ReportWire

Tag: adausd

  • Crypto Analyst Predicts Dramatic Rise In Cardano (ADA) Price, Here’s The Target

    Crypto Analyst Predicts Dramatic Rise In Cardano (ADA) Price, Here’s The Target

    [ad_1]

    Crypto analyst Guy Turner has predicted that Cardano (ADA) could experience a significant price surge soon enough. The analyst also gave an insight into what price levels the crypto token could hit when this happens. 

    Cardano To Rise To $1

    In a video posted on his YouTube channel, Turner mentioned that ADA could rally to as high as $1 as that is the next significant level of resistance. The analyst’s projection is based on the fact that ADA’s weekly chart suggests that the crypto token is in the process of painting a bull flag. 

    A rise to $1 doesn’t seem impressive to the analyst as he alluded to SOL’s price, which has seen incredible gains from its past lows. The crypto analyst highlighted Cardano’s fundamentals as one reason why it has continued to underperform. According to him, the supply of the token seems to be outweighing the demand for it.

    He also singled out Cardano’s founding entities, IOG, EMURGO, and the Cardano Foundation, for contributing to a lot of sell pressure for the crypto token. These organizations are said to be selling a huge chunk of their ADA holdings to fund their operations. The silver lining is that this supply and demand dynamics doesn’t look to have impacted ADA’s price too much, Turner said.

    Meanwhile, he sounded bullish on Cardano in the long term as he noted that the interest rates, which have had more impact on ADA’s price, are likely to keep declining. As such, the crypto analyst believes that the crypto token could continue to rally alongside the rest of the broader crypto market despite its poor fundamentals. 

    ADA price at $0.51 | Source: ADAUSD on Tradingview.com

    Will ADA Hit New All-Time Highs This Year?

    Turner further stated that whether or not ADA will hit new all-time highs this year will depend on its upcoming milestones. One of them happens to be the CIP 1694, a proposal that has been in focus in the Cardano ecosystem over the last year. Having been voted upon and passed, the CIP 1694 is set to be implemented with the Chang Hard Fork set to take place early this year.

    Another milestone, which Turner considers the most important of them all, is the likely introduction of Cardano’s first fiat-backed stablecoin this year. IOG is said to be working on their stablecoin project, which could be released soon enough. Mehen Stablecoin’s USDM, which Turner referenced in his video, is also billed to launch in the first quarter of this year. 

    Following the release of Turner’s video, Mehen provided further updates on the USDM launch. They stated that the stablecoin is currently at the final stage of the audit. Once that is done, they plan to announce a final launch date. 

    The introduction of Cardano fiat-backed stablecoin is an important milestone as it can further boost the DeFi landscape on the network. The crypto analyst highlighted that it is “very difficult” to grow decentralized applications (dApps) on the network without the help of liquid fiat stablecoins. 

    Featured image from FX Empire, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    [ad_2]

    Scott Matherson

    Source link

  • Cardano Surges 245% In Development Activity, Whale Buying Appetite – Details

    Cardano Surges 245% In Development Activity, Whale Buying Appetite – Details

    [ad_1]

    According to the latest findings from CryptoDiffer, Cardano (ADA) has significantly outpaced Ethereum (ETH) in terms of average daily developer activity on GitHub over the past month.

    The data indicates that Cardano has surged ahead with a remarkable 245% lead over Ethereum in this crucial metric. The average daily GitHub commit size for Cardano stands at nearly 450, showcasing a robust and active development environment that is setting a new standard in the blockchain space.

    Cardano Surges, Dominates GitHub Developer Activity

    This notable lead by Cardano in developer activity underscores the project’s commitment to ongoing enhancements and innovation within its ecosystem. GitHub, as a collaborative platform for developers, is a crucial indicator of a blockchain project’s vitality and progress.

    Cardano’s substantial lead in this aspect not only signifies the current momentum in its development efforts but also reflects a dedicated community and a forward-looking approach to blockchain technology.

    In contrast, Ethereum, while maintaining a solid presence on GitHub with a daily average commit size of 183, now faces the challenge of catching up with the accelerated pace set by Cardano.

    Source: Santiment

    The data suggests that Cardano has positioned itself as a frontrunner in the development race, indicating a heightened focus on refining and expanding its blockchain capabilities.

    Analysts believe that Cardano’s ongoing spike in development is a favorable indication of an expanding ecosystem. The project’s emphasis on enhancing interoperability and promoting collaboration through international workshops has played a significant role in establishing its prominent position in the blockchain-oriented field.

    If current trends persist as anticipated, there is a likelihood that the price of Cardano will experience an upward trajectory in the upcoming days. This optimistic outlook is substantiated by the observed accumulation of the token by significant market participants, commonly referred to as whales, over the past two weeks.

    ADA market cap currently at $18.446 billion. Chart: TradingView.com

    Meanwhile, analyzing data from Santiment, NewsBTC conducted an assessment of the ADA holder addresses and observed a noteworthy increase in the holdings of the 1 million to 10 million ADA cohort.

    Specifically, on December 20th, the supply held by this cohort stood at 16%. However, as of the latest available data, that percentage has seen a discernible rise, reaching 16.36%.

    Source: Santiment

    Whale Accumulation: ADA’s Rising Investor Confidence

    The augmentation in ADA holdings within this particular cohort suggests a strategic accumulation of the cryptocurrency by influential market players.

    Whales, who typically control substantial amounts of a given asset, are often considered key indicators of market sentiment and can influence price movements. The observed increase in ADA holdings by this cohort implies a growing interest and confidence in Cardano among larger investors.

    The performance of Cardano in 2024 is characterized by a combination of hope and prudence. The ADA coin has shown significant increases in trading volume, reflecting robust investor enthusiasm and market participation. The increase in trade volume indicates a rising belief in the long-term prospects of Cardano, fueled by ongoing development and support from the community.

    Featured image from Freepik

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    [ad_2]

    Christian Encila

    Source link

  • Machine Learning Algorithm Predicts When Cardano Price Will Hit New $6.5 ATH

    Machine Learning Algorithm Predicts When Cardano Price Will Hit New $6.5 ATH

    [ad_1]

    The machine learning algorithm at CoinCodex has predicted when the Cardano price will reach a new all-time high. The coin which has been performing quite well in the last few weeks is still miles away from its current all-time high of $3.1. However, the machine learning algorithm has revealed when it will cross this level once more.

    Cardano Price Will Hit $6.5

    According to the CoinCodex machine learning algorithm, the Cardano price may be locked into years of performing below its 2021 all-time high prices before finally revisiting It around five years from now. Apparently, while the next few years will see the price jump another 200% from its current price, breaking above $3.1 will remain elusive.

    The year 2024 which is expected to be the start of another crypto bull market will reportedly see ADA only rise as high as $2.98, falling just short of its previous all-time high. Then in the years 2025 and 2026, its max performance is pegged even lower with $2.42 in 2025 and $0.8 in 2026.

    The year 2027 is expected to follow the same trend as 2026 with a min value of $0.5 and a maximum value of $0.86. However, in 2028, this is expected to completely change to the point where the ADA price will reach a brand-new all-time high.

    Cardano’s max price for the year 2028 is said to be $6.52 by the machine learning algorithm with a minimum price of $0.73. Then in the following year of 2029, it expects a minimum value of $1.1 and a max value of $4.99. Finally, the year 2030 is placed at a minimum of $0.65 and a maximum of $1.36.

    ADA price recovers from dip | Source: ADAUSD on Tradingview.com

    ADA Sees Bullishness Across The Board

    Contrary to the CoinCodex machine learning algorithm saying that the Cardano price will not reach a new all-time high until the year 2028, crypto analysts have come forward with their own bullish predictions. One analyst Psyclops expects the price to climb to $10 amid the rapid growth that is being recorded in the Cardano ecosystem.

    Another crypto analyst known as Crypto Crow says that they expect the price to reach $32. The time frame from this analyst is that they expect this to happen in the next bull market and since the next bull market is expected to take place between 2024 and 2025, it gives it a two-year timeframe.

    Finally, crypto analyst Dan Gambardello has predicted that the Cardano price will reach $11. His reasoning lies with the past performance of the digital asset which has performed very well in each bull market. Gambardello expects that if ADA sticks to historical performance, then the market cap of the altcoin will climb to $400 billion by the year 2025.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    [ad_2]

    Best Owie

    Source link

  • Crypto Analyst Predicts Cardano (ADA) Price Will Rise 1700% To $11, Gives Reasons Why

    Crypto Analyst Predicts Cardano (ADA) Price Will Rise 1700% To $11, Gives Reasons Why

    [ad_1]

    Popular crypto analyst Dan Gambardello recently dropped a very bullish prediction for the Cardano (ADA) price. This analyst claims ADA is poised to surge to $11 in the next extended bull cycle, an incredible 1700% gain from its current price level.

    Unlike many, the analyst didn’t just pull that prediction out of thin air. According to him, the prediction was solely based on ADA’s historical data and past actions.

    Prediction Based on Historical Price Analysis

    Cardano has had one of the best price gains among major altcoins this year. This price spike has brought in predictions from various analysts, with some predicting very bullish price points than others. According to a video shared by Gambardello, if history repeats itself, ADA could spike to a market cap of $400 billion by 2025.

    How did he come by this number? Well, data has shown that the price of Cardano (ADA) has always correlated with Ethereum’s (ETH) past actions. A weekly timeframe chart shared by the analyst in a video on social media platform X showed that the last bull run in 2021 which saw ADA reach its current all-time high of $3.10 was a mirror of ETH’s performance in 2017. During the bull run in 2021, ADA spiked to a total market cap of $93 billion, a 75% correlation with ETH’s $123 billion at the 2017 peak.

    It’s important to note that at this first stage, both Ethereum and Cardano weren’t well known for their DeFi capability. Now, it looks like ADA is getting ready to enter the 2021 Ethereum first DeFi bull cycle phase where it peaked at a market cap of $546 billion.

    Cardano’s blockchain has grown since the first stage, with the network now one of the fastest-growing in terms of DeFi and smart contracts. If this cycle is consistent with the previous one, a 75% performance of ETH’s market cap peak will put that of ADA at $409 billion by 2025. At this point, ADA could speculatively be at a 4% total crypto market dominance and peak over $11.

    ADA price at $0.65 | Source: ADAUSD On Tradingview.com

    Gambardello correctly predicted ADA’s all-time high of over $3 in June 2020, one year before the crypto reached this price point. The analyst also noted another scenario where the spike doesn’t mirror 75% of Ethereum’s DeFi cycle. According to him, a lesser market cap of $350 billion would put ADA at $10, way higher than its current all-time high.

    Current State Of Cardano

    ADA is currently on a 13.81% gain in the past 24 hours, boosted by a $1.5 billion increase in whale transactions. The crypto shot through to $0.6776, registering a new yearly high. At the time of writing, ADA is trading at $0.6527, a 73% increase from its December open of $0.376.

    According to another social media post by Dan Gambardello, Cardano is now at a decision point between a continued increase to $0.75 and a retrace to $0.41.

    Featured image from Medium, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    [ad_2]

    Scott Matherson

    Source link

  • Crypto Analyst Predicts Cardano Price Will Rise 6000% To $33, Here’s The Timeline

    Crypto Analyst Predicts Cardano Price Will Rise 6000% To $33, Here’s The Timeline

    [ad_1]

    Crypto analyst Tyler Strejilevich has speculated what could be another tremendous bullish run for Cardano (ADA). Cardano has already done a 132% gain for its holders since the beginning of the year, but according to a discovery by this analyst, the token might just be getting started. In fact, if Strejilevich is right, ADA could skyrocket by an incredible 6000% from today’s price to $33 in the next year.

    Crypto Analyst Tyler Strejilevich Spots Bullish Signal For Cardano

    Crypto analyst Tyler Strejilevich made his discovery known in a post on the social media platform X. In the post, he noted how ADA is currently at a similar crossroads which it found itself in July 2020. 

    Using his analysis of the ADA price chart he shared, Strejilevich noted how the token is now at a bullish cross on moving averages on the weekly timeframe. The last time this happened, ADA went on to form many consecutive bullish candles, going from $0.041 to its current all-time high of $3.09 in 66 weeks. 

    A repeat would see Cardano reaching $33 by January 2025. A less optimistic prediction by Changelly puts a $1 prediction by the end of 2025. 

    The bullish crossover is yet to happen, and the token still has a few weeks to see how this would play out. Of course, in the volatile world of cryptocurrencies, there’s no guarantee the price will move as predicted. Nevertheless, Cardano is poised for a major rally that could extend into the coming year. 

    ADA price continues to show strength | Source: ADAUSD on Tradingview.com

    Current Bullish Performance Of ADA

    Network activity, increase in DeFi TVL, and other factors point to Cardano continuing on its current bull run. It’s important to note that the last time Cardano went on this 6000% price gain, its blockchain network was still behind on smart contract functionality. However, the network has changed since then, with Cardano now one of the fastest-growing blockchains in terms of smart contracts. 

    Cardano is currently trading at $0.5754, up by 48.43% in a 7-day timeframe amidst a larger crypto market green week. The crypto briefly touched the $0.6 level on December 9, reaching $0.6323 for the first time this year. It has now formed a minor support at $0.53 and is on its way to revisiting $0.6.

    On the other hand, the total crypto market cap has dropped by 5.75% in the past 24 hours, as Bitcoin inflows slowed down. According to a chart shared by crypto analyst Ali Martinez, Bitcoin miners have sold around 1,000 BTC worth $44 million since Friday. At the time of writing, Bitcoin is down by 0.5% in the past 24 hours and 6% from its yearly high of $44,500.

    Featured image from Crypto News, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    [ad_2]

    Scott Matherson

    Source link

  • Cardano (ADA) Retests Major Resistance Wall, Will Break Happen?

    Cardano (ADA) Retests Major Resistance Wall, Will Break Happen?

    [ad_1]

    On-chain data shows Cardano is currently retesting a major resistance wall, breaking through which might pave the way to higher price levels.

    Cardano Is Facing On-Chain Resistance At Current Price Levels

    According to data from the market intelligence platform IntoTheBlock, there appears to be key on-chain resistance around the $0.38 mark. In on-chain analysis, levels are judged to be “resistance” or “support” based on whether they host the cost basis of a significant number of investors or not.

    The cost basis here naturally refers to the price at which a Cardano investor bought their tokens. This price is obviously an important level for any holder, as the asset’s spot value retesting this level could mean a potential swing in their profit-loss situation.

    Because of this reason, holders are particularly sensitive when such a retest happens and as such, they may be more likely to show some kind of move. What kind of move this would be, though, depends on the prior profit-loss situation of the investor.

    Investor psychologically works so that if the trader had been holding a profit before this retest, they might want to take a further gamble at it, as they could believe this same price level would be profitable again in the future.

    Similarly, the holder might lean towards selling instead if the retest is happening from below since they would fear a scenario where the price declines again and they dip back into losses.

    Now, here is what the various Cardano price ranges are looking like right now in terms of the concentration of investors or addresses who acquired their coins at them:

    Looks like the current price range is offering a significant amount of impedance to the price | Source: IntoTheBlock on X

    In the above graph, the size of the dot represents the amount of investors who bought inside the range. As mentioned before, investors are likely to show some reaction when the price retests their cost basis, so if a large number of them share their cost basis inside the same range, the effect that the market would feel from the retest would also be equally sizeable.

    From the chart, it’s visible that the ADA price range between about $0.37 and $0.39 has a cost basis of over 319,000 addresses, which acquired a total of 7.19 billion ADA at these levels.

    This is the same range that Cardano has been retesting recently and has been struggling to break out of. It would appear that the reason behind this might be the resistance being offered by the sellers who are attempting to exit at their break-even prices.

    Given the large scale of this resistance wall, it would be tough for the cryptocurrency to mow through it and gain some distance. If the asset can achieve this, though, then the zone might turn into support instead and provide some solid ground for a move towards higher levels.

    ADA Price

    Cardano is trading around the $0.38 level right now, which is right in the middle of the resistance wall.

    Cardano Price Chart

    The value of the asset appears to have been moving sideways in the last few days | Source: ADAUSD on TradingView

    Featured image from Shutterstock.com, charts from TradingView.com, IntoTheBlock.com

    [ad_2]

    Keshav Verma

    Source link

  • ADA Price (Cardano) Breaking This Confluence Resistance Could Restart Rally

    ADA Price (Cardano) Breaking This Confluence Resistance Could Restart Rally

    [ad_1]

    Cardano (ADA) is moving higher from the $0.350 support. ADA could rally if there is a clear move above the $0.388 and $0.395 resistance levels.

    • ADA price is moving higher above the $0.375 pivot level.
    • The price is trading above $0.380 and the 100 simple moving average (4 hours).
    • There is a key bullish trend line forming with support near $0.370 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
    • The pair could accelerate higher toward the $0.420 level or even $0.450.

    Cardano Price Rally Could Soon Restart

    After a steady increase, Cardano saw a downside correction from the $0.4090 zone. There was a drop below the $0.395 and $0.388 support levels, like Bitcoin and Ethereum.

    However, the bulls were active near the $0.350 support zone. A low was formed near $0.3494 and the price is now moving higher. There was a break above the $0.365 and $0.375 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $0.4090 swing high to the $0.3494 low.

    ADA is now trading above $0.375 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.370 on the 4-hour chart of the ADA/USD pair.

    Source: ADAUSD on TradingView.com

    On the upside, immediate resistance is near the $0.3880 zone or the 61.8% Fib retracement level of the downward move from the $0.4090 swing high to the $0.3494 low. The first resistance is near $0.395. The next key resistance might be $0.400. If there is a close above the $0.400 resistance, the price could extend its rally. In the stated case, the price could rise toward the $0.420 region. Any more gains might call for a move toward $0.450.

    Are Dips Supported in ADA?

    If Cardano’s price fails to climb above the $0.388 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.370 level and the trend line.

    The next major support is near the $0.365 level and the 100 hourly SMA. A downside break below the $0.365 level could open the doors for a test of $0.350. The next major support is near the $0.335 level.

    Technical Indicators

    4 hours MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.

    4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

    Major Support Levels – $0.370, $0.365, and $0.350.

    Major Resistance Levels – $0.388, $0.395, and $0.420.

    [ad_2]

    Aayush Jindal

    Source link

  • ADA Price Prediction – 10% Surge In Two Days, Bulls Aim For $0.35

    ADA Price Prediction – 10% Surge In Two Days, Bulls Aim For $0.35

    [ad_1]

    Cardano (ADA) started a fresh increase above the $0.30 resistance. ADA is outperforming Bitcoin and might aim for a move toward the $0.35 resistance.

    • ADA price regained strength for a move above the $0.265 and $0.280 levels against the US dollar.
    • The price is trading above $0.30 and the 100 simple moving average (4 hours).
    • There is a key bullish trend line forming with support near $0.3050 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
    • The pair must stay above the $0.308 support to start a fresh increase in the near term.

    Cardano Price Regains Strength

    After a couple of swing moves, Cardano was able to gain strength for a move above the $0.28 resistance. It rallied above the $0.30 resistance to move further into a positive zone. It is up over 10% in two days, outperforming Bitcoin and Ethereum.

    A new multi-week high is formed near $0.3295 and the price is now consolidating gains. There was a minor correction below the 23.6% Fib retracement level of the upward move from the $0.2847 swing low to the $0.3295 high.

    ADA is now trading above $0.30 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.3050 on the 4-hour chart of the ADA/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.2847 swing low to the $0.3295 high.

    Source: ADAUSD on TradingView.com

    On the upside, immediate resistance is near the $0.3280 zone. The first resistance is near $0.332. The next key resistance might be $0.350. If there is a close above the $0.350 resistance, the price could extend its rally. In the stated case, the price could rise toward the $0.385 resistance zone.

    Are Dips Supported in ADA?

    If Cardano’s price fails to climb above the $0.328 resistance level, it could continue to move down. Immediate support on the downside is near the $0.310 level.

    The next major support is near the $0.308 level and the trend line. A downside break below the $0.308 level could open the doors for a sharp fresh decline toward $0.285. The next major support is near the $0.274 level.

    Technical Indicators

    4 hours MACD – The MACD for ADA/USD is losing momentum in the bullish zone.

    4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

    Major Support Levels – $0.310, $0.308, and $0.285.

    Major Resistance Levels – $0.328, $0.332, and $0.350.

    [ad_2]

    Aayush Jindal

    Source link

  • Cardano Founder Forecasts ‘Tens Of Millions’ Of Users

    Cardano Founder Forecasts ‘Tens Of Millions’ Of Users

    [ad_1]

    In a recent exchange on X (formerly Twitter), Charles Hoskinson, founder of Cardano, commented on criticisms and misunderstandings arising within the ADA community. In response to a user’s exasperation over apparent internal criticisms, Hoskinson robustly defended IOG’s strategy and commitment to growth.

    Cardano Founder Promises Growth

    “I seem to notice a lot of this lately. Nami, Midnight, etc. Lots of amazing people are building and bringing new users, capabilities, and experiences into the ecosystem. IOG is a builder. We aren’t different from any DApp company in Cardano,” Hoskinson responded. He expressed his confusion over the criticism IOG faces when deploying significant capital into the ADA ecosystem, particularly when the team is “always open, direct, and transparent about plans and projects.”

    This statement comes after recent acquisitions and launches by IOG, which some community members view with suspicion. He addressed these concerns about IOG’s recent actions, stating: “We have products and services and are here to bring millions into the ecosystem. I don’t understand why when we start doing that and deploy millions in capital, some are actively hostile.”

    Hoskinson also expressed frustration over misunderstandings regarding IOG’s transparency about its plans. He specifically mentioned CIP 1694, which he suggests has been misinterpreted by some as an attempt to establish a power hierarchy. The Cardano founder vehemently denied this, indicating that it aims to do the “exact opposite.”

    He also emphasized the critical role of the recent acquisitions, stating, “Lace is here to be the best wallet in the entire cryptocurrency space and expose all Bitcoin and Ethereum users over time to the Cardano ecosystem. So when we buy Nami to help accelerate a great simple user experience, this is bad for Cardano? Really? Midnight which makes Cardano the leader in data confidentiality tech is somehow abandoning Cardano!?”

    In his subsequent message, Hoskinson provided a more detailed roadmap for the platform’s user growth. “Midnight will bring tens of millions of users into the Cardano ecosystem, Lace will keep them, intersect gives them a place to talk to each other, CIP 1694 gives them a voice in the future. Yes this is exactly what is happening,” he added.

    The Latest Advancements

    Only yesterday, the much-anticipated Cardano Midnight protocol onboarded the first group of pioneers to its devnet. Input Output Global (IOG) tweeted about this milestone, unveiling that they have cherry-picked the first batch for the Midnight devnet.

    Midnight aims to provide a data-protection side-chain designed to facilitate the creation of secure and regulation-compliant smart contracts and decentralized applications (dApps). Furthermore, the Midnight protocol will introduce its token – DUST. The devnet’s initial phase is expected to encompass as many as 100 development teams.

    In another significant move that underscores IOG’s ambition to expand and strengthen the Cardano ecosystem, Nami, a leading independent wallet known for ADA transactions, has been acquired by Input Output Global (IOG), as per announcement yesterday. Since its inception over two years ago, Nami has been a favorite among ADA users. Its acquisition denotes a strategic step by IOG to enhance its suite of products and services within the Cardano sphere.

    At press time, ADA traded at $0.304.

    ADA price breaks above the 200D EMA, 1-day chart | Source: ADAUSD on TradingView.com

    Featured image from Metaschool, chart from TradingView.com

    [ad_2]

    Jake Simmons

    Source link

  • Cardano Poised To Explode As Grayscale Makes A Major Play | Bitcoinist.com

    Cardano Poised To Explode As Grayscale Makes A Major Play | Bitcoinist.com

    [ad_1]

    Cardano (ADA) has been slowly creeping into the mainstream and onto the radar of major players. This rising popularity of the cryptocurrency has led it to Grayscale, as the asset manager unveils a new way for institutional investors to gain exposure to Cardano.

    Grayscale Announces Cardano Indices

    On Tuesday, October 24, Grayscale Investments announced that it is bringing five new crypto indices to the crypto market. These five indices would allow institutional investors to gain some level of exposure to a number of assets in the industry without having to go through the hassle of actually buying the coins.

    Of the five indices that were announced, Cardano made the cut as one of the smart contract platforms that were being explored. This adds to the existing exposure already available to institutional investors through Grayscale Investments by way of the ‘Grayscale Smart Contract Platform Ex-Ethereum Fund’. This fund already sees Cardano maintain a 24% dominance, something that may be replicated in the new indices.

    Cardano community member Dan Gambardello took to his X (formerly Twitter) platform to share the news. Gambardello explained that this could be a major game-changer for the crypto especially with institutional investors being given a way to play. “We’re talking big money, big players, and big validation for ADA,” he said.

    Also, as Gambardello points out, the introduction of five new indices could suggest rising interest from large investors in cryptocurrencies other than Bitcoin. Gaining exposure to assets with lower market caps than the leading cryptocurrency could mean even larger profits for these institutional players, and Cardano could provide them with that opportunity.

    “It’s clear that the institutional wave is coming for more than just Bitcoin. Cardano as a blue chip crypto is poised to ride that wave!” Gambardello concluded.

    What Happens With Institutional Adoption?

    As already seen with Bitcoin, institutional investor adoption of a cryptocurrency can mean a massive rally for the asset. This is because the buying power of institutional investors is much higher than that of retail investors, and with trillions of dollars in the hands of institutions, even a small percentage of their investment portfolio going into an asset could cause it to explode.

    The recent Bitcoin rally above $35,000 following enthusiasm that the BlackRock Spot Bitcoin ETF might be approved soon is a perfect example of this. Market experts have said they expect upwards of $100 billion to flow into BTC if a Spot Bitcoin ETF is approved.

    This high-value injection could also be incredible for Cardano which is already being viewed as a serious investment by these large players. This can easily lead the ADA price back above $1 with the right set of circumstances.

    ADA price rejected at $0.28 | Source: ADAUSD on Tradingview.com

    Featured image from Medium, chart from Tradingview.com

    [ad_2]

    Scott Matherson

    Source link

  • Cardano Passes Crucial Update As ADA Price Preps For 65% Rally

    Cardano Passes Crucial Update As ADA Price Preps For 65% Rally

    [ad_1]

    The Cardano ecosystem is ringing in significant transformations with the Cardano Foundation’s announcement of a pivotal modification to its staking parameters. After a stake pool operator (SPO) poll and thorough deliberations by the Parameters Committee, the foundation decided to update the network to enhance both its competitiveness and user experience.

    The Cardando Foundation stated via X (formerly Twitter): “As a result of the Stake Pool Operator [SPO]-Poll and a subsequent evaluation by the Parameters Committee, the Cardano Foundation has successfully submitted a transaction on the Cardano mainnet to lower the minPoolCost parameter from 340 to 170 ADA.”

    This development has been welcomed with a mix of anticipation and strategy from different sections of the Cardano community. Cardano staking pool “Stake with Pride” was quick to pivot in line with the new parameters, remarking:

    The Cardano min Pool Cost fee has been dropped to 170 ADA from 340. SPOs can drop their fees starting epoch 445 on October 27th. They further pledged to optimize their policies with the recent modifications, firmly anchoring their “minPoolCost to 170 permanently, and Margin to 0% temporarily, as market dynamics are assessed.

    The minPoolCost parameter, as explained in a Cardano Foundation blog post from September 13, had twofold objectives since its inception with the Shelley launch in 2020. The primary two goals were to act as a defense against Sybil attacks and to guarantee pool operators a floor income to sustain their server operations.

    The Cardano Foundation elaborated, “By potentially halving minPoolCost we don’t enforce but allow the operators to reduce their ‘floor’ income.” The strategic change is anticipated to shift market dynamics favorably for smaller pool operators, providing them with a more level playing field.

    Cardano (ADA) Price Poised For A 65% Rally?

    The Cardano price has seen a strong uptrend in the past few hours, in line with the overall crypto market. At the time of writing, ADA was trading at $0.282, up 6.5% over the past 24 hours. The 1-day chart of ADA shows that ADA was able to break out of its 6-month downtrend (black line) this past Sunday. On April 15, ADA marked its high for the year at over $0.46, since then the Cardano price has been on the decline.

    As a result of the breakout momentum, ADA was able to overcome the important 0.236 Fibonacci retracement level at $0.277. Remarkably, the price has already withstood a retest and established it as new support on the lower time frames. Should ADA manage a daily close above this price level today, the outlook for the Cardano price could turn further bullish.

    ADA price, 1-day chart | Source: ADAUSD on TradingView.com

    As then, ADA would have to face arguably the most important resistance at the moment, the 200-day exponential moving average (EMA, blue line), at $0.299. The price indicator is often referred to as the “bull line”. Accordingly, a breach could maneuver ADA back into bullish territory. ADA last failed to complete a daily close above the 200-day EMA in mid-July.

    If a breakout into bullish territory succeeds, the next targets would be the Fibonacci retracement level of 0.382 at $0.313, 0.5 at $0.341, 0.618 at $0.370, and 0.786 at $0.411. The pinnacle target remains the annual peak of $0.463, suggesting a prospective ascent of 65% from its present value.

    In this context, it is important to mention that ADA has underperformed compared to other altcoins so far this year. For example: While Solana (SOL) is currently trading just below its high for the year and Ether (ETH) is only 15% away from a new high for the year, ADA is still 39% below this level.

    On the one hand, this shows the existing potential, and on the other hand, it shows that ADA has not been one of traders’ favorite altcoins so far in 2023. Whether a rise above the 200-day EMA can change this remains to be seen.

    Featured image from Shutterstock, chart from TradingView.com

    [ad_2]

    Jake Simmons

    Source link