- Cardano price hit an intraday high of $0.42 on Thursday.
- The ADA token price will increase by over 63% in 2023 at current levels.
- On-chain indicators and other factors suggest that ADA may continue to rise, especially with broader sentiment remaining positive.
ADA, the native token of the Cardano blockchain ecosystem, announced Thursday 4 p.m. It leveled off around the time.
Cardano price shows a sideways outlook, but the ADA bulls made a big break when they broke the $0.40 resistance. In fact, the value of the cryptocurrency has risen to $0.42 on major cryptocurrency exchanges. Cardano’s token is up about 16% over the past month, and its current price was last seen in the first week of February.
What is the reason for the increase in ADA prices in the last few weeks?
After a tough 2022 for ADA, Cardano is off to a great start in 2023. In fact, ADA/USD is 63% YTD at current levels above $0.40.
So what caused Cardano’s price to surge to today’s highs? Most likely, it was due to the bullish sentiment experienced across cryptocurrencies so far in 2023. Even if we saw a slight digression earlier in the week amid the stablecoin crackdown.
However, talk of revisiting algorithmic stablecoins, including the Cardano-based DJED, especially supported the ADA market.
The data also show that there has been significant whale activity around the ADA in the past two weeks. On-chain metrics highlight his average daily transactions of over 1,700, while large investors (whales and sharks) have continued to scoop ADA over the past three months or so.
As Santiment researchers recently noted, addresses with 10-10 million ADA have accumulated nearly 660 million tokens worth about $235 million since the price crash following the collapse of the FTX crypto exchange. was doing.
📊 #CardanoEven with an impressive +45% uptick in 2023, the brutal year of 2022 is far from a distant memory. #on-chain The upside of the peak, including a significant increase in whale activity, trader losses that mitigate future risk, and more. https://t.co/sZPBdzQYyf pic.twitter.com/SvK9Sx5HjS
— Santiment (@santimentfeed) February 14, 2023
Additionally, sentiment is brighter this week after Cardano developer Input Output HK announced A critical upgrade to your network has successfully started. According to the company, the SECP upgrade will add scalability and enhance cross-chain interoperability. As such, Cardano now supports more cross-chain dApps.
Are these metrics good for Cardano prices? Probably. In fact, his ADA bull Dan Gambardello has suggested that ADA/USD is forming a reverse head-and-shoulders pattern, and the next target he predicts could be $0.65. I’m here.
— Dan Gambardero (@cryptorecruitr) February 16, 2023