Cardano BOOMED 30% – What’s driving this cryptocurrency up?

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Despite the current consolidation in cryptocurrency prices this past week, many coins managed to retrace and adjust in prices upwards. When Bitcoin crashes, the whole market follows. This wasn’t the case this time for Cardano, which boomed and gained more than 30% in the past week. What happened to ADA prices? Will prices continue to climb despite the consolidation?

Why Cardano BOOMED despite the past crash?

The recent crypto crash was a harsh one. This price correction was bound to happen after an extended hike in prices for the past month. Therefore a breather was an imminent event. In fact, this is where major players take advantage of those price dips and make hefty crypto buys. The recent Square purchase of Bitcoins was definitely a piece of positive news, followed by the USD 1.5 billion purchase of MicroStrategy. Again this morning, news surfaced that the famous Coinbase exchange will go public. Ergo, the whole market adjusted in prices upwards.

Despite no SPECIFIC news about Cardano, this coin was seen moving to higher territories, paving its way to becoming the 3rd largest cryptocurrency by market cap, and thus surpassing Binance Coin. This price pump would most definitely be good technicals alined by a community that’s been eager to pump this promising coin further.

ADA/USD 4-hours chart showing a healthy uptrendFig.1 ADA/USD 4-hours chart showing a healthy uptrend – TradingView

Is a potential correction for ADA about to happen?

Looking how the price of Cardano boomed 30% in the past 7 days, prices are bound for a small pullback to the black uptrend line in figure 1. Current price of ADA is USD 1.456. If no other fundamentals get in the way, prices might retrace to USD 1 at worse.

ADA/USD 2-hours chart showing a potential retracementFig.2 ADA/USD 2-hours chart showing a potential retracement – TradingView

The Crypto Market as a Whole

In the past 24 hours, most cryptocurrencies gained in prices thanks to the Coinbase IPO news. Cardano, Stellar and Polkadot had gains of more than 10%:

1- Bitcoin (BTC) : + 0.89 %

2- Ether (ETH) : + 0.1 %

3- Cardano (ADA) : + 30.88 %  (surpassing Binance Coin) 

4- Binance Coin (BNB): – 1.75 %  

5- Tether (USDT) : 0 %

6- Polkadot (DOT) : + 13.58 %  

7- Ripple (XRP) : + 2.46 % 

8- Litecoin (LTC): + 0.27 %

9- Chainlink (LINK) : + 1.43 % 

10- Stellar (XLM) : + 12.83 %  (surpassing Bitcoin Cash) 

Stay Ahead, Stay Updated
Rudy Fares

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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future. 



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