greatly confuse investors.

Will Cardano (ADA) be able to strengthen its position in the top 10 cryptocurrencies?

Bulls' hopes may be tied to the approaching Chang update (expected in the second quarter of 2024), which will implement the concept of a self-governing community on the blockchain by introducing delegate representatives (DReps) and community voting to approve the first draft of the Cardano Constitution.

Technical analysis of the ADA/USD chart today shows more bearish signals:
→ the price of ADA/USD moves within the ascending channel;
→ the important level USD 0.6800 again acts as resistance (as shown by the arrows);
→ the price tried to push off from the lower border of the channel, but was unable to gain a foothold above the psychological level of USD 0.6000.

The level of USD 0.5700, reinforced by the lower border of the channel, acts as the most important support in such a situation - its breakdown will open the way to the psychological level of 0.5000 and the minimum of the year in the area of 0.4500.

Given the failure of the ADA/USD price to follow trends in the cryptocurrency bull market in early 2024, such a scenario looks likely.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Shares

Tesla (TSLA) Stock Underperforms the Broader Market

Analysing Tesla (TSLA) stock chart on 12th December, we:

→ Identified an ascending channel, with the November price consolidation around $350 (marked by a thick blue line) potentially indicating the median line of the long-term ascending channel (highlighted in blue).

→ Mentioned

Commodities

XAU/USD Chart Analysis and Analytical Gold Price Forecast for 2025

With the holiday season underway, this week may be less volatile than the previous one, which was dominated by central bank decisions. This presents an opportunity to analyse the broader trends and outlook for gold prices in 2025.

The XAU/

Commodities

Market Analysis: Gold Price and Crude Oil Price Face Hurdles

Gold price started a fresh decline below $2,665. Crude oil prices are now struggling to clear the $70.00 and $70.50 resistance levels.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price climbed higher toward the
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.