Bittime - Cardano (ADA) price is showing positive signals for a significant price increase. After previously being stuck at the $0.75 level, ADA managed to break through that limit and is now at around $0.7672.
Large investors ( whales ) and individual investors (retail) are increasingly optimistic about ADA. This can be seen from the increase in ADA ownership by both groups.
According to the latest data, since the end of February, the top 100 addresses (allegedly belonging to large investors) have continued to increase their ADA holdings. In fact, in recent days ADA ownership by the top 1% of addresses showed a sharp increase.
A 2.25% increase in holdings in one day, or about 60 million ADA tokens, indicates that large investors are preparing for a potential price increase.
ADA's Journey Towards $1
Throughout this month, ADA price has moved steadily around $0.75. This movement could be a signal of gathering strength by optimistic investors (bulls) to break through the temporary resistance limit at $0.8.
In the long term, the prospects for ADA price increases are still strong. The ongoing bullish pattern has the potential to take ADA to the $1 level anytime in March 2024.
Judging from the weekly chart, ADA has a chance to pass the important resistance level at $0.98, and open its way towards the main resistance zone between $1.187 and $1.24.
In addition, the Relative Strength Index (RSI) indicator is still in bullish territory, indicating increasing buying strength.
These technical conditions, coupled with increased buying accumulation from large investors and individuals, further strengthen ADA's chances of reaching its $1 target this month.
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What is Cardano (ADA)?
Cardano (ADA) is a decentralized blockchain that uses a proof-of-stake (PoS) mechanism . In short, Cardano is designed as a more efficient alternative to blockchains with proof-of-work (PoW) mechanisms.
The goal is to develop into a system with multiple functions, which will be controlled by users who have staked their cryptocurrency on the Cardano network.
The name of Cardano's cryptocurrency, ADA, is taken from Augusta Ada King, Countess of Lovelace (1815–1852). He is known as a pioneer in the field of computer programming.
ADA is used in the PoS consensus mechanism of the Cardano blockchain. ADA tokens can be obtained as a reward for contributions made to the blockchain network, or can also be purchased on cryptocurrency buying and selling platforms.
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A Brief History of Cardano (ADA)
Charles Hoskinson, co-founder of Ethereum, started developing Cardano in 2015 and launched it in 2017.
Cardano itself positions itself as an alternative to Ethereum. Both platforms are used for similar things, such as smart contracts , and have the goal of building connected, decentralized networks.
Cardano considers itself to be the newest version of Ethereum and calls itself a “third generation” platform compared to Ethereum which is considered “second generation”.
In addition, Cardano aims to provide banking services for people who do not have access to banks (unbanked).
ADA Performance in the Last Week
Source: Bittime
ADA price showed positive performance in the last week. Based on data from Bittime , the price of ADA has increased by 5.85% in the last 7 days. Today, March 14 2024, the ADA price is at IDR 11,884 per token.
ADA's price increase was driven by several factors, including:
Positive sentiment from major investors
Data shows that large investors have started to 'buy up' ADA in recent days. This shows their optimism about Cardano's future prospects.
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Increased development activities
The Cardano team continues to actively develop the platform and launch new features. This increases investors' confidence in Cardano.
Bullish cryptocurrency market conditions
Overall, the cryptocurrency market is showing a bullish trend. This also contributed to the increase in ADA prices.
How to Buy Cardano (ADA) on Bittime
You can buy and sell Cardano (ADA) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Cardano (ADA) is available on Bittime with the ADA/IDR market pair . To be able to buy ADA IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Cardano (ADA) on Bittime .
Monitor the price chart movements of Cardano (ADA), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
How to Stake Cardano (ADA): Easy, No Complications!
Analyst: Cardano (ADA) Drop A Bullish Sign?
Cardano (ADA): Comprehensive Analysis for Beginners
Cardano (ADA): Innovative Blockchain with Full Details
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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