Cardano

Bitcoin

<ul>
 <li>Cardano has been consistently performing well recently, benefiting from Bitcoin’s rally above $52,000.</li>
 <li>Over $1.26 million worth of ADA longs have been liquidated in the past 24 hours.</li>
 <li>Trading activity has accelerated, with open interest increasing by over 4.7% to $430 million.</li>
</ul>
Cardano has consistently ranked among the top gainers lately, with its price surging past key levels on the back of Bitcoin’s rally above $52,000. This upside has sparked a noticeable increase in on-chain activity for ADA, pointing to a possible breakout ahead. However, the path upward faces potential pullbacks that could challenge buyer patience.
Over the past 24 hours, around $1.26 million worth of ADA longs have been liquidated, with both bulls and bears equally active during the volatility. Trading activity has accelerated recently, with open interest jumping over 4.7% to tag $430 million – signaling a spike in prices may come.
<figure class="wp-block-image size-full"><img decoding="async" width="943" height="395" src="https://thenewscrypto.com/wp-content/uploads/2024/02/image-83.png" alt="" class="wp-image-91779" srcset="https://thenewscrypto.com/wp-content/uploads/2024/02/image-83.png 943w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-83-300x126.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-83-768x322.png 768w" sizes="(max-width: 943px) 100vw, 943px">
</figure>
This surge follows a remarkable increase in the total value locked (TVL) on the Cardano network, which tends to attract additional buyers. Per data, Cardano’s ecosystem saw its TVL in USD terms surge 166% quarterly and 693% annually. The TVL of ADA-based stablecoins also grew by 37% for the quarter.
<h2 class="wp-block-heading" id="h-cardano-large-transactions-on-the-rise">Cardano large transactions on the rise</h2>
IntoTheBlock indicates a rising volume of large transactions on the network too, having jumped from $10.7 billion to a recent peak of $16.1 billion. This suggests heightened interest from major investors that typically precedes retail piles in.
Additionally, around 55% of all Cardano addresses, nearly 2.4 million, are currently profitable following the climb back above $0.55. This could encourage investors to keep accumulating, raising the odds of a short-term pump.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="306" src="https://thenewscrypto.com/wp-content/uploads/2024/02/image-84-1024x306.png" alt="" class="wp-image-91780" srcset="https://thenewscrypto.com/wp-content/uploads/2024/02/image-84-1024x306.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-84-300x90.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-84-768x229.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-84-1536x459.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-84.png 1540w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Subsequently, accelerating momentum may soon convert Cardano’s netflow to a negative level if reserves on exchanges decline due to holders withdrawing supply. This would limit potential sell-side pressure.
For now, ADA trades around $0.589492, having declined 1.9% over yesterday. While bulls managed to push it out of a descending channel, sellers continue hindering further upside at the $0.61 barrier.
With the 20-day EMA trending upward at $0.58 and the RSI dropping from overbought levels, a minor advantage rests with sellers presently. However, provided ADA holds above $0.57 support, a retest of $0.62 looks likely.&nbsp;

Cardano Shows Strength Amid Bitcoin Surge, Will ADA Surge or Dip?

Table of Contents

TheNewsCrypto

Other articles published on Feb 17, 2024

Is the Greatest Crypto Bull Run Around the Corner?

U.S. Treasury Scrutinizes Tether for Financial Stability and Legal Compliance

Grayscale’s Impact on Bitcoin Market with Potential Sale

Bitcoin (BTC) Retail Participation Drops But Institutions Contribute to Supply Squeeze

Analyst Predicts XRP's Surge to $1.88, Eyeing $5.85 as Next Goal

Ethiopia may be embracing Bitcoin mining with new data mining partnership

Join our free newsletter for daily crypto updates!