Altcoins
XRP-Like Rally Is Brewing for Cardano’s ADA
Ripple’s native cryptocurrency XRP has seen a massive surge, jumping nearly 40% over the past week and reaching as high as $0.60. In contrast, its close competitor Cardano (ADA) has been unable to stage a similar rally, with crypto traders turning a blind eye to it altogether. Market analysts believe that Cardano’s ADA could be poised for another surge ahead.
Like XRP, Cardano’s ADA Prepares for a Rally
On-chain data provider Santiment reported that trader sentiment closely mirrors recent price movements in the cryptocurrency market. Over the past week, XRP has seen a notable surge, reflecting bullish sentiment among investors.
Over the past 24 hours, the XRP Price gained 11%, topping $0.60 at press time. Daily trading volumes also jumped 41.4% to $3.2 billion, amid strong XRP Whale Activity.
Conversely, Cardano is experiencing its highest levels of bearish sentiment in over a year. Santiment suggests that trading against the prevailing market sentiment could present profitable opportunities for traders.
Courtesy: Santiment
At the time of going to press, Cardano ADA Price Cardano price is up 1.32% at $0.4476 as its market cap surpasses $16 billion. Over the past week, ADA price has surged 17% and the chart pattern suggests that the bottom has already been reached for Cardano and we could be headed for a major rally ahead.
This is a macro view of my $ada chart, and it played out exactly as we had followed/anticipated – we broke through and exceeded the green trendline shown below, in the process of consolidating
Ascending Accumulation = Divine Candle
Time is running out, bet your money 🤝🏾 pic.twitter.com/ar9FuINa7a
— jupiter ⭕ (@stockjupiterr) July 17, 2024
Read also : Ripple XRP Case Update: Former SEC Staffer in Secret Meeting; XRP Will Explode Soon
All eyes are on Chang Hardfork
Cardano Prepares for Major Upgrade with the Chang’s hard fork The Chang hard fork is expected to take place by the end of July. It aims to gradually introduce governance features, making it easier to adopt and onboard newcomers and those taking on new governance roles.
Recently, the Cardano Network Upgrade to version 6.5.0 which is compatible with Cardano node 9.0.0, making the blockchain ready for the Chang hard form.
Read also : Cardano (ADA) Price Surges 17%; What Investors Need to Know