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Although 2022 was bleak for the price of Cardano, there are good reasons to be bullish on ADA right now, according to a new analysis. Although it is still -88.28% away from the high of $3.09 set on September 2, 2021, the rally of more than +45% year to date offers renewed hope.
Cardano: Bullish data on-chain
Cardano’s technical development at IOG is constantly being actively promoted. Yesterday, on Valentine’s Day, February 14, Cardano implemented a new software upgrade.
“Valentine” aims to enable secure on-chain interactions and promote blockchain interoperability through cross-chain dApp development on the Plutus platform. These underlying reasons are also reflected in the on-chain data, as Santiment’s recent research has shown.
Big investors are putting their money in Cardano (ADA)
According to the chain analysis firm, the Cardano network saw a good increase in transactions by large investors. Accordingly, the number of ADA whale transactions has increased dramatically since the beginning of February. Comment on this:
“Suddenly there are about 1,700 transactions per day on average worth $100,000 or more. That’s a huge increase compared to the roughly 300 $100k+ transactions per day that happened in January.”
But smaller addresses are piling up ADA in a big way at the moment. Since FTX dropped on November 9, whale and shark launches with 10,000 to 10 million ADA have collected 659.53 million ADA. That’s about $235.5 million. As Santiment notes, this turnaround is a very good sign.
Also positive: Traders’ average returns are in the negative range. As the analysis firm points out, investors should take positions when there is “blood in the streets.” As Santiment discusses, now may be a good time to go far:
“With a two-week price correction and the fall of 2022 that ADA is still nowhere near a payback, entry risk is now lower than the midpoint in Cardano’s history.”
Bearish indicators on chain for ADA
However, there are also bearish indicators that ADA investors should watch out for. Network activity is currently fairly low.
According to Santiment’s Dollar Investing Age Metric, major investments on the Cardano network remain flat. Six months ago, the average dwell time of tires at shipping was 267 days. That number has increased to 407 days.
This trend is also confirmed by the daily active addresses metric:
“We have seen a very encouraging increase in the number of unique addresses interacting daily on the ADA network. But after seeing 85,000 addresses move daily with Cardano in November, the number has now dropped to around 62,000 addresses per day.”
In short, Santiment notes that there is more cause for celebration than concern at the moment. The sentiment towards ADA among traders may be slightly negative at the moment indicating that a surprise price increase in ADA is imminent.
At press time, ADA was trading at $0.3609, the coin was rejected at the 200 EMA of the 4 hour chart, which is currently acting as resistance.
Should you buy Cardano now?
You can buy Cardano now, but many traders are waiting for the next withdrawal. Those interested in coins predicted to have an optimized risk/reward ratio may consider the following cryptocurrencies:
- C+ Charge: The C+ Charge project is developing a crypto-based solution for electric cars: EV drivers, for example, can use the CCHG C+ Charge token to pay at charging stations, and drivers are awarded CO2 credits. Currently 1 CCHG in pre-sale cost 0.0145 USDT, in 7 hours the price rises to 0.016 USDT.
- RobotEra: RobotEra (TARO) is based on the Metaverse hit “The Sandbox” (SAND) and accordingly develops a complex virtual world where users can manage and design entire continents with a robot avatar. In the current presale, 1 TARO costs 0.020 USDT, with the start of phase 2 the price rises to 0.025 USDT.
Text credit: Bitcoinist
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