There are significant developments for the 2 altcoins Cardano and Lido. Both cryptocurrencies have given flight signals. Let’s look at the details.
Three catalysts likely to lead to altcoin Cardano price rally
According to technical analyst Dan Gambardello, altcoin Cardano (ADA) should experience a 10% price increase. Accordingly, it is possible to reach a target of $ 0.32. USD Tether has increased liquidity and positive on-chain metrics. These are the driving factors supporting the potential rise in the price of ADA.
Cardano’s on-chain metrics such as daily active addresses and trading volume and its growing social dominance provide a bullish outlook for ADA’s price. The increase in daily address activity and transaction volume indicates increased adoption and usage among owners. It also typically signals an impending price rally. Historical data from crypto intelligence tracker Santiment reveals a correlation between spikes in daily active addresses and subsequent increases in the price of altcoin Cardano.
Whale accumulation USDT reserves on exchanges
There are whales holding between 1 million and 10 million ADA tokens. They have been accumulating more altcoin Cardano lately. This accumulation by major wallet investors is a common indicator of an upcoming rally in an asset. The increasing activity of whales is a positive sentiment for ADA and points to a potential price increase.
Reserves of USD Tether, a stablecoin, have reached an all-time high on exchanges. This flow of liquidity to the crypto market is important. Accordingly, it could contribute to the recovery of assets that fell in June 2023, including ADA. There is also a growing presence of Tether absorbing selling pressure on altcoins like Cardano. Accordingly, this increase represents a demand for assets.
Lido Finance’s Ethereum staking
Lido Finance, a multiplatform staking solution, has staked all Ethereum (ETH) treasury assets for stETH. Ethereum holders can participate in liquid staking and earn income by exchanging ETH for stETH on Lido. Lido Finance’s move to stake all Ether treasury assets demonstrates its long-term commitment to Ethereum.
Lido Finance’s decision adds to the bullish thesis for Ethereum, even though Ethereum co-founder Vitalik Buterin recently stated that he only staked a portion of his assets due to security concerns. Lido DAO’s token (LDO) gained nearly 14% last week, trading at $2.20 on Binance. cryptocoin.com When we look at it as a whole, there are surprises for both altcoins in the coming timeframes.
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