The crypto market has witnessed a substantial surge in the Cardano trading volume over the last 24 hours. Yet, the blockchain’s native token, ADA, has failed to deliver a proportional price increase. Bullish Cardano Volume Data According to data from the information platform CoinGlass, Cardano, currently the 11th largest cryptocurrency by market capitalization, has experienced a 150% surge in trading volume in the 24 hours, amounting to approximately $477 million. Related Reading: Silk Road Bitcoin Are ‘Almost Certainly’ Sold By US Gov, Claims Lawyer CoinGecko’s data also corroborates this trend, revealing a substantial 67% increase in Cardano’s trading volume compared to the previous day’s figures, which stood at $358 million. However, this surge in trading activity has yet to translate into a corresponding rise in ADA’s price performance. The data paints a rather grim picture for ADA holders. CoinGecko’s figures indicate that the token is currently trading at a price that is 89% lower than its all-time high of $3.09, which was recorded during the 2021 bull run. The bearish sentiment also extends to shorter time frames, with ADA recording losses of 4.1% in the 24 hours, 10% in the past two weeks, and a staggering 30% in the last month alone. This showcases investors’ bearish sentiment in the token, coupled with the broader market fears and lack of bullish momentum that has embroiled ADA’s price in a significant bearish phase. However, not all hope is lost for Cardano enthusiasts. Potential Upside For ADA’s Price Crypto analyst “Trend Rider” suggests that the current price action presents an opportunity for investors to capitalize on potential upside. The analyst points to a critical level of $0.69, which, if breached, could signal the beginning of an uptrend for ADA. The analyst stated: Yes, the price action is undeniably weak right now, but this isn’t about conceding defeat. Instead, let’s use this moment to our advantage by identifying key levels where ADA could make a strong comeback. The critical level to watch? $0.69. This marks the entry into an uptrend channel. The last time ADA broke in here, it skyrocketed from $0.02 to $3. Related Reading: MATIC Set For Rebranding In Early September: Will Polygon Prices Recover After Sinking 65%? Despite the analyst’s optimism, the path to the $0.69 level appears challenging for ADA. The token has encountered a significant obstacle at the $0.3538 mark, which has prevented a surge to higher levels and tackled the token’s 200-day and 50-day exponential moving averages (EMAs), represented by the yellow and blue lines on the daily chart, respectively. These key technical indicators have previously been crucial support for the ADA price. Still, since the market-wide correction that began in April, the token has been trading well below these EMAs. Consequently, in the near term, the price must surpass the $0.3856 mark, where the 200-day EMA is currently placed, before any potential short-term uptrend materializes. At the time of writing, the ADA price stands at $0.3251. Featured image from DALL-E, chart from TradingView.com
In a scathing criticism, Brad Garlinghouse, the Chief Executive Officer (CEO) of financial giant, Ripple, has publicly condemned the United States Securities and Exchange Commission (SEC) over its sudden retracement from the legal tussle with Binance, the world’s largest cryptocurrency exchange. The Ripple Chief in his criticism of the SEC’s strategy charged that the regulatory […]
Cardano is at a significant milestone with the impending Chang hard fork. This pivotal moment follows the recent upgrade of its node validation software before the upgrade goes live. As the Cardano ecosystem gears up for this major update, the network is experiencing a surge in activity that could determine its trajectory in the coming weeks. Amidst this heightened activity, Cardano’s cryptocurrency, ADA, has demonstrated an interesting price performance. ADA has seen positive price action in the past 24 hours, reflecting growing market optimism. This uptick in price comes on the heels of increasing transaction volumes, particularly from whales or large ADA holders. According to recent on-chain data, this cohort of traders has significantly ramped up their transactions, with transaction volume recently reaching a peak of 17 billion ADA tokens. Whales Making Moves This movement from large holders was noted on IntoTheBlock’s dashboard through a metric which follows the number and volume of transactions greater than $100,000 in a 24-hour period. Interestingly, this metric shows that the number of large transactions has been on a decline since the beginning of the week. However, an activity spike created a trading volume of 17.78 billion ADA on Friday, coming to $7 billion worth of tokens exchanged among whale addresses. Related Reading: Analyst Says XRP Remains Strongest Compared To Bitcoin And Ethereum, Here’s Why The increase in activity continues to linger, with 15.43 billion ADA tokens worth $6.28 billion moved among large holders in the past 24 hours. While the surge in activity and trading volume could also be large transfers to crypto exchanges for potential selloffs, on-chain data suggests otherwise. Insights from IntoTheBlock’s Large Holders Inflow metric reveal that ADA whales have been rapidly accumulating tokens instead. This metric specifically tracks the influx of ADA tokens into wallets that hold at least 0.1% of the circulating supply, providing a clear picture of large holder behavior. The data shows that these wallets have experienced a 579% increase in inflows over the past seven days and a 173% increase over the past 30 days. This significant accumulation has led to a corresponding rise in net flow, which accounts for both the inflow and outflow of tokens from large addresses. Specifically, there has been a staggering 720.62% increase in net flow over the last seven days and an even more dramatic 2580% increase over the past 30 days. Cardano Recovery Imminent? These figures suggest that large holders are not only acquiring more ADA but are also retaining their holdings, resulting in a substantial net positive flow. This trend reflects a strong accumulation phase among ADA whales, indicating their growing confidence and long-term commitment to the Cardano network. Related Reading: Can Dogecoin Replicate Its 2021 18,000% Run? Here’s What The Chart Says Much of this accumulation can be attributed to the upcoming Cardano hard fork, which will herald the Voltaire era. Voltaire is the last phase of Cardano’s original roadmap in creating a fully decentralized blockchain ecosystem. As the Chang hard fork approaches, the crypto community is closely monitoring these developments, anticipating how they will influence the overall landscape of the Cardano network and its market performance. Additionally, there are rumors that Cardano might be the next cryptocurrency to secure its own Spot ETFs following the recent approval of Spot Ethereum ETFs. At the time of writing, Cardano is trading at $0.4171, up by 1% in the past 24 hours. The next feasible step is breaking above $0.42. Featured image created with Dall.E, chart from Tradingview.com
Cardano (ADA) is currently in a pronounced seven-day decline, which was exacerbated by a fresh descent below the $0.41 mark. This decline is part of a broader trend observed across many altcoins, which have reacted negatively to Ethereum’s significant drop in the last 24 hours. The decline represents a correction from a bullish run that began earlier in the month, during which ADA holders saw good gains. Consequently, this up-and-down movement has created some critical support and resistance levels for ADA, which will be crucial for investors to monitor in the coming days. The market sentiment has shifted considerably, and traders are now focusing on these key levels to gauge whether ADA might rebound or continue its downward trajectory. Important Price Levels For ADA At the time of writing, Cardano is trading at $0.3963 and has corrected by 11.6% from a peak of $0.4485 in the past 48 hours. Zooming out on a monthly timeframe shows that the cryptocurrency is merely correcting after a strong bullish run. During this run, ADA surged from $0.3213 to $0.4545 within a week, representing an impressive increase of 41.5%. However, the $0.45 level acted as a significant resistance point, causing ADA to reverse and enter a consolidation phase between $0.45 and $0.40, which was followed by a recent breakdown below the support. Related Reading: Will Bitcoin Reach A New All-Time High? Crypto Analyst Reveals Why $90,000 Is Possible According to a technical analysis by a crypto analyst, this consolidation movement created a pattern similar to a small bullish flag, and a breakout above $0.45 to the upside could push ADA to $0.6. This suggests that ADA could soon bounce back up on a support level and resume its uptrend. On the other hand, analyzing ADA’s price movement suggests a break to the downside could push it to as low as a final key support level at $0.32 and cancel all of the gains it made earlier in the month. However, this is less likely to happen in the short term, as ADA now finds itself hovering around the $0.40 price level. What’s Next For Cardano? According to blockchain analytics firm Santiment, Cardano (ADA) is one of three cryptocurrencies with significantly negative funding rates on major exchanges. However, Santiment suggests that this may not be entirely detrimental. The heavily negative funding rates indicate a high probability of a price boost from the potential liquidation of short positions. Related Reading: Golden Cross Appears On XRP Price Chart, Factors That Could Drive A Fresh Rally Over the past five weeks, Cardano has been consistently shorted on exchanges. Should these shorts be liquidated by even a minor price increase, it could trigger a substantial price surge. This liquidation could act as a catalyst, propelling ADA’s value on an extended surge above $0.6. A potential catalyst for a price increase could be the highly anticipated Chang Hard Fork upgrade to the Cardano blockchain. Featured image created with Dall.E, chart from Tradingview.com
Cardano has been under pressure and selling off in the past four months. From the ADAUSDT daily chart, it is evident that bears have been in control. After peaking in March, prices plunged by as much as 60% before finding support in mid-July. Since then, ADA has recovered slightly, but bears have not relentred, especially this week. So far, ADA is still 50% after the spike in March. This set of conditions could explain traders’ bearish stance on multiple perpetual trading platforms like Binance and OKX. The slip in ADA prices and the alignment of the trend to be bearish from March explain why the funding rate is negative and continues to increase. Time To Buy ADA Despite Extremely High Negative Funding Rates? Even so, not everyone is extremely bearish. Santiment analysts note that despite this state of affairs, ADA prices could, if anything, recover unexpectedly. They explained that the recent spike in negative funding rates, pointing to heightened selling activity, could offer a contrarian opportunity for aggressive traders. Related Reading: End Of The Road? Shiba Inu’s Shibarium Sees Massive 80.3% Crash In Active Accounts Historically, Santiment analysts explained that prices tend to recover sharply in the sessions ahead whenever an asset is extremely sold, as is the case with ADA. Rapidly expanding prices tend to trigger a short squeeze, forcing sellers to buy at a higher price and fanning the uptrend. Nonetheless, this is not always the case, and this contrarian strategy should be taken cautiously. When a given asset is perceived as “extremely oversold,” prices can often dip even as analysts expect a recovery. This may mean traders are unconvinced that the asset has what it takes to recover in the wave of intense selling pressure. In this case, traders have to stay safe and align with the primary trend—bearish. Cardano Whales Staying Away Ahead Of The Chang Hard Fork So far, parallel data from IntoTheBlock points to waning investor confidence. According to data, there has been a drop in whale inflow, a dent to the expected optimism. Still, this can be attributed to portfolio rebalancing that might impact inflows, among other factors. It remains to be seen how ADA will perform in the coming days. The Cardano development team is preparing for the Chang hard fork, which is set to conclude by the end of July. Related Reading: Could Bitcoin Soar To $100,000 With Trump Back In The White House? This upgrade will decentralize the smart contracts platform by introducing elected delegate representatives tasked with shaping the Cardano constitution. The successful implementation of Chang will usher in the final development phase of Cardano, Voltaire. In turn, this effectively decentralized the network, similar to Ethereum. Feature image from iStock, chart from TradingView
The cryptocurrency market has seen a recent downturn, with Cardano (ADA) experiencing a notable decline, dropping below the $0.4233 mark. This drop can be attributed to the recent shift in market sentiment towards a bearish outlook. The critical question now is whether this bearish momentum will continue or if a potential rebound is on the horizon. This article examines the current market position and technical indicators to offer a comprehensive analysis of the impact of ADA’s price falling below $0.4233. It also evaluates whether this negative momentum will persist or if a potential reversal is on the horizon. In the past day, the price of Cardano has dropped by 5.45%, trading at roughly $0.396 at the time of writing. The cryptocurrency has more than $14 billion in market value and $376 million in trading volume. Over the past day, there has been a 5.35% decrease in ADA’s market capitalization and a 7.32% rise in trading volume. Current Market Overview: ADA’s Recent Decline On the 4-hour chart, the price of ADA is currently bearish and trading below the 100-day Simple Moving Average (SMA) after successfully dropping below $0.4233. It is also important to note that after this break, Cardano has been on a bearish trajectory toward the $0.3389 support level. Also, the signal line of the 4-hour Relative Strength Index (RSI) indicator has fallen below 50%. This decline suggests that ADA could continue its current bearish trend toward the $0.3389 support level. On the 1-day chart, it’s evident that ADA’s price is currently bearish and has significantly fallen below both the 100-day SMA and the $0.4233 support level. Since breaking below the $0.4233 support mark, Cardano has consistently maintained a bearish trajectory toward the $0.3389 support level and will potentially continue in this trend for a while. Finally, it can be observed that the signal line of the 1-day RSI indicator has also dropped below 50% and is currently heading toward the oversold zone. This position of the RSI indicator suggests a potential further decline for ADA. Potential Scenarios: Will Cardano Rebound Or Continue Downward? If Cardano can sustain its current bearish momentum to reach the $0.3389 support mark and close below, the price may continue to move downward to test the $0.2388 support level. Should this level be breached, the digital asset may experience further price drop toward other lower ranges. Conversely, if ADA’s price rebounds at the $0.3389 support level, it could start to move upward again, heading toward the $0.4233 target. Additionally, when ADA breaks above this level, the crypto asset could see further price gains, testing the $0.5229 resistance level and possibly moving towards even higher levels. Featured image from iStock, chart from Tradingview.com
Crypto exchange OKX has revealed plans to delist trading pairs for several crypto tokens, including Cardano (ADA), Shiba Inu (SHIB), and XRP. This follows a performance check by the crypto exchange, which shows that these trading pairs aren’t meeting up to expectations. OKX To Delist These Trading Pairs OKX announced in a blog post that […]
Despite the crypto market recovery, a large number of Cardano holders are still nursing losses, leading to speculations as to why this is the case. Data from IntoTheBlock shows that the altcoin is the worst performer in terms of profitability when it comes to the top 10 largest cryptocurrency by market cap, disappointing holders and long-term believers. Cardano Profitability Sits At Only 15% The Cardano profitability has remained low since the market crash of 2022 and even with the market recovery, the majority of investors are still underwater on their investments. This comes as the ADA price has failed to follow the market trend, beaten down at major resistances such as $0.6. and $0.7. Related Reading: Why Did The German Government Sell Off 50,000 Bitcoin In 2 Weeks Currently, IntoTheBlock data shows that only 25% of all Cardano owners are seeing any profit. On the flip side, the vast majority of 66% are currently out of the money, meaning they are in losses. The remaining 9% are sitting at neutral, meaning they are currently at breakeven as the current price is the same as the price the coins were last moved at. With around 4.5 million Cardano holders, this means that only 1.11 million holders are seeing any kind of profit on their holdings. 2.96 million addresses are currently sitting at losses and 397,740 addresses are those sitting at breakeven. From here, if the price were to fall below $0.35 again, another 138,000 addresses will be plunged into losses, further widening the profitability gap. However, if the ADA price successfully moves above $0.47, it will send a fritter 85,590 addresses back into profit. Comparing The Profitability Of Top Cryptocurrencies To show how far behind Cardano is in terms of profitability, we put it up against other top cryptocurrencies for comparison. The largest cryptocurrency in the space, Bitcoin, is currently seeing 89% of all holders in profit with only 7% seeing losses and 5% at breakeven. Ethereum, the second-largest cryptocurrency, is seeing 82% of its holders in profit, 12% in losses, and 5% at breakeven. For Dogecoin, the number is also high, with 75% of all wallets in profit, 23% seeing losses, and 3% at breakeven. Related Reading: Prophet Brandon Briggs Predicts XRP Price Explosion To $10,000 This comparison shows just how badly Cardano is performing compared to its fellow large-cap cryptocurrencies. If the ADA price continues to struggle, the profitability gap could continue to widen from this point, plunging even more Cardano investors into the red. At the time of writing, the ADA price is trending at $0.42, with a 4.4% decline in the last day. However, on the weekly chart, it is holding 5.29% gains after a recovery last week. Featured image created with Dall.E, chart from Tradingview.com
Cardano (ADA) has recorded a significant 20.29% price increase for the past seven days in line with the current green movement for most cryptocurrencies. ADA trading volume has spiked massively since it bottomed out at $0.335 on July 8, allowing it to outperform the majority of the large market-cap cryptocurrencies. For those wondering, ADA’s price surge can primarily be attributed to large on-chain transactions in the past seven days. Cardano Outperforming Many Cryptocurrencies Cardano is currently outperforming the market and could continue to do so throughout the weekend and into the coming week. According to the ADA price chart, the cryptocurrency started its uptick on July 8, while most cryptocurrencies were still experiencing price stagnation. This price uptick coincided with the announcement of crucial updates to the upcoming Chang hard fork which represents a pivotal moment for the Cardano blockchain. Related Reading: Market Strategist Predicts 32% Stock Market Crash, How Will This Affect Crypto? As reported by Bitcoinist, Cardano founder Charles Hoskinson noted in an AMA broadcast that the upgrade to node 9.0, which is essential for the Chang hard fork, is nearly complete. This appears to have played a part in the start of the shift toward a positive outlook for ADA. Recent price dynamics indicate ADA has kept up this bullish sentiment, with the bulls now in control. At the time of writing, ADA is trading at $0.4249, representing a 32% increase from the monthly low of $0.3213 recorded on July 5. According to on-chain data from IntoTheBlock, this ADA price surge was accompanied by an increase in whale activity on the Cardano blockchain, which likely contributed to the sustained increase. IntoTheBlock’s data shows that the number of daily transactions greater than $100,000 has increased from 312 transactions on July 7 to 814 transactions on July 12. This is a notable increase of 160% throughout the week. In addition, IntoTheBlock’s “Large Holders Netflow” metric indicates that large holders have increased their holdings by +27.53% in the past seven days. This increase in accumulation by Cardano whales has contributed to a bullish sentiment for ADA, driving the price upward. If this accumulation continues, we could see the large holder netflow flipping into a positive value in the larger 30-day and 90-day timeframes. What’s Next For ADA? In a bullish scenario, Cardano (ADA) could keep up with the price uptick in the coming week, especially with the entire crypto market starting to turn positive. On the other hand, failure to break above minor resistance at $0.43 could open up a bearish scenario, with ADA reversing its gains. Related Reading: Analyst Predicts 2,750% Celestia (TIA) Price Explosion To $188, Here’s The Roadmap ADA’s price movement over the weekend could determine how it performs next week. It may continue upwards after breaking above $0.43 to test another resistance level around $0.515, where there are currently 564,830 ADA addresses waiting to turn a profit. Featured image created with Dall.E, chart from Tradingview.com
Cardano price started a steady increase above the $0.3850 resistance. ADA is now eyeing a close above $0.40 to gain bullish momentum. ADA price started a fresh increase and traded above $0.3880. The price is trading above $0.390 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $0.3935 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could gain bullish momentum if it closes above the $0.40 zone. Cardano Price Eyes Steady Increase In the past few sessions, Cardano started a decent increase from the $0.3350 support zone. ADA climbed above the $0.350 and $0.3650 resistance levels, like Bitcoin and Ethereum. It even cleared the $0.3880 resistance and tested $0.4050. A high was formed at $0.4047 and the price is now consolidating gains. There was a move below the $0.400 and $0.3980 support levels. The price tested the 23.6% Fib retracement level of the upward move from the $0.3577 swing low to the $0.4047 high. ADA 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 $0.3935 on the hourly chart of the ADA/USD pair. If there is another upward move, the price might face resistance near the $0.400 zone. The first resistance is near $0.4050. The next key resistance might be $0.4250. If there is a close above the $0.4250 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 $0.4650. Downside Correction in ADA? If Cardano’s price fails to climb above the $0.400 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.3960 level and the trend line. The next major support is near the $0.3810 level and the 50% Fib retracement level of the upward move from the $0.3577 swing low to the $0.4047 high. A downside break below the $0.3810 level could open the doors for a test of $0.3750. The next major support is near the $0.350 level. 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 – $0.3960 and $0.3810. Major Resistance Levels – $0.4000 and $0.4050.
The Cardano blockchain has been relatively quiet since the beginning of July, alongside an ADA price consolidation. As per on-chain transaction data, Cardano whales have also been relatively quiet since the last week of June. Daily whale inflows have steadied under 5 million ADA since the beginning of the month, save for a recent spike earlier in the week. Particularly, on-chain data from IntoTheBlock indicate a recent 1,218% spike in daily whale inflows, a development that may signal the start of an ADA price uptick. Cardano Sees 1,218% Spike In Major Metric According to the Large Holders Inflow from IntoTheBlock, the Cardano blockchain witnessed a 1,220% surge in whale inflow. As noted earlier, daily inflows into whale wallets have been on a decline since July 5. However, a surge in activity at the beginning of the week resulted in the number of inflows into whale addresses spiking from 14.51 million ADA on July 8 to 110.82 million ADA on July 9. This increase is more noticeable compared to the 2.83 million ADA recorded on July 7, which represents a 3815.9% increase in daily inflows over two days. Related Reading: Ethereum Whale Sparks Sell-Off Rumors With 11,215 ETH Coinbase Deposit The Large Holders Inflow metric tracks the amount of tokens entering into wallets holding at least 0.1% of the circulating supply of ADA. According to data from Coinmarketcap, there are currently 35.87 billion ADA tokens in circulation. Meaning each wallet being tracked by the metric has to possess at least 35.87 million ADA tokens before they can be classified as large holders or whales. According to the ADA holdings distribution, only 0.01% of the total Cardano addresses are within the range of those possessing 10 million to 100 million ADA tokens. However, they control a majority (36.26%) of the coins in circulation, which gives them a say in the overall price movement. Will ADA Price Follow? Whale activity doesn’t just affect prices directly; it can also sway overall market sentiment. When some of these big players make moves, it can either boost confidence or spread fear among other whales and retail investors. Related Reading: Bitcoin Forms Double Top Pattern On 4-Hour Chart, Analyst Reveals Targets Recent bearish sentiment saw ADA hit a nine-month low of $0.3211, but it has rebounded and is now on the verge of reversing into a positive percentage in a seven-day timeframe. At the time of writing, ADA is trading at $0.3936, which has been up by 2.25% in the past 24 hours. As a result of this short-term price increase, ADA has been driven out of a falling wedge formation on the price chart, which might ultimately result in a 70% surge above the $1 threshold. On the development side, the Cardano blockchain, which was recently accused of being a dead coin, is about to launch an upgrade to its network. Featured image created with Dall.E, chart from Tradingview.com
Amid the recent downturn in the global crypto market, a recent Crypto Banter Dylan’s Trading Show session has caught the eye with some bold claims regarding what comes next for Solana and Ethereum and some negative sentiment on XRP and ADA. Over the past years, crypto analysts in the industry have been discovering and analyzing patterns in the market because this could help them predict future directions. So far, a decrease in Bitcoin‘s dominance is considered good for altcoins. According to the Crypto Banter Show analyst, this change could potentially signal more diversified investing in altcoins and a market bullishness towards lesser-known chains. Related Reading: Crypto Analyst Says Bitcoin Could Reach $100,000, But What About Altcoins? Focus on Growth: Altcoins to Watch Despite the caution against investing in what is labeled ‘dead coins’ like XRP and ADA, Dylan’s Trading Show analyst expressed a more optimistic outlook for coins such as Solana and Ethereum. The analyst noted that if Bitcoin loses dominance, a series of massive moves upward could be in store for these altcoins. In particular, he forecasts that Solana could find support levels around $137 to $139 should the market continue its current momentum without breaking key technical barriers. As for Ethereum, the analyst discloses that ETH is approaching a critical juncture at the 200-day Moving Average (MA). If Ethereum breaks through and holds this level, it will trigger a domino effect to the upside, positively impacting small-cap altcoins. Should You Stay Away From XRP and ADA? While the analyst has mentioned XRP and ADA as “dead coins”— which means they might not have much potential for growth in the near term, it is worth noting that these assets are still seeing their share of optimism and bullishness from their respective community. Earlier today, an analyst revealed the potential for XRP to experience a massive rally due to the emergence of “one of the tightest monthly Bollinger Band squeezes in its history.” According to the analyst, the last time this indicator was seen, “XRP shot up 60,000%.” On the other hand, ADA is on the cusp of a new development with the upcoming Chang Hard Fork. IntoTheBlock states, “before its previous hard fork in 2021, ADA surged 130%, from $1.35 to $3.10 in just a month.” This signals a possible price surge for ADA, reminiscent of past gains following significant updates or forks within the blockchain. Related Reading: XRP Set To Skyrocket 60,000% On Tightest Bollinger Bands Ever: Analyst Overall, the updates above from the assets suggest potential upcoming volatility and price increases for both XRP and ADA, contradicting the analyst’s view that they are “dead coins.” Featured image created with DALL-E, Chart from TradingView
In an Ask Me Anything (AMA) session broadcast live from Wyoming, Charles Hoskinson, the founder of Cardano, provided an eagerly awaited update on the progress of Cardano and the upcoming Chang hard fork. Speaking from his ranch, he described the ongoing efforts and milestones reached in what has been a significant journey for the blockchain […]
Crypto analyst Ben Armstrong, popularly known as ‘Bitboy Crypto’ has ignited controversy by declaring Cardano (ADA)and Polkadot (DOT), “dead to institutions.” His brash statement has drawn substantial backlash from the crypto community, with many members vehemently opposing his criticizing remarks. Analyst Calls Cardano, Polkadot Dead In an X (formerly Twitter) post on July 3, Armstrong […]
Cardano Founder Charles Hoskinson responded to Ben Armstrong’s comments about ADA status as a ‘dead coin’. Hoskinson’s reply sparked a conversation about the state of the crypto industry and what’s valued in projects. Related Reading: Gala Games Announces Partnership With Animoca Brands, GALA Token Plunges 6.7% Cardano And Polkadot Labeled ‘Dead Coins’ On Wednesday, crypto influencer Ben Armstrong, known as BitBoy Crypto, shared his thoughts on Cardano (ADA) and Polkadot (DOT). The influencer took X to explain his previous comments, stating that both cryptocurrencies were dead. In a YouTube Video from April, Armstrong said that ADA was “dead for real.” The crypto influencer believed that this time “was different.” To him, investors had to question whether they were okay “standing on ideals” while watching their portfolio take a hit. Per the influencer, ADA’s disappointing performance was because it doesn’t have the same backing as other tokens. He explained that “numbers go up” for institutionally backed tokens. Armstrong also noted that, despite not having “awful” institutional numbers, ADA can’t compete with Ethereum (ETH) or Solana (SOL). Moreover, the influencer considers that “crypto is changing,” investors are turning their heads toward new projects to feel like they are early. On X, Armstrong reiterated his opinion about ADA and DOT, stating that both were “dead to institutions.” However, he clarified the implications of his statement. The token’s dead coin status doesn’t mean ADA and DOT won’t pump this bull run. To him, the tokens will offer returns to investors, but they will be “mid.” Charles Hoskinson Claps Back Cardano’s founder responded to Armstrong’s comments, questioning the crypto influencer’s stance. To Hoskinson, his logic goes against the ethos of crypto. “I remember when the point of cryptocurrencies was to replace institutions instead of acting out a scene from deliverance,” the post read. Armstrong’s comments ignited a discussion in the replies, with several crypto users disagreeing with his take. One X user agreed with the Cardano founder’s reply, wondering, “When did crypto become people begging for institutional investment?” Another user stated that if Satoshi Nakamoto had shared Armstrong’s logic, the crypto industry and none of us would be here. “Hinging the success of a decentralized chain on centralized entities is hustling backward,” they added. Nonetheless, some crypto investors agreed with the crypto influencer comments. A community member considered that, unlike Hoskinson, Armstrong is “at least adding content and valued entertainment into the space.” This has been a constant criticism toward the Cardano ecosystem and its founder. Cardano users defended the project, claiming that the blockchain is one of the “few that haven’t lost the DeFi plot.” Many also concurred that the ecosystem is not there for VC funds or Armstrong but for its users. Related Reading: FET Drops 9% As ASI Token Merger Phase 1 Kicks Off Ultimately, crypto investors agreed that if a project has a strong community and technology, more user and institutional investments “will follow the network effect.” At the time of writing, ADA is trading at $0.3861, a 4.4% decline in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Cardano (ADA) has correlated with the broader market, experiencing a retracement from its yearly high of $0.810 in March to as low as $0.357 on June 22. However, ADA has now deviated from the struggles of Bitcoin (BTC) and Ethereum (ETH), exhibiting a 2% increase in the past 24 hours and over 12% in the past two weeks. Explosive Rally For Cardano Intriguingly, technical analysts believe that ADA could be on the verge of an explosive rally in the coming weeks, potentially retesting its yearly high and setting the stage for a surge above the $1 mark. Crypto analyst Captain Fabik points to the confirmed Falling Wedge Breakout on ADA’s daily chart, with the token surpassing the crucial $0.407 price mark on Tuesday. Fabik predicts a bullish rally of approximately 70% for ADA in the coming months, envisioning a price around $0.704, just below the yearly high. Related Reading: Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price Echoing this sentiment, optimistic users anticipate a solid bullish rally for ADA, expecting a move toward the $0.80 mark shortly, citing the formed Falling Wedge pattern. However, not all analysts share the same level of bullishness. Crypto Bullet offers a more cautious perspective. While acknowledging potential price increases for ADA, Crypto Bullet does not foresee new all-time highs in this bull cycle. Instead, Crypto Bullet suggests that the highest ADA can reach during this cycle is the 0.786 Fibonacci level. The analyst sets macro targets at $1.15 and $1.80, highlighting the current gap of over 86% from ADA’s all-time high of $3.09 during the 2021 bull run. Bullish Sentiment Surrounds ADA Cardano (ADA), currently boasting a market capitalization of $14.6 million, shows further technical indicators on its daily chart, suggesting a bullish continuation of the current uptrend. Market expert Jesse Olson highlights the pending buy signal on the daily chart of ADA, accompanied by bullish targets set for the token. Indicators signaling this bullish sentiment include a bullish divergence, a buy signal on the Relative Strength Index (RSI), and a bullish crossover on the Moving Average Convergence/Divergence Indicator (MACD). Analyzing the chart, Olson predicts a continuous climb for ADA’s price, initially targeting the $0.470 mark, followed by a move just below the $0.550 level. According to the analysis, the ultimate price target is $0.650. However, despite mounting bullish predictions, several resistance levels remain to be overcome. As ADA currently trades at $0.415, the token faces its first challenge at the $0.418 mark in weeks. On its path to the $0.600 level, Cardano’s native token will encounter key resistance walls at $0.438, $0.503, $0.517, and $0.590. The ADA must overcome these notable hurdles to reclaim previously lost levels. Related Reading: 36% Explosion! ENS Coin Steals The Spotlight In The Crypto Market As the bullish sentiment grows, attention turns to the upcoming Chang upgrade, which is set to deploy a new set of governance features to Cardano. This upgrade aims to unlock the final features of on-chain governance, including delegated representative participation and treasury withdrawals. The impact of these developments on ADA’s uptrend remains to be seen. Featured image from DALL-E, chart from TradingView.com
The Cardano Chang Hard Fork, although having not dropped on scheduled, continues to be the most bullish development for the ADA price currently. Expectations are that the completion of the hard fork will bring about an ADA price rally that could send it toward its previous all-time high of $3.1. However, the question remains of […]
Cardano (ADA) has faced a significant blow after losing its top position as the leading network for development activities. Despite the Cardano founder, Charles Hoskinson, lauding major updates and developments within the blockchain network, ADA has been overtaken by other crypto networks, pushing it down to fifth place. ADA Loses Top Spot For Network Development […]
A crypto analyst has uncovered a new technical pattern in the Cardano price movements, signaling the potential for a substantial rebound. Echoing this optimism, another analyst has affirmed that Cardano may have hit its bottom and could be on the verge of rebounding to $0.8. Analyst Declares Cardano’s Price Bottom In an X (formerly Twitter) post on June 29, Captain Faibik, a crypto analyst, shared insights on Cardano’s price action and future outlook. According to the analyst, Cardano’s native token, ADA, is forming a falling wedge pattern on the daily time frame chart. Related Reading: XRP Dominance: Pundit Says Missing This Altcoin Could Be A Big Mistake A falling wedge pattern is a unique technical formation that signals the end of a consolidation phase and the beginning of a potential reversal or continuation pattern. This falling wedge formation often indicates that a cryptocurrency has hit its bottom or swing low in a market, and is seen as a bullish indicator. Sharing a price chart of Cardano from September 2023 to August 2024, Faibik predicted that Cardano would be breaking out of its price correction soon. The analyst has foreseen a 72.84% surge from the cryptocurrency’s current price. As a result, Faibik has urged Cardano investors to keep an eye on this crucial area. Sharing a similar sentiment, another crypto analyst identified as ‘Zayk Charts’ on X has also unveiled the unique falling wedge pattern on Cardano’s chart. In his case, he foresees a substantial breakout between 40% to 50% for Cardano. Cardano Rebound Potential Tied To Crucial Level If Cardano breaks out of the falling wedge pattern, it could surge to nearly $0.8. A crypto analyst identified as ‘Crypto Feras has revealed a crucial support level that Cardano must maintain to secure its anticipated bullish rebound. In his price chart, Crypto Feras highlighted Cardano’s latest price actions, marking the critical support level at $0.4251 with a yellow box. The analyst warned that if Cardano fails to hold this level, it could experience another sharp decline, potentially pushing its current price to new lows at $0.24. Since the beginning of the year, the price of Cardano has been on a major downward trend, experiencing constant declines in both favorable market conditions and high volatility. While other altcoins like Solana and Ethereum have surged considerably, Cardano underperforms, consistently maintaining a price below $1. Related Reading: Bitcoin Remains Bullish As New BTC Addresses Surge To New 2-Month Highs As of writing, the cryptocurrency is trading at $0.39, experiencing a slight daily uptick of 3.24% as market conditions stabilize. Its 24-hour trading volume has also surged considerably, recording an increase of approximately 24.84%. With the Cardano Chang hard fork approaching, the cryptocurrency could be gearing up for a significant price turnaround.Numerous analysts are optimistic, pointing to the formation of the aforementioned falling wedge pattern as a strong bullish indicator. One analyst predicts that if Cardano breaks this pattern, its price could surge to between $0.46 to $0.81 before the year ends. Featured image created with Dall.E, chart from Tradingview.com
The realm of cryptocurrency ETFs appears to be now expanding, yet not all digital assets are poised for an easy transition into this financial product. GSR’s recent analysis of the potential for ETFs across various crypto has brought forward insights that place XRP and Cardano in a challenging position for ETF adaptation. Using a comprehensive […]
Crypto analysts have given varying opinions on the Cardano (ADA) future trajectory. One analyst predicts that the crypto token could enjoy an unprecedented price rally. On the other hand, another analyst holds a bearish view and predicts that Cardano could experience a significant price crash. Cardano To Enjoy A 12,000% Rally In a post on Tradingview, crypto analyst Fiery Trading raised the possibility of Cardano rising to as high as $40 and even higher. The analyst highlighted a parallel channel and noted that Cardano could reach the top of this channel in the coming bull run, which would cause the crypto token to rise to $40. Related Reading: SkyBridge Capital’s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins Fiery Trading admitted that Cardano rising to $40 is not a “likely outcome” but claimed that the risk-reward ratio is worth the risk. He added that Cardano’s current price is the “entry of a lifetime” and advised crypto investors not to miss out on it. In another post, Fiery Trading again hammered on Cardano’s current price level as an entry of a lifetime. He claimed that this entry is a “no-brainer” as long as Cardano keeps trading within that channel. Meanwhile, the crypto analyst highlighted more conservative price targets, pointing out $25 as another price level Cardano could reach, while he mentioned $3 as a target for “more defensive traders.” ADA Could Drop To As Low As $0.24 Crypto analyst Swallow Premium gave a bearish outlook for ADA. He noted that the crypto token has finally broken the liquidity zone at around $0.40 and now risks dropping to as low as $0.24. The crypto analyst predicted that Cardano could drop to that price level within a week or two. However, crypto analyst Sebastian suggested that Cardano might not drop below its current price range. He stated that the dump was over and that Cardano and the broader crypto market should enjoy a bounce from their current price level. He noted that the magnitude of the bounce will determine whether or not there may be more downside for ADA. The crypto analyst further stated that the next move the market should look forward to is seeing higher lows and higher highs. He claimed that the next target for Cardano is $0.40 and that the crypto token needs to rise above it and stay there. Related Reading: Shiba Inu Enters Accumulation Zone Amid 493% In Shibarium Transaction Fees Crypto analyst Trend Rider also noted that there are “quite a few bounce signals” on Cardano’s daily chart. He stated that Bitcoin needs to stop bleeding for ADA to recover. Bitcoin’s recent drop below $60,000 contributed to the significant declines that altcoins like Cardano experienced. At the time of writing, Cardano is trading at around $0.38, up almost 4% in the last 24 hours according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
On-chain analytics platform Santiment has outlined a factor that could contribute to Cardano (ADA) and XRP enjoying further moves to the upside. Both tokens recorded relief pumps following the recent decline in the crypto market, but market traders believe this development is far from a bullish reversal. Heavy Trader Shorting Could Lead To Price Rises For Cardano And XRP Santiment claimed in an X (formerly Twitter) post that the heavy trader shorting which Cardano and XRP are currently seeing could be the “rocket fuel” for continued price rises for these crypto tokens. Santiment had also revealed that Cardano and XRP were among the most notable altcoins that are heavily shorted following their relief bounces. Related Reading: Ethereum Price To Hit $10,000, ‘Just The Way The Chips Have Fallen,’ Analyst Says Interestingly, they called this a “good sign” for the patient bulls, as they believe that liquidation of these short positions could effectively be the momentum that these crypto tokens need to rise higher. Cardano and XRP being named among the most shorted altcoins isn’t surprising, considering that they are the most underperforming coins this year among the top 50 crypto tokens by market cap. Cardano and XRP have also usually failed to enjoy significant relief pumps even when Bitcoin (BTC) and the broader crypto market enjoy a massive rebound. However, this time could be different, as Cardano and XRP have enjoyed a modest price recovery while some other altcoins lag. Data from Coinglass shows that Santiment’s theory could already be in play, seeing how the Cardano and XRP bears have suffered significant losses in the last 24 hours. Over $50,000 in Cardano short positions have been liquidated during this period, while not a single cent in Cardano long positions have been liquidated. Similarly, over $30,000 in XRP short positions have been liquidated while XRP longs were unaffected. A Major Move Might Be On The Horizon For XRP Crypto analyst Egrag Crypto recently predicted that XRP could enjoy a price pump of around 1,700% starting in July. He alluded to XRP’s quarterly hammer formation between April and June 2016 and July and September 2017 before the crypto token enjoyed a major pump. The crypto analyst stated that XRP could form this bullish pattern again but needed to close the 3-month candle above the range between $0.55 and $0.58 in 10 days. Related Reading: Dogecoin Weighted Sentiment Drops To 2024 Lows, What Does This Mean For Price? Egrag further claimed that if the hammer formation is similar to the one in 2016, the XRP could begin the projected 1,700% price rally in July, eventually sending the crypto token to $8. However, if the hammer formation is similar to the one in 2017, Egrag mentioned that XRP holders might have to wait another six months before the “epic” pump of around 5,500%, sending XRP’s price to $27. Featured image created with Dall.E, chart from Tradingview.com
The on-chain analytics firm Santiment has revealed that Dogecoin and Cardano are two assets that look “very bullish” according to this metric. Dogecoin & Cardano Currently Have Low 30-Day MVRV Ratios In a new post on X, Santiment has discussed about how some of the top assets in the cryptocurrency sector are looking like right now in terms of the Market Value to Realized Value (MVRV) Ratio. The MVRV Ratio is a popular on-chain indicator that keeps track of the ratio between the market cap and realized cap for any given coin. The market cap here naturally refers to the simple total valuation of the asset’s supply at the current price. The realized cap is also a method of calculating the valuation of the cryptocurrency, but the twist here is that this model doesn’t take the value of all tokens in circulation the same as the spot price. Rather, this model assumes that the “real” value of any coin is the same as the price at which it was last transferred on the blockchain. Related Reading: Hard To Be “Too Scared Of Bitcoin Price Action,” Says Analyst. Here’s Why Generally, the last transaction can be assumed to be the last point at which the coin changed hands, so the price at its time could be considered to be its current cost basis. As such, the realized cap basically calculates the sum of the cost basis of every coin in circulation. One way to view the model, therefore, is as a measure of the total amount of capital that the investors have used to purchase the total Bitcoin supply in circulation. Since the MVRV ratio compares the market cap, which represents the value that the investors are holding right now, against this initial investment, its value can tell us about the profit-loss status of the market as a whole. Now, here is the chart shared by the analytics firm that reveals the recent trend in the 30-day MVRV ratio of six top coins: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Dogecoin (DOGE), Toncoin (TON), and Cardano (ADA). The 30-day MVRV Ratio only includes the data for the investors who bought their coins within the past month. Thus, its value reflects the profit-loss balance of these new buyers. From the graph, it’s visible that the indicator is at negative levels for all of these assets right now, implying that the 30-day investors would be at a loss. This may not actually be bad, though, as Santiment notes, “the lower a cryptocurrency’s 30-day MVRV is, the higher the likelihood we see a short-term bounce.” At present, Bitcoin, Ethereum, and XRP are seeing small negative values, suggesting that these assets may be slightly undervalued. The metric stands at just -0.6% for Toncoin, though, implying that TON is more or less neutral currently. Related Reading: XRP, Dogecoin, & Shiba Inu All See Negative Sentiment: Signal To Buy? Dogecoin and Cardano, on the other hand, stand out with their 30-day MVRV Ratios of -16.7% and -12.6%, respectively. These values are deep enough that Santiment has labelled these coins as “very bullish.” It now remains to be seen how DOGE and ADA develop in the coming days, given this potential positive signal in the MVRV Ratio. DOGE Price Dogecoin has been riding on bearish momentum over the last couple of weeks as its price has now dropped to $0.125. Featured image from Dall-E, Santiment.net, chart from TradingView.com
Cardano (ADA) extended losses and tested the $0.360 zone. ADA is now rising and might attempt to clear the $0.400 resistance zone. ADA price remained in a bearish zone and settled below $0.40. The price is trading below $0.400 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $0.3760 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could gain bullish momentum if there is a close above $0.400. Cardano Price Remains In Negative Zone In the past few days, Cardano started a downward move like Bitcoin and Ethereum after it failed to clear the $0.450 resistance. ADA dipped below the $0.400 support and tested the $0.360 zone. A low was formed at $0.360 and the price is now correcting losses. There was a minor recovery wave above the $0.3750 zone. The price climbed above the 50% Fib retracement level of the downward move from the $0.4204 swing high to the $0.3600 low. There is also a connecting bullish trend line forming with support at $0.3760 on the hourly chart of the ADA/USD pair. However, the price faces many hurdles on the upside. ADA is still trading below $0.400 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $0.3980 zone or the 61.8% Fib retracement level of the downward move from the $0.4204 swing high to the $0.3600 low. The first resistance is near $0.400. The next key resistance might be $0.410. If there is a close above the $0.410 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.4250 region. Any more gains might call for a move toward $0.450. Another Decline in ADA? If Cardano’s price fails to climb above the $0.400 resistance level, it could start another decline. Immediate support on the downside is near the $0.3850 level. The next major support is near the $0.380 level and the trend line. A downside break below the $0.380 level could open the doors for a test of $0.3650. The next major support is near the $0.360 level. 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 – $0.3850, $0.380, and $0.360. Major Resistance Levels – $0.400 and $0.4250.
Bitcoin is facing intense selling pressure, but charts suggest strong support at $64,500 and again at $60,000.
In a recent episode of the Thinking Crypto podcast, Charles Hoskinson, founder of Cardano, addressed the swirling rumors about a potential partnership with tech mogul Elon Musk. During the podcast, hosted by Tony Edwards, Hoskinson discussed various outreach efforts made to Musk’s companies, including offers of free work to combat bot issues on the platform formerly known as Twitter, now X. Hoskinson Denies Rumors Of A Partnership With Musk Hoskinson detailed several attempts by his team to connect with Musk’s companies, particularly X (formerly Twitter), where they proposed solutions to combat prevalent issues like fake accounts and bots. “We’ve reached out numerous times to try to engage with various people at X, even offering to do free work with verified tweets or other things just because it’s so bad right now with bots and these other things, and it’s just always silent,” Hoskinson lamented. Related Reading: Crypto Analyst Predicts Cardano Price Will Rally 370% To $2, Here’s The Timeline Despite these efforts, he confirmed that Musk has never discussed Cardano or any potential collaboration personally. “I even know Kimbal Musk and I’ve talked to him on several occasions […] never once has [Elon] mentioned Cardano or me or anything,” he added. The founder’s comments served to quash rumors that had suggested potential uses of Cardano’s technologies, like the Midnight sidechain, in Musk’s high-profile companies such as SpaceX or Tesla. The speculative excitement around such a high-caliber partnership had been a point of discussion among investors and enthusiasts, given Musk’s known interest in cryptocurrency and his impactful endorsements of Dogecoin. Despite sharing mutual friends and professional connections such as podcaster Lex Friedman, Hoskinson expressed confusion and a bit of melancholy over the lack of engagement from Musk. “We share mutual friendships so I don’t know why we haven’t been able to square that circle […] maybe he’s got some people in his social circle that don’t like me and so he’s got some intel that I’m a bad person to work with or maybe it’s just he wants to do his own thing,” Hoskinson speculated. Related Reading: Cardano (ADA) Headed For Reversal? Analyst Eyes $0.50 As Turning Point Addressing Musk’s enigmatic persona and unpredictable business moves, Hoskinson noted, “He’s a magical guy. So it’s really like a sphinx hard to understand his motivations and understand why he does what he does. Why does he have this bizarre fetish for Dogecoin? Is it that he owns 20% of the supply…don’t know with a guy like that that’s the magic of Elon Musk.” Cardano Bears Remain In Control The ADA price saw a decrease of 2.2% over the last 24 hours, a dip that coincides with a broader downtrend in the altcoin market. Trading volume for ADA decreased also significantly, falling 22% to $357 million over the same period. The ADA price has consistently traded below the 20-day Exponential Moving Average (EMA), which has acted as a key resistance level since mid-March. While there was a brief period where ADA surpassed this threshold, it eventually faced strong resistance at the 200-day EMA and was unable to sustain its upward momentum. As such, the 20-day EMA, currently at $0.445, is a critical near-term resistance level. Surpassing this barrier could signal a potential shift in market sentiment, paving the way for a rally towards the 200-day EMA at $0.494. A decisive break above this longer-term EMA could firmly establish a bullish trend for ADA. Featured image from YouTube, chart from TradingView.com
Cardano founder Charles Hoskinson revealed that the blockchain is on course for its “most significant milestone in history,” with the impending Chang fork setting the stage for the “Age of Voltaire.” In a June 9 social media post, Hoskinson said: “It looks like June will be the month that Cardano Node will reach 9.0. This […]
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The Technical Director at the Cardano Foundation, Matthias Benkort (also known as @KtorZ), has successfully encapsulated the entire Bitcoin blockchain within a single block on the Cardano blockchain. This announcement, made via X (formerly Twitter), has sent ripples through the blockchain community, highlighting the potential for advanced data management and interoperability between blockchains. A Breakthrough […]
Cardano (ADA), the smart contract platform, has been facing a rough patch recently. While the broader DeFi sector has seen an uptick in DEX volumes, Cardano’s Total Value Locked (TVL) has plummeted, raising concerns about the health of its ecosystem. Related Reading: Political Memecoin Mania: Super Trump Token Explodes With 200% Surge DeFi Activity And NFT Market Slump Despite the surge in DEX volumes across the crypto landscape, Cardano’s TVL has witnessed a significant decline, dropping from $430 million to $230 million, according to data from Artemis, a leading blockchain data provider. This suggests a lack of interest in dApps built on the Cardano network, potentially hindering its long-term growth prospects. The NFT space on Cardano has also taken a hit. Popular NFT collections have seen a dramatic decrease in floor price and overall trading volume over the past month. This waning interest in Cardano NFTs could further dampen investor sentiment and negatively impact the price of ADA. Cardano: Technical Indicators Flash Warning Signs The technical outlook for ADA is currently bearish. The price has been trending downwards over the past few weeks, forming multiple lower lows and lower highs. Additionally, key technical indicators like the RSI (Relative Strength Index) and CMF (Chaikin Money Flow) are pointing towards declining bullish momentum and money flow into ADA. Beyond the immediate price and DeFi woes, other factors raise concerns about Cardano’s future. The velocity of ADA, indicating the frequency of token exchange, has fallen significantly, suggesting decreased trading activity. Additionally, the MVRV ratio, a measure of profitability for token holders, has also dropped, implying that most ADA addresses are currently underwater. Cardano Price Forecast While Cardano remains a prominent player in the blockchain space, the recent developments highlight the challenges it faces. The combination of declining price, waning DeFi and NFT activity, and negative on-chain metrics suggests a potential for further downside in the short term. Cardano is expected to experience a modest increase in price, reaching $0.47 by June 30, 2024, indicating a predicted rise of nearly 5%. However, it’s important to consider various technical indicators and market sentiment to assess the potential movement of the asset. Related Reading: Are Whales Sniffing Out A Deal? Ethereum Holdings Balloon To 30% – Details The crypto’s bearish sentiment may be influenced by factors such as market trends, news events, or technical analysis patterns. Additionally, the Fear & Greed Index stands at 73, indicating a state of Greed among market participants. This suggests that investors may be more inclined to take risks or engage in speculative behavior, which could potentially impact Cardano’s price movement. It’s noteworthy that ADA has experienced significant price fluctuations in the past. Its highest price of $3.10 was reached on September 2, 2021, marking its all-time high, while its lowest price of $0.017 was recorded on October 1, 2017, representing its all-time low. These historical price points highlight the volatility and potential for significant price swings within the Cardano market. Featured image from ReddSparks Crypto Blog, chart from TradingView
Cardano (ADA) corrected gains and tested the $0.4520 support zone. ADA must stay above the $0.450 support to start a fresh upward move. ADA price is struggling to gain bullish momentum above the $0.4750 zone. The price is trading below $0.460 and the 100-hourly simple moving average. There was a break above a connecting bearish trend line with resistance at $0.4570 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could gain bullish momentum if there is a close above $0.4620. Cardano Price Tests Support In the past few sessions, Cardano started a downward move after it failed to clear the $0.4750 resistance. ADA dipped below the $0.4620 support and tested the key support at $0.4520 like Bitcoin and Ethereum. A low was formed at $0.4516 and the price is now consolidating losses. There was a minor recovery wave above the $0.4550 zone. There was a break above a connecting bearish trend line with resistance at $0.4570 on the hourly chart of the ADA/USD pair. The pair tested the 23.6% Fib retracement level of the recent decline from the $0.4743 swing high to the $0.4516 low. Cardano is now trading below $0.4620 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $0.4960 zone. The first resistance is near $0.4620 or the 50% Fib retracement level of the recent decline from the $0.4743 swing high to the $0.4516 low. The next key resistance might be $0.4750. If there is a close above the $0.4750 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.50 region. Any more gains might call for a move toward $0.5250. More Losses in ADA? If Cardano’s price fails to climb above the $0.4620 resistance level, it could continue to move down. Immediate support on the downside is near the $0.4520 level. The next major support is near the $0.4460 level. A downside break below the $0.4460 level could open the doors for a test of $0.4320. The next major support is near the $0.420 level. Technical Indicators Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.4520, $0.4460, and $0.4320. Major Resistance Levels – $0.4620 and $0.4750.