The latest ADA surge took the coin up by 15%, establishing strong two past days for the crypto market, especially Cardano. Following up on the bitcoin 5% rally from the recent lows, ADA gained 15% over the past day and even more in the past 48 hours as we are reading in the latest Cardano ADA news.
The latest ADA surge made Cardano the best-performing cryptocurrency in the 100 over the past day according to the data from CoinGecko. Cardano could continue the rally as a number of analysts asserted. Ali Martinez, a popular crypto analyst posted a chart where we can see that ADA printed a Tom Demark Sequential red 9 candle suggesting it has room to recover in the upside.
This was echoed by Santiment, the popular blockchain analytics firm. The startup also reported that the underlying rallies in Chainlink and Cardano are getting underpinned by an uptick in address activity and also the number of tokens circulating:
$LINK and $ADA have headlined a big bounce-back day for #crypto, coming at a time when many have been historically bearish on the #crypto markets. High token circulation & address activity seem to have foreshadowed this since yesterday’s market close.”
While Cardano could be primed to move higher, Bitcoin will dictate the directionality of ADA moving forward as well. The analysts are getting more optimistic about bitcoin and the trends as well, as Willy Woo, the on-chain analyst wrote:
“Overall, I’m not expecting any mega dump, some chance of smaller whipsaws in the short timeframes, resistance is teetering. Not a bad time to get in if you’re a spot investor, given the longer range macro. There’s plenty of buy support below 10k, this is a buy the dip scenario.”
As recently reported in the Cardano news, CEO Charles Hoskinson said that he is very glad the community came together to build out a roadmap for the foundation saying that it is the embodiment of independent leadership that this platform wants to install in the users. After two community managers got removed from their positions last week, the ADA community gathered into a Telegram group and talked about the future of the foundation. It now seems that Cardano’s future is in the hands of the community as they discussed how to increase the development and adoption of the network.
Do you have great ideas for Cardano? Join the telegram here for Roadmap inputs https://t.co/NQ8YgrMFrt
— Rick McCracken – DIGI (@RichardMcCrackn) September 7, 2020