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Cardano Spikes 12% and Makes Top Most Profitable Cryptos, Here's What Happened

Wed, 10/26/2022 - 09:35
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Gamza Khanzadaev
Cardano tops most profitable cryptocurrencies as ADA price up 12% in last 24 hours
Cardano Spikes 12% and Makes Top Most Profitable Cryptos, Here's What Happened
Cover image via stock.adobe.com

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ADA soared to the top of the most profitable coins of the past 24 hours, after rising 13.5%. Most of that growth came yesterday, when ADA outperformed the market and posted a gain of plus 8% against Bitcoin (BTC) and plus 3% against Ethereum (ETH).

Source: TradingView

Looking at the bigger picture, we can see how ADA managed to hold on to the important support of $0.33 from Oct. 21 and then steadily rose for the last five days, registering an increase of 23%. On the way up, ADA also broke through another important level, resistance at $0.4. The ADA price has only been at this new "old" level for one day, and it is too early to draw any conclusions about further price action.

What will determine future price movement of Cardano (ADA)?

Although the ADA price showed a classic technical movement, the factors driving it were more fundamental. Thus, two reasons can be highlighted.

The first is the anticipation of something special on Cardano in November, announced by the project's founder, Charles Hoskinson. It is rumored that the blockchain could have its own stablecoin, but this has not been confirmed.

Another key factor is the sudden general positivity in financial markets, fueled by hopes of a slowdown in rate hikes by the Fed. Well, let's see how investors react to the third quarter GDP data due out tomorrow morning.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.