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Cardano (ADA) Price Soars By 5% As Buying Pressure Mounts
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Cardano (ADA) Price Soars By 5% As Buying Pressure Mounts

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Cardano

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The Cardano (ADA) token marked a two-year low at $0.239 as recently as December 30 but has since experienced a sustained upswing that catapulted the price to $0.264 at press time. Within the last 24 hours, ADA is recording an increase in price of around 5%, with a trading volume of around $250 million.

However, a look at the 1-day chart reveals that Cardano is far from out of the woods. The ADA price has been in a falling trend channel since mid-August 2022. Since early December alone, the ADA token has fallen 25%.

While the 50-day simple moving average (SMA) is an initial target at $0.291, ADA needs another boost above $0.33 to break out of the bearish trend. Thus, today’s move could mark a budding momentum for the bulls. The MACD indicator was showing a bullish crossover a few days ago, suggesting buying pressure is building up.

Related Reading

Cardano

Cardano Enters 2023 With A Bang, But ADA Still Bearish In The Short Term 

2 years ago

Meanwhile, the Relative Strength Index (RSI) is currently at 46 and is now in neutral territory after spending much of the second half of December in oversold territory.

Cardano ADA price
ADA / USD price, 1-day chart

Looking at the 4-hour chart, Cardano has seen a major rejection at the key resistance zone of $0.266-$0.271. For ADA investors, the mark could be the first major step to tackling the $0.28 level. After that, the most crucial resistance would be waiting in the $0.291-$0.30 zone. Only if Cardano manages a breakout, the attention could move to the higher time frame, setting up a final strike against the bearish trend.

Cardano ADA USD price
Cardano/ USD price, 4-hour chart

Cardano Whales And DeFi Activity Could Spur The Price

Some upside to the ADA price may have been provided by the growth of the Cardano DeFi ecosystem. After hitting a low of $48.95 million on January 1, Total Value Locked (TVL) has risen again today to $52.53 million according to data from DeFiLlama.

Related Reading

Cardano price

Cardano (ADA) Extremely Undervalued? On-Chain Data Suggests So

2 years ago

Some of the leading decentralized financial protocols on the Cardano network have seen an uptick in activity. Within the top 7  decentralized applications (apps), all have seen at least a 3.5% increase over the last 24 hours in terms of TVL. With +21.5%, Lending Pond leads the growth over this period, but also over the last month (+50%).

cardano defi
Cardano defi dapps TVL, according to DeFiLlama

Another reason for the uptick in price could be larger ADA investors. WhaleStats data shows that large BSC holders also have a keen interest in buying Cardano (ADA). ADA purchases are within the top 10 of the 4,000 largest BSC whales in the last 24 hours. In addition, the largest BSC whales currently hold 19.9 million ADA, which is worth $5.19 million and represents 0.68% of the total supply.

JUST IN: $ADA @CardanoStiftung now on top 10 purchased tokens among 4000 biggest #BSC whales in the last 24hrs 🐳

Peep the top 100 whales here: https://t.co/CnPsLVmRmh

(and hodl $BBW to see data for the top 4000!)#ADA #whalestats #babywhale #BBW pic.twitter.com/3GdW9PeU5T

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) January 4, 2023

Featured image from IOHK Blog, Charts from TradingView.com

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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