Cardano
(ADA).
Source:
Adobe
Cardano
(ADA),
the
cryptocurrency
that
powers
the
smart-contract-enabled
Cardano
blockchain,
was
last
changing
hands
around
$0.34
per
token,
up
around
4%
on
the
day
amid
a
broader
rally
in
cryptocurrencies,
but
lifted
somewhat
by
positive
news
about
the
Cardano
development
team
delivering
a
new
network
upgrade.
That
means
ADA/USD
is
up
around
14%
versus
its
recent
sub-$0.30
lows
printed
at
the
end
of
last
week
amid
peak
crypto
market
fears
about
the
impact
of
a
possible
US
financial
crisis.
But
ADA
is
still
down
around
7.5%
versus
its
recent
highs
near
$0.37
after
rejecting
a
test
of
its
200-Day
Moving
Average.
While
that’s
not
a
good
technical
sign,
on-chain
data
is
more
optimistic,
particularly
as
it
reveals
an
uptick
in
the
number
of
“whales”
transacting
on
the
Cardano
blockchain.
Specifically,
according
to
a
chart
shared
by
@ali_charts,
the
number
of
ADA
transactions
that
exceed
$100,000
on
the
Cardano
network
is
on
the
rise.
According
to
@ali_charts,
“this
trend
indicates
institutional
investors’
and
ADA
whales’
increasing
engagement,
shedding
light
on
their
investment
strategies”.
What
Do
the
Whales
Know?
Increased
whale
activity
on
the
Cardano
blockchain
could
be
connected
to
improving
trends
within
Cardano’s
Decentralized
Finance
(DeFi)
ecosystem.
Widely
followed
Cardano
influencer
@cardano_whale
recent
shared
positive
statistics
relating
to
growth
in
Cardano’s
TVL.
According
to
“ADA
Whale”,
Trade
Value
Locked
(TVL)
–
i.e.
the
USD-denominated
value
of
crypto
locked
in
smart
contracts
on
the
Cardano
blockchain
–
is
rising
20%
per
month.
If
that
rate
continues
and
ADA
recovers
back
to
all-time
price
highs
by
the
end
of
the
year,
Cardano
could
have
a
TVL
of
roughly
$3
billion.
“This
doesn’t
factor
in
yet
to
launch
@axotrade,
@GeniusyieldO,
@TeddySwap,
@yamfore,
@SpectrumLabs_,
new
@liqwidfinance
assets,”
the
pseudonymous
Twitter
account
noted.
Cardano
“is
going
to
be
a
top
5
DeFi
ecosystem
next
bull
run
with
a
massive
community
behind
it,”
they
stated.
Price
Prediction
–
Where
Next
for
ADA?
Support-turned-resistance
in
the
$0.35
area,
which
also
coincides
roughly
with
the
200-Day
Moving
Average
may
continue
to
cap
ADA
upside
in
the
near
future,
with
the
cryptocurrency
still
seemingly
in
a
downtrend
from
its
February
highs
in
the
$0.42
area.
But
as
buying
pressure
builds
up
in
the
broader
cryptocurrency
market
and
the
likes
of
Bitcoin
and
Ether
hit
new
multi-month
highs,
it
seems
like
only
a
matter
of
time
until
ADA
starts
also
pushing
substantially
higher.
A
break
above
the
aforementioned
resistance
area
around
$0.35
and
the
200DMA
would
open
the
door
to
a
retest
of
a
downtrend
linking
highs
going
all
the
way
back
to
last
June.
A
break
above
here
and
the
annual
highs
would
then
open
the
door
to
the
potential
upside
towards
last
summer’s
highs
in
the
$0.60
area,
more
than
70%
up
from
current
levels.