Positive signal for ADA price after 8% increase on the day
According to TradingView data, Cardano (ADA) is up nearly 8% over the past 24 hours from its current price of $0.94.
Source: TradingView
The crypto market is showing a rebound over the past 24 hours as the total market value is up 5.47% at press time to $1.76 trillion. Alongside Terra (LUNA), which is up 13.79%, Cardano is also outperforming the top 10 largest cryptocurrencies in terms of 24-hour gain.
Cardano saw favorable price action throughout the year before ADA surged to an all-time high of $3.1 in early September. However, the seventh-largest cryptocurrency has been steadily falling ever since, falling almost 70% compared to ATH.
Positive signal for ADA
Bitrue, a multi-product crypto ecosystem particularly popular with the XRP army, shares details on the ADA support phase.
Accordingly notification Officially shared by the Bitrue team, ADA is added as a base currency to their spot trading suite.
From 02/24/2022 ADA will be available to convert ETH, XDC, SOL, LTC, ICP, SHIB, GALA, AVAX, MATIC and MANA, ie some of the most popular assets for the Bitrue community.
As a result, existing and new Bitrue (BTR) clients can trade and more without the need to exchange ADA for a cryptocurrency medium.
Additionally, online analytics firm Santiment noted in its recent report that the funding rate on Binance is currently negative, indicating a large number of short-term transactions.
According to on-chain data analysis, the recent drop in funding rate matches the highest short rate recorded on Binance surged to an all-time high of $3.1.
Source: CoinGlass
While a negative funding rate is a sign that the crowd is expecting the price to drop, Santiment believes there is still a positive trend. This is because, in most cases, a brief liquidation or “short squeeze” can result in a price surge. Therefore, a negative interest rate can be a positive sign in the short term.
Despite this, Santiment points out that a large number of transactions (worth more than $100,000) can help predict long-term price changes. Cardano saw a surge in large transactions in May 2021 and September 2021 as it hit all-time highs.
Cardano “Shark” addresses with 10,000 – 100,000 ADA have accumulated nearly half of the total supply of 33.5 billion tokens, up 6% over the past five weeks. Let’s see if the story rhymes.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Author
Analysis
Positive signal for ADA price after 8% increase on the day
According to TradingView data, Cardano (ADA) is up nearly 8% over the past 24 hours from its current price of $0.94.
Source: TradingView
The crypto market is showing a rebound over the past 24 hours as the total market value is up 5.47% at press time to $1.76 trillion. Alongside Terra (LUNA), which is up 13.79%, Cardano is also outperforming the top 10 largest cryptocurrencies in terms of 24-hour gain.
Cardano saw favorable price action throughout the year before ADA surged to an all-time high of $3.1 in early September. However, the seventh-largest cryptocurrency has been steadily falling ever since, falling almost 70% compared to ATH.
Positive signal for ADA
Bitrue, a multi-product crypto ecosystem particularly popular with the XRP army, shares details on the ADA support phase.
Accordingly notification Officially shared by the Bitrue team, ADA is added as a base currency to their spot trading suite.
From 02/24/2022 ADA will be available to convert ETH, XDC, SOL, LTC, ICP, SHIB, GALA, AVAX, MATIC and MANA, ie some of the most popular assets for the Bitrue community.
As a result, existing and new Bitrue (BTR) clients can trade and more without the need to exchange ADA for a cryptocurrency medium.
Additionally, online analytics firm Santiment noted in its recent report that the funding rate on Binance is currently negative, indicating a large number of short-term transactions.
According to on-chain data analysis, the recent drop in funding rate matches the highest short rate recorded on Binance surged to an all-time high of $3.1.
Source: CoinGlass
While a negative funding rate is a sign that the crowd is expecting the price to drop, Santiment believes there is still a positive trend. This is because, in most cases, a brief liquidation or “short squeeze” can result in a price surge. Therefore, a negative interest rate can be a positive sign in the short term.
Despite this, Santiment points out that a large number of transactions (worth more than $100,000) can help predict long-term price changes. Cardano saw a surge in large transactions in May 2021 and September 2021 as it hit all-time highs.
Cardano “Shark” addresses with 10,000 – 100,000 ADA have accumulated nearly half of the total supply of 33.5 billion tokens, up 6% over the past five weeks. Let’s see if the story rhymes.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Other Posts
Related Posts
Latest
Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024
Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum
USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products
Press Release
Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024
Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum
