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Cardano and Ethereum trying to gain momentum

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Cardano is trying to gain momentum and place itself among the top 10 cryptocurrencies while Ethereum is maintaining its $1200 price level

Cardano showing signs of improvement

In the past two weeks, Cardano had been trying to achieve minor gains however it recently started showing signs of life which turns out to be good news for investors. Currently, Cardano is trading at a rate of around $0.45. It has subsequently gained nearly 5% in the past week. However, it requires tremendous support to surpass the $0.5 price mark.

Shark’s massive buying of Cardano

A shark is an address that holds between 10,000 to 1,00,000 ADA. According to recent data, such addresses have accumulated nearly 79.1 million tokens to their kitty in the past few weeks. However on the other hand various whale addresses have stopped selling Cardano. This means that a massive amount of Cardano is accumulated by sharks and whales which stakes the future of the coin to any uncertain happenings.

The massive buying sentiment of sharks points out the fact that sharks are hoping for a massive recovery of Cardano. Cardano achieved its peak in September 2021. However, amid the subsequent market crashes the price of the coin fell around 85% from its peak and it still hasn’t achieved its past high yet.

Another catalyst for the upgrade could be because Cardano is about to upgrade its technical setup in the upcoming month. Cardano even had a successful test net of its upcoming feature on July 4. The new upgrade ie. A hard fork allows users to create and manage various complex blocks of cryptocurrency. The hard fork named Vasil will also increase the scalability of the decentralized applications on the platform.

Technical indicators speak otherwise

Although various market sentiments point towards an upcoming bull run in the future, various technical indicators suggest otherwise. The technical indicators suggest that the price range of ADA is following a descending triangle pattern in
recent days. If the descending triangle pattern keeps going on the price of ADA could fall as low as $0.31.

Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. Please do your own research.


Author - Govind R.