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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

ADA Surges 12% With Best Performance In Top 10, Will It Tackle $2?

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
cardano ada

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Ad discliamer

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ADA seems unstoppable with a 37% rally in the last week. The seventh crypto by market cap is the best performing asset on that ranking and could continue to reclaim previous highs.

Related Reading | Cardano Completes Network Upgrade, ADA Reacts To The Upside

At the time of writing, ADA’s price trades at $1.16 with a 12% profit in the last 24-hours.

Cardano ADA ADAUSDT
ADA’s price on a rally on the 4-hour chart. Source: ADAUSDT Tradingview

The current seems to be fueled by leading crypto exchange Coinbase announcement to included Cardano to its staking offering. The platform has enabled users to stake their ADA and benefit from reward.

According to the exchange’s blog, this service aims at removing friction from the process of staking ADA. For some users, Coinbase said, this can be “confusing and complicated”.

Per the exchange’s latest earnings report, the platform records 43 million users with 3 million active users per month. In 2021, Coinbase reported $1,6 billion in revenue, most of which proceeded from retail traders.

In that sense, ADA staking has found a major spot to increase its adoption levels and provide millions with access to its rewards. The platform is offering a 3.75% APY for ADA staking, with a reward delivery schedule of 5 to 7 days.

Cardano is quickly approaching the important psychological price point of $1.20. The cryptocurrency last saw these levels before its move into its all-time high near $3.

In the short term, Cardano could face hurdles as it attempts to break above $1.20. Data from Material Indicators (MI) records a cluster of asks or selling orders around those levels.

Cardano ADA ADAUSDT
ADA’s price with important resistance above $1.18 (asks orders in yellow above price). Source: Material Indicators

As the chart shows, these asks could operate as resistance with $3 million in selling orders. In case of rejection, $1.16 could act as support as there are $1,5 million in bid orders.

As the price of Cardano moves higher, MI also records an increase in selling pressure from investors with asks orders of around $100,000 (purple in the chart below). This selling has been mostly absorbed by smaller investors with bid orders of around $10,000 (red in the chart below).

Cardano ADA ADAUSDT 2
Large investors selling into the current rally. Source: Material Indicators

Cardano Ecosystem Growths

Despite its critics, the Cardano ecosystem shows important growth after introducing smart contract capabilities, as measure by its total value locked (TVL). According to a report from Wu Blockchain:

On March 23, Cardano TVL exceeded 300 million US dollars, most of which were provided by two DEXs, and TVL ranked 24th among all L1s. Currently, ADA worth $23.8 billion is staking in the Cardano network, with a staking rate of 71.64%.

Related Reading | 7% Rally Pushes Cardano (ADA) Closer To $1

Still far from the TVL of Ethereum’s DeFi protocols, this growth hints at a potential trend for ADA’s price as more users onboard its ecosystem. The inventor of Cardano, Charles Hoskinson, has celebrated the explosive expansion of the projects building on this network.

Remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, there are now millions of native assets issued and DApps are now in the hundreds. #SlowAndSteady https://t.co/mK4So6NHa1

— Charles Hoskinson (@IOHK_Charles) March 23, 2022

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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