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April 20, 2024
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Another Reason To Fall In Love With Cardano On This valentine’s Day

The post Another Reason To Fall In Love With Cardano On This valentine’s Day appeared first on Coinpedia Fintech News

In the last two weeks the eighth largest cryptocurrency, Cardano, has been trading on a bearish pull. This downward movement is the result of Bitcoin dropping at $21,000 area which has influenced major altcoin’s movement. The decreased demand and purchasing power has increased bearish control.

In the last 24hrs Cardano has lost 1.60% and is now trading at $0.358. Also in the last seven days the currency has given up nearly 8%. If bulls try a bit harder and push ADA above $0.40 then altcoin can claim its next bull rally. However, if bulls fail and Cardano drops below $0.30, then there are high possibilities that ADA might even retest the $0.20 range.

The Valentine Upgrade

On the contrary there are a few factors which are pointing towards a positive sentiment of Cardano network.

Firstly, today on Valentine’s day the Cardano network is said to launch its new SECP or Valentine upgrade. This is the next protocol upgrade after Vasil which allows developers to use multi-signature or threshold signature designs. Further as per the data, the upgrade also aims to provide the highest level of security using Cardano’s hard fork combinator (HFC) approach.

Next is the whale activity. When looking at Cardano’s price action since the start of 2023, the ADA price had managed to gain more than 45%. One of the main reasons for such a spike is increased whale activity. Interestingly, it’s been reported that since the start of February the whale transactions on the Cardano network have surged.

As per the data, in the first half of February there were nearly 1,700 whale transactions per day which is worth more than $100. Whereas in January the transactions recorded only 300 transactions per day.

Lastly the Santiment data also claims that whale and shark addresses that hold 10K to 10M ADA have added 659.53 million ADA. Moreover this is seen since the fall of FTX on November 9, 2022.

Hence, the report suggests that the buying risk of Cardano (ADA) is low as the selling pressure is most likely to reduce in the coming days. If these factors continue to be in favor of Cardano, ADA prices might soon see a bullish sentiment.

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