Cardano Price Up by 1.08% – Time to Buy ADA Coin?
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
- Flexa has announced that as part of its 25-days of Flexa campaign, it has decided to launch support for ADA.
- Flickto launching pad developed on the Cardano blockchain has revealed that the public sale of its coin FLICK will take place on the KICK.io.
- Cardano is likely to face immediate resistance at 1.3636 levels. However, a spike in demand can slice through the 1.3636 level.
Cardano prices are exhibiting an uptrend during the European session, having surged +1.08% to trade at the 1.3415 level. The day before, ADA/USD closed at $1.3263 after placing a high of $1.3671 and a low of $1.2759. Cardano pushed higher and remained green for the second consecutive session amid positive market sentiment.
Flexa’s commitment to supporting Cardano boosts ADA
Recently, Flexa announced that, as part of its 25-days of Flexa campaign, it has decided to launch support for ADA, the native token of the Cardano network. It means that ADA can now be used to make payments at over 40,000 locations in the US.
Flexa is a payment network founded in 2018 that claims to provide merchants and developers with 100% digitally secured transactions. Unlike a traditional bank or payment card transaction, Flexa payments start with a unique digital authorization code that cannot be decrypted or reversed.
It means Flexa payments do not involve sending any sensitive customer account information through the network. The news about Flexa supporting ADA payments added further strength to the ADA/USD and pushed its prices higher on board.
Weaker US dollar push ADA/USD towards $1.3440
The rising price of ADA/USD could also be attributed to the declining prices of the US dollar, as both share a negative correlation. The safe-haven US dollar was low on board because of the prevailing risk appetite in the market. The increased optimism, which was prompted by the eased Omicron fears due to positive developments like authorization of Paxlovid.
A new study from South Africa telling Omicron was causing minor damage than Delta, and a booster shot is effective against the new variant, helped improve the market’s risk sentiment. It caused the DXY to decline for the third consecutive session and reach the 96.02 level, thus ultimately helping ADA/USD post gains on Thursday.
Flickto (FLICK) set to hold a public sale
Flickto, a community-based entertainment launching pad developed on the Cardano blockchain, has revealed that the public sale of its coin FLICK will take place on the KICK.io launchpad. As a result, the public will be able to acquire the token for the very first time due to this breakthrough. The public sale begins on December 27, 12:00 UTC, and ends on December 30, 12:00 UTC. Flickto issued 300,000,000 FLICK tokens with a starting price of $0.009 per token and a hard cap of $2,980,000. Participants will use Cardano’s native token, ADA, to purchase FLICK tokens at the best possible price. Following the public auction, the tokens will be frozen until June 1, 2022, when they will vest in full.
Flickto stated that the decision to use KICK was a no-brainer because it is one of the top launchpad systems that accept Cardano native projects. As a result, KICK token holders have first dibs on the public sale. Moreover, KICK holders will support the Flickto public sale and earn a percentage of the FLICK tokens sold. Flickto also hopes to leverage the enormous support and the KICK ecosystem to boost token and platform adoption. With growing interest in blockchain and crypto as a whole, this might be a good opportunity to buy Cardano and rise with the market.
Cardano technical analysis – ADA/USD violates descending triangle at $1.2815
The Cardano price prediction remains bullish above the 1.3120 level on the technical front. Cardano has violated the descending triangle pattern that was extending resistance at 1.2785. The breakout of a triangle pattern is indicative of an uptrend in Cardano.
In the 4-hours chart, Cardano is likely to face immediate resistance at 1.3636 levels. However, a spike in demand can slice through the 1.3636 level and lead the ADA/USD price towards the 1.4180 level.
Continuation of the further uptrend can expose the coin’s price toward the 1.4768 level. The same level provided resistance back on December 07, 2021.
On the bearish side, a breakout of the 1.3120 support level can trigger a selling bias until the 1.2504 level. The 50-day exponential moving average will also support the ADA/USD coin at the 1.2855 level. Below this, the next support levels are at 1.2504 and 1.2029.
The leading technical tools, RSI and Stochastic RSI, stay above 50, while the price of ADA/USD stays above the 50 EMA line. Both of the technical indicators indicate an uptrend in Cardano. Thus, crypto traders should look for a buy trade above the $1.3120 level. The initial target remains at $1.4180 or $1.4768. Alternatively, traders can place a sell stop at or below the $1.3120 level. All the best.
Buy Crypto at eToro from just $10 Now!
