Cardano Traders are Positive of a Breakout this Month as ADA Recovers
Cardano has risen 4% in the last 24 hours and has surged more than 8% during the previous two days as the crypto market rebounds from recent lows. According to a recent analysis by on-chain metric provider Santiment, investors and traders expect a significant breakout from the Cardano cryptocurrency in March. Notably, the network is expanding, with over 900 projects currently built on the ADA blockchain network, a massive increase from the 400 projects added in a month.
A Strong Positive Sentiment
Data analytics platform Santiment wrote on Twitter that a positive sentiment builds upon the current Cardano price. The Cardano (ADA) Weighted Social Sentiment on the Cardano blockchain has risen significantly following the recent price increase. It suggests that the price will continue to grow.
Despite being way below its $3.10 ATH, its traders believe that the ADA price could still reach its next resistance level of around $1.20.
Charles Hoskinson, the founder of Cardano, believes that the digital currency’s price will increase significantly once the hard fork of the Vasil network occurs in June. On April 18, the total stake of the ADA reached 76%.
More Cardano Projects are Launching
In September 2021, the Cardano network underwent a significant upgrade, allowing it to scale faster. The upgrade has resulted in several network milestones being reached. Notably, several projects are currently in the works on the platform, such as non-fungible token collections, new wallets, and DeFi lending.
Concerning NFTs, hip-hop artist Snoop Dogg announced he will re-establish his presence in the cryptocurrency industry. One of his latest collaborations is with Clay Nation, which will launch an NFT collection on the Cardano blockchain.
According to data, the network added over 100,000 wallets in a month before the Cardano-ECR-20 digital currency exchange launch. Charles Hoskinson, the founder of Cardano, has stated that the network is just getting started.
The number of active wallets on the Cardano network has increased to 3,360,761. It is a massive increase from the previous year when it hit the 2 million mark.
ADA Price is Recovering
Cardano has overtaken Avalanche to become the 9th biggest cryptocurrency by market cap. To be considered one of the top five digital assets by market cap, Cardano’s market cap must reach over $50 billion. It will then take USD Coin’s place at fifth.
Despite the positive sentiment in the market, the asset’s technical performance has remained lackluster. It has been a long time since it reached a new high. According to a daily chart analysis by TradingView, the asset managed to bounce back from the selling pressure generated by the general market trends.
The primary trend of the asset remained negative after it dropped by 20% from its high. Instead of reaching a new low, it entered a consolidation channel. At press time, ADA is trading at $0.969.
The Rest of the Crypto Community
The cryptocurrency market continued to gain momentum on Tuesday and Wednesday. According to data from CoinMarketCap, the total market capitalization of all cryptocurrencies is at $1.95T, a 2.69% increase from the last day.
The two biggest cryptocurrencies, bitcoin and ethereum gained 2.9% and 2.6% in the last 24 hours. The former reached its highest level since April 11. The Solana and Terra blockchains’ native tokens, SOL and LUNA, were up over 6% in the last 24 hours, according to data from CoinMarketCap.
Other cryptocurrencies that were up in the last 24 hours include Dogecoin, Polkadot, and Polygon. Their increases were 3.8%, 5.0% and 3% respectively. Other altcoins such as Cardano, Shiba Inu, and Avalanche were also up in the last 24 hours. However, their gains were less significant at around 2.5%.
