Cardano (ADA) Up Nearly 20%, Aiming For A Higher High?

Samuel Edyme

2 years ago

3 mins read

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After weeks of stagnancy and falling to new lows, the crypto market has been in a bullish trend in the past few days. Alongside it is Cardano (ADA) following suit in the same direction of the upward movement.

ADA has spiked by over 15% in the last 24 hours, following the coin’s recent cheerful news, including the DeFi TVL tapping a two-month high and the co-founder Charles Hokingson announcing an upcoming launch of a hospital that will accept ADA as a payment method in February.

Cardano (ADA) Rally In The Past Weeks

The ending of last year brought some not-so-confident positivity to ADA traders; the coin was bleeding red regardless of the positive news. However, over the past few weeks, Cardano has been printing a bullish trend, and looking at the chart, there was evidence of some accumulation of liquidity.

Even market analytics platform Santiment reported at the end of December that ADA was undervalued, given the indicated whale accumulation and bear exhaustion. Sentiment noted sharks and whales hold 100,000 to 10 million ADA and are still actively accumulating.

ADA began the year with a trading price of about $0.24, and following its rally to the upside a few days ago, ADA climbed above $0.3 by last week Monday, spiked to $0.34, and currently trades at $0.3283.

Cardano (ADA) price chart on TradingView — ADA price is moving sideways on the 4-hour chart. Source: ADA/USDT on TradingView.com

The weekend was warming up the process of the nearly 20% spike, which happened today. Yesterday saw ADA taking all the liquidity on the upside and climbing over every higher high. Though it’s hard to say for sure if this rally is the road heading to a bull run, the chart indicates a retracement sooner or later.

The Crypto Market Bullish Trend Overview

ADA hasn’t been the only altcoins printing bullish trends. The largest coins by market cap, including Ethereum, Solana, and Binance coin BNB, have so far been seeing an uptrend.

The top coin, Bitcoin, has made some significant movement breaking free from the $16,000 zone and currently trading above the $17,000 region.

ADA and Solana (SOL) still happen to emerge as the highest gainers among top cryptocurrencies by market cap. SOL went from the $10 – $13 zone and skyrocketed by 13%, with a current market price of $16.3 at the time of writing.

With the Shanghai update somewhere around the corner, Ethereum (ETH) was not left out in the bullish trend. ETH climbed above $1,300 after the prolonged stagnation in the $1,200 region. ETH increased by 4% in the last 24 hours, with a current trading price of $1,316 at the time of writing.

Bitcoin gained a few hundred dollars in its value. Given its larger market cap, its upward movement in the last 24 hours is only about 1.81%, while in the previous 7 days, it was up by 3.8%. BNB, after surviving weeks of FUD and bears at the end of last year, is up by 6.8% in the last 24 hours with a current market price of $279.

Featured image from Freepiks, chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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