As a researcher with experience in the cryptocurrency market, I’ve been closely monitoring Cardano (ADA) over the past week and have been impressed by its significant price increase of 20.29%. This surge can primarily be attributed to large on-chain transactions and the upcoming Chang hard fork, which represents a pivotal moment for the Cardano blockchain.
Over the last week, Cardano (ADA) has experienced a substantial 20.29% price rise, aligning with the general upward trend among cryptocurrencies. Notably, ADA’s trading volume has witnessed a considerable increase since its low point of $0.335 on July 8. As a result, ADA has surpassed many large-cap cryptocurrencies in growth. The primary reason for this price surge can be traced back to sizeable transactions conducted on the Cardano blockchain within the past seven days.
Cardano Outperforming Many Cryptocurrencies
The price of Cardano has been surpassing market trends since July 8, and there’s a good chance it will carry on doing so over the weekend and into next week. As shown in the ADA price chart, this upward trend started when most cryptocurrencies were still stuck in price stagnation. The catalyst for this surge was the announcement of significant upgrades scheduled for the upcoming Chang hard fork, a milestone event for the Cardano blockchain.
According to Bitcoinist‘s report, Charles Hoskinson, the founder of Cardano, mentioned during an AMA session that the crucial upgrade to node 9.0, necessary for the Chang hard fork, is almost finished. This development seems to have contributed to the recent shift in sentiment towards ADA, resulting in a more optimistic view.
The current price trend suggests that ADA‘s bullish momentum remains strong, as the market is now driven by buyers. At present, ADA is priced at $0.4249, marking a substantial 32% rise from its monthly low of $0.3213, which was hit on July 5. Data from IntoTheBlock reveals that this price hike coincided with heightened whale activity on the Cardano network, potentially fueling the sustained uptrend. According to IntoTheBlock’s analysis, there has been a significant rise in daily transactions worth over $100,000. This figure jumped from 312 transactions on July 7 to 814 transactions on July 12 – an impressive increase of 160% within a week.
Moreover, data from IntoTheBlock’s “Large Holders Netflow” shows that the number of Cardano coins held by large investors has grown by over 27% within the last week. This significant accumulation by ADA whales has fueled a bullish outlook for the token, potentially causing its price to rise further. If this trend persists, it’s plausible that the larger 30-day and 90-day netflow figures could also turn positive.
What’s Next For ADA?
In an optimistic outlook, Cardano (ADA) may match the price surge in the approaching week, given the broader crypto market’s shift towards positive trends. Conversely, if the cryptocurrency fails to surpass the minor resistance at $0.43, a pessimistic view could emerge, potentially leading ADA to give back its gains.
The price trend of ADA over the weekend could influence its performance in the coming week. Following its break above $0.43, ADA might advance further and encounter resistance around $0.515 – a level at which approximately 564,830 addresses hold ADA, anticipating profits.
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2024-07-14 00:04