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Dubai Crypto Funds Backing Helps Cardano (ADA) Unsettle Binance Coin (BNB) As The Third Largest Crypto

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Smart contracts-based blockchain platform Cardano is currently undergoing massive value unlocking as its native cryptocurrency ADA unsettles Binance Coin (BNB) to become the third-largest cryptocurrency by market cap. at press time, Cardano’s price is up 23% hitting its new all-time high of $1.33 with its market cap shooting past $41 billion.

It’s been a wild rally so far in 2021 for Cardano’s ADA cryptocurrency registering over 630% gains year-to-date. The recent price rally comes as Dubai-based crypto investment fund FD7 Ventures has announced major investments ahead in Cardano over the next month.

As per the press release, FD7 ventures will liquidate 75% of its $1 Billion Bitcoin fund and increase its positions in Cardano (ADA) and Polkadot (DOT). The investment firm believes that an increase in its altcoin holdings will better serve FD7 investors. Prakash Chand, Managing Director at FD7 Ventures said that he doesn’t see much value in holding up to Bitcoin for the long term. Mr. Chand said:

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“Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless. Projects such as Cardano, Polkadot and Ethereum are the foundation of the new internet and Web 3.0.”

The crypto investment firm has already started transitioning its funds and expects to complete the conversion transactions by mid-to-end March. Over the last few years, Cardano CEO Charles Hoskinson (also the founding member of Ethereum) has been single-handedly steering up some core developments in Cardano.

Cardano Blockchain Network Development

Under the leadership of Charles Hoskinson, Cardano’s ADA team has been relentlessly working in building blockchain solutions that address the needs of millions of unbanked customers. Besides, several updates recently introduced on the Cardano protocol has brought more functionality for consumers thereby growing the community stronger.

Besides, the much-awaited Mary hardfork on Cardano is set to take place two days later on March 1. this will give users the ability to create their own native custom tokens adding multi-asset support to the platform. “Native assets could be used to mint non-fungible tokens, or ‘NFTs’, which can be used to represent a huge range of unique real-world and digital assets.”, said the Cardano Foundation.

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Looking at the future development for Cardano, FD7 Ventures director calls Charles Hoskinson as one of the brightest minds in crypto.

“I’ve been lucky enough to spend lots time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano and Polkadot will be more valuable than Bitcoin within the next few years,” continued Chand.

Cardano Announcing Its New DevNet Platform

On Friday, February 27, Cardano’s parent IOHK announced support for its new DevNet program. The program introduces a new multi-platform domain-specific language (DSL) Glow that will allow developers to write smart contracts and deploy on different Cardano sidechains. The official announcement notes:

“Glow is portable. Now it works on Cardano and Ethereum but in the future it will work with any blockchain that is sufficiently advanced. That means that you can run your app once and you’ll never have to worry about it working on any other platform. So, developers will run their application on the blockchain that works the best and those that work best will shine on their own merits. This makes blockchains compete to bring a solid value proposition”.

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Cardano

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

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  • 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.

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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.

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

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  • 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.

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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. 

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

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  • 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.

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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.

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