Overview
Cardano’s ADA token held steady above $0.64 early this week, with noteworthy growth in staking activity contributing to a bullish trend. The recent price movements not only affirm the robustness of the network but also highlight its growing support base.
Key Highlights
- Price Update: ADA has risen 3% within the last 24 hours to stand at $0.6460, peaking at $0.6502 before a slight retraction.
- Staking Milestone: As of the latest updates from TapTools, Cardano now boasts over 1.3 million staking addresses, solidifying its reputation as one of the primary staking networks globally.
- Market Sentiment: Despite significant whale movements—over 270 million ADA outflowing in the past week—overall market sentiment remains positive, reflecting sustained interest from buyers.
Technical Analysis
- ADA exhibited a trading range between $0.6219 and $0.6502, marking a 4.55% intraday variation.
- With the price breaching the crucial $0.635 resistance level and establishing support near $0.637 and later at $0.648, a bullish continuation pattern appears to be forming, aided by rising volumes.
Additional Insights
Cardano’s increasing staking addresses coincide with ongoing ecosystem developments and a strategic proposal from its founder to invest $100 million in treasury ADA towards Bitcoin and stablecoins to bolster DeFi liquidity.
Cardano
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