Why Cardano Is On A Hot Streak With 10% Gains In 1 Day
November 09 2021 - 3:56PM
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Coming from below $1 with a 2,000% profit year-over-year, Cardano
(ADA) continues to outperform Bitcoin, Ethereum, and other
cryptocurrencies in the top 5 by market cap. As of press time, ADA
trades at $2,30 with 9.8% profit in the daily chart. Related
Reading | Shiba Inu Beats Out Cardano, Dogecoin On Top 10
Watch-Listed Tokens Following the general market sentiment, Cardano
seems poised for further upside with an important resistance at
$2.5. As seen in the chart below by Material Indicators, ADA (price
in blue) experienced a massive rally from the lows of its current
range. However, the price sits at seemingly week support in low
timeframes and is susceptible to more downside if the crypto market
trends further down. Upwards, ADA moves flipped $2.5 from
resistance to support in order to take on new price target close to
the $3 area. Additional data provided by Material Indicators
suggest that Cardano’s rally has been mainly fueled by large
investors (represented in purple in the chart below) with most of
the trading orders signaling an increase in buying pressure. On the
other hand, retail investors have been selling ADA’s climb into its
current levels. Most of these investors could be taking profit at
these levels, but their selling pressure has been apparently
mitigated by buying orders between $100,000 to $1,000,000. The
Bullish Case For Cardano (ADA) The Cardano ecosystem remains at the
top of the fastest growing in the crypto space as indicated by the
elevated number of contributions recorded at GitHub. In addition,
its developer IOHK has recently announced progress on major
improvements for the network. On GitHub, IOHK created a compilation
that list the ecosystem’s “essential” project. The list extends
across several sectors with hundreds of projects collaborating for
the benefit of Cardano. After deploying its smart contract
capabilities with Hard Fork Combinator (HFC) event Alonzo, the
ecosystem has entered a new era with many investors betting on its
growth. Related Reading | Is Cardano Fighting A Losing Battle
Against Solana? In addition, IOHK recently launched a beta version
of the network’s Plutus Application Backend to enable its
integration to the Cardano wallet. Conceived as a platform that
will allow users to easily deploy financial contracts, the company
has invited developers to try it. IOHK said: This marks a
significant milestone in the DeFi journey on Cardano, simplifying
on-chain #smartcontracts integration and smoothing the route to
dApp deployment.
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