As a seasoned crypto investor with years of experience navigating the volatile world of digital assets, I must admit that the recent surge in Cardano’s price has caught my attention. The news of Binance Pay supporting ADA and the impressive performance of the Hydra Layer 2 solution at the RareEvo blockchain event have certainly fueled the optimism surrounding this project.
The value of Cardano (ADA) started showing signs of growth as it surpassed crucial resistance points. Although it hasn’t breached the primary obstacle yet, this upward momentum signifies a notable shift from its previous decline. As a result, the price of ADA rose by 3%, mirroring the broader crypto market, and is currently trading at $0.3437. Interestingly, Binance Pay has integrated ADA, enabling merchants worldwide to use it without fees and for quick transactions. The surge in Bitcoin‘s (and other cryptos’) price, along with this integration, could potentially be the catalyst behind the sudden reversal in the trend of ADA prices.
Cardano Price Rises Higher on a Stream of Good News
As per a post on the Cardano Foundation’s social media platform (previously known as Twitter), Binance Pay has started accepting ADA. This means that merchants globally can take advantage of zero transaction fees and instant transfers for their ADA transactions.
Merchants worldwide can now accept $ADA with @Binance Pay!
Experience no transaction fees, immediate payment processing, and reach over 30 million users worldwide. Elevate your company with effortless Cardano transactions right now.
— Cardano Foundation (@Cardano_CF) August 19, 2024
Binance Pay has over 30 million users globally, a huge step for Cardano toward mass adoption.
Just announced, this news follows the impressive triumph of Cardano’s Hydra Layer 2 solution at the RareEvo blockchain gathering in Las Vegas. During a specific game called DOOM, the Hydra demo conducted a higher number of transactions than the entire transaction history of the Cardano mainnet, all while keeping costs incredibly low. This is significant news for the value of Cardano.
Traders Are Betting on ADA to Rise Higher
Due to a recent market trend, traders have adjusted their positions. In just a short time, the outlook for Cardano has turned optimistic, as evidence from the Coinglass Liquidation Map indicates a greater amount of Cumulative Long Liquidation Leverage ($10M) compared to Shorts ($3M). This difference between the two groups offers insight into market sentiment and suggests that traders are expecting the price to rise.
A deeper analysis of the LM shows that the size of Shorts has reduced drastically, as has the volume. Most traders have opened Long positions at $0.339 and $0.324.
Cardano Price Can Extend Gains by 25%
The price of ADA has surpassed the upper limit of its descending triangle, suggesting a possible bullish turnaround. This breakthrough challenges the prior downward trend, and there’s evidence that the momentum is now tilting in an upward direction.
The cost of ADA may encounter some opposition around the $0.3621 mark, as this figure aligns with the 200-day exponential moving average (EMA) and the upper boundary of the current holding pattern the asset is in. If it manages to break through this barrier, the price of Cardano could potentially soar by 25%, reaching approximately $0.4500. This level might then serve as a formidable resistance and a crucial juncture for any further upward momentum.
At present, the Relative Strength Index (RSI) stands at 60.45, suggesting a strong bullish trend without being excessively overbought. This implies there’s potential for more price increases; however, as the price nears higher points, it may encounter some resistance.
If the cost of Cardano falls beneath $0.3280, this might suggest a bearish turnaround, contradicting the present optimistic perspective. The value could then potentially aim for $0.3220 or even lower.
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2024-08-20 09:08