The Carano bulls delayed a 4-week aggressive push that saw the token increase in value by 45.5% in 30 days. His eighth-largest cryptocurrency, with a market capitalization of $13.2 billion, remains slightly green, fueled by a 0.9% increase in 24 hours. A 50% rally from the bottom has pushed the ADA price to his $0.39 high, but at the time of writing he is back down to $0.379.
ADA Bullish News Roundup As Cardano Price Heads To $10
The use case of Cardano as a smart contract platform has caught the attention of the United Nations High Commissioner for Refugees (UNHCR). UNHCR hopes to use crypto platforms as an alternative approach to assisting those who have been wrongfully displaced. Through this platform, humanitarian organizations fundraise innovatively. With this development, UNHCR will use blockchain technology for the first time to connect other humanitarian communities to achieve positive impact.
“The adoption of the Cardano blockchain is first and foremost a new and innovative way of using staking to help raise funds to help those displaced. , an even larger community can make a difference and provide life-saving assistance, UNHCR outlined through a blog post.
While this may seem like a purely humanitarian effort, Cardano’s price could benefit as people around the world buy ADA tokens for staking purposes. Cryptocurrency users can donate while holding ADA for a certain period of time in a smart contract.
In other news, Jed, a stablecoin scheduled to go live on the Cardano blockchain next week, will enjoy decentralized exchange (DEX) support in the ecosystem. The DEXs set up to list the hot stablecoins and their governance token Shen are MinSwap and MueliSwap.
Djed is the brainchild of Input Output Global (IOG), an organization that develops and maintains the Cardano blockchain using Coti, a layer 1 protocol.
Evaluating the Short-Term Technical Outlook for Cardano Prices
Cardano prices are relatively bullish despite a break in the uptrend after hitting $0.39, an almost three-month high. Capping its immediate high is the downtrend line, shown as a solid line on the daily timeframe chart.
The ADA needs to break this hurdle and the subsequent congestion zone of sellers at $0.4 to validate the short-term uptrend targeting $0.6 at $1.0 in the coming weeks. The positive outlook from the Moving Average Convergence Divergence (MACD) indicator helps keep the optimistic outlook investors see in Cardano prices intact.
ADA price begins at $0.326 with the red-lined 50-day exponential moving average (EMA) and the blue-lined chart overlaying the 100-day EMA, two of the three major moving averages applied to the daily chart. greatly surpassed. $0.34. The deal is bullish for Cardano price, but to confirm a long-term trade, the bulls need to regain and hold position above his 100-day EMA (purple) at $0.427 .
Key Fundamentals Underpinning Cardano Price Rise
Cardano’s price is built on strong support provided by investors who bought ADA between $0.3675 and $0.3764.based on insights from into the block77k Addresses, a crypto analytics platform, is currently realizing profits in the range of 4.35 billion ADA tokens it previously purchased.
Investors in this cohort are delighted Boosting ADA Price Rise, especially the IOMAP model sheds light on the weakened resistance region. Therefore, with a small push, Cardano price can quickly close the gap with his 200-day EMA and pave the way to $0.60.
Supporting the bullish outlook from the IOMAP model is the number of newly created addresses on the Cardano network. Cardano is welcoming new address holders as it recovers from a bottom around $0.239. The “Active Daily Addresses” metric increased from 18.5k on Jan 24th to 28.1 on Jan 26th. Indicates that k addresses have joined the protocol.
A similar growth pattern was reflected in the number of active addresses trading on the Cardano blockchain. The same graph shows 76,000 addresses were active on Thursday, up from 50.3,000 during the same period.
It’s worth mentioning that 736.82k Cardano addresses are either in the money or profitable, based on year-to-date data provided by IntoTheBlock. This is well below the 3.45 million addresses currently facing out-of-the-money or unrealized losses.
That said, most ADA investors are unlikely to sell at this time, as doing so would result in a loss. On the bright side, more of the 3.45 million addresses are likely to choose. buy ADA As the price recovers, the token rises, creating momentum that is expected to hit an all-time high of $3.15 and later to $10.
Can Cardano Price Reach $10 in 2023?
Cardano price is on the rise and could hit new all-time highs in the next bull market. However, the cryptocurrency market first needs to confirm the bull market that some experts believe will occur towards the end of 2023 and take off in 2024. I got my all-time high of $3.15 back.
Nonetheless, impossible never means anything, especially in the crypto space. With developments planned by IOG for the ecosystem, Cardano price breakthrough to $10 is still within reach.
Should I buy Cardano today?
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