Logo
Cardano Ecosystem

BitcoinEthereumNews

10/27/2022

·

258 views


Cardano Spikes 12% and Makes Top Most Profitable Cryptos, Here’s What Happened

The post Cardano Spikes 12% and Makes Top Most Profitable Cryptos, Here’s What Happened appeared on BitcoinEthereumNews.com. Gamza Khanzadaev Cardano tops most profitable cryptocurrencies as ADA price up 12% in last 24 hours ADA soared to the top of...

Cardano Spikes 12% and Makes Top Most Profitable Cryptos, Here’s What Happened

Gamza Khanzadaev

Cardano tops most profitable cryptocurrencies as ADA price up 12% in last 24 hours

ADA soared to the top of the most profitable coins of the past 24 hours, after rising 13.5%. Most of that growth came yesterday, when ADA outperformed the market and posted a gain of plus 8% against Bitcoin (BTC) and plus 3% against Ethereum (ETH).

Source: TradingView

Looking at the bigger picture, we can see how ADA managed to hold on to the important support of $0.33 from Oct. 21 and then steadily rose for the last five days, registering an increase of 23%. On the way up, ADA also broke through another important level, resistance at $0.4. The ADA price has only been at this new “old” level for one day, and it is too early to draw any conclusions about further price action.

What will determine future price movement of Cardano (ADA)?

Although the ADA price showed a classic technical movement, the factors driving it were more fundamental. Thus, two reasons can be highlighted.

The first is the anticipation of something special on Cardano in November, announced by the project’s founder, Charles Hoskinson. It is rumored that the blockchain could have its own stablecoin, but this has not been confirmed.

Another key factor is the sudden general positivity in financial markets, fueled by hopes of a slowdown in rate hikes by the Fed. Well, let’s see how investors react to the third quarter GDP data due out tomorrow morning.

Source: https://u.today/cardano-spikes-12-and-makes-top-most-profitable-cryptos-heres-what-happened

Post navigation

AD

World’s First Multi-Token ISPO — By Genius X - Starts on 12th of September, epoch 363!

Genius X, a revolutionary launchpad and business accelerator helping Web3 startups attain speed, scale, and edge, is thrilled to announce the world’s first Multi-Token ISPO.I WANT TO KNOW MORE!


Read Original Article on BitcoinEthereumNews

ORIGINAL SOURCE

https://bitcoinethereumnews.com/technolo...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


NotifyLog - One stop tool for events tracking and analytics

More from BitcoinEthereumNews

See more
On-chain Development on Polkadot Surpasses that of Cardano Network - BitcoinEthereumNews.com
BitcoinEthereumNews
On-chain Development on Polkadot Surpasses that of Cardano Network - BitcoinEthereumNews.com

yesterday at 6:54 PM

·

5 views

Related News

See more
WingRiders Governance Token

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)
NotifyLog - One stop tool for events tracking and analyticsWorld’s First Multi-Token ISPO — By Genius X