VOT Research Desk
The advancements that the altcoin has achieved in the Non-Fungible Token (NFT) market do not appear to be reflected in the price of Cardano.
Although not yet considerable, Cardano-based NFT volume is steadily increasing. Given the state of the NFT market as a whole, which every chain and collection is experiencing, this is already a success.
Since the launch of Cardano-based NFTs in July 2021, the block chain has experienced several ups and downs. The NFTs volumes varied along with the chain, reaching a peak last month of $4.2 million in a single day.
The total amount of NFTs created on the chain surpassed 6 million this month, reaching 6.4 million, following a similar pattern from last month. However, this week had some of the lowest NFT trading volume in 2022.
This is consistent with the remainder of the NFT business, where sales have been a huge issue. With only $491.2 million in NFT sales for the whole month of October, it was already rather dismal.
The dropping sales have made it challenging for volume to surpass $500 million, which is a bit less than September’s $526.7 million. Even still, November’s overall sales are predicted to exceed $500 million.
Which way the market moves will determine whether or not that occurs. Up looks a bit challenging, at least in the case of the crypto currency market.
Cardano Technical Analysis Report:
The alternative currency’s price dropped by 10.07% in the previous two days to $0.384 . The most recent significant increase was a nine-day period in mid-October when the price increased by 23.53%.
At the time, Cardano came perilously close to closing above the $0.409 support level that had been there for six months.
ADA is predicted to continue declining before testing the line once again as resistance while fluctuating around the same level. If general market signals don’t improve, Cardano might be at the present important support level of $0.33.
However, the Relative Strength Index (RSI) indicates that there is still space for price growth for Cardano since the cryptocurrency is not yet close to being overbought.
Therefore, if there is a surge in purchasing demand over the next days, ADA’s price might soar and turn $0.409 into support.
