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Cardano Price Prediction as $600 Million Comes In – Are Whales Buying?

Tim Hakki
Last updated: | 2 min read
Cardano NFTs and Corporate Interest - Top NFT News Today – 22 January, 2024

Cardano’s price has climbed 4.1% overnight off the back of a hefty $600 million 24-hour trading volume, according to data by CoinGecko. ADA trades at $0.6038 as of this writing.

That’s not the only good bit of news for Cardano fans this week. The blockchain has welcomed over 7,000 new smart contracts since the start of February, according to on-chain information at Cardano Blockchain Insights.

Cardano founder Charles Hoskinson also supplied fuel for the trading spree on X yesterday. He tweeted: “Ethereum staking may be a regulated activity in Switzerland, but Cardano isn’t.”

He included a link to an article explaining that companies don’t need a banking license to offer Cardano staking in Switzerland, whereas they do for its rival Ethereum, which Hoskinson co-founded in 2013 and worked on before his removal the following year.

Given the slew of recent developments, much of the buying activity is likely being done by retail.

In general, crypto markets have been blossoming this week, led by Bitcoin’s rally across the psychologically important $50,000 mark. Today the world’s favourite cryptocurrency trades at $52,514.

A glance at Cardano’s chart shows the coin is moving ahead of its 30-day Moving Average, a metric that calculates ADA’s average closing price over the last month.

A Relative Strength Index (RSI) of 75 indicates it is overbought, thus overvalued, and likely to come down.

Source: TradingView

Industry Narratives Drive Cardano’s Price

Cardano’s fate is largely pegged to that of the two market leaders, Bitcoin and Ethereum.

Bitcoin experienced a surge in interest after the United States Securities and Exchange Commission approved a round of spot Bitcoin ETFs to begin trading back in January.

This has drawn institutional money into Bitcoin.

Crypto’s next two big milestones are Bitcoin’s halving on April 19 and the possibility of spot Ethereum ETF approval on May 23. The halving refers to a quadrennial event in Bitcoin’s code when mining rewards are cut in half, causing a supply squeeze that has historically led to higher prices.

Many consider it a done deal that the SEC will approve spot Ethereum ETFs by the May deadline. These narratives could drive ADA prices higher over the spring.

Diversify With True Altcoins

With their giant market caps, Ethereum, Bitcoin and Cardano are all flagship projects in the industry right now.

Given that their fates are all closely intertwined, investors seeking potentially higher growth should look into some of the smaller projects. One of the prosperous sub-sectors recently has been video game tokens.

Video gaming has a natural synergy with cryptocurrencies. Both attract a reward-hungry crowd and can co-exist in digital spaces.

Enter Meme Kombat, a pioneering blockchain project that integrates gaming, betting, and staking for rewards. The premise is simple: players can pit their favorite meme stars, like Pepe, Doge, or Wojak, against each other in arena combat and gaming fans can bet on the outcomes.

You can buy the game’s native $MK token at $0.279 as part of its ICO. It has already taken in $9 million as it inches closer to its presale target of raising $10 million.

Meme Kombat is a mighty contender in the next generation of digital entertainment: Web3 gaming. Web3 will enable gamers to monetise their hobby and truly own the fruits of their digital labor.

Visit Meme Kombat Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.