Charles Hoskinson, the founder of Cardano (ADA), addressed the crypto community from London amid a European tour that included Italy and Switzerland on Sunday. In a video update, Hoskinson dispelled rumors about his commitment to ADA while offering insights into other blockchain projects, notably Sui. Hoskinson Clarifies His Position On Sui Hoskinson began by acknowledging […]
Cardano (ADA) completed its first green September in six years as the coin enjoyed a price gain of almost 8%. This is significant as the crypto could enjoy an extended rally in October, leading to more price gains for Cardano. Cardano Records First Green September Cryptorank data shows that Cardano has recorded its first green September since it launched in 2017. This raises the possibility of the crypto enjoying an extended rally since it presents a bullish outlook for ADA. Crypto analyst Plutus also suggested that Cardano could replicate Bitcoin’s monthly returns following its first green September. Related Reading: Major Catalyst That Could Drive Bitcoin To New ATH In Q4 Emerges He added that the crypto can accomplish these positive monthly returns in the coming months with looser monetary policy starting to take place. Cardano imitating Bitcoin’s historical monthly returns in the last quarter of this year will be huge for the coin, considering that this is when the flagship crypto records its most profitable returns. Specifically, October is historically one of the best months for Bitcoin, as the crypto has only recorded two negative monthly returns since 2013. Most of its gains have also been double-digits. Therefore, October could be huge for Cardano if it replicates BTC’s monthly returns. Meanwhile, although October has historically not been a good month for Cardano, this time is much different, with these monetary easing policies presenting a bullish outlook for the crypto market. The US Fed rate cuts and China’s stimulus package were among the factors that contributed to ADA enjoying a monthly green candle in September. As such, the crypto could enjoy an extended rally as these monetary easing policies continue to roll out. It is also worth mentioning that Q4 of 2023 was very bullish for Cardano as it recorded double-digit gains in October, November, and December. Similar price gains this fourth quarter will see ADA reclaim $1 and record a new yearly high in the process. This will provide a much-needed boost for the coin, considering it boasts a year-to-date (YTD) loss of almost 40%. Other Factors That Support An Extended Rally From a technical perspective, Plutus noted that the current Heikin Ashi monthly candle is green, indicating a directional change on the cards. The analyst also revealed that the Weekly Gaussian channel, which flipped bullish back in February, is still green, suggesting that more impulsive moves to the upside are on the horizon for Cardano. Related Reading: Bitcoin Bull Market Not Over: CryptoQuant CEO Reveals Where We Are This Cycle Cardano’s fundamentals are also bullish. The testnet for its privacy protocol Midnight Network just recently went live. This privacy solution will help developers build decentralized applications that ensure that users’ data are well protected, a move that could attract more users to the network. The network is already one of the most decentralized, transitioning to the Voltaire era, which focuses on community-driven governance. At the time of writing, Cardano is trading at around $0.35, down over 6% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Cardano (ADA) has seen a remarkable performance over the week, surging over 10% and reentering the top ten cryptocurrencies by market capitalization list. Its recent price action has fueled a bullish sentiment among investors and market watchers, who believe the token might be near a rally toward $1. Related Reading: BNB Falters At $600, Paving The Way For A Deeper Pullback Cardano Breaks Out To Reclaim Top 10 Spot Cardano’s price has steadily declined after the March highs, registering a 42% drop in the last six months. During the Q1 rally, the token hit its highest price since 2022, reaching the $0.774 price range. Since then, ADA has nosedived to pre-rally levels, disappointing some investors and market watchers. The crypto community has repeatedly slammed the project for a “lack of appeal” to the broader public. Additionally, many have criticized ADA’s “underwhelming” price action. However, the token’s recent rally has sparked a bullish sentiment among some community members. Despite the early September market shakeouts, the cryptocurrency has registered a 10% surge from its monthly opening, seeing green numbers in the weekly and biweekly timeframes. Technical analyst Crypto Yapper noted Cardano’s recent performance. The analyst highlighted that ADA displayed a multi-month descending broadening wedge structure on its chart with multiple touch points on the top side and on the lower side. Inside this structure, the cryptocurrency displayed a smaller falling wedge pattern with its upper trendline being tested again on Monday. The analyst stated that the $0.35 was the first crucial resistance level for the token. Claiming this key zone and breaking out of the falling wedge pattern could create more bullish action and move the price toward the upper line of the bigger bullish structure. On Monday, Cardano’s token reclaimed the $0.36 range, a level not seen in nearly a month. The surge sent ADA’s price toward the $0.37 resistance level, turning the $0.375 price range into a support zone on Tuesday morning. The recent performance also pushed Cardano back to the top ten cryptocurrencies list after ADA’s market capitalization surged 6%, surpassing Tron (TRX) in the last 24 hours. Analysts See New Price Targets For ADA Today, Crypto Yapper noted that ADA broke above resistance as the cryptocurrency was creating a higher high on the daily chart. This performance “indicates a huge trend reversal for Cardano.” However, he pointed out that to break above the descending broadening wedge, the token must reclaim its second key resistance level at $0.39. If successful, the breakout could target the structure’s higher price range of $0.52. Related Reading: Bitcoin (BTC) On Track For ‘Strongest September Performance’, Is $90,000 Next? Other analysts also highlighted ADA’s performance and breakout, suggesting that the cryptocurrency has the potential for a 170% surge. Dan Gambardello pointed out, “Cardano just went through a phenomenal throwback to a colossal triangle pattern.” To the analyst, “If crypto is about to enter a green October, I anticipate ADA will reclaim $1 with haste.” ADA is trading at $0.378, a 6.2% and 12.2% surge in the daily and weekly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com
Cardano price started a decent increase above the $0.3620 resistance. ADA is now showing positive signs and might rise further toward $0.420. ADA price started a recovery wave from the $0.3420 level. The price is trading above $0.380 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $0.3810 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could continue to move up if it remains stable above the $0.3800 support zone. Cardano Price Starts Steady Increase After forming a base above the $0.3420 level, Cardano started a decent increase. There was a decent move above the $0.3550 and $0.3650 resistance levels like Bitcoin and Ethereum. The bulls even pushed the price above the $0.380 resistance. A high was formed at $0.3938 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $0.3432 swing low to the $0.3938 high. Cardano price is now trading above $0.380 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.3810 on the hourly chart of the ADA/USD pair. On the upside, the price might face resistance near the $0.3900 zone. The first resistance is near $0.3940. The next key resistance might be $0.4200. If there is a close above the $0.4200 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.450 region. Any more gains might call for a move toward $0.500. Are Dips Supported in ADA? If Cardano’s price fails to climb above the $0.3900 resistance level, it could start another decline. Immediate support on the downside is near the $0.380 level and the trend line. The next major support is near the $0.3650 level or the 50% Fib retracement level of the upward move from the $0.3432 swing low to the $0.3938 high. A downside break below the $0.3650 level could open the doors for a test of $0.3550. The next major support is near the $0.3420 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. Major Support Levels – $0.3800 and $0.3650. Major Resistance Levels – $0.3900 and $0.4200.
Hoskinson says the Ethereum network is more like a “dictatorship” where Vitalik Buterin exerts too much influence over the development of the decentralized network.
The latest weekly digital asset fund flows from CoinShares shed light on the ongoing dynamics among institutional investors when investing in altcoins such as XRP, Solana, and Cardano. Most of the inflow activity went into Bitcoin, but the report also highlights a diverse set of trends among altcoins to show preferences and strategies investors are […]
From a crypto perspective, Cardano founder Charles Hoskinson suggests that former US President and Republican presidential candidate Donald Trump is better suited to win the US presidential election as he has shown more support for the US crypto industry than Vice President Kamala Harris has. Related Reading: Dogecoin Bullish Breakout To $0.24: Analyst Reveals Key […]
At the TOKEN2049 conference, SkyBridge Capital founder Anthony Scaramucci revealed that US Vice President and Democratic nominee Kamala Harris is working alongside industry advocates on her crypto policies before the November elections. Related Reading: Solana (SOL) Flies 12% To Reclaim $140, Is $160 Next? Kamala Harris “Distancing” From Warren And Gensler On Thursday, Anthony Scaramucci claimed to be “working alongside” Kamala Harris to develop her campaign’s crypto policies. SkyBridge Capital’s founder announced at one of the largest crypto events worldwide that the Democratic nominee has been “hearing out” industry proponents. Scaramucci and other undisclosed crypto and Bitcoin advocates have been allegedly pushing the US VP to back industry-friendly policies. These talks have been seemingly “making progress” and “going in the right direction,” he stated at the event. Moreover, the industry advocates working alongside Harris “want to prevent” crypto policies from becoming a partisan issue, aiming for “crypto in the U.S. to have a bipartisan standard unstrained from political and tribal conflicts.” Scaramucci also stated that they are working to “distance” the Democratic Party from figures like Senator Elizabeth Warren and Gary Gensler, who have had a big role in the US’s crackdown on the industry. The Democratic candidate’s stance on the sector has been heavily speculated since she was nominated. Nonetheless, Harris, whose stance remains undisclosed, has been endorsed by several industry figures, including Ripple’s co-founder Chris Larsen and Bitcoin bull Mark Cuban. Who Is The Crypto Industry’s ‘Favorite’ Candidate? At the TOKEN2049 panel, Scaramucci also commented on his feelings about former US president Donald Trump. He applauded the Republican candidate for understanding the industry’s importance, claiming that he has changed the landscape ahead of the elections: Whatever my feelings are about President Trump, I applaud him for understanding how important this industry is for the United States, and I think ironically, he’s pulling the Democrats along into a centrist position on regulation. Trump’s stance has pushed the Biden-Harris administration toward a more industry-friendly approach in the past few months. In a recent interview with CNBC, Cardano’s founder, Charles Hoskinson, also suggested that Trump might be the favorite option from a crypto perspective. To him, the Republican candidate is the clear industry favorite as he has openly embraced the sector, even launching a DeFi project. The community has also launched several Trump-inspired memecoins throughout his campaign, which lead the PolitiFi token sector. Related Reading: Will Bitcoin Break Through $70k? Short-Term Holders’ Buy Price Holds The Key Since the presidential debate on September 10, the US VP has challenged the Republican candidate’s winning odds. Prediction markets like Polymarket show that Harris’s chances of winning surpass Trump’s by 3%, with 51% odds in her favor. Nonetheless, Hoskinson considers that regardless of who wins the election, the world will continue to move toward crypto adoption. “The world, with or without America, is embracing cryptocurrencies,” he stated. As of this writing, Bitcoin, the largest cryptocurrency by market capitalization, is trading at $63,480, an 8% increase in the past week. Featured Image from Unsplash.com, Chart from TradingView.com
Cardano shows mixed signals on the technical indicators, not to mention the on-chain data. Despite bullish trends in the metrics, ADA has been unable to gain significant price momentum. At the time of writing, ADA is trading around $0.34, experiencing a slight 4% dip in the past 24 hours, leaving investors wondering whether it’s the right time to buy or wait. Related Reading: Bitcoin On Track For $92,000 ‘Bounce’ In 3 Months, Analyst Predicts Speaking of positive vibes, Cardano received a strong vote of confidence from the crypto community. In a recent survey conducted by Weiss Crypto, ADA won the title for the altcoin with the best technology, receiving over 76% of the votes. This shows that, despite price struggles, the community still believes in Cardano’s long-term potential. Which #altcoin has the best tech? — Weiss Crypto (@WeissCrypto) September 17, 2024 Bullish On-Chain Signals There’s some hope shown for ADA holders based on on-chain data. Coinglass reports that ADA’s Long/Short Ratio reads at 1.0167, meaning traders are feeling pretty bullish. Futures Open Interest has grown by 3% in the last 24 hours and has been up since the beginning of September 2024. These kinds of signals tend to mean traders are keeping their long positions, which can, by extension, set up the environment for price increases. For ADA, CoinCodex predicts a price rise of 16.53% and $0.405879 on October 19, 2024. On paper, these are fairly optimistic projections; however, the market sentiment and technicals overwhelmingly advise caution. Price Struggles To Gather Steam Despite the bullish data on-chain, ADA hasn’t managed to break out of the current range thus far. Even with the optimism indicated by the Long/Short Ratio and growing Futures Open Interest, ADA’s price is stuck at around $0.33. Further stagnation in this sense can be supported by the bearish sentiments presented within the wider crypto market that also impacts its short-term performance. ADA has been unable to break out from its present range even with the optimistic on-chain statistics. The altcoin’s price stays fixed near $0.33 even with the hope shown in the Long/Short Ratio and growing Futures Open Interest. The pessimistic mood of the larger crypto market, which has depressed its short-term performance, can help to explain this stalemate. Market Sentiment Cautiously Neutral The overall market sentiment remains neutral at 49, based on the Fear & Greed Index, which indicates caution. Where ADA’s price is said to rise in the coming weeks, most analysts are still advising one not to buy the asset yet since better bullish signals need to appear in the market first. Related Reading: SUI Climbs 36% Amid Bullish Breakout – Is $1.50 The Next Target? The recent surge in whale activity could also have a role to play—on September 17, these massive crypto hodlers moved 19.5 billion ADA tokens, worth around $6.48 billion, according to IntoTheBlock. Such large movements often signal upcoming price changes, and investors are watching closely. ADA: Community Confidence And Outlook With mixed technical indicators, the community of Cardano is doing just fine. The Weiss Crypto survey that shows ADA outperforming Ethereum and Solana, among others, suggests the technological base of Cardano is solid. Finally, though the on-chain metrics are bullish regarding Cardano, general market conditions are quite dim. Its short-term movement is pretty limited while there is hope in the community that the altcoin will still be able to prove its mettle as it works its way up the altcoin ladder. Featured image from Swyftx Learn, chart from TradingView
In a recent social media post, Charles Hoskinson, the founder of the Cardano blockchain, has reignited discussions within the crypto community by asserting that an upcoming upgrade will enable Cardano to surpass Solana in transaction speed. His statement comes in response to a community poll debating budget allocations for two competing proposals, revealing his strategic […]
The overall bearish sentiment for Cardano (ADA) continues to rise as analysts now foresee a massive 33% price crash for the altcoin. This pessimistic projection comes as ADA struggles to gain traction in the market, with its value remaining stagnant or steadily dropping to lower levels. Cardano (ADA) Crash Incoming Compared to other prominent altcoins in the crypto market, Cardano has performed poorly, struggling with price declines and sluggish growth. Consequently, a crypto analyst, identified as ‘Financialfreedomgoals’ on TradingView, predicted that cryptocurrency is likely to experience more than a 30% crash to new lows. Related Reading: BlackRock Calls Bitcoin ‘Hedge Against Global Disorder’, Analyst Sets $600,000 Target The analyst notes the broader negative state of the current crypto market, highlighting that most altcoins are stuck in a “bearish rut.” He disclosed that rather than achieving new all-time highs, these coins have been setting fresh lows, underscoring the persistent downtrend and decreased confidence amongst investors. Cardano, in particular, has had its share of negative sentiment and volatility. The cryptocurrency has stayed unwaveringly below the Exponential Moving Average (EMA) 200 line, a key technical indicator traders often use to gauge long-term trends. Typically, when the price of a cryptocurrency stays below this line, it tends to signal a continuation of a bearish trend. Given the present bearish state of the market, the crypto analyst has dismissed the idea of an upcoming altcoin season, where the majority of cryptocurrencies excluding Bitcoin experience significant price gains. On the daily time frame, Cardano is trading below the EMA 200 line and the bearish trend line. Initially, a rising wedge pattern had formed on the cryptocurrency’s price chart, however instead of breaking out, Cardano saw a series of negative candlesticks alongside a bearish crossover on the Moving Average Convergence Divergence (MACD). This series of negative indicators suggests that bears may be tightening their grip on Cardano’s price. As such, the crypto analyst foresees the ADA continuing its descent to reach fresh lows at target areas: 0.2506 or 0.2197. These targets are calculated using the Fibonacci retracement ratios of 1.272 and 1.618. 0.3815 Resistance Could Trigger Bullish Surge Despite maintaining a largely bearish stance on Cardano’s price outlook, Financialfreedomgoals has hinted at a potential bullish turnaround. He has suggested that a price reversal for ADA could be possible if the price of the cryptocurrency manages to break above the key resistance at 0.3815 Fibonacci level. Related Reading: Time To Convert Bitcoin To Ethereum? ETH/BTC Charts Gears Up For 180% Surge Crypto analyst Sssebi shares an even greater bullish outlook for Cardano. He highlights that during the previous bull market, ADA’s value increased by more than 100X. As a result, the analyst believes that ADA will rally by at least 20X in this current market cycle, expressing even stronger confidence that the cryptocurrency will reach $5 soon. As of writing, the price of ADA is trading at $0.3576, reflecting a significant increase of 11.39% over the past week, according to CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Dan Gambardello has highlighted the Cardano (ADA) roadmap to a new all-time high (ATH). The analyst also suggested that Cardano was halfway to reaching a new high, noting what part of its cycle the coin was currently at. Cardano Is In Stage 3 Of Its Cycle Gambardello remarked in an X (formerly Twitter) post that Cardano is in stage three of its cycle. He claimed that this part of the cycle for ADA is the “Told you. You should’ve listened” stage. This refers to the point where investors begin to capitulate, thinking that the crypto is unlikely to surge in the bull market given its bearish price action. Related Reading: XRP Price To Crash To $0.33 Before Surge To $9 Post-SEC Appeal; Analyst Reveals Once this stage is done, Cardano is expected to move to the next stage of its cycle, which Gambardello called the “Here we go again, another bull trap” stage. This stage will help shake out the short-term traders who jumped on ADA, believing its price would rise soon enough. Once the non-believers have been shaken out, the analyst predicts that Cardano will move to the last part of its cycle, when it will shatter its ATH and reach new highs. In his accompanying chart, Gambardello predicted that Cardano would rise to as high as $15 by year-end 2025. The analyst also indicated that ADA will enjoy a price surge beyond 2025, expected to mark the end of this cycle’s bull run. Interestingly, he forecasts that Cardano’s price will double in a year and rise to $31 by year-end 2026. A rise to $31 means that Cardano will have a market cap of $1 trillion. For context, the crypto market currently has a market cap of $2 trillion, meaning that figure is set to increase exponentially if ADA alone becomes valued at $1 trillion. The analyst didn’t provide any reason for believing the crypto can experience such massive growth in two years. A More Conservative Price Prediction Crypto analyst InvestingHaven has offered a more conservative price prediction for Cardano. In an X post, the analyst stated that the crypto will reach a “super bullish target of $1.95” in 2025. He also questioned whether ADA was ready for a breakout, claiming that the $0.443 Fibonacci level was the key to unlocking higher prices. Related Reading: Bitcoin Forms Golden Cross On 2-Month Chart, Here’s What Happened Last Time InvestingHaven added that the 2025 outlook for Cardano is full of potential, reaffirming that this is when the crypto will enjoy a parabolic rally. ADA has had a rough 2024 despite bullish developments like the Chang Hard Fork, which ushered in a decentralized governance system for the Cardano network. It is one of the worst-performing crypto assets this year, with a year-to-date (YTD) loss of over 40%. At the time if writing, Cardano is trading at around $0.35, down almost 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Charles Hoskinson, the founder of Cardano, has provided key insights into the next developmental and governance phases of Cardano and its Chang hard fork. With these plans set in motion, ADA, the native token of the Cardano ecosystem, has also seen a significant rise in a new metric, indicating a surge in investor interest and […]
Input | Output, the research and engineering entity behind Cardano, along with Hedera, have been named the final founding members of the Decentralized Recovery (DeRec) Alliance, a new coalition aimed at fostering interoperability and enhanced security across the crypto industry. The alliance, established by leaders within the Hedera and Algorand ecosystems and formalized in January […]
In a new video analysis, popular crypto analyst Dan Gambardello delved into the potential future of the Cardano (ADA) price amidst the troubling forecasts of a US recession. With a significant following of 369,000 on YouTube, Gambardello highlighted the general unease among ADA holders and general crypto investors due to the ongoing economic discourse surrounding a potential recession. Will Cardano Bottom In December? He drew parallels between historical S&P 500 behavior and current market conditions, noting, “On average the S&P 500 bottoms three months after a recession begins, but 10 months before the recession ends.” This observation is crucial as it sets a potential timeframe for when investors might expect the crypto market, including ADA, to bottom out. “I give it a 50/50 odds that we’re in a recession now. Check this out. The Fed has signaled that September interest rate cut is coming all but two times in history when the Fed has started to cut rates, a recession followed,” Gambardello suggested and explained that recession starts are usually only declared to have started once they have already begun. He further explained that the prevalent discussion about the US already being in a recession could impact investment strategies. According to Gambardello, if history repeats itself, the market could see its lowest point in December 2024. He based this on a detailed look back at market downturns since 1957, which typically show significant movements three months following the onset of a recession. Related Reading: Stunning Fall From Grace: Cardano Suffers 90% Plunge In Market Share Since ’21 “I just think whenever the bottom will be in, it is going to be explosive […] oftentimes [they declare] it 10 months later and they’re like ‘hey, you know what, the recession started 10 months ago. Nobody, there’s no exact science to when it starts, not like a set date but 3 months after it, the bottom is in for markets,” the crypto analyst noted. Gambardello then addressed the Federal Reserve’s signals about upcoming interest rate cuts, which historically have been followed by recessions. This pattern adds another layer to the already complex market analysis, suggesting that a recession might indeed be imminent or already underway. “All but two times in history when the Fed has started to cut rates, a recession followed,” he remarked, highlighting the gravity of the current economic signals. Shifting focus to Cardano, Gambardello juxtaposed ADA’s current market performance against its historical data. He pointed out that, similar to previous cycles, ADA is currently down by 89% from its peak, closely mirroring its past downturns where it was down by 94% at similar points. Related Reading: Crypto Analyst Explains Why Cardano Remains ‘Fundamentally Bullish’ “We’re down 89%. So put it all aside, Cardano is not doing anything different than it did last cycle. And the one thing I did notice though was from this 2018 high to when Ada made its way to where we are right now is, that was around 992 days after that all-time high. This time around and this is why I think it feels a little bit more painful for Cardano holders this time around, we’re looking at almost 1,100 days from all-time high to this moment right so it’s been very grueling,” Gambardello stated. Moreover, he analyzed Bitcoin’s influence on altcoins like Cardano. He discussed the potential for an ‘altcoin season,’ a period when altcoins typically surge if Bitcoin’s market dominance begins to wane. According to his analysis, such a season isn’t currently in play but could be on the horizon, correlating with his predicted market bottom in December. “Most altcoins, especially the blue chips, especially the top altcoins, are going to fly when market bottoms and crypto bounces,” Gambardello said. Concluding his analysis, Gambardello adopted a cautiously optimistic tone. He acknowledged the uncertainties inherent in predicting crypto markets but underscored the importance of historical patterns and current economic indicators in formulating investment strategies. He advised his viewers to stay vigilant, keep an eye on market data, and be prepared for more potential downside, but also be ready for an explosive growth period that has historically followed recessions. At press time, ADA traded at $0.3218. Featured image from Shutterstock, chart from TradingView.com
Charles Hoskinson, the founder of Cardano, has provided crucial clarifications regarding the options ADA holders will have when withdrawing staking rewards in the new era following the Chang hard fork. This clarification comes in response to growing concerns among ADA holders about changes in governance mechanisms and reward systems. Cardano Holders Need To Know This […]
In a video update on Monday, Charles Hoskinson, the founder of Cardano, discussed the advancements and future steps for Cardano following the implementation of the Chang hard fork. Broadcasting from Colorado, Hoskinson provided a deep dive into the ongoing developments and the roadmap ahead, particularly focusing on the governance structure and the transitional phases that […]
The Cardano blockchain has achieved a significant milestone with the successful implementation of its Chang hard fork, which took place on September 1, 2024, at 21:44 UTC at block number 10764778. This update ushers in the “Conway ledger era,” part of a series of enhancements aimed at decentralizing the governance of the blockchain through the […]
Cardano (ADA) is approaching a crucial support level at $0.3389, a point that could determine its next major price movement. As the cryptocurrency nears this significant threshold, the question arises: will it hold firm, or will a break below signal a deeper decline? This pivotal moment could set the stage for significant shifts in ADA’s price trajectory. This article aims to analyze ADA’s current price dynamics as it approaches the $0.3389 support level. We will examine the significance of this support threshold and assess the potential impact of a breach on ADA’s price trajectory. By exploring technical indicators, recent market trends, and possible scenarios, we seek to provide a comprehensive outlook on whether ADA is poised for a deeper decline or if the support level will hold firm. As of the time of writing, ADA is trading around $0.3488, marking a 2.25% decline, with a market capitalization of over $12 billion and a trading volume exceeding $272 million. In the past 24 hours, ADA’s market cap has decreased by 2.23%, and its trading volume has dropped by 1.55% Decoding ADA Behavior: Key Insights From Current Trends On the 4-hour chart, ADA has dropped below the 100-day Simple Moving Average (SMA) and is currently consolidating just above the $0.3389 mark. This positioning suggests a bearish trend, with the potential for further declines if the cryptocurrency breaks below this key support level. Additionally, on the 4-hour chart, the Relative Strength Index (RSI) has slipped below the 50% mark, currently resting at 41%, highlighting a growing bearish momentum and suggesting that selling pressure could intensify. On the daily chart, ADA is exhibiting notable negative movement below the 100-day SMA, with multiple bearish candlesticks forming as it nears the $0.3389 mark. This bearish trend indicates strong selling pressure and negative market sentiment, raising the likelihood of a breakout below this key level. Finally, the 1-day RSI reveals that ADA remains under significant bearish pressure, with the indicator trending below 50%. Sitting at 40%, the falling signal line highlights sustained bearish dominance and increasing pessimism surrounding the cryptocurrency. Critical Juncture: Will ADA’s $0.3389 Support Hold Or Signal A Deeper Drop? If ADA maintains support at the $0.3389 support level, it could start to rise toward the $0.4233 resistance level. If the price successfully breaches this resistance, it may continue its rally toward the next resistance point at $0.5229 and possibly other levels beyond. However, should the $0.3389 mark fail to hold and the price break below this level, the cryptocurrency may continue to move downward toward the $0.2388 range. Once this level is breached, the crypto asset may experience more price drops toward other support marks below. Featured image from Adobe Stock, chart from Tradingview.com
In an announcement made via X on August 30, Charles Hoskinson, the founder of Cardano, proclaimed the end of the Genesis Keys, a set of cryptographic keys instrumental in the early stages of the blockchain’s development and operation. Hoskinson’s brief yet profound message, “Genesis Keys are dead :) The Age of Voltaire is soon upon […]
Intersect, a member-based organization within the Cardano ecosystem, has officially announced the scheduled implementation of the Chang Hard Fork on the Cardano mainnet, set to occur on September 1, 2024, at 21:45 UTC. The hard fork marks a major milestone for Cardano’s evolution towards a fully decentralized ecosystem. The decision to implement the Chang Hard […]
The main feature of the upgrade is to give Cardano the ability to introduce on-chain governance features.
During a keynote at Rare Evo 2024, Cardano founder Charles Hoskinson revealed a series of significant updates for the Cardano blockchain. Speaking to a diverse audience that included developers, stakeholders, and enthusiasts, Hoskinson outlined Cardano’s next steps in technology development, governance, and global outreach. Cardano Roadmap For The Coming Months The centerpiece of Hoskinson’s presentation […]
Cardano (ADA) has been stuck in a challenging position for the past few years, struggling with stagnant price growth despite being one of the most popular altcoins in the space. A crypto analyst has offered insights into why Cardano has underperformed while also maintaining an optimistic outlook and predicting a 1,000% rally to new highs this cycle. Cardano On The Verge Of A 10X Rally Crypto analyst Max Maher recently released a YouTube video predicting that Cardano could witness a 3X, 5X or 10X surge soon. The analyst highlighted several reasons why he believes the underperforming altcoin could witness such a significant price increase. Related Reading: Bullish XRP Analyst Eyes $7.50 If Crypto Breaks Resistance Maher disclosed that during the last crypto bull run in 2021, Cardano was one of the top bullish altcoins, skyrocketing to an all time high of $3.10 at the time. Following this substantial price leap, the cryptocurrency and other major coins slumped drastically. However, unlike other coins that have witnessed steady price gains in 2024, Cardano still struggles to recover from bearish sentiment. According to CoinMarketCap’s data, Ethereum (ETH) has risen by an impressive 65.58% since the beginning of the year, currently trading at $2,735. Solana (SOL) has witnessed an even more dramatic increase this year, jumping 682.08% to trade at $159.20. In contrast, Cardano has recorded a modest year-to-date increase of just 45.54%, trading at $0.37 amidst bearish trends. Maher has revealed that for Cardano to break out of the bearish territory and see a 1,000% rally to new all-time highs of $4.29, the cryptocurrency’s community sentiment will need to undergo a major change. He asserted that positivity fuels success, indicating that if the community’s sentiment towards Cardano becomes more favorable, the cryptocurrency could experience a rise in adoption, potentially triggering a substantial price increase. As an example, the analyst observed a significant shift within the Cardano ecosystem following a post he released on X (formerly Twitter) in May, which underscored the impacts of negative comments on the price of ADA. The analyst revealed that the positive change in sentiment has continued to this day. From this observation, the analyst suggested that Cardano needs an improved perception of its narrative and brand to drive a price increase. He highlighted that the cryptocurrency already has a rock-solid foundation and is supported by a highly secure and efficient network. Key Factors Behind Cardano’s Persistent Slump While sharing his optimistic outlook for Cardano’s future price, Maher also offered key insights on why the cryptocurrency has experienced such a severe and prolonged price slump. Related Reading: Crypto Analyst Sounds Alarm: Here’s Why It’s Your ‘Last Chance To Buy Bitcoin’ He highlighted three major reasons for Cardano’s underperformance. Firstly, Maher disclosed that, unlike Ethereum and Solana, Cardano lacked a compelling “core narrative.” This means that beyond its high level of security and reputation as an efficient blockchain network, Cardano lacked a strong, distinctive selling proposition that set it apart from other cryptocurrencies. While Ethereum has Spot ETFs, and Solana has meme coins to drive its price, Cardano only had its core functionalities. Additionally, Maher revealed that Cardano’s sophisticated values and fundamentals were difficult for investors to fully comprehend. Finally, he emphasized that Cardano lacked robust and positive community engagement, which is essential for driving its price higher. Featured image created with Dall.E, chart from Tradingview.com
Cardano has gotten a lot of bullish predictions lately, especially in relation to the much-anticipated Chang upgrade. The upgrade is one of the most important upgrades for the network in a while, and this has triggered a wave of optimism among supporters. Amid this, another bullish prediction has been presented by crypto analyst Alan Santana, who predicts a significant rally for the altcoin’s price that would send it to new all-time high prices. Where Cardano Is In This Cycle In the last three years, the Cardano price has seen various waves of bullish and bearish cycles, and unfortunately, the bears look to have won out. This began after the ADA price hit its current all-time high price of $3.10 in 2021, and since then, it has been mainly down-only. While this would usually scare off investors, crypto analyst Alan Santana points it out in his bullish analysis. Related Reading: The Shiba Inu Shibarium Suffers 97.6% Crash In Active Accounts, What’s Going On? According to the crypto analyst, the period when the Cardano price hit a new all-time high and 2023 when the price began moving upward, it showed that the altcoin was in a bear market. However, this was followed by a consolidation phase, which lasted from the beginning of 2023 to the end of 2023. Once the consolidation period was done, the ADA price began to see an upside at the start of 2024. This saw its price go from as low as $0.24 to as high as $0.79. This phase, Santana refers to as the “initial bullish breakout.” Now, the reason this phase is important is it is what the analyst refers to as the “entree or appetizer before the major bull-market.” This means that is the analyst is right, then this initial breakout is only a preview of what’s to come. The decline that followed the local peak of $0.79 has been a source of worry for Cardano investors as the altcoin lost around 50% of its value since then. However, the crypto analyst calls this a “minor correction” which wouldn’t matter much when the bull cycle rolls around. How High Can The ADA Price Go? From the analysis, Santana seems to expect the Cardano price to bottom somewhere around $0.22. Soon after, a bounce is expected to follow the decline, pushing the price even higher. From here, the targets come in, both for the short and long term. Related Reading: This Triangle Pattern Triggered In 2021 Suggests XRP Price Will Surge 5,000% To $32 Short-term targets include a 284.5% increase to $1.36, and a 475.39% increase to $2. Over the long term though, the crypto analyst expects much more explosive rallies for the ADA price. Two in particular stand out: One is a 1,272.18% increase to a new all-time high of $4.8. While the most notable rally is a 2,200% increase that would put the price at $8. Featured image created with Dall.E, chart from Tradingview.com
On-chain data has provided insights into how Cardano (ADA) investors will likely react to the crypto token’s recent price surge. Cardano has been one of the leading gainers in the crypto market in the last seven days, with a price gain of over 14% during this period. Related Reading: Cardano Chang Upgrade Launch: ADA Sees 52% Explosion In Major Metric Cardano Could Face Significant Selling Pressure Cardano could face significant selling pressure from investors who recently entered the money following the crypto token’s price surge. Data from the on-chain analytics platform Santiment shows that over an additional 12% of Cardano’s supply is now in profits, which could pave the way for the holders of these tokens to secure their profits, especially considering Cardano’s unstable price action so far in this market cycle. Despite its recent price gains, Cardano has been one of the most underperforming coins since the start of the year and boasts a year-to-date (YTD) loss of over 35%. As such, Cardano holders are likely to be more compelled to secure their profits rather than hold on to the belief that this recent price surge is a bullish reversal rather than a relief bounce. The recent transaction pattern among these Cardano holders also suggests that they are losing confidence in the crypto token and are likely to secure their profits as soon as possible. Data from the market intelligence platform IntoTheBlock shows that the average holding time of coins transacted in the last thirty days has been 5 months, indicating that Cardano holders are paper-handing their tokens. Meanwhile, further data from IntoTheBlock shows how many addresses could offload their tokens if these Cardano holders begin to secure profits. 481,370 ADA addresses bought the crypto token between the price range of $0.3 and $0.35. This set of investors could be the first to begin securing profits, considering that they could easily fall out of the money if Cardano’s recent price surge is simply a relief bounce. A Guide For ADA Investors Crypto analyst Trend Rider recently provided a guide for Cardano holders, which he stated they could use as a “master plan to stay calm and tune out the noise.” This guide came in the form of a chart that showed key levels holders should watch out for and use in making a well-thought-out investment decision. The analyst stated that the range between $0.22 and $0.31 is a liquidation zone, which presents a strong buying area for those who want to add to their positions. He further stated that the main barrier zone for Cardano is between $0.42 and $0.55, noting that this area is ideal for taking profits. He added that Cardano could enjoy a quick rally to $0.75 if it breaks above this main barrier zone. The analyst claimed $0.75 is the “final boss resistance, a prime spot to take profits.”Those with greater conviction in Cardano might want to hold the crypto token for much longer if it hits $0.75. Trend Rider stated that a break above $0.75 means the crypto token is entering bull market territory. At the time of writing, ADA has been trading at around $0.379, which is up almost 4% in the last 24 hours, according to data from CoinMarketCap. Related Reading: Cardano Price Poised To Hit $2.88, Following Solana’s Fractal: Crypto Analyst Cover image from Dall-E, chart from Tradingview
The excitement continues to build within the Cardano (ADA) community as the highly anticipated Chang hard fork gets ready to launch. Ahead of the upcoming upgrade, ADA, the native token of the Cardano ecosystem, has exploded by over 52% in this key metric. Cardano Releases Date For Chang Upgrade Intersect, a member-based organization for the Cardano ecosystem, took to X (formerly Twitter) on August 20 to provide comprehensive details and updates on the Chang hard fork. The organization has unveiled key dates for the Chang upgrade launch, highlighting that the majority of preparations are already finalized. Related Reading: Ethereum Metrics Turn Positive: Can This Drive A New ATH Above $5,000? According to Intersect, the Chang hard fork group held a meeting recently to review and discuss the progress of the project’s desired thresholds and to gather valuable feedback from the Cardano community. With most of the preparations complete, they have proposed the first set of dates for the hard fork on the production mainnet. The target date for “the Chang #1 hard fork” is set for Tuesday, August 27. However, a final decision on whether or not to proceed with this date will be made on Friday, August 23. The official date has been decided based on the readiness of certain key metrics, which have shown steady progress over the past weeks. Intersect disclosed that the Chang hard fork group has verified and confirmed that the key components and tooling for the upgrade are set. This includes readiness of the Stake Pool Operator (SPO), exchange liquidity, and updates from Decentralized Applications (DApps). The team has affirmed that all components have exceeded expectations. Furthermore, intersect noted that the formal process for initiating the hard fork will begin with a four-day lead time to conclude all necessary governance actions and approvals. In the case of a change of dates, the Chang hard fork team has revealed that the next appropriate window for the upgrade would be on September 3, 2024. However, for now, all current indications suggest that August 27 is the most viable date for the Chang hard fork launch. In preparation, pre-production will be a hard fork on August 22. ADA Surges Over 52% In A Key Metric On August 21, Cardano’s native token, ADA, witnessed an unprecedented rise in overall trading volume. Coinglass reports that the cryptocurrency jumped over 54% at the time, underscoring the rising trading activity and interest from investors. This unexpected volume increase could be signaling a shift in Cardano’s price dynamics. Over the past months, the price of ADA has been on a seemingly never ending consolidation phase. However with its surging volume, the cryptocurrency may be indicating a potential end to its price stagnation. Related Reading: Historical Data Suggests Bitcoin Could Rise 1,000%, Here’s Why Although ADA’s volume rose above 54% previously, the cryptocurrency’s current trading volume is up by 36.21%, at around $428.88 million, according to Coinglass. ADA’s open interest is also witnessing a slight upward momentum, increasing by 4.66%. Including the upcoming Chang upgrade, these positive changes in the cryptocurrency’s metrics could be fueling Cardano’s recent price increase in the last 24 hours. CoinMarketCap data shows that ADA’s price has jumped 4.74% and is presently trading at $0.368. Featured image created with Dall.E, chart from Tradingview.com
Intersect, a key member-based organization dedicated to the Cardano ecosystem, has announced the official timeline for the upcoming Chang hard fork via X. This update is pivotal in the ongoing development of the Cardano network, aimed at enhancing protocol efficiency and governance mechanisms. Cardano Chang Hard Fork To Roll Out On August 27 The announcement […]
At the peak of the 2020 to 2021 bull run, ADA, the native token of Cardano, rose to $3 in August. Interestingly, developers activated smart contracts around the top of this cycle after completing the Alonzo hard fork, ushering in the Goguen phase. Did Alonzo And Smart Contracts Kill ADA? However, as Atomic Wallet analysts note, ADA has been on a downtrend since then, crumbling by over 90% over the years at the time of writing. ADA is changing hands at $0.32 when writing, finding immediate support at around $0.30, a psychological number. Related Reading: Bitcoin Sees Momentum In Hashrate Despite Failure To Beat $60,000 Resistance Though traders are optimistic about what lies ahead, the turn of events over the last three years could suggest that the activation of smart contracts on Cardano did “kill” the coin’s valuation. The plummeting prices, made worse by the 2022 crypto winter, mean those who bought in August 2021 are holding mud. Whether ADA will recover in the coming weeks and rewind losses of 2022 remains to be seen. What’s clear is that the activation of the Alonzo hard fork and the start of the Goguen era was a key milestone for Cardano. The transition was crucial considering that before September 2021, developers couldn’t deploy dApps and take on Ethereum and competing properties supporting smart contracts. For years, since the genesis block, Cardano developers have been accused of delaying the process while using billions for development. After Alonzo, users can, even now, create complex smart contracts using Plutus scripts and run dApps. Like other blockchains, all fees are payable in ADA, the native token. Over the years, Cardano has grown its ecosystem, looking at the total value locked (TVL). According to DeFiLlama, DeFi protocols on Cardano, active after Alonzo, now manage over $177 million in assets. Though relatively low compared to those in Ethereum and the BNB Chain, developers took advantage of smart contracts and built solutions on the network. Cardano Transitioning To Voltaire: Will Things Change? The current disconnect between ADA valuation and the expectation of coin holders post-Goguen is a concern. It is so especially as Cardano completes the Basho stage, moving to Voltaire, the final phase of the platform’s development. Related Reading: Will Ethereum Reach Over $3,000 In September? Analyst Bets On 80% Odds Voltaire focuses on making Cardano governance decentralized. Here, ADA will have more utility, allowing holders to vote on proposals and directly helping improve the network. Additionally, there will be a treasury for funding projects deploying on Cardano. So far, the Chang hard fork is in progress, with roughly 33% of all stake pool operators (SPOs) ready. Meanwhile, ADA remains under immense selling pressure and could plunge to 2023 lows of around $0.22 if buyers don’t step in. If prices rise above $0.50, bulls will likely push ADA toward March 2024 highs. Feature image from Shutterstock, chart from TradingView
ADA falls from the top 10 list of largest cryptocurrencies as competing blockchains see an uptick in users.