Crypto analyst Ali Martinez says that large ADA transactions are on the rise, due to moves by institutional players and whales. According to the analyst, this also supports the uptrend for the altcoin. Meanwhile, ADA trading volume exploded.
As Cardano (ADA) network activity heats up, whales are in!
Cardano whales appear to be taking a radical move as they see an increase in large transactions, a key metric indicative of their activity. According to Ali Martinez, a crypto analyst, large ADA transactions are on the rise, indicating that Cardano network activity is heating up as institutional players and whales make their moves.
The analyst adds that this remains a bullish sign supporting the ADA uptrend. Ali states that Cardano is poised to confirm a head and shoulders pattern, potentially firing a 44% breakout that could push ADA to $0.60.
At press time, Cardano’s ADA is up 4.20% in the last 24 hours to $0.458, outpacing the top 10 in daily earnings. Cryptocurrency has likewise increased by 17.80% in the last seven days. ADA is set to go green for its ninth consecutive day starting April 7, hitting its intraday high of $0.459 at the time of writing. A positive crossover of its moving averages, a situation not seen in years, supporting the ADA price increase. Cardano’s daily moving average (MA) 50 has crossed above the MA 200 for the first time since 2020, which is considered positive.
Altcoin ağ developments continue
ADA whale, a Cardano community-focused Twitter account, listed a few positive developments in the Cardano ecosystem throughout the week.
IOG’s lightweight wallet Lace has been launched on the mainnet. MELD, a Cardano DEX, also announced that its wallet and bridge will be released soon. This is expected to bring traffic to Cardano.
Cardano’s founding organization, EMURGO, is funding the biggest ever Cardano hackathon called “EMURGO BUILD 2023” and will award a total of $2 million.
AnetaBTC has announced the progress it has made with its project over the course of the week. The public test net of anetaBTC, which will bring unsupervised wrapped Bitcoin to Cardano, is scheduled to launch on April 20, 2023.
Minswap, Cardano’s largest DEX according to TVL, saw its highest volume month in March. ADA whale notes that this important metric is growing rapidly, although volumes are still low across Cardano.
Ethereum katili ADA has reached a transaction volume of 500 million dollars
Altcoin price rose strongly to $0.4336. cryptocoin.comThe successful Shanghai update of Ethereum, which you follow from , had a positive impact on the entire cryptocurrency market. Even though it is an Ethereum competitor, ADA also benefited. The current price of the altcoin shows that it has gained 14% on a weekly basis and 27% in the last 30 days. In addition, ADA has gained 77% since the beginning of 2023. Meanwhile, with more than $500 billion in trading volume in the past day, it seems that enough liquidity has entered the altcoin market.
Besides, the Cardano platform continues to grow, with more than 1,200 projects built on it. This is a sign that the altcoin project has been growing steadily over time. Also, the ADA price chart provides an encouraging outlook, indicating that its indicators are currently showing sufficient momentum.
Therefore, according to crypto analyst Simon Chandler, there is a real possibility that ADA could see continued gains over the next few weeks and months. That could push the ADA above $0.5. It is even possible for it to approach $1, up 127% from its current price if it reverts to stronger bullish conditions from here.
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