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.
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.
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.
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