Cardano (ADA) has experienced a 50% surge in the past 20 days, currently trading at $0.35.
Cardano Continues Development Rampage While Whales Accumulate
After rebounding from the $0.241 support at the end of October, Cardano’s bullish run is mainly attributed to high development activity and whale accumulation.
The successful Cardano Summit 2023 held in Dubai earlier this month contributed to the price explosion of ADA following weeks of consolidation from August through October.
The rise was driven by whales, with whale wallets with at least 1 million ADA increasing their holdings by 80 million ADA in just two weeks β worth around $28 million. Additionally, the total amount of ADA staked on the protocol surged by over 53% in one month as the TVL rose to $240 million β indicating increased interest in its DeFi ecosystem. Lastly, developers in the Cardano ecosystem have made 502 notable GitHub commits.
With whales accumulating and development activity rising, itβs unsurprising to see ADA shifting into a bullish narrative.
ADA Price Analysis: Can Cardano Test Its 2023 Highs?
Since bouncing from the $0.24 support level at the end of October, ADA has surged 47% after two months of consolidation. It climbed as high as $0.376, where it met support at a bearish .618 Fib Retracement before dropping to the $0.354 level.
Looking ahead, resistance lies at $0.376, followed by $0.385 (Jan 21β resistance), $0.4, $0.415 (Aug 22β lows), and $0.432 (1.414 Fib Extension). Additional resistance is found at $0.45 and $0.46 (2023 highs). On the other side, support lies at $0.35, $0.323 (.382 Fib), $0.307 (.5 Fib), and $0.3.
What Other Tokens Are Rising?
As altcoins start to see a resurgence, traders are turning their attention to alternatives that can provide considerably higher returns.
Bitcoin Minetrix Raises $3.6 Million As Investors Predict Double Earnings With Stake-to-Mine.
Bitcoin Minetrix (BTCMTX) has raised $3.6 million in little over a month as investors rush to get positioned early in its groundbreaking stake-to-mine ecosystem that allows everyday users to easily start cloud mining BTC through a tokenized mining ecosystem without having to buy or maintain expensive mining hardware or being locked into long-term contracts.
Earn Mining Credits by staking BTCMTX tokens which can then be burnt for time on the Bitcoin Minetrix mining solution with complete transparency ensuring users retain full control of their funds along each step.
Given its speedy rise to the $3.6 million milestone, investors are backing this token as a disruptive force in the cloud mining space and stakers are earning an impressive 160% APY on their holdings β doubling earnings from the protocol through staking and mining
Hot Take: The Future Looks Bright for Cardano and Bitcoin Minetrix
The recent surge in ADA’s price indicates that Cardano is gaining momentum due to high development activity and whale accumulation, making it likely for ADA to test its 2023 highs soon. On the other hand, Bitcoin Minetrix’s innovative stake-to-mine ecosystem has attracted significant investment and offers an opportunity for impressive returns with complete transparency and flexibility for users.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.
