Cardano (ADA), the cryptocurrency that powers Cardano’s high-performance smart contract-enabled layer-1 blockchain protocol, just broke above the key $0.31 resistance level and is up close to 10% on Thursday.
The rally comes amid broad upside in crypto markets after a US judge ruled that XRP is not a security.
“XRP, as a digital token, is not in and of itself a ‘contract, transaction, or scheme’ that embodies the Howey requirements of an investment contract,” Judge Torres concluded.
The SEC sued Ripple, XRP’s creator, back in 2020 on the accusation it had been selling XRP as an unregistered security.
Since 2020, the SEC has taken a heavy-handed approach to the crypto sector, claiming that most tokens and activities classify as securities offerings and fall under its regulatory jurisdiction.
This has weighed heavily on crypto prices broadly, though Cardano itself took a beating back one month ago when the SEC directly targeted the cryptocurrency by labeling it a security in its lawsuits against Coinbase and Binance.
The SEC’s argument against ADA is now substantially weakened by the XRP verdict, hence why Cardano is one of the best-performing cryptocurrencies of the day alongside other cryptos also labeled as securities by the SEC, like Solana (SOL) and Polygon (MATIC).
ADA’s Thursday pump means it has now recovered a staggering 44% from its June lows around $0.22.
Price Prediction – Here’s Where Cardano (ADA) is Heading Next
Things are looking very bullish for Cardano right now.
The latest pump has seen ADA break above a short-term pennant structure, which is often followed by significant follow-through buying, and break above its 50-Day Moving Average.
It also confirms the 21DMA level as strong support.
ADA’s next stop is likely going to be a retest of its 100 and 200DMA and May lows in the $0.35 area.
A break above here would open the door to a run higher towards the yearly highs at $0.46.
Cardano (ADA) Alternative to Consider – yPredict (YPRED)
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
One such project that they think has a lot of potential is an artificial intelligence (AI) powered web3 start-up called yPredict.
yPredict’s Pioneering AI-powered Crypto Price Predictions
The platform is best known for its first-of-its-kind, institutional-grade financial price prediction system.
Observers think the tool, which is built on yPredict’s in-house deep data analysis, will help crypto investors discover the next explosive crypto with ease.
The best part, yPredict’s crypto price prediction system will remain free and open for all users to access – the price predictions will be made publicly available and require no login to see, the project’s Whitepaper explains.
But yPredict offers investors much more than just crypto price predictions.
The project is “building a cutting-edge crypto research and trading platform that provides traders and investors access to dozens of AI-powered signals, breakouts, pattern recognition, and social/news sentiment features”, the start-up says in yPredict’s Litepaper.
Indeed, potential investors should also stay tuned for the highly anticipated launch of Alt_Pump_001, an AI model designed to predict the next pump on alternate coins.
The platform is also building a host of other AI-powered tools, including a ground-breaking content management system.
As AI continues to make waves in the crypto industry and beyond, projects like yPredict are expected to attract significant interest.
That’s why many industry observers are tipping AI cryptos like yPredict’s native $YPRED token, currently available via presale, to be amongst the next best-performing coins.
The $YPRED presale has been flying through the stages.
As of the 7th of July, the project has raised over $2.9 million.
Investors need to move quickly to get in ahead of the next price rise when the presale hits $2.98 million.
Visit yPredict Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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