Cardano Price Prediction As New Report Shows ADA Whale Activity Soaring – 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 increase since the beginning of February. In recent weeks, the number of ADA transactions with a USD value of at least $100,000 has often reached 2,000 per day. In the last few months before February, the number of transactions over $100,000 in value per day had 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, as of Wednesday 22n.d February, lifted the world’s eighth largest cryptocurrency by over 50% so far this year. Meanwhile, a number of interesting milestones in the Cardano ecosystem development have been hit, including the launch of the highly anticipated over-collateralized USD-pegged algorithmic stablecoin Djed, which is believed to attract new capital inflows to the Cardano ecosystem such as Decentralized Finance (DeFi) investors. look for new ways to generate returns.
Cardano Price Prediction – Where Next for ADA?
ADA/USD last traded hands around $0.38 per token, now down around 10% from previous monthly highs of $0.42s. Cardano, now threatening a pullback below its 200-day moving average (DMA), is facing selling pressure amid a broad drop in crypto prices on Wednesday.
Crypto takes a cue from US stocks, which are pulling back amid 1) further evidence of an upcoming earnings recession in the wake of recent Walmart and Home Depot earnings and 2) ongoing concerns that equity investors have underestimated the extent to which the Fed will proceed with interest rate increases this year.
ADA bears will now see a test of the 50DMA in the $0.36s, which also coincides quite well with this year’s uptrend. If Cardano can find support here, it has a good chance to bounce back towards recent highs. If not, a test of a recent double bottom just below $0.3450 is likely.
Is now the right time to buy Cardano?
“I would go for the ADA at the moment,” said Guy Turner, the creator of the hugely popular crypto news channel Coin Bureau in a recent interview with The Daily Hodl. Turner noted that Cardano has made a lot of progress recently, pointing to the Vasil upgrade, before noting that he likes “the fact that there are a lot more upgrades planned,” including Hydra, which is mainly focused on scaling.
Turner also noted the strength of the Cardano community as a reason he likes the cryptocurrency. “There’s obviously a really dedicated Cardano community, which I like… And I think it’s an increasingly big thing in crypto because these projects… need users, they need community to survive,” he explained.
ADA option to consider
ADA is clearly a cryptocurrency with a lot of long-term potential. However, given the somewhat volatile short-term outlook, traders looking for quick gains may prefer to consider other tokens with high potential, such as those sold in pre-sales promising upcoming crypto projects. We’ve reviewed some of the top contenders in this list of the top 15 cryptocurrencies for 2023, as analyzed by Crypto news Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
