Tag: Ada Price

New Cardano Milestone Might Be The Push It Needs To Scale $1.50

by NEWSBTC

Cardano has been struggling on the charts since its decline that began last year. It has since taken the digital asset below $1, although a recent recovery trend has rectified that. Nevertheless, Cardano is yet to regain at least 50% of its all-time value. With low momentum rocking the cryptocurrency, it has been an uphill battle getting the asset back up to $1.20.

Despite the price, the project itself has continued to see progress, and recently, it hit a new milestone. One that could very well be the much-needed put for Cardano to once again reclaim the $1.50 mark.

Cardano Surpasses 30 Million Transactions

As the adoption of the blockchain has grown, the transaction count has gone up significantly. The total transaction count for the network has now surpassed 30 million. For Cardano, this is an important milestone in the competition between the various smart contracts platform.

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This milestone comes on the back of IOG, the developer behind Cardano, announcing a new parameter update that helped to increase the block size by another 8KB bringing the total block size to 80KB. With this update, the number of transactions incorporated by the network on a daily basis has gone up greatly. The update was announced on February 1st. Since then, Cardano has incorporated over 895,000 transactions.

Related Reading | Cardano (ADA) Forms Local Resistance As It Readies For Another 40% Liftoff

There have been a number of updates proposed on the network to increase its overall capacity and security. This has translated to a higher number of transactions being processed on a daily basis. It will also help to accommodate all of the loads expected as decentralized applications (DApps) launch on the blockchain, as well as various large NFT drops expected to take place.

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What About ADA?

Cardano’s native token ADA has not been on the best course in recent times. After touching $3 at its ATH, it has since crumbled to six-month lows. However, with the recovery trend in the market, the digital asset has now made a significant movement back towards its previous value.

ADA which had trended between $0.9 and $1.10 for the longest time has finally made the break above $1.20. This is also significant for the digital asset as $1.20 has proven to be a strong resistance point for the cryptocurrency. After breaking through this resistance point, the next drop-off point for ADA will be around the $1.55-$1.65 mark.

Cardano (ADA) price chart from TradingView.com

ADA breaks above $1.20 | Source: ADAUSD on TradingView.com

Despite the fact that ADA has recovered from its recent lows, its investors are still seeing more losses than gains. ADA’s holder base has been one of the hardest hit with only 19% of the entire investor base in profit at current prices. A large majority of holders (66%) are in loss, while only 15% are in neutral territory.

Related Reading | Cardano (ADA) Price Touches $1.20 Aims To Regain Previous Losses

Nevertheless, indicators for the digital asset point towards a bullish outlook. Its futures market momentum shows that traders are turning bullish on the asset, and on-chain signals tell the same story. Exchange signals are however neutral with a perfect balance between bears and bulls.

Featured image from Bitcoin News, chart from TradingView.com

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Cardano goes ‘full send’ with a 50% ADA rally ahead of SundaeSwap launch

by Cointelegraph

Cardano (ADA) traded within striking distance of its three-week high this at the start of this week, leading some investors to suggest that a trend reversal was in order. In reality, the bullish momentum is primarily connected to anticipation of the upcoming decentralized exchange (DEX) called SundaeSwap.

ADA price rose by nearly 12% on Jan.17 to reach an intraday high of $1.60, a day after SundaeSwap announced the launch of its “fully-functional beta decentralized exchange (DEX).” Nonetheless, the upside swing also came as a part of a wider rebound trend wherein ADA jumped by almost 50% in just seven days.

ADA/USD daily price chart. Source: TradingView

In detail, ADA’s rebound began almost in sync with similar retracement moves across the cryptocurrency market. That included Bitcoin (BTC), which sharply reversed its trend on Jan. 10 after its price dipped to as low as $39,650. At press time, BTC price trades at $41,500.

ADA initially tailed the crypto market’s reversal, but later continued its upside momentum on its own after taking cues from the euphoria surrounding the SundaeSwap DEX launch on Jan. 20. As a result, the ADA emerged as one of the best performers among the top-ten cryptocurrencies based on a 24-hour adjusted timeframe.

Top 10 cryptocurrencies in the past 48 hours. Source: Messari

What makes SundaeSwap bullish for ADA?

SundaeSwap’s official DEX launch announcement included evidence of greater demand for ADA tokens in the future and this is typically a bullish signal for investors.

The DEX platform also introduced its native SUNDAE token and discussed three ways to distribute it among users: via an initial stake offering (ISO) round, yield farming, and direct exchange-based conversion. 

Discussing the ISO round, SundaeSwap explained that it would distribute 5% of the total SUNDAE supply via five epochs. Each epoch represents a five-day reward cycle wherein users delegate their ADA tokens into a stake pool.

“If you want to make sure you qualify for all five ISO reward rounds, you must have ADA staked with eligible SPOs [Stake Pool Operators] before 21:45 UTC on January 25th,” the DEX’s announcement read, adding:

“Your reward will be calculated based on the snapshot taken at that time, and at the same time at each subsequent epoch boundary.”

Meanwhile, the yield farming program saw SundaeSwap adding four ADA-based liquidity pools: SUNDAE/ADA, LQ/ADA, WMT/ADA, and CARDS/ADA. The DEX also allocated 500,000 SUNDAE per day from January through June.

ADA to $2?

The SundaeSwap-led bounce pushed ADA toward its 100-day exponential moving average (100-day EMA; the blue wave) near $1.57.

ADA/USD daily price chart featuring 100-day EMA resistance. Source: TradingView

Additional bullish cues have also been coming from the anticipated launch of Pavio, Cardano’s first metaverse undertaking.

Pavio is a Decentraland-like virtual land startup with some 100,000 land parcels, each being minted as a unique nonfungible token (NFT) with coordinates. The advent of a the Metaverse in the crypto sector in the past months and Cardano’s involvement in it may boost demand for ADA further.

Related: Meta poaches staff from Microsoft and Apple for metaverse plans

This raises the possibility for Cardano to close above its 100-day EMA resistance wave, thus shifting the next upside target toward the 200-day EMA near $2.

Conversely, risks of an overall crypto market crash led by the U.S. Federal Reserve’s tapering programs this year could spoil ADA’s bullish setup to an extent. 

“While ADA is far from its peak, the prospect of obtaining more scalability as part of its 2022 roadmap explains why investors appear to be betting big on Cardano. This point was also noted by Liam Bussel, the CMO of Cardano-native DEX WingRiders in a statement to Cointelegraph.

Bussel said,

“In a world characterized by high performance and novel use cases, Cardano will be able to keep up and lead the pack. As a result, a weekly closing above $1.80 is likely, barring any last-minute profiteering by sellers.”