Why is Cardano price up today?

” ADA isnt a security” On July 14, ADA cost rose 6% to $0.379, its highest level in over a month, just to pare some of those gains as traders reserved revenues. Source: TradingViewNotably, a federal judge ruled on July 13 that XRP (XRP) sales on public crypto exchanges complied with U.S. securities laws. Related: XRP ruling a watershed minute, however were not out of the woods yet– LawyersADA is one of those cryptocurrencies; it fell by as much as 45% in June after the SEC deemed it as security in its suits versus crypto exchanges Binance and Coinbase. Now, Cardanos token has eliminated nearly all of those losses.If $XRP isnt a security …$ ETH isnt a security$ BNB isnt a security$ ADA isnt a security$ SOL isnt a security$ MATIC isnt a security$ ATOM isnt a security$ FIL isnt a security$ ICP isnt a securityAnd so on … Not a legal viewpoint, just typical sense.gg GG– Chris Burniske (@cburniske) July 13, 2023

” ADA isnt a security” On July 14, ADA cost increased 6% to $0.379, its highest level in over a month, just to pare some of those gains as traders scheduled revenues. Source: TradingViewNotably, a federal judge ruled on July 13 that XRP (XRP) sales on public crypto exchanges complied with U.S. securities laws. Now, Cardanos token has actually erased practically all of those losses.If $XRP isnt a security …$ ETH isnt a security$ BNB isnt a security$ ADA isnt a security$ SOL isnt a security$ MATIC isnt a security$ ATOM isnt a security$ FIL isnt a security$ ICP isnt a securityAnd so on … Not a legal viewpoint, just typical sense.gg GG– Chris Burniske (@cburniske) July 13, 2023

Cardano whales are nappingHowever, whales appear to have waited as ADA price saw double-digit gains in the last 24 hours. The number of everyday ADA deals surpassing $100,000 on the network has increased to its greatest count because June.The number of Cardano whale deals surpassing $100K on a day-to-day basis. Source: SantimentAt the same time, the Cardano supply held by the 100,000-100 million ADA balance cohort was flat during the cost rally. On the other hand, the 100 million-1 billion ADA balance cohort (green) increased dramatically due to the decrease in the 1 billion-infinity ADA token accomplice (gray). Cardano supply distribution. Source: SantimentIn other words, the richest ADA holders may have been selling (or redistributing) their holdings during the cost rally.Whats next for Cardanos price?From a technical viewpoint, ADA cost risks entering a combination or correction duration in the coming days as its huge rally left it “overbought.”Related: Can XRP cost struck $1? See these levels nextOn July 14, ADAs everyday relative strength index (RSI) crossed above 70, the “overbought” limit. In addition, ADA/USD checks a multi-month trendline (orange) and the 200-day exponential moving average (200-day EMA; the blue wave) near $0.35 as resistance, which restricts its advantage potential.ADA/ USD day-to-day rate chart. Source: TradingViewSo if the bears manage to pull the price down considerably, ADA rate might check $0.32 in July– also its assistance level from October 2022-November 2022 and January 2023-March 2023. Additional selloffs can take Cardano down even more down to $0.30 in July, down 12.5% from existing cost levels.ADA price double bottom?Conversely, the bulls will argue for their case by zooming out. Significantly, ADA cost appears to be forming a timeless bullish turnaround pattern on the weekly candle light chart– with a prospective rate target 150% greater than todays. Called the double bottom, the pattern establishes when the price forms 2 regional lows in a row followed by a sharp rebound toward a typical neckline resistance. The rate can rally by as much as the patterns maximum height after it breaks above the neckline. ADA/USD weekly rate chart. Source: TradingViewIn other words, the Cardano bulls will target $0.45 by the end of 2023 based on such a scenario.This post does not contain financial investment suggestions or recommendations. Every investment and trading move involves risk, and readers should perform their own research when making a decision.

Other Questions People Ask

Question about Why is Cardano price up today? What recent events influenced its rise?

The recent increase in Cardano's price can be attributed to a federal judge's ruling on July 13, which stated that XRP sales on public exchanges comply with U.S. securities laws. This ruling has led to a broader market sentiment that other cryptocurrencies, including ADA, may not be classified as securities. As a result, ADA's price surged by 6% to $0.379, marking its highest level in over a month.

Question about Why is Cardano price up today? Are whales affecting the price?

Yes, whale activity has played a significant role in Cardano's recent price movements. Despite the overall price increase, the number of daily ADA transactions exceeding $100,000 has reached its highest level since June. This indicates that while some large holders may be selling or redistributing their assets, the overall market dynamics are still favorable for ADA's price growth.

Question about Why is Cardano price up today? What technical indicators are showing?

Technical indicators suggest that Cardano's price may be entering an "overbought" territory, as indicated by its relative strength index (RSI) crossing above 70. This could signal a potential correction in the coming days, especially as ADA faces resistance near the 200-day exponential moving average around $0.35. Traders should be cautious and monitor these levels closely for any signs of reversal.

Question about Why is Cardano price up today? What are the future price predictions?

Looking ahead, some analysts believe that Cardano could form a bullish double bottom pattern on the weekly chart, which may lead to a price target of $0.45 by the end of 2023. This pattern suggests that after two consecutive lows, ADA could experience a sharp rebound if it breaks above the neckline resistance. However, traders should remain vigilant as market conditions can change rapidly.