The broader crypto market is fast approaching the $2 trillion market cap with a quick resurgence of 8.15% gains throughout the day. Market leaders Bitcoin and Ethereum are up 9.31% and 10.5% respectively in the last 24 hours. Especially, the main focus of the community has shifted to Cardano, which has been in a downtrend for the past six months.
Cardano price is currently rising for new highs with the increase in on-chain activity. Cryptocurrency exchange Kraken says that the current price movement of ADA relative to its daily trade could be a bullish indicator for the altcoin.
Cardano Ready for 100% Upside!
A recent report from Kraken confirms that since ADA’s price action is strongly related to the volume of network activities, it is currently showing a bullish trajectory.
The current relationship between ADA price and trading volume suggests a bullish divergence. The report summed it up as “Buy the hype, sell the news.”
The report further added that “This could be a bullish indicator for ADA that the asset is in a correction cycle due to a drop in hype rather than exodus from the network. This is important to consider particularly as the long-anticipated launch of DApps on the network begins to roll out.”
ADA price faced rejection at $1.59 on Jan 17, falling to $1.05. Currently, buying pressure is building as a result of which the altcoin price surged to $1.10 with gains of 5.50% throughout the day. If the altcoin confirms the breakout above $1.49, then the price would easily shoot up to $2 in no time.
Collectively, Cardano price is optimistic of a move higher in the coming days. A recent achievement on the list has been the achievement of 3 million wallets. Therefore, ADA is hoping for massive profits in the future.
This post This is when a Cardano (ADA) price explosion beyond $2 is expected! This is why? – Coinpedia – Financial Technology and Cryptocurrency News Media
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