• According to crypto analytics firm Santiment, whale activity on the Cardano blockchain has recently seen a massive spike.
• The market rally that began earlier this year has lifted the world’s eighth-largest cryptocurrency by over 50%.
• A number of interesting Cardano ecosystem development milestones have been hit, including the launch of Djed.
Cardano Price Prediction – Is Now the Right Time to Buy?
According to a recent blog post by crypto analytics firm Santiment, so-called whale transactions on the Cardano blockchain have seen a massive spike since the start of February. In the past few weeks, the number of ADA transactions with a USD value of at least $100,000 has frequently hit 2,000 per day. This comes as crypto markets have rallied and Cardano ecosystem development milestones have been hit. ADA/USD was last changing hands around $0.38 per token, now down about 10% from earlier monthly highs in the $0.42s.
Recent Market Rally
The market rally that began earlier this year has lifted the world’s eighth-largest cryptocurrency by over 50% year-to-date. Crypto is taking its cue from US stocks which are pulling lower amid 1) further evidence of an oncoming earnings recession in wake of the latest Walmart and Home Depot earnings and 2) ongoing concerns that equity investors had been underestimating how much more interest rate hikes will continue this year.
Cardano Ecosystem Development
A number of interesting Cardano ecosystem developments have occurred in recent weeks including upgrades like Vasil and upcoming projects like Hydra which could attract new capital inflows to the Cardano ecosystem as Decentralized Finance (DeFi) investors look for new ways to generate yield. One such project is Djed – an overcollaterized USD-pegged algorithmic stablecoin – which aims to bring stability and yield into DeFi protocols built on top of it.
ADA Bears Eyeing Support Levels
ADA bears will now be eyeing a test of the 50DMA in the $0.36s, which coincides with this year’s uptrend line – if Cardano can find support here then it stands a good chance of rebounding back towards recent highs again; however if not then a test of a double bottom just under $0.3450 could occur soon after instead.
Coin Bureau’s Take On ADA
Guy Turner from Coin Bureau recently noted that he likes “the fact that there are lots more upgrades scheduled” for Cardano and believes “ADA at the moment” is worth investing in due to its potential for growth in 2021 – especially as DeFi continues its rapid expansion across multiple cryptocurrencies as well as traditional finance industries such as banking and trade finance applications too..