Cardano is on a Gaining Streak, Records a 10% Jump in 90 Minutes
Cardano has been on a gaining streak for the past four days, making a 10% jump early in the morning today over a 90 minute period, according to Santiment. Currently, it is trading at $1.10, which is 14% higher than yesterday. Now 26% in the past week, whale transactions are something to watch out for, says Santiment. In addition, spikes of $100k+ $ADA transactions consistently signal price reversals.
A Breakdown of the Latest Jump
As Bitcoin and Ethereum saw some gains today of about 3%, Cardano emerged as a significant gain. ADA has been on a tear recently, and with its latest action, it shows no indications of letting down.
The cryptocurrency is now trading above its 20-day and 50-day moving averages, with significant upward motion over the last three days. Since Monday, the coin has been in the green, rising from 90 cents to its current price of $1.06.
Of course, reaching a significant milestone, such as $1, is usually a reason for celebration in the crypto world. Cardano’s value has dropped dramatically from its all-time high in September, but today’s surge might be the catalyst for additional increases until 2022.
Cardano is Set up to Rally
Following a 20% surge since the weekend, investors should be pleased with the price of Cardano. According to last week’s analysis, a close above $0.883 would invalidate any short-term bearish ideas. Within the invalidation level, the bulls established a bullish engulfing candlestick.
Following the most recent price movement, the so-called “Ethereum killer” looks to be forming a cup and handle pattern. If the bulls successfully break out of the bullish pattern, the ADA price will rise more.
Analysts anticipate Cardano’s price to test swing highs around the $1.20 range. Folks should observe that volume shifts in favor of the bulls, adding to the potential convergence of upward power and momentum.
When considering any investment or transaction, traders should always consider a negative situation. Cardano’s price should never go below the last swing low of $0.82. If the ADA price falls below this critical support level, the coin will invalidate the bullish cup and handle pattern.
A 25% correction from the current level of the price of Cardano would then cause it to fall toward $0.77 or even $0.74.
Coinbase Adds Cardano Staking Rewards
ADA, the native cryptocurrency of the Cardano blockchain, is now available for staking on the Coinbase exchange. Rupmalini Sahu explained that the decision was based on ADA being a top-10 market cap and it has a “flexible, sustainable, and scalable” blockchain design. Smart contracts, such as those used by Ethereum and Solana, are used in this design. It enables decentralized finance, NFTs, and other network-based activities.
Cardano is a proof-of-stake cryptocurrency. The network is protected by participants pledging a percentage of their ADA holdings to the network. It is better than mining, like Bitcoin, which has faced a lot of skepticism. In exchange, they receive a portion of the freshly created ADA.
Since this “staking” procedure might be confusing or time-consuming for the typical user, Coinbase and other exchanges offer to execute it by pooling ADA on the Cardano network and transferring a share of the benefits. It expects an annual return of 3.75 percent, delivered every five to seven days.
After Algorand, Cosmos, Ethereum, and Tezos, ADA is the fifth currency for which Coinbase offers staking services. According to Sahu, the exchange “plans to continue growing our staking portfolio in 2022.”
It aligns its stake intentions with CEO Brian Armstrong’s expansionist tone. In June of last year, he tweeted, “Our objective is to list every asset where it is lawful to do so.”
