Crypto News – Cardano, an altcoin, has been rising along with the rest of the cryptocurrency market lately, and it is doing well. With a market valuation of $10.4 billion, the ADA price has increased by 1.35% in the past day, trading at $0.2979.
ADA Price Hits $0.30 Today, Cardano Whales Get Active
The ADA whales have resumed their accumulation, according to on-chain data, and the dormant Cardano coins have been moving. The 200-day EMA has been exceeded by the ADA price, which is currently at $0.297 due to the recent price spike. This might eventually increase the demand for cryptocurrency purchases. The asset is clearly showing strong positive momentum with a daily RSI value of 78%, but this could also be a hint that overbought conditions are approaching.
According to Santiment data, Cardano has reached a noteworthy milestone in terms of inactive coin activity. The movement of older wallets holding $ADA on the network on Monday was the greatest since April 2022, indicating that coins are starting to reenter circulation. Wallets holding anywhere between 100,000 and 10 million $ADA are also back in the accumulation stage.
Tremendous Success in the Cardano Ecosystem
The Cardano ecosystem posted impressive Q3 figures, which serve as a backdrop for the ADA price increase. The third quarter (Q3) saw a notable increase in Cardano’s Decentralized Finance (DeFi) Total Value Locked (TVL). With this criteria, Cardano jumped from its prior ranking of 34 to an amazing 15, a significant 198% quarter-over-quarter (QoQ) rise. One of Cardano’s biggest growth phases of the year is highlighted by this accomplishment.
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