Cardano Accumulation Continues ! Will This Take ADA Price Above $1 This Weekend?

The post Cardano Accumulation Continues ! Will This Take ADA Price Above $1 This Weekend? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Cardano has been on a downward trend recently. In fact, since the digital asset’s all-time high of $3 in September 2021, it’s been a never-ending downward spiral for its owners. Despite the fact that Cardano (ADA) has fallen below $1, it appears that the digital asset is still far from bottoming.

After breaking below $1, the next support level at $0.92 barely held up to the onslaught from bears. It quickly broke below this point and is now gearing up to test the next level. There is expected to be significant resistance at the first point which s $0.97. Once the altcoin holds above this level $0.995 and $1 ADA can easily be achievable.

However, if ADA fails to hold above $0.924121, then the next support level sits at $0.903. Unless this point holds, then a rapid fall through to $0.8 will see it testing one of its lowest yearly levels yet.

Cardano – Most Active Cryptocurrency?

Cardano has witnessed six times greater Ethereum transaction volumes in the previous 24 hours, according to Messari data, with a current value of $42.1 billion. Overall, Cardano is the most active on-chain cryptocurrency, with the highest 24-hour transaction volumes and adjusted transaction volumes.

Cardano surpassed the top two cryptocurrencies, Bitcoin and Ethereum, with $36.38 billion and $7.42 billion in market capitalization, respectively. Adjusted transaction volume is still an effective approach to isolate only the most crucial transactions.

In addition, in the last 24 hours, the Cardano blockchain has seen a tremendous increase in major transactions worth more than $100,000. According to IntoTheBlock data, Cardano’s large transactions have increased by roughly 83 percent in the last day to 6,715.

According to IntoTheBlock, large transactions are ones in which the amount moved exceeds $100,000. The volume of these transactions on the blockchain gives an estimate of how much whales and institutional players transact on a given day.

Increased activity among institutional buyers and sellers is indicated by an increase in the number of major transactions.

In related news, AdaSwap, a decentralized Cardano-based exchange, has raised $2.6 million in funding from Pluto Digital, GBV Capital, iAngels, Finova Capital, and Banter Capital, among others. Gal Gadot, an Israeli actress who rose to international fame after starring in “Wonder Woman” in 2018, is one of the project’s angel investors.

Participating in AdaSwap’s capital round was “an exciting investment opportunity,” according to the former model. Gadot, a former Israeli soldier, has already been welcomed into the “Cardano family” by Cardano founder Charles Hoskinson.