Cardano Rebounds Towards $2.5 To Reclaim 3rd Spot From Tether, How Long Can It Hold? by Best Owie

 Cardano has begun another rally that has positioned it comfortably above $2. This recent change comes after the digital asset had taken a beating down over the past few weeks that has placed it in a continuous downtrend. Cardano was not isolated in this as the broader crypto market had seen numerous crashes and dips that dragged their value down. But as the trading day draws open on Friday, the crypto market has made significant recoveries that have pushed the market back into the green.

In the early hours of Friday, ADA price climbed about 8% to once again break the $2.2 resistance. The brutal September market saw the asset close out the month trading as low as $2.02, imposing significant sell pressure on the market. The asset remains neutral on the 50-day moving average and is down on both the 5 and 20-day moving averages.

Indicators point to a test of the $2.5 resistance point if current momentum keeps up. With the new month starting with a deviation from September trends, a balancing out can be expected while the price rediscovers a bounce point to kickstart another rally. As the market opens up for the first trading day of October, it will be a tug-of-war between bears and bulls as each side struggles to swing the price its way.

Cardano Shrugs Off Bears And Reclaims 3rd Position

Cardano which had traded lower than its new all-time for the better part of September had finally lost its footing as the third-largest cryptocurrency by market cap on Thursday. As the market suffered, Tether had bounced back up to the third position while BNB and ADA traded in the red. But this take-over was destined to be a short-lived one.

Hours after Tether had taken the third spot, the market had begun another recovery. Top coin Bitcoin had recorded a recovery of up to 10% and the altcoin market was quick to follow its lead. The market cap of ADA shot up along with its growing prices, bringing its total market cap back up above $70 billion. Pushing Tether back down.

ADA price falls from $2.24 | source: ADAUSD on TradingView.com

ADA recovery still remains threatened by bears until the asset finds its stronghold following the sharp increase in price. Maintaining its hold at the $2.2 trading range is crucial if the asset is to continue its ascent towards $2.5.

Bitcoin price climbs back above $47,000 By Jack Durschlag FOXBusiness

 The price was almost $47,800 per coin, while rivals Ethereum and Dogecoin were trading at nearly $3,300 (+5.6%) and 21.7 cents (+5.05%) per coin, respectively, according to Coindesk.

Just 24 hours earlier, Bitcoin was above $45,000. The recent surge in cryptocurrency in the U.S. is being attributed to a positive two-hour meeting Thursday between U.S. Federal Reserve Chairman Jerome Powell and members of the House Financial Services Committee. 

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At that meeting, Powell said he does not intend to ban cryptocurrencies, but said stablecoins need greater regulatory oversight.

Bitcoin was trading 6.37% higher on Saturday morning. (Getty Images)

Gold-backed stablecoins to launch on Cardano, sending analysts bullish on ADA (Author-Ekta Mourya)

• Cardano’s project catalyst holds a decentralized fund of over $1 billion to promote solutions. 
• After unveiling Djed, the ecosystem is now preparing for the launch of a gold-backed stablecoin. 
• The number of ADA holders hit a new all-time high of 243,000 in September, 70% of addresses are currently profitable. 

Cardano has more decentralized applications and projects joining its blockchain network. MELD – a DeFi protocol that allows users to lend, borrow and stake capital on Cardano – is preparing to launch a gold-backed stablecoin network on the network.

Arrival of gold-backed stablecoin to further increase demand and utility of native asset ADA

ADA’s rise to the top five cryptocurrencies by market capitalization is likely triggered by the increase in the decentralized applications joining Cardano’s network. 

COTI, a decentralized payment platform that acts as a payment gateway of Cardano, revealed the launch of Djed, an algorithmic stablecoin. Now a gold-backed stablecoin is arriving on the network. 

A Cardano-based protocol MELD has announced plans to launch stablecoin as the first step to democratize cryptocurrencies and make them further accessible. 

Ken Olling, co-founder and chairman of MELD, states that the “goal here is simplicity and clarity. Gold will be stored in a vault, tokenized and then fractionalized and divided so we can sell it.”

David Taylor, head of marketing at Cardano Foundation, shared the announcement on Twitter

Cardano network’s on-chain activity has hit a high in September after the latest developments in the ecosystem. Native asset ADA has 243,000 holders, and 70% of the wallet addresses holding the token are profitable.

FXStreet analysts have evaluated the Cardano price trend. The altcoin’s price is at a strong support level, and analysts believe that the price will continue its upward trend to the next target at $2.7.