Has Cardano (ADA) Hit Bottom? Analysis Firm Reports – Here’s the Latest Situation

Cryptocurrency research company 10x Research has analyzed Cardano’s ($ADA) recent rise and stated that current data may indicate a bottoming out in price.

According to 10x Research, $ADA is trading above both its 7-day and 30-day moving averages. Cardano’s price has risen by approximately 20.8% in the last week, largely driven by purchases from large investors.

The research firm noted that whale wallets accumulated over 240 million $ADA in just five days. The continued buying by large investors as the price rises was considered a significant bullish signal by 10x Research.

Technical and regulatory developments within the Cardano ecosystem were also cited as factors supporting its rise. Cardano and Injective established their first cross-chain connection via the Inter-Blockchain Communication (IBC) protocol on the testnet. The integration aims to enable $ADA to be used within the Injective ecosystem.

In addition, Cardano is expected to complete the 75-day trading history process required for the regulated futures market on the CME on August 9th. 10x Research noted that this development could be significant for $ADA’s potential eligibility for a spot ETF in the future.

The Cardano network has also entered the planning phase for the Dijkstra era following the Van Rossem hard fork upgrade.

10x Research argued that while $ADA stood out with a weekly increase of approximately 21%, the crucial point was not the magnitude of the rise but “who was buying and why.”

According to the company, a broader capital rotation is also being observed in the market. The shift of capital from memecoin speculation to Layer-1 projects with large market cap and yield-generating DeFi assets may signal an early altcoin season.

*This is not investment advice.