Cardano (ADA) has seen a massive surge in price over the past few months, breaking all-time highs and cementing its place as one of the top cryptocurrencies in the market. However, recent reports suggest that ADA whales, or large investors holding significant amounts of the cryptocurrency, are selling their holdings. This raises the question: is the Cardano price rally driven by 'small fish' investors?

The term 'whale' is commonly used in the cryptocurrency market to refer to large investors who hold a significant amount of a particular cryptocurrency. In the case of ADA, these whales reportedly held a significant amount of the cryptocurrency, contributing to its market capitalization and price increase.

However, recent reports suggest that ADA whales are selling their holdings, which could be a sign of a potential market correction. The question then arises as to who is driving the current surge in price if the whales are selling off their holdings.

Some analysts believe that the current rally in Cardano price is driven by retail investors or 'small fish' who are buying ADA in large volumes. This surge in retail investor interest could be attributed to the increasing popularity of Cardano's blockchain technology, which has gained a reputation for being more environmentally friendly and scalable than other blockchain networks.

Furthermore, Cardano's recent partnerships and collaborations with various companies and organizations have also helped boost its popularity among retail investors. For example, Cardano recently partnered with the Ethiopian government to develop a blockchain-based education system, which has further increased its visibility and credibility in the market.

In conclusion, while the sell-off by ADA whales may indicate a potential market correction, the current surge in Cardano price seems to be driven by retail investors who are buying the cryptocurrency in large volumes. This surge in interest could be attributed to Cardano's reputation as a more environmentally friendly and scalable blockchain technology, as well as its recent partnerships and collaborations. As always, investors should exercise caution and conduct their own research before making any investment decisions.

#Binance #crypto2023 #ADA #CARDANO #dyor

Cardano gaming has gone cross-chain thanks to integration with a new layer-2 network.

The partnership will enable ADA holders to play on-chain games without bridging tokens to other networks.

This is the latest in a series of network improvements and features on the Cardano blockchain.

Cardano (ADA) blockchain users will henceforth be able to enjoy on-chain games using their ADA tokens. The development is attributed to the newly signed partnership between Cardano and Paima Studios, birthing an integration that will see Cardano users play blockchain-based games without the need to bring their tokens to other networks.

Considering the threat to security that comes with bridging tokens between different blockchains, Cardano’s new deal is value-adding. It has the potential to reduce the chances of exploits seen across 2022 when threat actors took advantage of vulnerabilities in bridging tokens between different blockchains. The integration ensures every game is non-custodial, meaning that funds remain in the custody of users within their own wallets. As such, there is no need to transfer to the games’ wallets.

Beyond delivering more secure gaming, Paima Studios’ integration with Cardano also gives way for games built on other networks to migrate to the Cardano network conveniently. In the same way, users of these other networks can play games on the Cardano blockchain without the need to move their assets or bridge tokens.

Cardano doubles down on value-adding partnerships

The integration with Paima Studios is the latest in a series of Cardano network improvements. Soon, Cardano blockchain users will also enjoy access to Ethereum Virtual Machine (EVM) smart contracts with any ADA wallet. This is courtesy of the recent release of a new feature by the layer-2 (L2) network, Milkomeda.

It is worth mentioning that both Milkomeda and Paima Studios were seemingly funded through the Cardano Treasury, which also set aside up to $40,000 for each project to help them develop the Cardano ecosystem.

This should not come as a surprise, considering Cardano’s recent record of accomplishment. On April 3, Cardano founder Charles Hoskinson shared on Twitter that the number of unique wallets participating in staking on Cardano network exceeded those of Ethereum considerably. He also hailed Cardano as “pretty special.” 

Cardano’s new developments may bolster the uptrend for ADA

Cardano price (ADA) has recorded an increase in buyer momentum, with large investors, otherwise termed whales, taking the lead. Based on Santiment data, this class of token holders has added up to 150 million tokens over the past month.

On-chain metric

Santiment data shows that Cardano whales holding between 1 million and 10 million ADA have taken to a buying spree, accumulating more than $57 million worth of the smart contract platform’s native token in a few weeks.

Crypto analyst Ali Martinez from blockchain analytics platform IntoTheBlock i has corroborated this n his recent post. 

As reported, retail investors held 66% of the ADA supply, a notable increase from just a year ago when the number was just under 40%. In an April 2 tweet, the firm wrote:

This shows a strong belief in the asset and its growth potential.

All these point to growing whale confidence in the long-term prospects of Cardano, which is committed to providing a scalable and sustainable platform for smart contracts, decentralized applications (dApps), and digital identity.

 As more investors continue to take notice of ADA’s potential, Cardano price is poised to surge.

#ADA #CARDANO #Binance #crypto2023 #BTC

The current price of the #CARDANO is at a critical juncture. If it falls from its current level, the bulls will lose their strength once again. In order for ADA to reach its next resistance level, it must trade above its immediate line of support.

Cardano's price has recently experienced a significant surge, surpassing the $0.35 resistance level. If it continues to climb and breaks through the $0.388 resistance zone, we can expect ADA to rise even further.

Following this consolidation, Cardano's price began to climb steadily, breaking through the $0.320 resistance zone and gaining momentum. Eventually, it was able to surpass the crucial $0.350 resistance level, entering a positive zone similar to that of Bitcoin and Ethereum. 

 The price of the asset surged above $0.350 and continued to climb, reaching a high of approximately $0.387. Currently, the price is consolidating its gains. However, there was a slight dip below the 23.6% Fibonacci retracement level, which measures the upward movement from the $0.3291 swing low to the $0.3870 high.

The current trading price of #ADA has surpassed $0.350 and the 100-hour simple moving average. Additionally, a significant rising channel is forming with support near $0.3520 on the 4-hour chart of the ADA/USD pair.

there is an immediate resistance near the $0.372 zone. Beyond that, the next major resistance is forming near the $0.387 zone. If the price manages to break above this level, it could potentially trigger a strong increase in value. In such a scenario, we could see the price steadily rise towards the $0.400 level. However, it's worth noting that there may be an intermediate resistance at around $0.420.

If the price of Cardano fails to surpass the resistance levels at $0.387, it may experience a downward correction. In such a scenario, the immediate support level on the downside is expected to be around $0.360. The next significant support level is located near the $0.352 level, which is also the channel's lower trend line. If the price falls below this level, it could trigger a fresh decline towards $0.330. The next major support level is anticipated to be around $0.300.

KEY LEVELS :

RESISTANCE LEVEL : $0.3750-$0.3870

SUPPORT LEVEL : $0.3550-$0.3400

Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

#coingabbar #crypto2023

The top 12 crypto assets, excluding stablecoins, have been in a downward spiral in the past 24 hours. The dip comes as the total crypto market capitalization plunged roughly $28 billion in the mentioned timeframe.

According to CoinMarketCap (CMC) data, the global cryptocurrency market cap fell by around 2.3% in the past 24 hours — from $1.187 trillion to $1.159 trillion. On the other hand, the total trading volume has spiked from $28 billion to roughly $34 billion at the time of writing.

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As the crypto market saw a notable drop, the top 12 cryptocurrencies have also noticed similar dips, per CMC data.

Top 12 cryptocurrencies on April 3 | Source: CoinMarketCap

The largest digital currency, bitcoin (BTC), fell by 2.5% in the past 24 hours and is down by 0.2% over the past 7 days. BTC is trading at $27,735 at the time of writing.

Moreover, the second-largest cryptocurrency by market cap, ethereum (ETH), witnessed a similar drop. ETH is down by 2.1% in the past 24 hours and trading at $1,784 at the time of writing.

The top losers of this red market are the two largest meme coins, dogecoin (DOGE) and shiba inu (SHIB). DOGE fell by 7% in the past 24 hours and currently trading at $0.078.

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SHIB had a smaller dip, seeing a 4.8% drop in the past 24 hours. The second-largest meme coin is now trading at $0.00001072 with a market cap of $6.3 billion.

Furthermore, the least affected asset on the list is cardano (ADA) with a 0.5% drop in the mentioned timeframe. ADA is trading at $0.386 at the time of writing.

#ADA #CARDANO #Binance #crypto2023 #crypto

The Ethereum Beacon Chain is currently experiencing a substantial influx of funding, which could lead to greater-than-anticipated selling pressure once the staking unlock occurs. Although this development is likely to solidify Ethereum's market position in the long run, the short-term effect may be significant selling pressure that could negatively impact the cryptocurrency's price.

Beacon Chain serves as the coordinating mechanism for the new Ethereum network, ensuring the creation and validation of new blocks while rewarding validators with ETH for maintaining network security. With the upcoming staking unlock, Ethereum holders will have the ability to withdraw their ETH from staking contracts, effectively regaining control of their previously locked funds.

While this increased access to funds is a bullish indicator for the asset in the long term, it also carries the potential for short-term volatility, as investors may choose to sell their unlocked ETH. As a result, the market may experience a surge in selling pressure, leading to a temporary decline in Ethereum's price.

However, it is important to note that the unlock event could also serve as a catalyst for renewed interest and investment in Ethereum. The increased liquidity and the ability to freely move funds may encourage more investors to enter the market, ultimately driving up demand and pushing the price higher.

Moreover, the staking unlock is a significant milestone in Ethereum's history, marking a key step toward increased scalability, security and network efficiency. As the blockchain continues to evolve, the long-term outlook for Ethereum remains positive, as it prevails as the go-to solution for building decentralized applications, despite the variety of competitors like Solana and Cardano.

#ETH #Ethereum #CARDANO #Binance #crypto2023

The Cardano (ADA) price is attempting to break out from the $0.410 resistance area. If successful, this would have massive bullish implications for the future price.

ADA is the native coin of the Cardano blockchain platform. The ADA coin price has increased since the beginning of the year. On Feb. 16, it reached a new yearly high of $0.421. Initially, it seemed that the high caused a breakout above the $0.410 resistance area. This is a crucial area that has acted as both resistance and support since May 2022.

However, the price failed to break out, instead deviating above the area and falling afterward.

Nevertheless, the ADA price is in the process of making another breakout attempt. This is also supported by the RSI, which broke out from its bearish divergence trendline and is above 50.

If a breakout occurs, the ADA price can increase to the next resistance at $0.560. However, if another rejection follows, ADA could fall to $0.325.

ADA/USDT Daily Chart. Source: TradingView

Will Cardano (ADA) Price Finally Break Out?

The technical analysis from the short-term six-hour chart shows that the price has increased inside an ascending parallel channel since March 10. Such channels usually contain corrective structures. Moreover, the movement inside it has been extremely choppy, which is another sign of a bearish structure.

As a result, this would suggest that the increase is the B wave in an A-B-C corrective structure. If so, the C wave will cause a breakdown and take the ADA price toward $0.280.

However, the bullish outlook from the daily time frame puts this bearish wave count in doubt. Therefore, if the ADA price breaks out from the channel (and the $0.410 resistance in the process), it would invalidate the bearish outlook and cause an increase toward the $0.560 resistance. So, the next 24 hours could be crucial in determining the future trend.

ADA/USDT Six-Hour Chart. Source: TradingView

To conclude, the ADA price’s long- and short-term readings provide conflicting signs. Whether ADA breaks out above the $0.410 area or gets rejected will likely determine the future trend. A breakout would likely lead to a pump toward $0.560, while a rejection could lead to a fall to $0.280.

#ADA #CARDANO #Binance #crypto2023 #crypto

XRP, the digital asset native to the Ripple blockchain, has recently shown a candlestick pattern called the spinning top, which may indicate an impending short-term reversal. This comes after a significant rally in the price of XRP, with many investors attributing the surge to the potential conclusion of the SEC case against Ripple in 2023.

The spinning top pattern, characterized by a small body with long upper and lower shadows, suggests indecision among traders and can often precede a change in trend direction. In the case of XRP, the appearance of this pattern might signal that the explosive growth experienced in recent weeks could soon slow down or reverse as market participants reassess their positions.

However, the appearance of the spinning top pattern could indicate that the market is due for a short-term correction or consolidation phase. While the long-term outlook for XRP remains positive, the current rally may need to pause as traders reassess market conditions and make adjustments to their positions.

Cardano faces competition

Cardano (ADA) is currently facing a challenging market environment as it loses ground against Bitcoin (BTC) on the ADA/BTC trading pair. The cryptocurrency has experienced a 5% decline in value compared to the world's largest digital asset, and the downward trend could continue as Bitcoin asserts its dominance on the market.

This recent development comes at a time when Bitcoin is demonstrating a strong performance, causing its dominance against altcoins like Cardano to rise. The increased interest and investment in Bitcoin may result in a further decline in the value of ADA when compared to BTC, as more investors choose to allocate their resources to the more established digital asset.

At present, Cardano is experiencing a reversal from the 21-day moving average, which acts as the first resistance line for the cryptocurrency. Should ADA fail to break through this resistance level, it may encounter further obstacles in the form of more significant resistance levels. These barriers could potentially exacerbate ADA's underperformance against Bitcoin, contributing to the widening gap between the two assets.

USD pushes Bitcoin up

The recent weakness in the Dollar Index (DXY) could have emerged as a significant factor in the ongoing rally of Bitcoin and the broader cryptocurrency market. As a leading economic indicator, the DXY measures the value of the dollar against a basket of major currencies. When the index falters, it can create a ripple effect on financial markets, often benefiting high-risk assets like cryptocurrencies.

The relationship between Bitcoin and the DXY index is largely an inverse one, meaning that when the value of the dollar declines, the value of Bitcoin often rises, and vice versa.

This inverse correlation occurs because Bitcoin and other cryptocurrencies are frequently considered alternative investments or safe havens during times of economic uncertainty or currency devaluation. When the U.S. dollar loses its strength, investors may turn to digital assets as a means of preserving their wealth and mitigating potential losses.

#Solana #SOL #USDT #CARDANO #Binance