- The new incentivized testnet of Cardano sees stakes worth about $300 million
- Cardano (ADA) price analysis
- Cardano has a marvelous future
Cardano News Today – Many digital currencies are trying to make up for their poor performance over the past few months. Only a few altcoins in the market have been able to boast of considerable levels of gains over the past few months, especially in the second half of the year. Since June, when many cryptos tested their year-to-date highs, many of them are down by more than 50 percent.
The world’s largest digital currency by market cap – Bitcoin (BTC), which surged to almost $14 in June, is currently struggling around the $7k level, a decrease of about 50 percent. Another digital currency on this boat is Cardano (ADA). Cardano has not put any hot show over the past months. The digital currency has even lost its previous position on the list of crypto by market, as it is now holding the 13th position. Nevertheless, the blockchain project has made considerable progress in other aspects such as developments and partnerships.
Cardano (ADA) Price Today – ADA / USD
Cardano’s New Incentivized Testnet Sees Stake Worth about $300 Million
According to data from PoolTool, a whopping 9.3 billion ADA tokens, worth about $300 million, have been staked on the new incentivized testnet of Cardano. The testnet allows anyone who holds the native digital currency of Cardano – ADA – to process transactions on the network and earn rewards.
The parent firm of Cardano – Input Output Hong Kong (IOHK) is also emphasizing on a feature called delegation. This feature allows holders of the digital currency to leverage their holdings and earn rewards without having to set up a full node.
Cardano ADA Price Analysis
The price movement of Cardano (ADA) is spotted trading between $0.032 and $0.034. Over the past seven days, the digital currency has not dropped or surged over that level. Nevertheless, the chance of an upward break is still slim. The upward trend might happen in the next term. Yesterday, ADA started the day at the $0.0327 level. The digital currency surged by 1.88 percent and broke over $0.0333.
Cardano (ADA) later plunged by 0.87 percent, which was later accompanied by an increase of about 2 percent. The digital currency experienced a sinusoidal movement and ended the day at $0.0334. today, ADA started with a marginal lose, but it later corrected higher.
At press time, Cardano (ADA) is heading towards the $0.0343 resistance level. Nevertheless, if the momentum reverses, the digital currency might fall to the $0.0330 mark, which is its immediate support level. Many traders and analysts believe that Cardano has a marvelous future. However, traders are advised to go for long-term investment rather than short-term.