Cardano’s ada token has enjoyed some bullish activity lately, reaching its highest in over a month today.
The digital currency climbed to as much as $1.10 around 12:30 p.m. EDT, CoinDesk data shows.
At this point, it was trading at its loftiest value since February 16, additional CoinDesk figures show.
Since then, the cryptocurrency has pulled back slightly, but it has retained most of its recent gains by trading at $1.07 at the time of this writing.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Following ada’s latest price fluctuations, several market experts weighed in, pointing out key fundamentals affecting the digital asset’s price and important technical levels that traders should watch.
Ben McMillan, CIO at IDX Digital Assets, emphasized some important developments that have coincided with ada’s recent upside.
“After a long time in the making, Cardano has finally seen a massive uptick in projects being developed on its blockchain,” he stated.
“It’s also worth noting that Cardano has the highest allocation in Grayscale’s new ‘Smart Contract Platform Ex-Ethereum Fund,’” said McMillan, referring to the investment vehicle announced yesterday.
The fund will focus on digital assets tied to blockchain platforms, other than Ethereum, that leverage smart contracts.
However, he noted that “this recent bounce is on relatively low volume and is coming after Cardano started the year at over $1.50 (and peaked at over $3 in 2021).”
“So this looks to be a combination of technical bounce from oversold levels on the back of encouraging developments regarding the longer-term outlook.”
“The key will be if it can hold the psychological $1 level from here on,” McMillan concluded.
William Noble, the chief technical analyst of research platform Token Metrics, also chimed in, emphasizing some important technical levels.
“Cardano is making a long term bottom similar to the one it made in January of 2021. If Cardano holds above a support at 1.03, then ADA can easily travel to the next resistance point at 1.17,” he stated.
“Cardano seems to be shifting from base building to trending. If ADA continues to rally, 1.45 may be the next big-picture objective.”
“ADA maximalists would need to see ADA above that level in order to discuss an upside target above $3.”
Ben Armstrong, founder of BitBoy Crypto, also offered technical analysis, highlighting different levels.
“After finding support at .78 ADA/USD has risen almost 40% breaching the strong psychological resistance of 1.00,” he stated.
“ADA is finding resistance at 1.08 which is also a golden pocket from the lows of march 2020.”
Armstrong noted that if the digital asset can break through this accumulation of selling interest, it will probably encounter its next area of major resistance at $1.56.
However, should it fall back, it will encounter “key support at the .702 Fibonacci level coming in at .93.”
Mark Elenowitz, co-founder of Ethereum-powered exchange Upstream, spoke to key variables affecting ada’s price action and commented on the digital currency’s outlook.
“Cardano’s breakout today is reflective of bullish glimmers in the crypto market,” he stated.
“Cardano also has a base of supporters who are especially devoted to the project and therefore willing to risk significant amounts of capital to it,” said Elenowitz.
“The biggest factor driving this price movement is that Cardano just saw a big influx of tokens into staking pools,” he stated.
“Once traders saw this influx they appeared to have started buying in relatively large numbers. Naturally, the price surged and might continue to do so if this apparent micro rally continues.”
“That being said, there is always the question about the use cases available on the Cardano Network – after all, it’s been slow to implement smart-contract utility and so questions abound about whether it can keep up with such competitors as Solana, Avalanche and Terra,” Elenowitz noted.
“If Cardano Network doesn’t experience much demand because of a relative lack of utility, then it’s safe to say that price action for $ADA could easily go south – and quickly,” he warned.
Elenowitz identified some important technical levels that traders should watch.
“Cardano went up nearly $0.5 during its last big breakout, before crashing back down, and the current move upwards seems equally strong.”
“So it’s not beyond the realm of possibility that it could continue moving upwards, perhaps anywhere from $1.25 to $1.30, before hitting major resistance,” he stated.
“For the medium term, I think $ADA has strong support at $1 and is likely to hold there.”
“But in this volatile market, it seems like anything above this level is unsustainable.”
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.
PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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