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Cardano is approaching the ideal buying zone. What values ​​should be monitored?

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Cardano has recently implemented a long-awaited into its network innovation Vasil, which raises the question of possible future price growth of the ADA token. Many analysts are speculating on Cardano’s valuation and predicting the best time to buy. Where is it located according to a well-known expert ideal buying area?

A well-known cryptocurrency trader, Michaël van de Poppe in his recent tweet said that Cardano’s ideal buying area is $0.30 to $0.375. He described the current situation on the chart as accumulative, which is characterized by sideways movement of the price and finding support for a longer period of time.

Cardano is approaching the ideal buying zone. What values ​​should be monitored?

Cardano: spot price. Source: TradingView

Cardano does not respond to Vasil

As we can see in the graph above, the spot price did not respond to the recent update Vasil dated September 22. Cardano continues in sideways structure in the formation of a descending triangle, which should close with a decline. Price is not responding despite what LunaCrush data shows a significant increase in social interactions of Cardano in the period before the Vasil innovation. At the time of writing, ADA is trading at around $0.45.

The purpose of Vasil’s innovation was improve the functionality and efficiency of smart contracts and unlock several features that will allow data to be shared on the chain and the link established. Meanwhile, the number of smart contracts increased already at the beginning of August and crossed the 3,000 mark. In the period from mid-July to mid-August, 5 new scripts were introduced per day.

It seems that despite continued innovation on the Cardano network, the demand still hasn’t materialized and risky assets in 2022 are not in the focus of investors. The decline in global real wages, hand in hand with inflation, is reflected in the outflow of capital from the cryptocurrency market.

What do you think about the future price development of Cardano? And what is the value of the project itself? You can share your opinion in the comments.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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