Cardano (ADA) was last changing hands in the low $0.39s and as such remains marooned well within this week’s $0.38-$0.40ish ranges.
Cardano’s lack of volatility is surprising given that crypto and broader financial markets have been substantially roiled by Wednesday’s Fed meeting on Friday’s US jobs report.
But ADA bulls will take heart from the fact that the $0.38 support level has continued to hold firm, and that ADA hasn’t fallen below either its 50 or 100-Day Moving Averages.
Somewhat ominously, Cardano has formed a descending triangle in recent weeks, which often form ahead of bearish breakouts.
A break below key near-term $0.38 support could open the door to a drop back to the low-$0.30s.
But ADA could also break to the north of its recent downtrend, which would open the door to a move back towards late April highs in the $0.42 area at the very least.
Under the hood, a few key on-chain metrics are signaling strength in the Cardano network.
A chart being widely shared across crypto media on Friday, courtesy of Santiment, shows that on-chain ADA trading volumes have continued to rise in recent weeks, with a few recent instances of large daily spikes to multi-month highs.
Meanwhile, a separate chart courtesy of IntoTheBlock shows that, on-chain transactions of at least $100,000 in size rose 33% between the 28th of April and 3rd of May.
It seems that Cardano whales are driving a strengthening of on-chain activity.
Do the Whales Know Something We Don’t?
Why might Whales be transacting in larger sums?
Unless you can look into the minds of each of the Cardano whales moving large sums across the blockchain, no one can know for sure.
But with Cardano still down around 87% down from its 2021 peaks, despite crypto markets broadly looking to be in the early stages of a new bull market, smart money might be on the move buying the dip.
And just as the new crypto spring arrives, Cardano’s ecosystem is showing a lot of promising signs.
Cardano remains one of the most highly developed blockchains and new Decentralized Finance (DeFi) projects – like the much-hailed launch of the Cardano-based DJED stablecoin project – are springing up, which has been driving admittedly still small, but snowballing growth in Cardano’s trade value locked in smart contracts.
With Cardano’s long-term prospects looking good, it’s perhaps not a surprise to see rising whale activity as smart money moves in.
Cardano (ADA) Alternative to Consider – Ecoterra (ECOTERRA)
While Cardano could perform well in the coming years with broader crypto markets expected to moon, investors should always seek to diversify their crypto portfolios.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
One of their favorites at the moment is an up-and-coming green crypto project called Ecoterra.
Ecoterra is building an all-in-one application that 1) rewards users with the ECOTERRA crypto token every time they recycle, 2) offers a carbon offset marketplace to make it easier for individuals and businesses to offset their carbon footprint and 3) offers a recycled materials marketplace to make it easier for businesses to purchase recycled goods using ECOTERRA or other cryptocurrencies.
The application also allows individuals and businesses to track their environmentally friendly practices. This could help businesses improve their brand image and boost customer loyalty.
Get in on the Ecoterra Presale Now
To fund the development of its revolutionary platform, Ecoterra is conducting a presale of its ECOTERRA token that will power is application.
50% of the total 2 billion supply will be released during the presale, with 20% reserved for ecosystem liquidity, 10% for listings, 10% for marketing, 5% for the development team and 5% for corporate adoption.
In just a few weeks since the launch of the presale, the project has already raised an impressive $3 million, with this pace likely to accelerate further in the coming weeks as the project gains more traction across social media.
The signs on this front are promising – Ecoterra’s Discord channel already has over 5,000 subscribers and the project continues to secure recycling partnerships with major brands.
ECOTERRA tokens are currently selling for $0.007 each, but interest investors should move quickly as in just under four days, this price will rise to $0.00775.
ECOTERRA will then list on exchanges in a few months at $0.01, meaning investors who get in now will be sat on 40% gains.
Read the full article here
