As a seasoned crypto investor with years of experience under my belt, I’ve seen my fair share of market fluctuations and price surges. And let me tell you, the past week has been an interesting ride!
XRP, the native cryptocurrency of Ripple, experienced a significant surge over the past week, increasing by almost 40% and reaching a price of $0.60. In contrast, its rival, Cardano‘s ADA, failed to follow suit, with crypto investors showing little interest in it. However, market analysts anticipate that Cardano could be poised for a new rally.
Like XRP, Cardano’s ADA Gears Up for A Rally
As an on-chain data analyst, I’ve observed that trader sentiment, as reported by Santiment, has closely followed the recent price trends in the cryptocurrency market. Specifically, there has been a significant increase in bullish sentiment towards XRP over the past week.
Over the past 24 hours, XRP‘s price has climbed by 11%, breaking the $0.60 mark as of now. The trading volumes have significantly increased by approximately 41.4% to reach a daily high of $3.2 billion. This surge comes with noticeable activity from large XRP holders or “whales.”
In contrast, Cardano is currently witnessing the strongest bearish feelings among investors in more than a year based on data from Santiment. This contradictory situation to the current market trend might offer lucrative chances for traders who employ counter-trading strategies.
At present, the value of Cardano’s ADA token is rising by 1.32% to reach $0.4476, pushing its market capitalization beyond $16 billion. Over the past week, there has been a significant increase of 17% in the price of ADA. The current chart configuration indicates that the recent downturn may have bottomed out for Cardano, potentially leading to a substantial price rise in the near future.
Based on my extensive experience in analyzing financial markets and trading cryptocurrencies, I can confidently say that the current development in my $ada chart aligns closely with our earlier predictions. After a period of consolidation, we’ve seen the price break out and move above the significant green trend line you see below. Now, it appears that the asset is taking a breather to establish new support levels within this consolidated range. My years of trading experience have taught me that such price movements are not uncommon and should be approached with patience and caution.
Ascending Accumulation = God Candle
Time is running out, stake your stack
— jupiter (@stockjupiterr) July 17, 2024
All Eyes on Chang Hardfork
As a crypto investor, I’m excited about the upcoming major upgrade for Cardano. This upgrade goes by the name of Chang hard fork, which is expected to take place by the end of July. The primary objective of this hard fork is to gradually introduce governance functionality within the Cardano ecosystem. For newcomers and those assuming new governance roles, this is a significant step that makes onboarding and adoption of these responsibilities smoother and more accessible.
The Cardano blockchain has been updated to version 6.5.0, allowing it to work with Cardano node 9.0.0. This upgrade prepares the network for the upcoming Chang hardfork.
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2024-07-17 10:20