ADA Price Upward
ADA gained 10.18% in value yesterday, surpassing 39 cents, and is above 40 cents with an increase of 12.38% in the last 24 hours. The popular asset, which has increased by 13.49% in the past seven days, was traded between 33 cents and 39 cents. There were increases in the crypto money markets in general yesterday and today, but there was another reason behind the rise of the Cardano price. FTX’s plan to list the popular crypto asset brought a rise in the price of Cardano, as well as controversy.
Well, what kind of developments and discussions took place on FTX’s listing plan, let’s take a look at it together.
FTX Listing and ADA
Sam Bankman-Fried, CEO of FTX, one of the largest crypto asset platforms, stated yesterday that they are evaluating the trading of Cardano’s native token ADA on the platform. After these statements, alarming allegations were made for Cardano. Twitter’s popular name Ben Armstrong, or BitBoy as he’s nicknamed, claimed that FTX’s listing of ADA was linked to the company’s acquisition of Voyager, which went bankrupt. According to Ben Armstrong, FTX may take action to liquidate open ADA positions on this platform after acquiring Voyager. Charles Hoskinson, who was involved in the discussion, said that FTX’s taking such an action after the ADA listing would attract a great reaction. Bankman-Fried has not yet made any statement on the subject.
Interesting Sharing from Hoskinson
Another development about Cardano is the statements made by Charles Hoskinson recently. Cardano CEO Charles Hoskinson excited the community by claiming that something special is coming in November. The CEO, who avoided giving more details, added an animated GIF saying, “Something special is coming in November,” and did not include any other details. The community made some predictions in the comments made under the tweet. According to estimates, some predicted that this news would be the Cardano Summit, but the date of the Cardano Summit was already predetermined. The summit will be held at the Olympic museum in Lausanne, Switzerland, between 19-21 November.
What Does the On-Chain Data Say?
According to Santiment data, ADA is in the lowest position compared to its realized value since 2019. The indicator measures the value of the asset based on the average loss of investors, and the last time the indicator flashed, the ADA price had doubled in three months. Of course, this is not proof that the ADA price will experience a similar increase in a few months. But with the Cardano blockchain gaining interest from investors, the asset’s on-chain metrics could support a significant price increase.
ADA Price Analysis
For ADA, which is priced at 40 cents with an increase of 12.38% in the last 24 hours, the resistance levels that we will encounter in the upward price movements are at the levels of 42 cents and 46 cents for the first time. The other resistance level that we will watch in price movements that will be higher than these levels is at the 52 cent point. If ADA enters a possible downtrend, the support levels to be followed are 40 cents, 38 cents and 33 cents, respectively.
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