Cardano (ADA) trades at $0.65 by press time, with more than 50% monthly gains, according to CoinMarketCap. During this day, a staking trend surged on Cardano, which carved a positive outlook for investors holding its native token.
Finbold retrieved the data of the aforementioned trend from StakingRewards on December 14. Notably, the platform’s ‘Staked Tokens Trend 24h’ indicator shows a 143% increase in the last 24 hours.
“The trend in staked tokens of the network over the last 24 hours, compared to the average staked tokens over the last 30 days. This metric can provide insights into the short-term trends and fluctuations in staking activity on the network, as well as the overall level of participation among token holders. A positive trend may indicate growing interest and confidence in the network, while a negative trend may suggest declining interest or potential risks or uncertainties for the network.”
— StakingRewards
Staking trends for Cardano (ADA). Source: StakingRewards
Price prediction for ADA
In the meantime, the professional cryptocurrency trader and analyst Ali Martinez shared his price prediction for ADA on X (formerly Twitter) on the same day. According to Martinez, Cardano’s native token should visit the $0.80 to $1.0 price range next.
#Cardano trading above $0.60 could be just what the bulls dreamed! With no significant resistance barriers in sight, the path looks clear for $ADA to move higher.The next key hurdle is between $0.80 and $1, opening a window for $ADA to shine. pic.twitter.com/X3d21Opg2E
— Ali (@ali_charts) December 14, 2023The trader mentioned this range as “the next key hurdle,” considering the amount of ADA holders who are in and out of the money. Interestingly, a higher staking trend for Cardano also means fewer available tokens to sell in the open market.
However, there are no guarantees of such a scenario, and investors must remain cautious while trading volatile cryptocurrencies. The cryptocurrency market is unpredictable, and Cardano is fully dependent on more demand for its price to shine.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
