Cardano (ADA) increased by more than 7% on Wednesday, leading gains among significant cryptocurrencies. ADA was trading at $0.40 at the time of writing, up 7.06% in the previous day.
As some speculators pointed to the expectation of a money infusion in the coming weeks in reaction to warnings of yet another U.S. bank failure, Bitcoin rose towards $29,000 in the early hours of Wednesday. The remainder of the market rose as a result of the unexpected jump in Bitcoin’s price.
Dan Gambardello, the founder of Crypto Capital Venture, claims that it appears as though Bitcoin and Cardano bulls may be planning something. Bitcoin and Cardano price charts were published by Gambardello. The most striking feature is a bullish positive MA crossover on both charts.
Cardano’s ADA confirmed a head and shoulders pattern, which helped it reach to a high of $0.462 on April 15 and contribute to its growth. Shortly after hitting this peak, Cardano started to fall as investors took their profits.
On April 24, ADA reached a critical support level at the daily MA 50, which was $0.376. Bulls quickly purchased the drop.
ADA could be on track to conclude with its second straight day of favourable price action if present gains hold.
Cardano leads sustainability charge
As the “green blockchain,” Cardano is spearheading the sustainability push thanks to its Ouroboros consensus mechanism, claims Input Output Global (IOG). The emphasis of this proof-of-stake (POS) consensus method is on energy conservation without sacrificing security.
It emphasises that the Cardano POS consumes 47,000 times less energy than Bitcoin’s proof-of-work system. Bitcoin uses 131 TWh of energy annually, whereas Cardano uses 0.00278 TWh.
Hardware that is strong, costly, and energy-intensive is needed for Bitcoin mining. In contrast, running a Cardano node just requires the Raspberry Pi, an inexpensive single-board device with minimal power requirements.
