Cardano Price up by 3.67%, Time to Buy ADA?
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
- American Rapper Snoop Dogg set to Launch NFT on Cardano
- Coinbase adds Cardano to Staking Services
- Trezor hardware wallet adds support for Cardano
Cardano (ADA) is described as one of the most valuable cryptocurrencies in market capitalisation. It is number 7 on CoinMarketCap with a live market cap of $40 billion, enticing investors to buy ADA. It’s intended to be a next-generation version of the Ethereum concept, with an adaptable, energy-efficient, and scalable blockchain.
The asset continues to increase in price as the global cryptocurrency market cap inches up to $2.16 trillion.
American Rapper Snoop Dogg Set to Launch NFT on Cardano
Snoop Dogg, a famous American rapper, has taken a step further in his cryptocurrency journey, betting on Cardano. The rapper, who has been involved in the NFT field since last year, has become a household brand thanks to his continuous support and multi-million dollar NFT collections, most of which are held on Ethereum.
However, for his next entry into the NFT market, the hip-hop icon focuses on the Cardano blockchain.
Clay Nation, who is launching the NFT collection with Snoop Dogg and NFT artist Champ Medici, announced this on Twitter.
This collaboration will result in various collectibles, previously unreleased music from the rap legend, and other limited-edition pitches. Cardano founder Charles Hoskinson endorses the cooperation, appearing in the introduction video alongside two Clay characters created for Snoop Dogg and Champ Medici.
Coinbase Adds Cardano to Staking Services
According to a statement by Coinbase executive Rupmalini Sahu, Cardano investors can now use the cryptocurrency trading platform Coinbase to stake their ADA. While anyone can stake using delegation, Coinbase’s staking is “simple [and] secure”, said the company’s senior product manager.
Users always maintain control, and their Cardano always stays in their account; they earn rewards while keeping their coins secure on Coinbase. According to the corporation, ADA stakeholders can opt-out at any time.
Also, the current expected annual return for Cardano staking is 3.75%. After your initial holding period (20–25 days), you’ll receive rewards every 5–7 days in your account.
Coinbase’s Cardano staking service is the company’s fifth staking solution to date.
Customers on Coinbase can now stake Tezos, Ethereum, Cosmos, and Algorand in addition to ADA. It is also expected that more coins will be added to its portfolio soon.
Trezor Hardware Wallet Adds Support for Cardano
Trezor Suite now supports Cardano accounts, allowing you to store and transact with the cryptocurrency.
In addition, Cardano transactions and staking can now be managed directly in Trezor Suite for Model T users. In the upcoming weeks, Trezor Blog will provide a guide on using Cardano and staking.
The Cardano community led a collaborative effort to bring Cardano to Trezor Suite. 5 Binaries, an infrastructure development business focusing on building trustworthy, bespoke solutions for blockchain sectors, deserves credit for the technological execution.
The Cardano Foundation oversaw and supervised the integration as part of its objective to encourage Cardano acceptance and ensure its healthy development. Both teams deserve praise for their contributions to the crypto ecosystem’s security.
Cardano Technical Analysis
At press time, Cardano’s price is $1.22. In the last 24 hours, the asset has gone up by 3.67% and has seen an increase of 2.5% over the previous seven days. Cardano is currently 60.58% below the all-time high (ATH) of $3.10, which gives enough room for investors looking to buy ADA to profit as the bullish run continues.
The technical indicators of ADA show a slight bullish run. The crypto asset is now trading across the 78.6% Fibonacci retracement threshold of $1.223, which means ADA will see resistance at that level but may likely rise past the indicator price if the value of the general crypto market continues to surge.
The digital asset’s Relative Strength Index (RSI) stands at 56.91. This shows that Cardano is in the underbought zone leaving more room for investors to buy ADA and rise with the market.
Furthermore, Cardano’s asset is trading above the indicator, with a 50-hour Simple Moving Average (SMA) value of $1.216. This also shows that the asset is on a bullish run.
The Moving average convergence and divergence (MACD) indicator shows the sell signal but is tipping into the buy region.
Buy ADA at eToro from just $50 Now!
