Cardano (ADA) price is bullish today, January 30, 2024. Also, the chart shows more than 3 green daily candles have emerged. With this present pressure, it could reach $0.61 soon. Plus, big wallets are showing interest again, which could lead to further rallies.
The bulls, or buyers, seem to be preparing for a surge in Cardano’s value.
Cardano (ADA) Recent Price Performance
The price of the cryptocurrency ADA has been going down since December. It was in a descending channel, meaning the price kept falling lower over time.
The daily chart shows that there were some attempts to break out above the descending channel, but they failed due to strong selling pressure.
On January 9, the market switched direction for a bit. ADA rose back up to $0.60 temporarily. But slowly went down again after that. However, since January 26, the market seems to be gaining positive momentum. Technical indicators are signaling buying opportunities for ADA.
As of 7:25 am Eastern Time, ADA was trading for $0.49, which was over 8% increase in the past 24 hours. The trading volume was high at over $538 million, up by 79%.
This means a lot of buying and selling activity is happening. There is still hope for ADA to rise further in the coming weeks.
But it needs strong momentum to break the descending channel first.
ADA’s Recent Comeback: Signs Point to a Bullish Market
Based on the daily chart, ADA is above the middle simple moving average line on the Bollinger Bands indicator. The coin is heading towards the top of the Bollinger Bands next.
This shows the bulls are in control of the market right now. With the current upward momentum, ADA could soon reach $0.60.
That would be a 13% increase from its price today. The bulls need to keep buying to lift ADA to the target of $0.60. Looking at the MACD indicator, ADA is bullish. The MACD line is above the signal line right now.
And the histogram bars are printing green candles, which reflects the bullish momentum.
Overall, the technical analysis suggests ADA is very bullish currently. If it can break out above the descending channel pattern confirming the uptrend, ADA could surge higher.
But if the price hits the descending channel’s resistance, it risks losing its price again. So, the bulls must have enough strength to push through this resistance.
For now, $0.60 is the next target if bulls remain in control. But the descending channel remains a risk until ADA closes above it.
Cardano (ADA) Whales Reawaken During Price Dip, A Positive Sign?
Due to ADA’s drop below $0.5, more people with wallets holding at least 1 million ADA, which is worth about $550,000, are accumulating it. Whales tend to accumulate significant amounts of ADA in the $0.47 to $0.49 price range.
Data from IntotheBlock highlights a noteworthy shift during ADA’s dip below $0.5.
Whale transactions, which typically numbered 5,000, surged to 7,000. In just a few days, these substantial wallets gathered an impressive sum of over $14.34 million worth of Cardano.
Meanwhile, smaller retail investors opted to sell their holdings, driven by concerns that ADA might undergo further decline.
This recent trend indicates that despite market fluctuations, large investors see potential in Cardano at certain price points, leading to increased activity and accumulation.
Retail investors, on the other hand, may react more cautiously to price drops, choosing to sell in anticipation of further declines.
The good news is that while ADA threads on turbulent waters, a new coin, Sponge V2, might be the answer for small investors aiming to buy in at low prices.
Cardano Alternative – Sponge V2: Exciting Upgrades and Rewards for Investors
Sponge V2 is an exciting new crypto project attracting investors’ attention right now. Over 6 billion tokens are already staked in the project due to the many features the project offers investors.
Huge milestone alert, #SPONGERS! 🔥
There are now over 6 billion $SPONGE tokens staked with a value of $3,958,206.14! 🤯
Our holders are enjoying an impressive current APY of +250%. 🚀
Join us and absorb the damp!! 🧽🧽💦💦#SpongeV2 #Crypto #Web3 #Alts #100x pic.twitter.com/llxFF0hfby
— $SPONGE (@spongeoneth) January 26, 2024
The Play-to-Earn video game gives it extra utility, and the staking activities used in Sponge V2 to preserve value and control inflation speak continuity. Since many investors bought $SPONGE, they must now bridge their tokens to the new staking pools. This lets them earn rewards.
After staking, users can claim their Sponge V2 tokens on the website.
Sponge V2, Next 100X Memecoin to Move the Market
Crypto analysts are very bullish on the cryptocurrency Sponge V2 in 2024. Connor Kennedy and Jacob Crypto Bury both predict it could go up 100X. Sponge V2 is building on the success of Sponge V1, which reached a $100 million market cap.
The new Play-to-Earn game will also attract more users as they can earn $SPONGEV2 tokens.
Sponge V2 already has strong community support on social media. Memecoins like this rely on an active community. In all, analysts are very positive about Sponge V2 due to the V1’s success.
If the project stays on the ambitious roadmap, it could see massive growth in 2024.
Interested investors should rush now and accumulate the token at low prices before it becomes the next big memecoin. Notably, those who took a chance on Sponge V1 made some good profits when the price spiked.
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Nick Dunn
Crypto Journalist
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