According to a recent blog post from crypto analytics firm EmotionSince the beginning of February, so-called whale transactions on the Cardano blockchain have seen a huge increase. Over the past few 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 above $100,000 in value per day rarely went above 500.
The spike in ADA whale transactions comes at an interesting time for Cardano. First, the crypto market rally that started earlier this year is up to Wednesday 22Ra In February, the world’s eighth-largest cryptocurrency gained more than 50% year-to-date. Meanwhile, a number of interesting Cardano ecosystem development milestones have been hit, including the highly anticipated hyper-collateralized USD-pegged algorithmic stablecoin DZ, which has been hailed as a new entrant to the Cardano ecosystem as decentralized finance (DeFi) investors. Considered as likely to attract capital inflows. Look for new ways to generate produce.
Cardano Price Prediction – Where Next for ADA?
ADA/USD was last changing hands around $0.38 per coin, which is now down about 10% from the previous monthly high of $0.42. Cardano, which is now threatening a break back below its 200-day moving average (DMA), is facing selling pressure amid a broader decline in crypto prices on Wednesday.
Crypto is taking its cues from US stocks, which are pulling lower amid 1) further evidence of a slowdown in incoming earnings in the wake of the latest Walmart and Home Depot earnings and 2) ongoing concerns over the extent to which equity investors will see the Fed Were underestimating that interest rates will continue to rise this year.
ADA bears will now be eyeing a test of the 50DMA at $0.36, which is pretty coinciding with this year’s uptrend. If Cardano can find support here, it has a good chance of retesting the recent highs. If not, a recent double bottom test below $0.3450 is likely.
Is now the right time to buy Cardano?
“I would go for ADA at the moment,” Guy Turner, creator of the hugely popular crypto news YouTube channel Coin Bureau, said in a recent interview with The Daily Hoddle. Turner noted that, Cardano has made a lot of progress recently, pointing to the Vasyl upgrade, before noting that he “knows the fact is that there are a lot more upgrades scheduled,” including Hydra. , which mostly focuses on scaling.
Turner also noted the strength of the Cardano community as one of the reasons why he loves the cryptocurrency. “There is obviously a dedicated Cardano community, which I love… and I think it’s an increasingly big thing in crypto because these projects… need users, they need communities to survive. is,” he explained.
ADA Alternatives to Consider
ADA is clearly a cryptocurrency with great long-term potential. However, given its somewhat near-term outlook, traders looking for quick profits may prefer to consider other high-potential tokens, such as promising up-and-coming crypto projects in pre-sales. being sold. We have reviewed some of the best candidates in this list of the top 15 cryptocurrencies for 2023, as analyzed. cryptonews Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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