Cardano Price Prediction as New Report Shows ADA Whale Activity Soars – Time to Buy?
According to a recent blog post by crypto analytics firm Santiment, so-called whale transactions on the Cardano blockchain have seen a massive spike since early February. Over the past few weeks, the number of ADA transactions worth at least $100,000 has frequently reached 2,000 per day. In the last few months leading up to February, the number of transactions worth more than $100,000 per day rarely exceeded 500.
The spike in ADA whale transactions comes at an interesting time for Cardano. First, the crypto market rally that began earlier this year has, since Wednesday 22n/a of February, has lifted the eighth largest cryptocurrency in the world by more than 50% since the start of the year. Meanwhile, a number of exciting milestones in the development of the Cardano ecosystem have been achieved, including the launch of the highly anticipated USD-pegged and oversized algorithmic stablecoin Djed, which is touted as likely to attract new investors. capital inflows to the Cardano ecosystem as decentralized finance (DeFi) investors. look for new ways to generate returns.
Cardano Price Prediction – What’s Next for ADA?
ADA/USD last changed hands around $0.38 per token, now down around 10% from previous monthly highs of $0.42. Cardano, which is now threatening to break back below its 200-day moving average (DMA), faces selling pressure amid a broad decline in crypto prices on Wednesday.
Crypto takes a cue from US stocks, which are falling amid 1) fresh evidence of an impending earnings slump following the latest earnings from Walmart and Home Depot and 2) lingering concerns that equity investors had under- estimated the extent to which the Fed will continue with interest rate hikes this year.
ADA bears will now consider a test of the 50DMA in the $0.36 range, which also coincides quite nicely with this year’s uptrend. If Cardano can find support here, it has a good chance of bouncing back to recent highs. Otherwise, a test of a recent double bottom just below $0.3450 is likely.
Is it the right time to buy Cardano?
“I would choose ADA for now,” said Guy Turner, the creator of the hugely popular crypto news YouTube channel Coin Bureau in a recent interview with The Daily Hodl. Turner noted that recently Cardano has made a lot of progress, highlighting Vasil’s upgrade, before noting that he likes “the fact that there are a lot more upgrades planned”, including Hydra, which mainly focuses on scaling.
Turner also noted the strength of the Cardano community as the reason he loves cryptocurrency. “There’s obviously a really dedicated Cardano community, which I love…And I think that’s an increasingly important thing in crypto because these projects…need users, they have need communities to survive,” he explained.
ADA alternative to consider
ADA is clearly a cryptocurrency with a lot of long-term potential. However, given its somewhat uneven short-term outlook, traders looking for quick gains may prefer to consider other high-potential tokens, such as those sold in presale promising promising crypto projects. We’ve reviewed some of the top contenders in this list of the 15 best cryptocurrencies for 2023, as analyzed by the Crypto news Industry Discussion Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.