Cardano has made several gains over the last four days, jumping 10% early this morning in a 90-minute period.
It is currently trading at $1.17, which is 21% higher than yesterday and 34% higher than last week, as the whale trade, plus a higher $100,000 Cardano trade, is a major reasons for price reversals, according to Santiment.
The coin is now trading above both its 20 and 50-day moving averages, with significant upside movement in the last three days. Since Monday, the coin has been in the green, rising from 90 cents to its current price, and today’s rise could be a catalyst for a further rise through 2022.
Is Cardano ready for the competition?
Based on last week’s analysis, a close above $0.883 would negate any chance of a short-term downtrend. Furthermore, the coin is up 20% since the end of the week as the bulls created a bullish engulfing candle.
After the latest price move, the so-called “Ethereum Killer” seems to be forming a cup and handle pattern, and if the bulls are successful in the bullish pattern, the ADA price will go even higher.
Analysts expect Cardano price to test highs around the $1.20 range, with volume shifting in favor of the bulls to note, adding to the potential convergence of bullish strength and momentum.
When considering any investment or transaction, traders should always consider the negative situation as the price of Cardano should never drop below the latest low of $0.82. If ADA price drops below this critical support level, the pattern will invalidate the cup and hold, but a 25% correction from the current Cardano price level will see it drop to 0.77 or even 0.74
Coinbase Adds Sticking Cardano
ADA, the original Cardano Blockchain coin, is now available on Coinbase, with Rap Malini Sahu explaining that the decision was based on ADA being one of the top 10 coins on the market and having a “flexible, sustainable” blockchain design. and scalable”. , where smart contracts are used. , like the ones used in Ethereum and Solana, are in this design, enabling decentralized finance, NFT, and other network-based activities.
The Cardano network is protected by participants who pledge a percentage of their ADA holdings to the network and in return receive a portion of the newly created ADA.
Since the sting procedure can be confusing or time consuming for the average user, Coinbase and other exchanges offer to implement it by adding ADA on the Cardano network and transferring part of the profits. He expects an annual return of 3.75 percent, which will be delivered in five to seven days.
Plus @Cardano. More bets.
We have officially expanded the participation offers to include $ADA so you can start earning rewards on your crypto!
— Coinbase Assets (@CoinbaseAssets) March 23, 2022
ADA is the fifth coin that Coinbase offers steak services, after Algorand, Cosmos, Ethereum, and Tezos.
According to Saho, the exchange plans to continue growing its holding portfolio in 2022, in line with the expansive desire of its CEO, Brian Armstrong, who tweeted in June last year: “Our goal is to legally list all assets.”