Connect with us

Cardano

Cardano (ADA) Price Smashes $0.50 Level: Possible Reasons for the Pump

Published

on

Cardano (ADA), core native asset of Cardano blockchain, refuses to stop its impressive pump ahead of massive technological updates

The ADA token continues to print new local highs amidst its massive pump. Today it hit the marvelous $0.50 level on some spot trading platforms. What is catalyzing this rally?

ADA price is over $0.5 for the first time since January 2018

Today, Feb. 5, 2020, the Cardano (ADA) price surged above $0.50. The last time ADA was so expensive was on Jan. 31, 2018. The ADA price almost tripled in the last month.

Advertisement

ADA price is over three-years highsImage via CoinmarketcapWith this upsurge, Cardano (ADA) is the sixth most valued cryptocurrency ever in terms of market capitalization. Excluding stablecoin U.S. Dollar Tether (USDT), whose capitalization is controlled by Tether Limited, Cardano (ADA) is now in the top five.

ADA witnesses double-digit 24h upsurges for the fourth consecutive day. It should also be noted that the ongoing pump is followed by a massive trading volume. According to Binance’s CoinMarketCap, it added a whopping 37.58% in one day and inches closer to the $4.8 billion level.

As such, the inspiring aggression of buyers can push the ADA price much higher: ADA’s all-time high was registered on Jan. 4, 2018, at $1.33.

Mary hardfork, new Ouroboros and Project Catalyst3

February’s ADA rally should be attributed to strong technical fundamentals. Yesterday, Input Output HK seamlessly activated Mary hardfork in testnet. As such, Cardano’s (ADA) canary network is living under Goguen rules now. According to Tim Harrison, marketing and communications director of IOHK, this upgrade is crucial as it paves the way to the DeFi ecosystem on multi-asset Cardano (ADA).

Advertisement

Cardano (ADA) activates Mary testnet

Image via TwitterAlso, IOHK CEO Charles Hoskinson teased the major revamp of Cardano’s consensus algorithm, Ouroboros. The new release, Ouroboros Omega, will summarize all milestones Cardano (ADA) has achieved since its inception:

Omega is the convergence of all the ideas we’ve had over the last six years. It’s gonna be good.

Last but not least, a unique community-driven initiative, Project Catalyst, inches closer to the final rounds of its third iteration. According to the IOHK announcement, advisors are going to start evaluating participants’ products.

Cardano

Cardano (ADA), XRP Price Could Retest These Levels Before Skyrocketing!

Published

on

  • XRP could possibly hit highs of around $1.2. Extreme sell-offs would plummet XRP below $1.
  • ADA might hit its resistance around $2.4 but could test its support levels before the uptrend.

  The crypto space has been a rough sail for altcoins such as XRP and ADA. However, the coins have managed to withstand strong and gusty winds. Meanwhile, investors and traders are eagerly waiting for a pull-out from the blues.

XRP Price

XRP at press time is trading at $1.09, with negative gains for the last 24-hours at 1.1%. The market cap stands at $51,193,598,011. While the trading volume for the last 24-hours hovers around $3,742,571,734. 

XRP has been moving along the descending triangle. A triple top formation is visible on the charts. The coin has attempted to break through each time and has failed to keep up the momentum. 

The digital asset has been moving along a narrow range. If it breaks out the triangle, we can expect it to reach its resistance at $1.2. On the contrary, XRP would move across the narrow range. However, extreme sell-offs would result in XRP plummeting below $1.

Advertisement

Cardano (ADA)

Cardano, the top-tier altcoin at press time is trading at $2.16 with negative gains at 1.1% for the last 24-hours. While the market cap is at $69,172,092,701. The trading volume for round the clock floats around $1,749,372,395. ADA has not let its foot lose at its level of  $2.0, despite the crash. However, massive sell-offs might result in ADA plunging to its strong support levels. Prior to rebounding to its resistance around $2.4

Collectively, XRP and ADA could propel towards their respective resistance levels in near future. And hopefully, bullish momentum could follow with the commencement of the alt season. Netizens are expecting a massive rally to follow, as it has been due for a brief period of time.

News Source

Advertisement
Continue Reading

Cardano

Cardano (ADA), XRP Price Could Retest These Levels Before Skyrocketing!

Published

on

  • XRP could possibly hit highs of around $1.2. Extreme sell-offs would plummet XRP below $1.
  • ADA might hit its resistance around $2.4 but could test its support levels before the uptrend.

  The crypto space has been a rough sail for altcoins such as XRP and ADA. However, the coins have managed to withstand strong and gusty winds. Meanwhile, investors and traders are eagerly waiting for a pull-out from the blues.

XRP Price

XRP at press time is trading at $1.09, with negative gains for the last 24-hours at 1.1%. The market cap stands at $51,193,598,011. While the trading volume for the last 24-hours hovers around $3,742,571,734. 

XRP has been moving along the descending triangle. A triple top formation is visible on the charts. The coin has attempted to break through each time and has failed to keep up the momentum. 

The digital asset has been moving along a narrow range. If it breaks out the triangle, we can expect it to reach its resistance at $1.2. On the contrary, XRP would move across the narrow range. However, extreme sell-offs would result in XRP plummeting below $1.

Advertisement

Cardano (ADA)

Cardano, the top-tier altcoin at press time is trading at $2.16 with negative gains at 1.1% for the last 24-hours. While the market cap is at $69,172,092,701. The trading volume for round the clock floats around $1,749,372,395. ADA has not let its foot lose at its level of  $2.0, despite the crash. However, massive sell-offs might result in ADA plunging to its strong support levels. Prior to rebounding to its resistance around $2.4

Collectively, XRP and ADA could propel towards their respective resistance levels in near future. And hopefully, bullish momentum could follow with the commencement of the alt season. Netizens are expecting a massive rally to follow, as it has been due for a brief period of time. 

News Source

Advertisement
Continue Reading

Cardano

Cardano Price Analysis: ADA bulls and bears remain within a tight spot at $2.15

Published

on

  • Cardano price analysis is bullish today.
  • ADA/USD set a lower low overnight.
  • Cardano is likely to regain some of the loss today.

Cardano price analysis is now bullish, with a new lower low being established after a solid decline over the previous 24 hours. As a result, we expect ADA/USD to recover some of its loss later today as bears become weary.Cardano Price Analysis: ADA bulls and bears remain within a tight spot at $2.15 1 Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum both traded in the red, with a loss of 2.88 and 2.99 percent, respectively. Meanwhile, Solana and VeChain (VET) dominate the market, with a gain of around 7.5 percent.

Cardano price movement in the last 24 hours: Cardano spikes below $2.15 previous low

During the last day, the ADA/USD pair fluctuated from a low of $2.13 to a high of $2.164, suggesting significant swings throughout that period. Volatility has increased by 27 percent, trading volume has increased by 27.43 percent and totaled $2.78 billion as of this writing, putting the coin in third place overall.

ADA/USD 4-hour chart: ADA set to reverse today?

On the daily chart, we can see Cardano’s price drop beginning to reverse as bears run out of steam after a significant fall.Cardano Price Analysis: ADA bulls and bears remain within a tight spot at $2.15 2ADA/USD 4-hour chart. Source: TradingView

Cardano’s price has remained stagnant for the previous several weeks. Cardano saw consolidation in a tighter range, with a lower peak at $2.30 near the start of October, after establishing a high low of $2.30 in early October.

Advertisement

The next higher high of $2.30 was followed by a lower low set during the subsequent retracement, which was below $2.15. As a result, the overall trend for ADA/USD is still unclear.

We may see Cardano’s price recover some of its losses in the coming days. If a lower high is broken, we can anticipate bearish momentum to continue into next week.

Cardano Price Analysis: Conclusion 

Today’s Cardano price is in an upswing, according to most market forecasters. After a big drop, a new lower low was established today. Bearish momentum, on the other hand, has run its course, and we may expect a retracement in the next 24 hours.

Advertisement

News Source

Continue Reading