Cardano (ADA) Rallies 8% In The Last Day, What’s Next?
March 13 2023 - 12:30PM
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One of Ethereum’s strongest competitors, Cardano (ADA), is among
the top-gaining coins today, with an 8% price increase on the last
day. This comes after several days of a bearish slump in prices
across the market, causing ADA to lose most of its previous week’s
gains. The market rebounded today as the bearish trends have
dissipated with a nearly 9% 24-hour increase in the global crypto
market cap. Cardano previously saw consecutive losses last week,
but ADA added an 8.58% 24-hour price gain as the market started
recovering. The latest price action could be courtesy of the
improvement in the global crypto market. Related Reading:
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Contagion There is a significant improvement in the cryptocurrency
market today as most coins have recovered some of their lost gains.
The global cryptocurrency market saw a massive 8.50% gain against
last week’s bearish records. Even the two largest cryptocurrencies,
Ethereum and Bitcoin, saw massive declines last week. Both coins
have now recorded notable price increases over the past 24 hours.
What’s Contributing To ADA’s Price Action? ADA also witnessed a
surge in trading volume amid the latest price improvement.
According to data on CoinMarketCap, ADA has recorded a 64.46%
increase in trading volume at the time of writing. A surge in
trading volume often reflects investor sentiment on a
cryptocurrency. Therefore, ADA’s 64% rise in trading volume could
signify an increased network activity. However, the Fear and Greed
Index remains neutral at 49, suggesting that investor sentiments
have not improved much. But, as of yesterday, March 12, the Fear
and Greed Index was 33, showing fear in the market and reflecting
nearly a 4% loss in ADA price. Today’s 49 indicates a notable
improvement in investor sentiment, evident in the latest price
rally across cryptocurrencies, including ADA. Meanwhile, the
Cardano network developers have not relented in launching
improvements on the blockchain. According to a tweet by Input
Output Hong Kong, the firm behind the Cardano blockchain, Cardano
saw some key development updates in March. As of last week, the
Daedalus team finished implementing their support for Ledger
v.6.0.3 and added collateral support for CIP-30 in the Lace
desktop. On March 10, the development team also updated multiple
components to use the Marlowe Runtime protocol, which would improve
withdrawals and related queries for Smart Contracts on Cardano. A
few other developments that would scale the overall performance of
the Cardano network and Smart Contracts deployed on it also went
live last week. These updates have the potential to support ADA
price rallies since they would improve the network performance
while ensuring an excellent user experience. What To Expect For ADA
Price? The crypto market is still in expectance of the February US
CPI data report, which the Bureau of Labour Statistics will release
on March 14. Some analysts speculated that the coming CPI data
would be higher than expected and may cause many crypto prices,
including ADA, to decline. Related Reading: $1 Billion Buying
Pressure On Bitcoin, ETH, BNB Incoming, Binance Will Convert
Recovery Fund At press time, ADA is trading at $0.3382. However,
Coincodex made a bullish prediction for Cardano (ADA) in the coming
days. According to Coincodex’s price prediction, ADA price would
increase by 12.53% and reach $0.379324 by March 18, 2023. Featured
image from Pixabay and chart from TradingView.com
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