- Cardano price is preparing to recover from its downtrend as the number of ADA holders hit a new all-time high of 5.1 million.
- Cardano holdings of mid-tier whale addresses with 100,000 ADA and above recently hit a record high.
- Analyst Benjamin Cowen believes the Cardano price trend reveals a pattern similar to Ethereum before its breakout.
Cardano price is on track for a trend reversal as analysts compare the altcoin’s price trend with Ethereum before the latter’s breakout. Analysts believe Cardano price could hit a $10 target in a massive rally.
Cardano price could break into a massive rally soon
The Cardano network hit a key milestone, with the total number of ADA holders surging to 5.1 million. This marks a year-on-year increase of 48% for the altcoin’s holders. The massive spike is attributed to the rising number of dApps and projects on the Cardano network, increasing the Ethereum-killer’s adoption.
In March 2021, the total number of Cardano addresses was 2.6 million. The number of Cardano holders has followed the increase in the dApps on the Ethereum-killer’s network. The rising on-chain activity and utility of the altcoin fueled a bullish narrative among investors.
The demand for Cardano has increased consistently as the altcoin gets a “second wind” in development and growth.
A crypto analyst and trader, Benjamin Cowen, recently evaluated the Cardano price trend. The analyst believes Cardano could emulate Ethereum’s price trend and witness a massive breakout. Cowen argues the best-case scenario for Cardano price arrives after a sideways trend, as a rally in an altcoin increases the selling pressure on the asset.
Cowen believes Cardano price is on track to recover to the $1.20 range where it has spent a lot of its time, starting February 2021. Ethereum price broke out of its downtrend in 2016, and Cowen believes Cardano could follow a similar pattern.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.