Blockchain
Crypto: Cardano is ready to grow
Fri 19 Jul 2024 ▪ 3 min read ▪ by Mikaia A.
With Bitcoin’s strong comeback, Cardano (ADA) also seems to be waking up. The price of ADA could very well start to rise, supported by increased whale activity and upcoming events. These elements promise a bright future for this cryptocurrency. In this article, we will explore how these factors affect the price of ADA and what prospects they open up for investors.
Crypto: Whales in Action, ADA on Hold
While Bitcoin is stabilizing, ADA remains at $0.44ready to jump. The activity of the “whales”, these heavyweight investors, is a promising sign.
In fact, according to data from IntoTheBlockA significant increase in accumulation on the part of these main actors often precedes a price increase.
As highlighted by Santiment Analysts: “Cardano is experiencing its most bearish trend in over a year. Betting against the majority can be profitable.”
Increased whale participation could increase the price of ADA to new heights.
- Current ADA price (as of this writing): $0.42;
- Short-term target: $0.49.
At the same time, Investor sentiment is approaching neutral territorywhich could trigger an upward move. Technically, the Awesome Oscillator (AO) shows a shift in momentum in favor of buyers, reinforcing the idea of an imminent increase.
Upcoming Events: A Springboard for Cardano
ADA’s perspectives are also supported by Key events. THE Change Updateexpected for the end of Julycould boost the market.
Furthermore, developments such as the introduction of the Ethereum ETF and a Trump conference on Bitcoin could strengthen overall market sentiment.
Liquidity flow, as measured by Chaikin Money Flow (CMF), is positive for ADA, indicating support to reach the $0.49 target.
The ADA therefore appears have the wind at your backespecially as market conditions improve. However, if it declines, a drop to $0.42 is possible, offering a buying opportunity for savvy investors.
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Mikaia A.
The blockchain and cryptocurrency revolution is happening! And the day the impacts are strong and the most vulnerable economy in the world is affected, against all hope, you will say that I was for that I chose
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.