Breaking the Downtrend, This Altcoin Is On The Rise: Will The Rising Continue?

ISLANDLooks like it’s ready to bounce back after breaking key resistance. Cardano’s ADAin the last 24 hours 20%rose above. By market cap as crypto markets turn green top 10 crypto It was the biggest winner in existence.

ADA Breaks Monthly Downtrend and Enjoys 20% Rally

While many saw this rally as unexpected, it’s worth noting that as reported at the end of December, crypto analytics platform Santiment Feed has suggested that the crypto asset is undervalued, citing whale accumulation and seller exhaustion.

Whales have accumulated more than 200 million ADA since the start of the year.

A level that Duo Nine highlighted in a recent report as key to determining whether the asset’s price action is the start of a bullish reversal or a relief rally. 0.30 After breaking the dollar price resistance, ADA broke its month-long downtrend.

Eight CEO Michaël van de Poppe shared Duo Nine’s views yesterday. He stated that the $0.30 level is very important.

Request 01 – $ADA

This one looks beautiful, but it’s approaching resistance.

Just a relief rally in a downtrend, so far.

If it wants to break that downtrend, flipping $0.30 is key.

Otherwise, I’d be looking at $0.2675 and $0.25 for potential plays. pic.twitter.com/KkatX96dmN

— Michaël van de Poppe (@CryptoMichNL) January 8, 2023

It is worth noting that the Cardano network plans to launch its algorithmic stablecoin, Djed, on the mainnet this month.

Among other things, the developers propose that it will be used for the purchase of gas fees and NFTs on the network, thanks to partnerships established by the stablecoin issuing COTI. This promises to draw liquidity into the ecosystem and boost Cardano’s decentralized financial activities.

Meanwhile, Cardano’s Charles Hoskinson is opening a hospital in February that will accept ADA payments.

At the time of this writing, Cardano (ADA) is trading at $0.327.

*Not investment advice.