What are the latest crypto news and the performance of the coins Cardano (ADA), PancakeSwap (CAKE), and Ethereum (ETH)? Let’s see below an overview of the current prices and some future predictions.
Summary
Cardano (ADA): growth forecasts in February?
Cardano enthusiasts may have high expectations as the popular ADA token seems to suggest the possibility of a significant double-digit increase in the next month.
According to CryptoRank, an analysis of historical ADA price data reveals an intriguing pattern that could lead to a 36.6% growth throughout February.
Examining ADA’s performance since 2018, a noteworthy average profitability of 36.6% in the month of February emerges.
However, a closer look reveals a crucial detail: this impressive average is significantly influenced by the exceptional 277.9% increase in the price of ADA in February 2021.
Excluding this anomalous value and taking into account the negative trends of 2019 and other years, the median estimate of Cardano’s profitability in February stands at a more modest -9.5%.
Although it is evident that the price of ADA tends to decrease in February, the anomaly observed three years ago suggests that history may not be a rigid predictor.
In a broader perspective, it is essential to recognize the limitations in drawing conclusions from a relatively short period of Cardano’s existence, which entered the market only at the end of 2017.
Investors and analysts are often divided on the importance of historical trends for cryptocurrencies, especially considering the limited sample size and relatively young age of the tokens.
The question that ADA holders are asking themselves is whether history will repeat itself or if the anomaly of 2021 was a rare exception.
While the community eagerly awaits February, all eyes are on Cardano. Furthermore, the potential for a 36% growth looms large, provided that historical patterns prove to be true.
PancakeSwap collaborates with Chainlink for a fair and reliable prediction market
Recently PancakeSwap has expanded its functionalities by integrating Chainlink Data Streams and Automation on Arbitrum.
This synergistic collaboration leverages Chainlink’s advanced technologies to enhance the accuracy and impartiality of PancakeSwap’s prediction markets.
The data feeds from Chainlink on PancakeSwap provide real-time price information for the start and end of each prediction round.
In a context of dynamic prediction markets, access to accurate and timely data is essential to ensure fair and transparent results.
PancakeSwap, known for its low-cost asset exchanges, staking rewards, and decentralized exchange function, has expanded its offering by also introducing collectible NFT items and prediction markets.
After careful analysis, it has chosen Chainlink Data Streams as the Oracle solution, thus ensuring a fast response and a neutral and decentralized transaction system to maintain market fairness.
The data feeds from Chainlink bring several benefits to PancakeSwap. Firstly, they enable price resolution in fractions of a second, providing market participants with accurate and timely information.
In addition, they prevent market manipulation by limiting frontrunning.
The use of Chainlink Automation facilitates decentralized blockchain processes, improving system reliability and resistance to manipulation.
This integration aims to create a fast, reliable, and fair prediction market for all users. The goal is to provide accurate and up-to-date data to create an efficient, fair, and transparent prediction market on PancakeSwap.
Forecasts for Ethereum: the comparison with Cardano and PancakeSwap cryptocurrencies
The cryptographic analyst Benjamin Cowen recently predicted an imminent significant correction of Ethereum (ETH) below the critical threshold of $1,000.
During a recent strategic session, Cowen communicated to its 790,000 subscribers on YouTube that, according to its historical analysis, ETH often “tests the integrity” of its main cyclical lows at least twice before starting a new bullish phase.
Referring to new tests of cyclical lows that occurred in 2015, 2016, and 2020, the analyst argues that another low in 2022 still needs to be confirmed.
Cowen predicts that Ethereum will undergo a correction, initially in its pair with Bitcoin (ETH/BTC), followed by the collapse of ETH/USD, likely within the current year.
“My perspective is that in the coming months, ETH/BTC will undergo a correction. Following the collapse of ETH/BTC, the collapse of ETH/USD will follow. A relevant element to consider regarding ETH/USD is that historically, it does not tend to establish a minimum without retesting the integrity of that level.”
Therefore, according to the analyst, it is plausible that Ethereum will test the strength of that minimum, returning below $1,000.
However, history suggests that this will happen after the collapse of ETH/BTC. And history also indicates that the collapse of ETH/BTC probably won’t happen in January, as January is usually a favorable month for Ethereum.
In conclusion, considering the rumors circulating, the spot ETF for ETH and the discussions about the halving, it may take some time before all these dynamics are fully resolved.
, PancakeSwap (CAKE), and Ethereum (ETH) coins?){kind=link}