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Can Cardano Price Reach $1 As Whales Gobble 130 Million ADA?
Cardano price has taken a hit in recent days but analysts are confident of a fresh rally for the asset. A massive whale accumulation by Cardano (ADA) whales is fuelling speculation for a price spike amid rising network activity.
Whales Can Send Cardano Price Across The $1 Mark
According to an X post by on-chain analyst Ali Martinez, Cardano whales have gobbled up 130 million ADA in the last three days. The total value of ADA accumulated by the whales stands at $97.5 million with retail traders contributing their fair share.
Pundits say the recent accumulation spree is an indicator for a potential rally for Cardano price. There is significant optimism that ADA can cross the $1 mark after prices fell to $0.70.
Prior to the decline to $0.70, Cardano’s price traded as high as $1.13 over a 30-day period. Now, rising whale activity is stoking belief for ADA to reclaim its previous highs but several hurdles stand in the way.
For starters, the network’s unique wallets trading (UWT) indicator has reached all-time lows. However, analysts say the dip in unique wallets is “the calm before the storm” before the start of a rally.
“Usually when the number of UWT dips below 1.5k per day, it doesn’t take long until something happens,” said one analyst.
ADA’s Ecosystem Continues To Buzz Despite Price Decline.
At the moment, ADA price is floating around the $0.7 mark but the ecosystem is alive with activity. Still reeling from the highs of its inclusion in the Crypto Strategic Reserve, institutional interest is climbing.
Furthermore, speculation around ADA for X payments has triggered theories that the asset is headed to $10. Cardano Foundation CEO Frederik Gregaard has confirmed that the network is working with NASA on satellite data and provenance capabilities.
Daily trading volumes for ADA stands at $777 million, down by 22.7% over the last. Despite the decline in volumes, analysts say Cardano is on course to flip Solana if it attracts more decentralized applications.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst XRP Captain has provided an ultra bullish outlook for the XRP price. He suggested that the crypto could reach triple digits in this market cycle while asserting that such an ambitious price target is realistic.
Analyst Sets “Realistic” Target Of $100 For The XRP Price
In an X post, XRP Captain stated that $100 is a realistic target for the XRP price in this bull run. However, the analyst failed to mention when exactly XRP could reach this ambitious target or what could spark the parabolic rally to this price target.
This prediction comes just as crypto Egrag Crypto stated that XRP will reach double digits in this market cycle and then triple digits in the next cycle. Meanwhile, crypto analyst Dark Defender has provided an even more bullish outlook for the coin than XRP Captain.
Dark Defender recently predicted that the XRP price could rally to $333 if it mirrors its performance in the 2017 bull run. Analysts like Egrag Crypto have also alluded to the coin’s historical performance in 2017 as the reason it could enjoy massive gains in this bull run.
Insight Into The Crypto’s Current Price Action
In an X post, Dark Defender stated that the XRP price is forming Wave 1 on the daily chart. He remarked that he expects the crypto to move towards $2.42 first. The analyst affirmed that the real momentum will start after XRP stands above the Ichimoku clouds.
The analyst then highlighted $2.22 and $2.04 as the support levels to watch out for while the targets are $4.2932 and $5.8563. As CoinGape reported, crypto analyst Rose Premium also predicted that XRP could soon reach $5 as BlackRock gears up for ETF filing.
Egrag Crypto stated that XRP’s dominance is showing tremendous strength. He noted that the dominance is on the verge of closing above the 2021 high of 6%, surpassing Fib 0.6, which he considers a critical level and a super bullish sign once this close happens.
The analyst further remarked that if the dominance successfully closes above Fib 0.5, it could surge straight to Fib 0.888, which is his target of 15 to 20%. He added that this would align with the highs from 2015. It is worth mentioning that the Egrag Crypto previously asserted that XRP will flip Ethereum to become the second-largest crypto by market cap.
In another X post, the analyst stated that XRP’s Relative Strength Index (RSI) is steadily ticking upwards and that it is just a matter of time before market participants witness a celestial move.
Egrag Crypto also highlighted key RSI targets. He stated that 70 is for bullish confirmation, 77 is for bullish momentum, 85 is for bullish continuation, and 89 is for a parabolic rally for the XRP price.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
21Shares has announced that it is bringing down the curtain on its Bitcoin and Ethereum futures exchange-traded funds (ETFs). The issuer is eyeing March 28 as a tentative date for the liquidation of both ETFs amid a wave of new filings in the US.
21Shares Set To Liquidate Bitcoin and Ethereum ETFs
According to an announcement, crypto ETF issuer 21Shares has disclosed plans to ditch its Bitcoin and Ethereum futures ETFs. Per the announcement, the affected ETFs are the ARK 21Shares Active Bitcoin Ethereum Strategy ETF and the ARK 21Shares Active On-Chain Bitcoin Strategy ETF.
While the press release did not give clear reasons for the liquidations, it hinged its decision on a periodic review of its offerings. The statement cited a need to align existing product lineups with market dynamics and clients’ needs in a changing landscape.
However, pundits say the liquidations are a result of jarring ETF outflows in recent months.
Shareholders can sell their holdings up until March 27, a date touted as the last trading day for both ETFs. 21Shares plans to put the final nail in the coffin for both ETFs on March 28, liquidating all remaining assets.
“Shareholders who continue to hold shares of a Fund on the Fund’s Liquidation Date will receive a liquidating distribution with a value equal to their proportionate ownership interest in the Fund,” read the press release.
Increased ETF Activity In The Cryptoverse
Despite the wave of outflows, the ETF space is sizzling with frenetic activity. Buoyed by impressive returns, 21Shares slashed fees to 0.49% for its Bitcoin Ethereum Core ETPs.
Bitwise has rolled out its OWNB ETF to track companies holding Bitcoin on their balance sheets. Bitcoin ETF investors continue to put their faith in offerings in the face of price amid Rex Shares launching the first Bitcoin Corporate Bond Convertible ETF
Outside of Bitcoin, several issuers have filed for XRP, HBAR, DOGE, and AVAX ETFs with the US SEC. For Ethereum investors, CBOE has applied to the SEC to approve staking in Fidelity’s ETH ETF.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
21Shares has announced that it is bringing down the curtain on its Bitcoin and Ethereum futures exchange-traded funds (ETFs). The issuer is eyeing March 28 as a tentative date for the liquidation of both ETFs amid a wave of new filings in the US.
21Shares Set To Liquidate Bitcoin and Ethereum ETFs
According to an announcement, crypto ETF issuer 21Shares has disclosed plans to ditch its Bitcoin and Ethereum futures ETFs. Per the announcement, the affected ETFs are the ARK 21Shares Active Bitcoin Ethereum Strategy ETF and the ARK 21Shares Active On-Chain Bitcoin Strategy ETF.
While the press release did not give clear reasons for the liquidations, it hinged its decision on a periodic review of its offerings. The statement cited a need to align existing product lineups with market dynamics and clients’ needs in a changing landscape.
However, pundits say the liquidations are a result of jarring ETF outflows in recent months.
Shareholders can sell their holdings up until March 27, a date touted as the last trading day for both ETFs. 21Shares plans to put the final nail in the coffin for both ETFs on March 28, liquidating all remaining assets.
“Shareholders who continue to hold shares of a Fund on the Fund’s Liquidation Date will receive a liquidating distribution with a value equal to their proportionate ownership interest in the Fund,” read the press release.
Increased ETF Activity In The Cryptoverse
Despite the wave of outflows, the ETF space is sizzling with frenetic activity. Buoyed by impressive returns, 21Shares slashed fees to 0.49% for its Bitcoin Ethereum Core ETPs.
Bitwise has rolled out its OWNB ETF to track companies holding Bitcoin on their balance sheets. Bitcoin ETF investors continue to put their faith in offerings in the face of price amid Rex Shares launching the first Bitcoin Corporate Bond Convertible ETF
Outside of Bitcoin, several issuers have filed for XRP, HBAR, DOGE, and AVAX ETFs with the US SEC. For Ethereum investors, CBOE has applied to the SEC to approve staking in Fidelity’s ETH ETF.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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