Cardano Phoenix Moment: Price Breakout In The Face Of Recent Setbacks

Christian Encila

1 year ago

3 mins read

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In the midst of recent market fluctuations, Cardano (ADA) has attracted significant attention from both investors and analysts alike.

The cryptocurrency had a drop in value over the weekend, but it still managed to record strong gains—it has increased by about 50% in the last month.

This noteworthy performance has fueled heightened interest and speculation surrounding ADA’s potential for a substantial bullish rally in the foreseeable future.

Of particular focus for analysts are the critical resistance levels that ADA has consistently struggled to breach throughout the year.

Cardano Current Trading Price And Momentum

At the time of writing, ADA was trading at $0.38, up 3.7% in the last seven days, data from crypto market price aggregator Coingecko shows.

Even in the face of these challenges, ADA’s resilience and positive momentum have sparked discussions about the coin’s capacity to defy market uncertainties and pave the way for notable upward movements.

The native cryptocurrency of the Cardano has garnered significant attention in recent times as a result of its notable surge in price. On November 16, the asset’s value exceeded $0.40, marking the first occurrence since April 2023.

Meanwhile, in the wake of recent developments in Cardano’s staking landscape, there has been a noticeable uptick in rewards distributed to participants in the network’s staking programs.

This surge in rewards coincides with a proactive stance taken by bullish Cardano network participants, spurred by positive shifts in staking dynamics throughout the week.

In October 2023, Cardano experienced a substantial surge in staking activities, reaching a 90-day peak of 23.05 billion ADA coins staked on October 23. At that time, with ADA trading at approximately $0.27, the cumulative staking valuation soared to $6.2 billion.

Total crypto market cap is currently at $1.38 trillion. Chart: TradingView.com

At the time of writing, data from StakingRewards.com, a staking data aggregator platform, indicates that a total of 22.94 billion ADA coins are currently staked across diverse staking protocols, underscoring the ongoing vibrancy in Cardano’s staking ecosystem.

Certain analysts posit that this event may signify the initiation of a substantial rally, perhaps propelling the asset to a new record peak in the foreseeable future.

In light of the current volatility, analyst and cryptocurrency YouTuber LuckSide Crypto admitted that ADA’s price performance has fallen behind that of other significant cryptocurrencies. Nevertheless, he gave investors confidence that ADA will soon see big returns.

On-Chain Data And Cardano’s Upcoming Gains

LuckSide called attention to ADA’s ongoing efforts to break through the 40–41 cent area, which has proven to be a difficult barrier that it has faced all year long due to downward pressure.

Another analyst – the founder of Crypto Capital Venture, Dan Gambardello – suggested that ADA might be in a pre-bull run state right now and predicted that the coin’s price will soar months after the BTC halving, which is slated to take place in the spring of next year.

In particular, Gambardello forecast that in 2025, the token’s market value may soar to $400 billion, while ADA might reach an all-time high of roughly $11.

The Cardano Foundation is unwavering in its commitment to furthering the goals of CIP-1694 and steering #Cardano towards a fully decentralized on-chain governance system. Explore the specifics of our involvement in the Cardano ballot. #CIP1694
🧵(1/7) pic.twitter.com/HMKajPaXcX

— Cardano Foundation (@Cardano_CF) November 20, 2023

On-chain data indicate that Cardano is now in an upswing and that the altcoin is expected to continue its gains. Recently, the Cardano Foundation pledged to support the objectives of Cardano Improvement Proposal (CIP) 1694 by casting a vote with its wallet holding 11.42 million ADA tokens.

As the cryptocurrency landscape continues to evolve, the ongoing scrutiny and optimism surrounding ADA contribute to the dynamic narrative of its market trajectory.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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