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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why Cardano Is On A Hot Streak With 10% Gains In 1 Day

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Picture of a Cardano coin in front of a candlestick chart

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Coming from below $1 with a 2,000% profit year-over-year, Cardano (ADA) continues to outperform Bitcoin, Ethereum, and other cryptocurrencies in the top 5 by market cap. As of press time, ADA trades at $2,30 with 9.8% profit in the daily chart.

Cardano ADA ADAUSDT
ADA on a rally in the 4-hour chart. Source: ADAUSDT Tradingview

Related Reading | Shiba Inu Beats Out Cardano, Dogecoin On Top 10 Watch-Listed Tokens

Following the general market sentiment, Cardano seems poised for further upside with an important resistance at $2.5. As seen in the chart below by Material Indicators, ADA (price in blue) experienced a massive rally from the lows of its current range.

Cardano ADA ADAUSDT
Source: Material Indicators

However, the price sits at seemingly week support in low timeframes and is susceptible to more downside if the crypto market trends further down. Upwards, ADA moves flipped $2.5 from resistance to support in order to take on new price target close to the $3 area.

Additional data provided by Material Indicators suggest that Cardano’s rally has been mainly fueled by large investors (represented in purple in the chart below) with most of the trading orders signaling an increase in buying pressure.

Cardano ADA ADAUSDT
Source: Material Indicators

On the other hand, retail investors have been selling ADA’s climb into its current levels. Most of these investors could be taking profit at these levels, but their selling pressure has been apparently mitigated by buying orders between $100,000 to $1,000,000.

The Bullish Case For Cardano (ADA)

The Cardano ecosystem remains at the top of the fastest growing in the crypto space as indicated by the elevated number of contributions recorded at GitHub. In addition, its developer IOHK has recently announced progress on major improvements for the network.

On GitHub, IOHK created a compilation that list the ecosystem’s “essential” project. The list extends across several sectors with hundreds of projects collaborating for the benefit of Cardano.

After deploying its smart contract capabilities with Hard Fork Combinator (HFC) event Alonzo, the ecosystem has entered a new era with many investors betting on its growth.

Related Reading | Is Cardano Fighting A Losing Battle Against Solana?

In addition, IOHK recently launched a beta version of the network’s Plutus Application Backend to enable its integration to the Cardano wallet. Conceived as a platform that will allow users to easily deploy financial contracts, the company has invited developers to try it. IOHK said:

This marks a significant milestone in the DeFi journey on Cardano, simplifying on-chain #smartcontracts integration and smoothing the route to dApp  deployment.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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