The crypto market has switched bullish again after a brief downturn on Saturday. One of the projects gathering the most momentum is Cardano, which is currently up 5.39% in the past 24 hours and moving towards its local high.
Cardano Price Finds Support on 100-Day EMA as Analysts Bullish on Growing Community
Cardano’s numerous technical innovations and “outside the box” ways of doing things have led to slow adoption, a criticism shared by many proponents of other layer 1 networks.
However, this is all changing, with Cardano’s network activity beginning to thrive.
According to DeFiLlama data, Cardano’s TVL has spiked significantly in recent weeks. This has coincided with its price mostly flatlining, creating a significant discrepancy between the two for the first time.
X commentator Cardano Yoda brought Cardano’s rising TVL to light in a recent tweet, alluding that its growing TVL indicates the chain holds a strong community.
In another tweet, Cardano YODA pointed out a recent poll by crypto analysis and education company Real Vision, in which the audience voted Cardano to be the highest performer in the 2024 bull run.
Cardano won the poll with 58.6% of votes, and the other options were ETH, SOL, and LINK.
With the TVL rapidly outpacing its price, this indicates significant liquidity inflows to the Cardano chain, meaning that Cardano has caught the attention of whales or its user base is growing.
Analyst Lucid also noted that the broader Cardano ecosystem is experiencing notable growth, making light of critics referring to it as a “ghost chain.”
Cardano’s current fundamental strength is also evident on its price chart, which shows significantly bullish signals and finds strong support on its 4-hour time frame 100-day EMA.
The chart below shows that its recent pump has forged a 100-day EMA retest and a double bottom. This is a strong signal of further upside potential.
That said, analyst Rekt Capital recently noted that Cardano is forming a macro range, with its resistance at $.4. With ADA currently priced at $0.376, this could indicate a loss of momentum in the coming weeks, causing the project to retrace to the range lows of $0.25.
One altcoin that analysts are significantly bullish on, though, is the new Bitcoin ETF Token, with the SEC’s Bitcoin ETF approvals expected to be less than two months away.
Bitcoin ETF Token Also Showing Bullish Momentum as ICO Raises $1M
Bitcoin ETF Token is a promising new presale focused on the upcoming Bitcoin ETF approvals. The ETFs are expected to draw $1 trillion in new liquidity into the crypto market, and JP Morgan expects the first batch to be approved in January.
Consequently, Bitcoin ETF Token has generated significant hype, with its presale raising over $1 million in two weeks.
The project boasts three distinct features, all attributing to investors’ excitement. The first is a burn mechanism that will destroy 25% of $BTCETF’s total supply at five key Bitcoin ETF milestones. It also features a 5% burn tax on transactions. This makes the token deflationary and scarce, likely to lead to a significantly higher price.
Its second main feature is a staking mechanism, enabling users to earn passive rewards by locking up their tokens. Holders can earn a 238% APY, but they must be quick because it decreases as the staking pool grows.
Lastly, it features a news feed, pulling the latest Bitcoin ETF updates from around the web into one dashboard. This makes it easier for users to stay informed and navigate the market, helping foster an active and long-term community.