Ever since the FED released the fresh CPI rates, the crypto market continues to remain heavily consolidated. Bitcoin price slumped close to $19,000, while Ethereum price was below $1300. At the same time, the popular crypto Cardano which was assumed to mark lows below $0.3, now displays a minor bullish divergence. However, the confirmation of a rebound may still remain misty until the ADA price is raised beyond $0.4.
The Cardano price continues to display significant volatility as it continues to trade at around $0.3469 with a slight increase of +1.80% in the past 24 hrs. Meanwhile, the bears continue to mount significant pressure on the asset. However, the relative position has tangled down heavily and sits around the lowest position since January 2019. On the contrary, the ADA price continues to manifest the possibility to go long as the MVRV-Z smashed one of the crucial levels.
The MVRV-Z score is the difference between the market capitalization & realized value. Presently, the z-score is dropping hard and reached levels around -1.35 for the first time in the past 45 months. This signifies that the asset is highly undervalued as the realized value has raised above the current market cap.
Meanwhile, the NFT activity over the Cardano network has significantly risen which offers a tough condition for Solana. Additionally, the developers have planned to launch an additional update called ‘Hydra’ that intends to increase the blockchain’s transaction capacity from 250 to 1,000,000 per second.
Hence, considering the above reasons, Cardano’s price may explode in the coming days as the trading volume remained within a very impressive region amid the current bear market. Therefore, in the next bull run, the beat DeFi & NFT trading platform could be Cardano which may impact the ADA price to a large extent.