Cardano Price Rise May Signal Bottom

Cardano (ADA) may have hit bottom according to an analysis by 10x Research. The cryptocurrency research firm analyzed ADA's recent price rise and found that current data suggests a possible bottoming out in price. According to 10x Research, ADA is trading above both its 7-day and 30-day moving averages, with a 20.8% increase in the last week.

The firm attributes this growth to large investors purchasing ADA, with over 240 million coins accumulated by whale wallets in just five days. This buying activity is seen as a significant bullish signal by 10x Research. Additionally, technical and regulatory developments within the Cardano ecosystem are supporting its rise.

The integration of the Inter-Blockchain Communication (IBC) protocol between Cardano and Injective is a key development. This enables ADA to be used within the Injective ecosystem. Furthermore, Cardano's 75-day trading history process required for regulated futures market on the CME is nearing completion, with August 9th being the expected date.