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Cardano Price: ADA Has Breached $0.4, What Next?

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Cardano price edged higher on Friday, wiping out its previous session’s losses amid uncertainty in the crypto market. ADA  has been among the best-performing cryptocurrencies this year, jumping more than 62% in the year to date and nearly 11% in the past week. At the time of writing, the altcoin was trading 3.85% at $0.4023.

Fundamentals

Cardano price is set to end the week higher on the back of the bullish momentum throughout the crypto sector this week. Despite the slight derailment seen earlier amid a stablecoin crackdown, the overall crypto market has been on a strong bullish momentum this week. The uptrend in the crypto market has been boosted by the decline in US inflation.

Even so, the main factor driving ADA’s bullish momentum is the impending debut of Djed in Cardano’s network. Djed is a crypto-backed over-collateralized stablecoin supported by ADA and pegged to the US dollar. Djed is Cardano’s first ADA-backed stablecoin and has particularly buoyed ADA markets.

Djed’s launch has seen ADA record massive whale activity on the Cardano blockchain network in the past two weeks. So far this month, Cardano’s daily whale transactions have jumped 5 times more compared to January.

Additionally, Cardano’s uptrend has been boosted by an announcement by Cardano developer Input Output HK about a key upgrade in the network. Input Output HK took to Twitter to announce a key upgrade to Cardano’s network that had successfully gone live. According to the developer, the SECP enhances greater interoperability and secure cross-chain development.

Notably, despite the challenging year for cryptocurrencies including the FTX crash, Cardano has successfully grown the number of new cryptocurrency wallets, adding more than 22,000 new staking addresses each month. Addresses with 10,000 to 10 million ADA have accumulated more than 600 million tokes since the collapse of FTX.

Cardano Price Prediction

The 4-hour chart shows that Cardano price has been hovering around the key level at $0.4000 for the past few hours. The altcoin has managed to remain above the 25-day, 50-day, and 100-day moving averages. Its Relative Strength Index (RSI) has slipped slightly, suggesting that traders have begun cashing in profits from ADA’s recent price surge.

Therefore, if the ADA price breaks below the important level of $0.4000, it may face a temporary retracement as sellers eye the support level at $0.3540. However, a move past the resistance at $0.4145 will have bulls targeting the next resistance level at $0.4395.

Bitcoin

Bitcoin Price Jumps to Highest Level in 9 Months on the Back of the UBS Merger Deal

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Bitcoin price has been hovering above its highest level since June 2022 over the past few hours. The largest cryptocurrency by market cap has jumped by 28.30% in the past week, while its year-to-date price inches higher to 70.63%. Bitcoin’s total market cap has increased by 4.77% over the last 24 hours to $547.7 billion, while the total volume of the coin traded rose by 50%.

BTC Skyrockets

Bitcoin price was rallying on Monday as most altcoins slumped, led by the largest altcoin by market cap, Ethereum. The global crypto market cap has increased 2.49% over the last day to $1.18 trillion, while the total crypto market volume jumped 34.88%. Bitcoin’s dominance inched 0.98% over the past 24 hours to 46.34%, its highest level since June 2022.

The recent global banking crisis in which three major banks in the US were closed within days has pushed the BTC price higher. Silvergate Capital, Signature Bank, and Silicon Valley Bank recently disclosed operational difficulties, prompting regulators to shut them down.

Switzerland’s largest banking institution, UBS, announced on Sunday that it had entered a merger deal with its embattled rival Credit Suisse. UBS announced that it would buy its rival for $3.25 billion, with Swiss regulators playing a key role in the ideal. According to the Swiss National Bank, the merger will secure financial stability and protect the Swiss economy.

Bitcoin reacted positively to the news, cruising…

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Altcoins

Solana Price: Technicals Point to a Sell

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Solana price joined in on the recent rally in the global cryptocurrency market, jumping nearly 17% in the past week. Solana has made substantial gains this year, climbing 102% in its year-to-date price. SOL ranks as the 11th largest cryptocurrency after Binance USD and ahead of Polkadot. Despite the altcoin’s recent rally, the total volume of the coin traded has continued to dwindle.

Fundamentals

Solana price was trading slightly higher on Friday as Bitcoin and other altcoins extended their rally despite the bank contagion fears weighing on the markets. Bitcoin and Ethereum have been leading the recent rally in the market, jumping more than 30% and 20% in the past week, respectively.

Investors have welcomed the resilient crypto prices amid the recent crisis in the banking sector this week. The week started with the collapse of Signature Bank and Silicon Valley Bank on Sunday until the focus shifted to Credit Suisse and First Republic Bank. Traders have been digesting the fate of Credit Suisse even after the bank said that it would borrow up to 50 billion Swiss Francs from the Swiss National Bank.

Several analysts have linked the recent rally in the crypto market to lingering bank worries. Even so, crypto prices are heavily influenced by inflation and the Federal Reserve interest rate hikes. According to analysts, the recent decline in banking stocks points to the vulnerability of traditional institutions, raising liquidity concerns…

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Bitcoin

Bitcoin Price Extends Rally as Latest US CPI Reading Falls in Line With Market Expectations

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Bitcoin price has been on a 4-day consecutive rally, jumping more than 29% since Friday when Silicon Valley Bank collapsed. Despite the tough year so far, BTC has been among the best-performing cryptocurrencies, jumping 57% in the year to date. At the time of writing, Bitcoin was trading 7% higher at $25,820.

BTC is Outperforming

Bitcoin price has been rallying in its recent trading sessions despite the collapse of the Silicon Valley Bank last week on Friday. The coin’s recent rally has been largely boosted by the current bullish momentum in the markets. Bitcoin’s coin market cap has increased by more than 7% in the past 24 hours, while the total volume of the coin traded slipped 8%.

Data by Coinmarketcap shows that the global crypto market cap has increased further by 5.19% to $1.13 trillion, while the total crypto market volume has decreased by 15.96% over the same period. Bitcoin’s dominance has increased by 0.83% over the last day to 44.24%.

The rally in the crypto market has been intricately linked to the recent US Consumer Price Index (CPI) data. The Bureau of Labor Statistics (BLS) reported a 0.4% increase in inflation in February from January, matching consensus estimates by analysts.

The CPI reading declined to 6% year on year, down from 6.4% in January, in line with market expectations. The core CPI, which excludes volatile food and energy prices, came in at…

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