{"id":574369,"date":"2024-02-10T14:00:52","date_gmt":"2024-02-10T14:00:52","guid":{"rendered":"https:\/\/wncen.com\/?p=574369"},"modified":"2024-02-10T10:29:03","modified_gmt":"2024-02-10T10:29:03","slug":"cardano-bulls-come-out-to-play-buy-orders-dominate-as-ada-price-soars","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano-bulls-come-out-to-play-buy-orders-dominate-as-ada-price-soars\/","title":{"rendered":"Cardano Bulls Come Out To Play: Buy Orders Dominate As ADA Price Soars"},"content":{"rendered":"

Cardano is currently riding on the back of a modest 3.76% gain in the past seven days with the cryptocurrency on its way to the $0.55 level which will define its short-term price trajectory. On-chain data shows that the bulls are working hard in the background to push the crypto toward this price point, as evidenced by the buy orders piling up.<\/span><\/p>\n

Particularly, Cardano has experienced a surge in buy orders, tipping the bid-ask volume imbalance in the direction of the bulls. With so many buyers and so few sellers, the price of ADA has only one way to go.\u00a0<\/span><\/p>\n

Related Reading: Solana TVL Nears $2 Billion \u2013 Will SOL Cruise To $120 Before Valentine\u2019s?<\/a><\/div>\n

At the same time, <\/span>activity on the Cardano blockchain<\/span><\/a> is exploding but the question remains whether this interest and optimism will continue to drive ADA prices up or whether the rally will run out of steam as some traders take profits.\u00a0<\/span><\/p>\n

Buy Orders Tip By 678% In The Way Of The Bulls<\/b><\/h2>\n

On-chain data<\/span><\/a> show that Cardano bulls are currently out in full force, driving a huge imbalance in buy and sell orders that’s currently sending the bid volume outpacing ask volume by 678%. This strong imbalance tells the current bullish sentiment among Cardano investors.\u00a0<\/span><\/p>\n

The dynamic nature of the battle between buyers and sells means the imbalance can change at any time. If the spread narrows, it could signal that the rally is losing steam and a reversal may be on the horizon.\u00a0<\/span><\/p>\n

Cardano currently trading at $0.54 on the daily chart: TradingView.com<\/a><\/pre>\n
However, Cardano seems to be holding on, as indicated by this week\u2019s price action. Presently trading at $0.5361, Cardano has shown incredible resilience to continue trading above the $0.50 price level throughout the week.<\/span><\/p>\n
Price Targets For Cardano (ADA)<\/b><\/h2>\n
ADA is still down in a monthly timeframe, but many <\/span>crypto analysts are hopeful<\/span><\/a> on the crypto’s <\/span>future price trajectory<\/span><\/a>. The first step in establishing a very bullish run is a break over the psychological price resistance at $0.55 which it has tested in the past 24 hours. Failure to break over this resistance would either mean a continued range trading between $0.55 and $0.50 or a bearish breakout below $0.50.<\/span><\/p>\n
Related Reading: Cardano (ADA): Green Shoots Emerge \u2013 Is A 30% Price Growth Next?<\/a><\/div>\n
According to crypto analyst Ali Martinez, ADA <\/span>might continue consolidating<\/span><\/a> until April before going on a sustained breakout past its current all-time high to reach $8 by January 2025.<\/span><\/p>\n
For Cardano to maintain this momentum, it is necessary for the cryptocurrency to continue demonstrating robust market fundamentals and meaningful advances within its ecosystem. Despite facing multiple criticisms, <\/span><\/p>\n
Cardano remains one of the most actively developed blockchains, with a vibrant open-source community. According to <\/span>founder Charles Hoskinson<\/span><\/a>, Cardano’s main hurdle is not technological but human in the aspect of decentralized on-chain governance.<\/span><\/p>\n
<\/iframe><\/div>\n
Featured image from Adobe Stock, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Cardano is currently riding on the back of a modest 3.76% gain in the past seven days with the cryptocurrency on its way to the $0.55 level which will define its short-term price trajectory. On-chain data shows that the bulls are working hard in the background to push the crypto toward this price point, as evidenced by the buy orders piling up. Particularly, Cardano has experienced a surge in buy orders, tipping the bid-ask volume imbalance in the direction of the bulls. With so many buyers and so few sellers, the price of ADA has only one way to go.\u00a0 Related Reading: Solana TVL Nears $2 Billion \u2013 Will SOL Cruise To $120 Before Valentine\u2019s? At the same time, activity on the Cardano blockchain is exploding but the question remains whether this interest and optimism will continue to drive ADA prices up or whether the rally will run out of steam as some traders take profits.\u00a0 Buy Orders Tip By 678% In The Way Of The Bulls On-chain data show that Cardano bulls are currently out in full force, driving a huge imbalance in buy and sell orders that’s currently sending the bid volume outpacing ask volume by 678%. This strong imbalance tells the current bullish sentiment among Cardano investors.\u00a0 The dynamic nature of the battle between buyers and sells means the imbalance can change at any time. If the spread narrows, it could signal that the rally is losing steam and a reversal may be on the horizon.\u00a0 Cardano currently trading at $0.54 on the daily chart: TradingView.com However, Cardano seems to be holding on, as indicated by this week\u2019s price action. Presently trading at $0.5361, Cardano has shown incredible resilience to continue trading above the $0.50 price level throughout the week. Price Targets For Cardano (ADA) ADA is still down in a monthly timeframe, but many crypto analysts are hopeful on the crypto’s future price trajectory. The first step in establishing a very bullish run is a break over the psychological price resistance at $0.55 which it has tested in the past 24 hours. Failure to break over this resistance would either mean a continued range trading between $0.55 and $0.50 or a bearish breakout below $0.50. Related Reading: Cardano (ADA): Green Shoots Emerge \u2013 Is A 30% Price Growth Next? According to crypto analyst Ali Martinez, ADA might continue consolidating until April before going on a sustained breakout past its current all-time high to reach $8 by January 2025. For Cardano to maintain this momentum, it is necessary for the cryptocurrency to continue demonstrating robust market fundamentals and meaningful advances within its ecosystem. Despite facing multiple criticisms, Cardano remains one of the most actively developed blockchains, with a vibrant open-source community. According to founder Charles Hoskinson, Cardano’s main hurdle is not technological but human in the aspect of decentralized on-chain governance. Featured image from Adobe Stock, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":574375,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896,3],"tags":[12333,84005,14643,12332,6664],"class_list":["post-574369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","category-news","tag-ada","tag-ada-price","tag-adausd","tag-cardano","tag-crypto"],"acf":[],"yoast_head":"\nCardano Bulls Come Out To Play: Buy Orders Dominate As ADA Price Soars<\/title>\n<meta name=\"description\" content=\"Cardano is currently riding on the back of a modest 3.76% gain in the past seven days with the cryptocurrency on its way to the $0.55 level which will\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano Bulls Come Out To Play: Buy Orders Dominate As ADA Price Soars","url":"http:\/\/wncen.com\/news\/cardano-bulls-come-out-to-play-buy-orders-dominate-as-ada-price-soars\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/cardano-bulls-come-out-to-play-buy-orders-dominate-as-ada-price-soars\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/1_381c1d.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/1_381c1d.jpg?fit=360%2C240"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","ada price","adausd","cardano","crypto"],"dateCreated":"2024-02-10T14:00:52Z","datePublished":"2024-02-10T14:00:52Z","dateModified":"2024-02-10T14:00:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Cardano Bulls Come Out To Play: Buy Orders Dominate As ADA Price Soars\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano-bulls-come-out-to-play-buy-orders-dominate-as-ada-price-soars\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano-bulls-come-out-to-play-buy-orders-dominate-as-ada-price-soars\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/1_381c1d.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/1_381c1d.jpg?fit=360%2C240\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"ada price\",\"adausd\",\"cardano\",\"crypto\"],\"dateCreated\":\"2024-02-10T14:00:52Z\",\"datePublished\":\"2024-02-10T14:00:52Z\",\"dateModified\":\"2024-02-10T14:00:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/1_381c1d.jpg?fit=360%2C240","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/574369"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=574369"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/574369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/574375"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=574369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=574369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=574369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}