Cardano Price Prediction: Whale Transaction Exceeds $1 Million. Will it Drive ADA to $1?

In the past seven days, ADA has been on an upward trend, defying gravity as the broader crypto market is down by almost 1%. This bullish move in the market is likely linked to the large transaction involving Cardano (ADA).

The significant transaction in the Cardano network suggests heightened activity and potential interest from big investors. Many wonder if the positive sentiment could push the price of ADA to the $1 mark before the next bull run.

Presently, the coin is set to breach the $0.38 resistance level. Looking at the momentum, this could happen anytime soon.

ADA Price Prediction

According to CoinGecko, ADA has gained more than 30% in the past month. Also, over the past 7 and 14 days, the coin has exhibited bullish momentum. It has gained 15% and 21% in these timeframes, respectively.

However, in the past 24 hours, there has been a slight shift in momentum as ADA has dropped by almost 2%. This slight decline could be due to some retail investors profiting from the coin. But, since the longer timeframe is bullish, the coin might continue the uptrend.

As of 6:34 a.m. EST, ADA is trading at $0.34 with a volume of more than $462,000,000. According to CoinGecko, this trading volume is up by 31% in the last 24 hours.

Cardano Whale Transaction Surges to New High - Effect on ADA token

According to data from Santiment, large transactions involving more than $1 million and above have increased.

Santiment reported that in the first four days of November, these whales' transactions reached 3,213.Notably, this transaction level is higher than all the large transactions recorded in the month of October 2023.

This development within the Cardano chain is significant as it implies that investor's confidence is increasing. Also, it could impact ADA's price in the near future.

Meanwhile, Cardano Ecosystem recently announced they're partnering with Polkadot's framework Substrate. This development could be beneficial for both Cardano's and Polkadot's ecosystems.

According to a Tweet, the partnership will enhance scalability and enable interoperability b/w specialized blockchains, leveraging its liquidity and security."

Cardano has announced its use of the @Polkadot tech stack for partner chains.

In short, Cardano is going for sidechains to enhance scalability and enable interoperability b/w specialized blockchains, leveraging its liquidity and security.

After 4 years of research,... https://t.co/6QJQaPP4NK pic.twitter.com/0f732ekzxP

- goku (@0xgoku_) November 3, 2023

Cardano Price Analysis: Is ADA Set To Reach $1?

ADA/USDT trading chart is signaling a bullish trend and can continue this way in the coming days.ADA has tested the key resistance level at $0.38, meaning that the market is currently bullish, but the bears are trying to pull it down.

This is evident in the red candle shown in the daily chart. Meanwhile, the technical indicators signal a promising outlook for the coin.

The Simple Moving Averages (SMA) are positioned above the market, suggesting a bullish momentum. Also, the Moving Average Convergence Divergence (MACD) is trading above the signal line. Further, the histogram bar is showing green today, validating the bullish sentiment in the market.

Notably, if the market could close today above the $0.38 level, it could signal massive buying pressure.This could attract more investors to the market, potentially driving the value of ADA to the $1 mark.

On the other hand, the price could drop to the $0.23 support level if the bears take control of the market.

However, traders should apply proper risk management due to the volatility of the crypto market.While the broader crypto market is highly volatile, investors might consider other less risky altcoins to buy. One such token is the Bitcoin Minetrix token, which performs well in its presale.

Due to its presale speed, this project might be the next 10x token like PEPE and Shiba Inu coin.

Cardano Alternative: Bitcoin Minetrix Blazed Past $3.5 Million in Presale

The presale of the Bitcoin Minetrix token has raised over $3.5 million within a limited timeframe. Large investors are buying this stake-to-mine token, hoping it could grow before the next BTC halving.

Also, given how the presale is going, it's clear that investors are projecting 100x returns when the project launches. Notably, the platform helps its users mine Bitcoin through a decentralized mining platform. The platform enables the user to mine the native token without spending more money on equipment.

The project aims to make cloud mining safer and more reliable, preventing common scams in the industry.Bitcoin Minetrix brings together staking and mining, offering a chance to earn even more. With its rapid growth to $3.5 million, investors see it as a game-changer for cloud mining.

Bitcoin Minetrix Set Restructure Cloud Mining Industry Before Next BTC Halving

>>>Visit Bitcoin Minetrix Presale

The Bitcoin Minetrix platform's main objective is to restructure the mining industry. Already, the cloud mining feature is not novel in the cryptocurrency industry. It enables users or enthusiasts to mine tokens without spending on expensive mining machines.

Cloud mining is currently centralized, meaning investors commit to long contracts with deposits. This often leads to miners receiving less than they anticipated. However, Bitcoin Minetrix believes they can tackle this issue by tokenizing the sector so users have full control of their assets at every step.

To start the process, users buy and stake $BTCMTX tokens, earning Mining Credits. These credits can be used for cloud mining time.Also, according to the site, stakers currently earn a noteworthy 170% APY on their investment. This might be the reason more investors are rushing the presale.

Currently, users can purchase the token for a low rate of $0.0115. However, this price is expected to increase in the next four days. With that in mind, interested investors should visit the project's site to learn more about the coin. Note that you can purchase the coin using either ETH, USDT, or Card.

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