Cardano is creating a stir in the world of cryptocurrency lately, with a recent tweet by Santiment indicating that the seventh-largest crypto by market cap is displaying signs of decoupling.
This news has attracted the attention of both investors and analysts. In the last 24 hours alone, Cardano has witnessed an impressive surge of 11%, driven by the news of its decoupling, as well as the growing interest in cryptocurrencies as a whole.
Decoupling refers to the situation in which an asset starts to move independently of the broader market, implying that Cardano may be establishing its own unique trends and patterns rather than just following the trend of other cryptocurrencies, making it a significant development.
This decoupling has been further evidenced by the recent accumulation of Cardano by investors holding 10,000 or more ADA. According to Santiment’s report, these large holders have collectively accumulated 1.03 billion ADA coins in the past five months alone. This represents an increase of 3.3% in their overall holdings.
The fact that large investors are continuing to accumulate Cardano despite its recent gains suggests that they see the potential for even further growth in the future. This is undoubtedly good news for Cardano supporters and investors, who have been eagerly awaiting news of the coin’s progress.
Cardano Price Review
The Cardano cryptocurrency, ADA, has experienced a tumultuous year with varying price movements and market volatility. The launch of its Vasil upgrade was eagerly anticipated by investors, leading to increased volatility in the past few months.
The coin’s price rose in early June 2022 as the upgrade was expected at the end of that month but fell in mid-July due to bugs identified during testing. The price then spiked three times in late July but failed to sustain lasting gains above the $0.50 level.
On 18 September 2022, Charles Hoskinson, the founder of Cardano, announced that the Vasil upgrade had begun, which boosted investor sentiment. However, the coin’s price did not perform as expected, and it dropped to a low of $0.331 on 21 October. Despite the launch of the DJED algorithmic stablecoin on the Cardano blockchain, the market crashed yet again, leaving ADA at a low of $0.2973 on 21 November.
The year ended on a disappointing note, with ADA closing at $0.2465, marking an annual loss of over 80%. However, a market recovery in early 2023 saw the coin’s price go up, reaching its best price of $0.4192 on 16 February, before falling again due to the collapse of the Silvergate bank.
Currently, ADA is trading at around $0.38, indicating a somewhat positive market sentiment. Nevertheless, investors remain cautious in their Cardano price predictions due to the volatile nature of the cryptocurrency market.
However, according to the price prediction of the coin by DigitalCoin Price:
The 200-day SMA will drop soon, and the price will hit $0.36 by the end of December. By December 2023, 2024, Cardano’s short-term 50-Day SMA shows a $0.36.
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