Cardano Price Prediction as $600 Million Comes In – Are Whales Buying?
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 licence 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.
Hey look at that, Ethereum staking may be a regulated activity in Switzerland, but Cardano isn't https://t.co/KqWiwyNKf3
— Charles Hoskinson (@IOHK_Charles) February 13, 2024
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 which calculates ADA’s average closing price over the last month. A Relative Strength Index (RSI) of 75 indicates its overbought, thus overvalued, and likely to come down.
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
