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XRP Looks to Breach Valhalla Gateway at $2 Amid Multiple Closes Below 21 EMA

Sam Wisdom Raphael
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XRP Looks to Breach Valhalla Gateway at $2 Amid Multiple Closes Below 21 EMA

XRP is currently looking to breach the “Valhalla Gateway” identified by market analyst EGRAG at the $2 threshold amid multiple monthly closes below the 21 EMA.

Amid the recent market uptrend that has seen XRP retest the $0.60 level, EGRAG took to X to update his outlook on the crypto asset. The market analyst called attention to historical patterns indicating that XRP could be on the verge of breaking the “Valhalla Gateway.”

Notably, details from the analysis suggest that the Valhalla Gateway refers to the pivotal price threshold that XRP needs to breach to start registering massive price surges to more substantial heights.

XRP’s Bearish Closes Below 21 EMA

The analyst has set the gateway at the $2 price. In his first analysis, he identified a historical pattern that signals an impending push from XRP to breach the price level. This pattern concerns the monthly chart’s 21 exponential moving average (EMA).

According to EGRAG, XRP usually records several monthly closes below the 21 EMA before it eventually witnesses a substantial price increase. The first time this happened was in 2016-2017 when XRP saw five consecutive monthly losing candles from October 2016 to February 2017. 

With these losing candles, XRP consistently recorded several closes below the 21 EMA on the monthly chart. Following this bearish pattern, XRP eventually surged to an all-time high of $3.31 in January 2018.

The pattern resurfaced two years later, with XRP witnessing another set of bearish monthly closes below the 21 EMA from March to October 2020. In a move similar to the 2017 price action, the crypto asset staged a rally after the bearish pattern, rising to $1.96 in April 2021.

Notably, XRP has again recorded a series of monthly closes below the 21 EMA, with the latest pattern starting in July 2023. EGRAG believes this batch of bearish closes, like previous batches, signals an imminent price surge that could help XRP breach the Valhalla Gateway at $2.

XRP Ultimate Target Set at $242

In a subsequent analysis, EGRAG stressed the importance of the Valhalla Gateway, emphasizing that the initial gateway stood at the $0.025 price territory. XRP breached the $0.025 gateway in April 2017 amid the uptrend that began a month back.

The asset rallied by 511% to breach the gateway, according to data from EGRAG’s chart. Following the breakout, XRP staged its historic price run to the current all-time high value.

With the new gateway now at $2, EGRAG believes XRP could surge 500.98% from its current price to breach this level. The asset would then flip the $2 zone to stage more substantial rallies to an initial target of $27.3 before pushing forward to the ultimate $242 price target.

Discover The Solana Meme Coin Everyone Is Buzzing About – Solama!

Esra Zuhal
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Discover The Solana Meme Coin Everyone Is Buzzing About – Solama!

In crypto, meme coins are everywhere. With the rise in popularity of Dogecoin, many other meme coins have been launched, some of them becoming successful based on the exploitation of certain online trends.

However, recently, Solama has appeared, a Solana meme coin that beats a lot of meme coins by the simple fact that it brings something very many do not have – utility!

There’s already a buzz surrounding this project, and we’ll delve deeper into it below to help you gauge whether it’s poised to be the next big thing in the meme coin market for the upcoming bull run.

Who’s There? The Official ‘Unofficial’ Solana Mascot That Took the Industry by Storm

Solama is a crypto sensation that went live on January 1, 2024. Since then, it has been making waves in the crypto industry, especially among Solana and meme coin fans, thanks partly to its bold claim as the official ‘unofficial’ Solana mascot. Because let’s face it, every great project deserves a mascot as cool as Solama, don’t you think?

Despite flying under the radar, Solama has experienced explosive growth, establishing itself as a standout project with unique features and real-world practicality.

While it embraces meme enthusiasts and nurtures a passionate community, Solama also prioritizes functionality. From developing a Telegram bot (currently in the works) to hosting an engaging mini-game on their website and even setting up a merchandise store, Solama is all about fun and function.

All of this is simultaneous with the fact that Solama isn’t just about laughs and entertainment. The project is committed to enhancing its value and reinvesting all profits back into the ecosystem. This strategic reinvestment supports various aspects of the project, from marketing campaigns to token buy-backs, burns, and rewarding the community.

With Solama, you get the best of both worlds: a playful meme coin with real-world utility and a commitment to community growth. 

Also, unlike many other meme coins, Solama began with 676,605,024 tokens and strategically burned 2% of developer holdings, reducing the supply to 653,868,075 tokens. This smart move ensures there’s not too much floating around, which can keep its value stable over time.

Plus, Solama’s contract has undergone thorough checks to ensure it’s rock-solid and safe for investors. This level of scrutiny is rare in meme coins, where there’s often a lot of uncertainty.

On top of that, Solama’s commitment to being transparent is crystal clear. They’ve renounced their contract and burned liquidity, setting a higher standard for trustworthiness and stability than many other projects.

Many Exchanges Have Already Joined the $SOLAMA Llama Party!

Based on all of these, numerous exchanges have eagerly hopped on board the $SOLAMA train, adopting the excitement surrounding this llama-themed token. 

Despite being a newcomer, Solama offers impressive accessibility, as many exchanges joined the party. So, you can easily trade $SOLAMA tokens on popular decentralized exchanges (DEXs) like Raydium, Jupiter, and Orca, as well as the centralized exchange (CEX) giant BitMart. 

This widespread availability ensures that buying and selling $SOLAMA tokens is a breeze, making it more accessible to investors.

Furthermore, the future looks promising, with a confirmed partnership awaiting listing on the MEXC exchange once Solama achieves a $15 million market cap.

Eager to Join the $SOLAMA Llama Party?

Are you excited about getting in on the action with $SOLAMA tokens? Well, you’re in for a treat! With the crypto world buzzing about this llama-themed sensation, hopping aboard has never been simpler.

But before plunging into the $SOLAMA excitement, let’s ensure you’re all set up for success. By following a few easy steps, you’ll be on your way to joining the $SOLAMA party and potentially cashing in on the trend. 

So, let’s get started!

  1. Get a Solana Wallet – Grab a wallet that works with Solana. Phantom Wallet is a good pick, but any Solana-compatible wallet will work.
  2. Add SOL to Your Wallet – You’ll need some SOL in your wallet to trade for $SOLAMA. If you don’t have any SOL yet, buy some on your preferred exchange and transfer it to your Solana wallet.
  3. Connect to an Exchange – Visit Raydium, Jupiter, Orca, or BitMart to connect your wallet.
  4. Swap SOL for $SOLAMA – Once connected, head to the token swap section, find Solama using its contract address (AVLhahDcDQ4m4vHM4ug63oh7xc8Jtk49Dm5hoe9Sazqr), enter the amount of $SOLAMA you want, review the details, and confirm the swap.

So, what are you waiting for? Let’s join the $SOLAMA llama party!

Stay Tuned

Be the first to know what’s next for Solama. Visit their official website and connect with the project on social media (X, Telegram, and Instagram) to unlock the next chapter of their story, upcoming events, and great news.

Disclaimer: This article is provided by the Client. The Client is solely responsible for this page’s content, quality, accuracy, products, advertising, or other materials. Readers should conduct their own research before taking any actions related to the material available on this page. The Crypto Basic is not responsible for the accuracy of info and any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods, or services mentioned in this article.

Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

Bitcoin Forms Support Wall at $61K Where 1M Addresses Bought 671K BTC

Mark Brennan
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Bitcoin Forms Support Wall at $61K Where 1M Addresses Bought 671K BTC

The price of Bitcoin (BTC) is likely to witness mild correction after its recent parabolic run, but the current address holdings form a formidable support that might stabilize any negative volatility.

After a period of uptrend, a correction is often the next feasible direction. For February, the price of Bitcoin jumped by more than 47%, hitting a high of $63,913.13 and sending more than 95% of its addresses into profit. 

Per data from IntoTheBlock, Bitcoin currently has strong support with minimal resistance placing it at a  bullish position at the moment.

Formidable Bitcoin Acquisition Zone

According to data pointed out by market Analyst Ali Martinez, Bitcoin’s price is currently holding steady above a “massive support wall.” Approximately 1 million addresses acquired a total of 671.06K Bitcoin between the prices of $60,334.94 to $62,155.10.

With the price of Bitcoin now pegged at $63,913.13 despite the 2.53% correction in the past 24 hours, the selling pressure is removed in the short term.

Amid the current slip in price, Martinez noted that this price range serves as a region of strong investor confidence and might cushion against further drops.

However, should Bitcoin’s price drop below this range, there is a guarantee that the $58,447.37 to $60,334.94 price range will act as a formidable support.

Overall, about 50.99 million addresses, or 98.06% are in profit at the moment. To balance this impressive profitability, 193.45K addresses, or 0.37% of the total holders, are seeing losses, while only 815.73k addresses, or 1.37%, are at a breakeven point.

Bitcoin’s Ripple Effect

The uptick in the price of Bitcoin and the accompanying profitability has also triggered a related jump for other altcoins. Besides Ethereum (ETH), which has increased its address profitability to 89.98%, Shiba Inu is one of the biggest beneficiaries, with over 55% of all addresses now in profit.

The hype surrounding the spot Bitcoin ETFs product is likely to drive a further surge in the price of BTC as adoption widens, and the ripple effect might be encompassing as has been showcased thus far.

Shiba Inu Reveals Monumental Use Cases of Soon-to-Launch TREAT Token 

Abdulkarim Abdulwahab
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Shiba Inu Reveals Monumental Use Cases of Soon-to-Launch TREAT Token 

The Shiba Inu ecosystem development team has unveiled the pivotal use cases for one of their upcoming ecosystem tokens, TREAT.

Shiba Inu ecosystem marketer Lucie called attention to the recently disclosed utility in a post on X. The disclosure comes amid Shiba Inu’s new significant partnership. 

Shiba Inu’s TREAT Token Utility

The Crypto Basic recently reported that the Shiba Inu ecosystem forged a significant partnership with Zama, a cryptography-focused firm headquartered in Paris.

This collaboration centers around Shiba Inu integrating Zama’s encryption solution to bolster privacy across ecosystem projects. The aim is to ensure confidentiality across transactions, user engagements, and data management.

Notably, the specifics of the Shiba Inu-Zama partnership were detailed in the 14th edition of the ecosystem’s magazine. The report unveiled that the inaugural Shiba Inu solution powered by Zama will operate on TREAT.

The report emphasizes TREAT’s role as one of the Shiba Inu ecosystem assets, serving various functions. These include providing liquidity to the upcoming SHI stablecoin and potentially substituting the BONE token as the reward coin for the ShibaSwap DEX. 

Besides, the report noted that TREAT would be utilized to provide rewards for both “SHIB: The Metaverse” and Shiba Eternity, the blockchain rendition of the SHIB-themed collectible card game.

The Shiba Inu-Zama Partnership 

Shytoshi Kusama, the Shiba Inu ecosystem lead, has underscored the significant implications of the recent coalition with Zama.

Zama develops tools for homomorphic encryption, an innovative encryption technique that enables data processing without decrypting the data.

To the Shiba Inu team, the partnership signifies a notable landmark in the advancement of Web3, raising the bar for security and data privacy.

As the SHIB-Zama collaboration paves the way for the new privacy-focused Web3 era, an official X account for TREAT has been unveiled.

At the time of reporting, the TREAT account has attracted over 5,000 followers. 

Amid the mounting excitement, it is worth emphasizing that TREAT, much like the SHI stablecoin, has not been launched yet. Essentially, social media accounts asserting otherwise are entities seeking to defraud Shiba Inu enthusiasts.

Cardano Founder Celebrates 0.85% of Ergo Supply Moving to Cardano

Mark Brennan
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Cardano Founder Celebrates 0.85% of Ergo Supply Moving to Cardano

Cardano founder Charles Hoskinson reacts as a significant portion of ERGO (ERG) tokens moves to the Cardano network.

A recent update from Rosen Bridge confirms that the Cardano ecosystem is attracting capital from the Ergo blockchain.

Ergo is a Cardano-compatible network that enables smart contract applications. The network utilizes the same transaction model as Cardano, meaning dApps and related protocols, can run on both platforms.

While Cardano and Ergo have their respective DeFi ecosystems, the latest update from Rosen shows that investors are moving more from Ergo to tap into the opportunities available on Cardano.

Since the launch of the Rosen Bridge over the past year, analytics from the on-chain protocol show that investors have transferred 624,000 ERG to the Cardano blockchain.

For context, the 624,000 ERG coins moved from Ergo to Cardano represent 0.85% of the coin’s circulating supply of around 76.6 million coins.

Additionally, that amount will be valued at around $1.4 million, with ERG currently trading at $2.24. ERG bridged to the Cardano blockchain has the ticker rsERG and is usable across ADA-based DeFi protocols.

Cardano Founder Celebrates Milestone Amid DeFi Growth

Reacting to the latest milestone by Rosen Bridge, Cardano founder Charles Hoskinson wrote on X (formerly Twitter), “Welcome home, Ergo.” Hoskinson obviously hopes that the ERGO coins being bridged remain on Cardano for the foreseeable future.

Meanwhile, the increased bridging of ERGO to Cardano comes at a time when the latter’s DeFi ecosystem is thriving. This week, the total value of asset locked (TVL) on Cardano reached a new high of $438 million, surpassing the previous records set in December and early January.

The growth in DeFi reflects a rise in the price of ADA, Cardano’s native coin. ADA gained 40% in the past month, hitting a new yearly high in the process. The cryptocurrency may eventually see the widely predicted $1 price if it continues on the same growth trajectory.

Dogecoin Proponent Elon Musk Sues OpenAI Co-Founder and CEO Over Contract Violation

Lele Jima
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Dogecoin Proponent Elon Musk Sues OpenAI Co-Founder and CEO Over Contract Violation

Prominent American businessman Elon Musk has sued OpenAI and its execs over an alleged breach of contract. 

Elon Musk, a major Dogecoin supporter and owner of social media platform X, has sued famous artificial intelligence company OpenAI and its CEO Sam Altman, among others, over an alleged breach of contract. 

Background of the Case 

According to a motion filed in a San Francisco court yesterday, Musk’s lawyers claimed that OpenAI and its execs had abandoned the company’s original mission, which was mainly to develop artificial intelligence technologies for humanity and not-for-profit purposes. 

Musk’s lawyers briefly explained the intention behind the creation of OpenAI. Notably, Musk, who co-founded OpenAI, had an initial agreement with Altman and the company’s co-founder Greg Brockman in 2015. 

The agreement required the parties to establish a nonprofit lab to develop open-source AI solutions focused on benefiting humanity. However, Musk claims OpenAI and its execs have deviated from the original mission and are now in pursuit of profit. 

Lawyers for Musk emphasized that OpenAI’s focus on making huge returns for Microsoft breached the initial agreement. 

Musk’s Role in OpenAI 

It bears mentioning that besides co-founding OpenAI, Musk also sat on the company’s board for several years. The American entrepreneur stepped down from OpenAI’s board in 2018 to focus on his other businesses, including Tesla and SpaceX. 

Musk also acquired X for $44 billion in 2022 while he continues voicing his support for Dogecoin. 

OpenAI Rise to Fame and Subsequent Troubles 

Despite launching in December 2015, OpenAI gained immense popularity years later following the rollout of ChatGPT in 2022. In just six months, OpenAI’s ChatGPT became the fastest-growing software globally, with many people adopting the solution for various purposes. 

ChatGPT’s success within a short period sparked the launch of other rival chatbots from top tech giants like Alphabet. 

Recall that OpenAI’s shifting mission was spotlighted last year after the firm’s board fired Altman in November. Explaining the reason behind the surprised ouster, the board said it was defending the company’s mission of developing AI solutions for humanity. 

Interestingly, Altman returned a few days after some OpenAI employees threatened to leave the company for Microsoft if he was not reinstated. 

According to The Washington Post, OpenAI plans to appoint new board members this month, which could end the impasse following Altman’s Altman’s ouster in November. Notably, the board has been searching for six members with tech-related experience. 

In the meantime, the SEC is investigating OpenAI, including scrutinizing Altman’s internal communication, to determine whether the tech company misled investors. 

Here Are Shiba Inu (SHIB) Holders in Profit as Price Surges 47% in February

Mark Brennan
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Here Are Shiba Inu (SHIB) Holders in Profit as Price Surges 47% in February

Shiba Inu (SHIB) recorded a massive 47% uptick in February, an upshoot that stirred a shift in the total number of addresses in profit.

Shiba Inu is one of the major beneficiaries of the ongoing bull run, stirred by the jump in the price of Bitcoin (BTC) above the $60,000 resistance zone. SHIB did not just join the rally, it changed the fortune of its holders.

Data from the crypto analytics platform IntoTheBlock (ITB) currently pegs the SHIB addresses in profit at 55.47%.

SHIB Profitability Spikes

Notably, addresses enter profitability when the current price of the token exceeds the price at which they bought the asset. Per the data showcased, a total of 737.94K addresses are now profitable. 

To achieve this feat, 225.4K addresses acquired 74.4 trillion worth of SHIB for a maximum of $0.000008. The largest cohort featuring about 464,670 addresses stacked up 320.65 trillion SHIB at an average price of $0.000010.

With the price of Shiba Inu clearing one zero to soar 37.83% in the past week and by more than 47% in February to $0.00001313, these acquisition price levels were triumphantly breached.

Data confirms that approximately 42.9% or 570,680 addresses are out of the money with roughly 21,730 or 1.63% of holders at their break-even points.

SHIB I O CHART
SHIB In/Out of the Money Chart. Source IntoTheBlock

SHIB Resistance Clearing Off

Per the data from IntoTheBlock, SHIB selloffs may not be a threat in the foreseeable future, as the number of holders at the most crucial price levels is not strong enough to pull a major slump.

Shiba Inu currently has numerous forecasts that show there is a renewed optimism within the ecosystem. The optimism is also expanding with the likely presence of Shytoshi Kusama at the ongoing ETHDenver 2024. 

Before the event ends on March 7, there may be a major development update that would complement the ecosystem’s strides since the start of the year. But this remains speculative at this point.

Custodia Bank CEO and Bitcoin Bull Reveals What Caused the Latest BTC Rally

Sam Wisdom Raphael
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Custodia Bank CEO and Bitcoin Bull Reveals What Caused the Latest BTC Rally

Caitlin Long, CEO of digital asset custody firm Custodia Bank, recently attributed the latest Bitcoin (BTC) uptrend to dried-up supply on OTC desks.

Over-the-Counter (OTC) desks facilitate the trading of financial instruments between two parties without a centralized exchange. In crypto, OTC desks are commonly used for large trades, providing more privacy and tailored execution for institutional or high-net-worth investors.

Due to their prominence among institutional traders, trading activity on OTC desks is capable of influencing an asset’s price movements a great deal. Caitlin Long revealed that Bitcoin’s recent price uptick could have been triggered by increased demand amid a reduced BTC supply on these OTC desks.

Bitcoin Supply on OTC Desks Nearly Dried up

Taking to X, the Custodia Bank CEO disclosed that she recently spent some time in New York for a few days, and during her stay, she discovered the reason behind the recent BTC surge. According to her, institutions trading on OTC desks nearly ran out of BTC to buy.

Andrew, a Bitcoin and finance proponent, called attention to Long’s disclosure in a post today, noting that the drop in Bitcoin supply on OTC desks resulted in an inability to meet the surging demand for the token from institutional players.

When an X user asked for more context on the amount of BTC available on these OTC desks, Long personally replied. She confirmed that at some point on Wednesday, there were only 40 BTC tokens available for trading on OTC desks despite institutional investors eagerly looking to procure more tokens. 

Andrew emphasized that this confluence of dried-up supply and increased demand resulted in the spike in Bitcoin’s price on Wednesday. Notably, BTC surged from an opening price of $57,037 to a top of $64,000 on Wednesday, marking an impressive 12% rise.

Wednesday, Feb. 28, was one of Bitcoin’s best days, as the asset breached multiple psychological resistance levels from $58,000 to $63,000. Despite witnessing intense resistance at the $64,000 high, the crypto asset held strong above $62,000, closing the day with a massive 9.46% gain.

André Dragosch, Head of Research at ETC Group, shared Glassnode data confirming the decreasing supply of Bitcoin on OTC desks. According to Dragosch, the BTC balance on OTC desks yesterday stood at 388 tokens as demand surged.

Data from CryptoQuant also confirms that institutional investors in the U.S. have continued to buy more BTC tokens, contributing to a high buying pressure. Notably, the Coinbase Premium Index recently recorded a massive spike as more institutions leveraged Coinbase for BTC purchases.

Meanwhile, BTC currently trades for $62,495 following the drop from $64,000. The asset shed off some of its gains yesterday but has begun recouping them with a 2.14% increase today. Veteran traders such as Peter Brandt expect the asset to hit $200,000 this cycle.

Experts Say XRP Escrow Has a Role in Turning XRP into a Global Reserve Currency

Abdulkarim Abdulwahab
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Experts Say XRP Escrow Has a Role in Turning XRP into a Global Reserve Currency

Prominent figures in the XRP community have argued that the XRP tokens locked in escrow by Ripple have a fundamental role in turning the asset into a global reserve currency.

This sentiment came from  Edward Farina, Head of Social Adoption for XRP Healthcare, and Versan Aljarrah, the founder of Black Swan Capitalist. 

Recently, Farina and Aljarrah conducted a live session discussing XRP’s potential as a global reserve currency, a conversation that gained renewed attention following a recent report by The Crypto Basic.

In particular, the report highlighted statements from the CEO of a German venture capitalist firm, who asserted that XRP holds the promise of becoming a global reserve currency for facilitating cross-border payments.

Meanwhile, Farina and Aljarrah introduced a new angle to the discourse by claiming that XRP tokens locked in escrow could serve the purpose of a reserve currency.

The Role of Escrowed XRP

During the conversation, Aljarrah explained that Ripple’s decision to lock billions of XRP tokens in escrow aimed to regulate the asset’s supply. 

Aljarrah underscored that Ripple’s monthly release of XRP is a deliberate strategy to ensure a consistent asset supply, enabling a predictable distribution of XRP to enhance liquidity in the market. 

He argued the move facilitates smoother transactions and trading activities without causing significant fluctuations in the asset’s price.

In his words:

“By maintaining liquidity, Ripple is able to facilitate the smooth functioning of the XRP ecosystem.”

Furthermore, Aljarrah highlighted that this approach makes XRP more appealing to investors, traders, and potential partners.

Besides, he noted that the concerns around Ripple’s escrow release hurting XRP’s price performances are misplaced. He urged enthusiasts to look at the broader perspective rather than the short-time price fluctuations.

Farina, echoing Aljarrah’s viewpoint, further emphasized the significance of the XRP tokens held in escrow by Ripple.

He addressed the widespread speculation regarding Ripple potentially burning all the XRP in escrow. Farina dismissed it as implausible, emphasizing that the escrowed tokens have a pivotal function.

Expanding on this notion, Farina speculated that if major institutions like the IMF or the Bank of International Settlement had acquired a substantial portion of the escrowed XRP years ago, it could lead to the conclusion that XRP was always intended to serve as a global reserve currency. 

Farina pointed out that, by definition, a reserve currency is an asset “held in substantial amounts by central banks.” However, he cautioned that this perspective remains speculative and lacks factual evidence.

Cardano Makes New Yearly High Above $0.7, Bringing $1 Pump in Focus

Mark Brennan
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Cardano Makes New Yearly High Above $0.7, Bringing $1 Pump in Focus

The price of Cardano has risen alongside the broader crypto market, bringing the coin closer to the coveted $1 target.

As the crypto market enters a bullish phase, several leading altcoins have witnessed some time in the spotlight. Cardano (ADA) is one of those coins, having made a new yearly high in the past 24 hours.

The cryptocurrency reached as high as $0.702 before a strong resistance and minor market retracement pushed the price as low as $0.64. However, Cardano has since made a comeback to $0.68 at the time of writing, putting it back on track to reclaim the $0.7 range in the coming days.

ADA 1D graph coinmarketcap
Cardano 1D Chart | CoinMarketCap

The quick rebound evidently suggests that investors are keeping an eye on the altcoin, and rightly so. Cardano gained 40% in February, joining the league of top-performing altcoins among the top ten cryptocurrencies by market cap.

Cardano Eyes $1 Again

With the milestone of a new yearly high already in the bag, ADA holders are keen to see the cryptocurrency to push on and revisit the psychological $1 mark. The last time ADA traded above $1 was in April 2022, before the infamous Terra (LUNA) collapse.

Since falling below it on the back of the Terra implosion, ADA has languished below $1, spending most of its bear market days under $0.55. However, with things looking up again, Cardano seems poised to revisit the coveted price range. 

Notably, other developments, such as the rise of memecoins on the Cardano network and general market sentiment, favor ADA to reclaim $1 and the regions above that price level.

Cardano-based memecoin FREN recently surged to new highs, boosting user activity on the network and bolstering demand for ADA.

Moreover, trading data suggests that investors are still largely bullish on the cryptocurrency. In the past 24 hours, the long and short futures trading ratio is largely skewed towards long traders, with 75% of capital predicting that ADA will go higher. 

Multiple experienced analysts also back Cardano to reclaim its previous high. In one instance recently reported by The Crypto Basic, an analyst predicted that Cardano’s climatic bullish rally could begin as soon as in three days.

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