Cardano (ADA) has seen a massive price increase of 20.29% over the past seven days in line with The current green movement For most cryptocurrencies, ADA trading volume has increased significantly since hitting a low of $0.335 on July 8, let her excel Most of the cryptocurrencies with a large market cap. For those wondering, the ADA price surge can be attributed primarily to the large on-chain transactions in the past seven days.
Cardano outperforms many cryptocurrencies
Cardano is currently outperforming the market and could continue to do so throughout the weekend and into next week. According to the ADA price chart, the cryptocurrency started its rally on July 8, while most cryptocurrencies were still experiencing price stagnation. This price surge coincided with the announcement of crucial updates to the upcoming Chang hard fork, which marks a pivotal moment for the Cardano blockchain.
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like Reported by BitcoinistCardano founder Charles Hoskinson noted in an AMA broadcast that Upgrade to Node 9.0which is essential for the hard fork of Chang, is almost complete. This appears to have played a role in the beginning of the shift towards a positive outlook for ADA.
Recent price dynamics suggest that ADA has maintained this bullish sentiment, with bulls now in control. At the time of writing, ADA is trading at $0.4249, which is a 32% increase from the monthly low of $0.3213 recorded on July 5. According to on-chain data from IntoTheBlock, this ADA price surge was accompanied by an increase in whale activity on the Cardano blockchain, which likely contributed to the sustained surge. IntoTheBlock’s data shows that the number of daily transactions over $100,000 increased from 312 transactions on July 7 to 814 transactions on July 12. This is a significant increase of 160% over the entire week.
Additionally, IntoTheBlock’s “Net Large Holder Flow” metric indicates that large holders have increased their holdings by +27.53% in the past seven days. This increase in accumulation by Cardano whales has contributed to the bullish sentiment for ADA, pushing the price higher. If this accumulation continues, we could see the Net Large Holder Flow turn positive on the larger 30-day and 90-day timeframes.
What’s next for ADA?
In an upward scenarioCardano (ADA) price could continue to rise over the coming week, especially as the entire cryptocurrency market starts to turn positive. On the other hand, a failure to break above the minor resistance at $0.43 could open a bearish scenario, reversing ADA’s gains.
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ADA price action over the weekend could determine its performance in the coming week. It could continue to rise after breaking above $0.43 to test another resistance level around $0.515, where there are currently 564,830 ADA addresses. Waiting to make a profit.
Featured image created using Dall.E, chart from Tradingview.com