Has Cardano (ADA) Bottomed Out? Analytics Company Reports! Here's the Latest Information
Cryptocurrency research firm 10x Research analyzed Cardano's (ADA) recent rally, suggesting data may indicate a price bottom is forming. ADA is trading above its 7-day and 30-day moving averages, with a price increase of approximately 20.8% over the past week attributed largely to large investors. Over five days, these investors accumulated over 240 million ADA on their wallets, a trend analysts view as a significant bullish signal. Contributing factors to ADA's growth include technical advancements, such as the first inter-network connection between Cardano and Injective via IBC in the testnet to enable ADA's use within the Injective ecosystem. Furthermore, Cardano is expected to complete a 75-day trade history review on August 9, a prerequisite for a regulated CME futures market—an important step for potential future spot ETF eligibility. The network has also advanced to the Dijstra Era planning stage following the Van Rossum hard fork upgrade. While ADA's weekly gain stood out, analysts emphasized that the key was identifying the buyers and their motivations. They noted a broader market rotation of capital from meme coin speculation toward large-cap Layer 1 projects and yield-generating DeFi assets, potentially signaling the start of an altcoin season.
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