Join our Telegram channel to stay up to date on breaking news coverage
Cardano price is trading with a bullish bias despite a 1% drop in the last day and a 10% decline in 24-hour trading volume. It is changing hands for $0.3554 at 7:30 am EST, with prospects for further gains as technical indicators look promising.
Experts attribute Cardano’s price rise to large holders, also called whales, continuing to converge on ADA. According to reports from on-chain aggregator IntoTheBlock, these heavyweight investors have been accumulating Cardano, taking advantage of the $0.249 to $0.271 price range to infuse over $600 million in capital into the ADA market at its current valuation.
$ADA won a strong vote of confidence last month. Large holders accumulated 1.89 billion ADA last month, which translates to more than $600 million at current prices.
Most of the accumulation took place between $0.249 and $0.271.
https://t.co/FCp16WINDG pic.twitter.com/cIRpSDC1fR– IntoTheBlock (@intotheblock) November 7, 2023
This report is corroborated by the large transactions metric on the on-chain aggregator, which shows a steady increase, particularly in November. Between November 1 and November, large transactions have skyrocketed with a sharp increase of 31%, going from 4,490 to 5,900.
Holy The data points to the same perspective, showing that the number of transactions moving more than $1 million in ADA is increasing.
It also shows that the market capitalization of the Tether stablecoin (USDT) continues to increase. This means that new or fresh capital is flowing into the Cardano market as traders look to purchase ADA. Similarly, active stablecoin deposits continue to increase, pointing to the same analogy.
Notably, Cardano is among the few altcoins that have seen big gains in recent days, inspiring speculation about the rise of altcoins.
#cardano (#ADA) is one of the altcoins that has seen big gains in recent days, and this has sparked rumors about how the crypto token could rise. pic.twitter.com/XLY1AhbcmG
– Initial investments (@startinginvest_) November 8, 2023
Cardano Price Forecast as ADA Pumps Hard
The Cardano price rally has seen the altcoin break above the $0.3440 resistance level to face the $0.3790 resistance level. However, the rally proved premature as ADA was rejected from this level to retest the $0.3440 support. The bulls are attempting another move north, pending confirmation once Cardano price breaks and closes above the $0.3790 level.
A move above this barricade would clear the way for the cryptocurrency to reach the psychological level of $0.4000. In a highly bullish case, gains could extend until Cardano price hits the range high of $0.4617. Such a measure would constitute a 30% increase above current levels.
Reverse case
On the other hand, if the selling pressure exceeds the purchasing power of the bulls, Cardano price could fall below $0.3440. An extrapolated drop could see the altcoin mark the 200-day simple moving average (SMA) at the psychological level of $0.3000, last tested on November 2.
In the most severe case, the decline could cause Cardano price to test the support confluence between the 100-day SMA and the 50-day SMA at $0.2720. This would not only invalidate the bullish thesis, but would have plunged the altcoin into the bearish dominance of the descending trend line.
As Cardano price determines its next move, focus on BTCETF as the odds of the US Securities and Exchange Commission (SEC) approving a spot bitcoin exchange-traded fund (ETF) increase day by day. day. Experts say BTCETF has the potential to generate 10x returns for early investors once it goes live on exchanges.
Promising alternative to Cardano
BTCETF, which powers the bitcoin ETF token ecosystem, takes the stage as the most promising alternative to Cardano. It offers willing investors the opportunity to get ahead of the anticipated btc Spot ETF rally before financial regulator approval arrives.
The long-awaited launch of a spot bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin #ETF by @BlackRock could remodel the crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto market, attracting institutional capital and causing a new market cycle.
How do you foresee this ETF influencing the dynamics of the #CryptoCurrency market as a whole?
– BTCETF_Token (@BTCETF_Token) November 7, 2023
The bitcoin ETF Token project is up for pre-sale, and one BTCETF is selling for $0.005. So far, raisings have reached $65,021 as investors arrive early before the $420,000 target is reached. Get in early on this revolutionary project as the crypto market continues to anticipate the launch of a btc spot ETF.
Presenting #BitcoinETFthe visionary project prepared to revolutionize the crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto kingdom anticipating the arrival of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF.
Stay tuned for the reveal of the distinctive mechanics and strategies that establish #BTCETF apart in the world of digital assets. pic.twitter.com/7CBWhJlErg
– BTCETF_Token (@BTCETF_Token) November 1, 2023
The project has several milestones that enlightened investors who buy early can reach, the first being reaching a trading volume of $100 million. Here, 5% of the token supply will be burned to reduce the circulating supply of BTCETF tokens in the market. This will likely catalyze an increase in the value of the bitcoin ETF token.
Explaining the first milestone for #BTCETF! 1⃣
Trading volume of $100 million – the first recognition of BTCETF’s market presence!
When total trading reaches $100 million, 5% of the token supply will be burned.
The transaction tax also falls from 5% to 4%.
Powerful times are ahead for #BitcoinETF. pic.twitter.com/fu2YWaGiEI
– BTCETF_Token (@BTCETF_Token) November 5, 2023
Arrives early! Visit the bitcoin ETF Token website here to purchase BTCETF ahead of the launch of a spot ETF.
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
Join our Telegram channel to stay up to date on breaking news coverage
