https://ift.tt/FoLpA73 Is When Cardano (ADA) Price Explosion Is Expected Beyond $2! Here’s Why?  – Coinpedia – Fintech & Cryptocurreny News Media

The wider crypto market is fast approaching to $2 trillionmarket cap with a swift resurgence of 8.15% gains round the clock. The market leaders Bitcoin and Ethereum are up by 9.31% and 10.5% respectively over the past 24 hours. Especially, the community’s major focus has shifted to Cardano, which has been under a bearish trend for the past six months. 

Currently, the Cardano price is chugging up for the new highs with the surge in on-chain activity. Cryptocurrency exchange Kraken says that the present price movement of ADA is relative to its daily transaction could be a bullish indicator for the altcoin.

Cardano Poised For 100% Upswing! 

A recent report from Kraken confirms that as the ADA’s price action is strongly connected with the volume of network activities, it is currently showcasing a bullish trajectory.

The current relationship between ADA’s price and transaction volume suggests bullish divergence. The report summarized as “Buy the hype, sell the news”. 

The report further added that “This could be a bullish indicator for ADA that the asset is in a correction cycle due to a drop in hype rather than the exodus of the network. This is important to consider particularly as the long-anticipated launch of DApps on the network begins to roll out.”

ADA price faced rejection at $1.59 on 17th January, plunging to $1.05. Currently, the buying pressure is building up as a result of which the altcoin price surged to $1.10 with 5.50% profits round the clock. If the altcoin confirms the breakout above $1.49, then the price would easily skyrocket up to $2 in no time. 

Collectively, the Cardano price is optimistic of a bullish move in the next couple of days. A recent accomplishment to the list has been its achievement of 3 million wallets. Hence, ADA is hopeful of massive gains ahead.