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
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 […]
Cardano founder Charles Hoskinson has raised the alarm over the implications of artificial intelligence (AI) censorship, coinciding with crypto exchange Robinhood’s recent acquisition of AI-powered investment advice platform Pluto. According to Bloomberg, the move aims to bring tailored investment strategies and analytics to Robinhood’s retail brokerage users. Still, Hoskinson’s concerns shed light on the potential […]
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
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
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.
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.
Cardano (ADA), the proof-of-stake blockchain network known for its smart contracts, has defied recent predictions of a fall from the top 10 cryptocurrency rankings by market cap. In a surprising move, ADA has instead become the top performer among major coins, experiencing a 7% surge in the last 24 hours. This price action has ignited discussions about ADA’s potential to revisit its 2021 glory days, when it reached a peak of $3.10. Related Reading: Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation A Tale Of Two Whales: Retail Accumulation Vs. Profit Taking The recent price increase can be attributed to two key factors: a surge in buying pressure and a potential upcoming “battle of the whales.” On-chain data reveals that retail investors, the so-called “whaley” masses, have been accumulating ADA aggressively, particularly between $0.48 and $0.50. This large cluster of buyers could act as a support system if the price reaches that level. However, lurking beneath the bullish sentiment is a potential obstacle. Data shows that only 40% of current ADA holders are in profit. A price increase to $0.49 could be particularly significant, as it could push the ratio of holders in loss below 55%. This milestone could trigger further buying pressure as more investors see an opportunity to move into profit territory. Whales Return? On Volume And Market Cycle Cardano’s price rally is also being fueled by a significant rise in trading volume, reaching a weekly high of $461 million according to Santiment. This surge in activity indicates growing interest in ADA, which could propel the price further upwards. But can this momentum be sustained? The answer might lie with the “original whales,” the large investors who hold a significant portion of the cryptocurrency. Interestingly, the current distribution of ADA shares some similarities with the market conditions in 2021, when the price hit $3. Back then, whales held roughly 6% of the total supply. Today, that number sits at nearly 7%, suggesting a potential return of these big players. However, analysts caution that the success of this “whale comeback” narrative depends heavily on the broader market cycle. If the current bull market reaches its peak, ADA’s price growth could be restricted, hindering its ability to revisit its all-time high. Can ADA Defy The Odds? Cardano’s recent price surge has instilled a sense of cautious optimism in the cryptocurrency community. While the strong buying pressure from retail investors and the potential return of whales are positive signs, the profitability of current holders and the unpredictable nature of the market cycle pose challenges. Related Reading: Filecoin On Fire: Analyst Torches Doubters With $15 Target In the coming weeks, it will be crucial to observe whether ADA can overcome the selling pressure at $0.49 and sustain its upward trajectory. If trading volume continues to rise alongside the price, and if the current bull market holds, ADA might just surprise everyone and revisit its much-anticipated $3 mark. Featured image from Pexels, chart from TradingView
With the US presidential elections fast-approaching, industries such as cryptocurrency have been drawn into the discussion as to what it could mean for their future. Cardano founder Charles Hoskinson has also shared his insights on the elections, particularly on the candidates, about what a victory for each candidate would mean for the crypto industry and […]
Cardano is currently in a downtrend, continuing to show bearish tendencies as its price trends below $0.5. However, where many have seen an altcoin that does not have many prospects, crypto analyst FieryTrading believes that the digital asset is giving investors an opportunity to get in for cheap. Cardano Can Break Out Of Parallel Channel In an analysis on the TradingView website, crypto analyst FieryTrading alludes to Cardano’s ability to break out and go on a massive bull run. The analysis draws from a previous analysis where the analyst had pointed out that the Cardano price had entered a parallel channel. Related Reading: Here’s How This Ethereum Whale Made $16 Million From A Single Trade This parallel channel emerged with the last cycle’s top going into the current cycle top with a line drawn from the last cycle’s bottom when the lockdown had sent crypto prices crashing. Despite the crypto analyst first pointing out this parallel channel back in 2023, they believe that it continues to remain valid, especially as the price continues to rtend low. Back then, the crypto analyst had predicted that the ADA price, if it were to break out of this parallel channel, could rise as high as as $35. This bullish expectation continues with the most recent analysis, albeit with a price adjustment. In the Wednesday analysis, FieryTrading notes that There is still the possibility for the altcoin’s price to reach the top of the channel. In this case, the price would fully complete the move toward $30. However, the crypto analyst’s chart carries a $25 target, which would be a 5,600% rally from its current level. Source: TradingView.com ADA Bears Maintain Control Despite the bullish outlook maintained by the crypto analyst, Cardano has succumbed to the bears. The price has dropped as low as $0.44 in the last day, indicating a 1.38% decline. On a wider timeframe, the ADA price looks even worse, with an almost 28% drop in one month. Related Reading: Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing However, despite this trend, the analyst still believes that investing in Cardano right now is a risk worth taking. FieryTrading refers to it as “the entry of a lifetime” that could guarantee good returns. Moreover, the analyst gives it a R/R (risk/reward) ratio of 116, which is a good number. For now, the ADA price is still struggling to hold up in the market. This is not helped by the decline in market sentiment, leading to a nasty 22% drop in its daily trading volume, according to data from Coinmarketcap. ADA price at $0.43 | Source: Source: ADAUSDT on Tradingview.com Featured image from Binance Academy, chart from Tradingview.com
Cardano’s (ADA) founder, Charles Hoskinson, recently raised the possibility of Cardano partnering with Bitcoin Cash. He noted how significant this partnership could be for Bitcoin Cash as it would put it ahead of networks like Bitcoin. What Cardano’s Potential Partnership With Bitcoin Cash Is About Hoskinson conducted a “hypothetical poll” on his X (formerly Twitter) […]
Cardano has recovered from its April lows and continues to maintain a strong momentum above $0.45. This has prompted expectations that the altcoin will go on a rally from here. However, not everyone shares this sentiment as one crypto analyst expects the price to crash further from here. Cardano Will Crash Back Below $0.45 In the latest video on his YouTube channel that revolved around Cardano’s future trajectory, crypto analyst, ‘More Crypto Online’, revealed why the ADA price is poised for more decline. The analyst pointed out that the altcoin is currently in its 3-wave corrective rally. Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price Now, the Elliot Wave Theory which is being referred to by the crypto analyst consists of five waves. Out of the five, three are bullish and two are bearish. The bullish waves involve the 1, 3, and 5, with 2 and 4 being bearish waves. If the analyst is correct and the Cardano price has only completed three waves so far, that means the fourth wave, which is a bearish wave, is yet to be established. As a result, the crypto analyst believes that the Cardano price will further break down as it enters the fourth wave. He further pointed out that the altcoin’s price had fallen below the $0.48 support, which was an important level for it. This, coupled with the fact that it is yet to enter the fourth wave, has the analyst convinced that the price crash is far from over. As for where the ADA price might end up in this fourth wave, the crypto analyst believes it will go as low as $0.42 before recovering again. However, the good news is that once the fourth wave is completed, it gives way for the fifth wave to begin, which is the most bullish of all the waves and could see the ADA price barrel past $1. ADA Metrics Still Bullish Despite the bearish outlook presented by the crypto analyst, major Cardano metrics continue to show bullish divergence. For example, the daily trading volume of the altcoin has risen almost 17% in the last day to cross $286 million, data from CoinMarketCap shows. Related Reading: Why Did The Solana (SOL) Price Jump Today? This drastic rise in daily trading volume suggests a return of interest in the altcoin and this could quickly translate to a bullish trend, especially in the short term. Additionally, the fact that the price is on the rise at this time suggests that the majority of the transactions as a result of this renewed interest is from buyers rather than sellers. This suggests that the price will continue to rise if this demand is sustained. At the time of writing, ADA is still sitting firmly above $0.45, with a 1.78% increase in the last day. ADA price still above $0.45 | Source: ADAUSDT on Tradingview.com Featured image from Cardano Feed, chart from Tradingview.com
Crypto prediction website Telegaon has provided insights into when Cardano (ADA) will hit $45. A rise to that price level represents an 8.900% price gain from its current price level, which will appeal to ADA holders, especially given the crypto token’s recent unimpressive price action. When Cardano Will Rise To $45 Telegaon predicted in a blog post that Cardano will reach $45 by 2050. They highlighted $45.87 as the maximum price the crypto token will likely attain that year. Meanwhile, $39.12 and $42.41 are predicted to be ADA’s minimum and average prices that year. The prediction site claims that Cardano’s parabolic rise will occur due to several factors. Source: Telegaon These factors include “trading volume, market trends, investor sentiment, technological developments, and external influences.” It is worth noting that the Cardano has performed incredibly well in terms of technological advancements as the network has continued to rank among the top blockchains by development activity. This factor is expected to play a massive role in Cardano’s attainment of this price prediction, especially considering that the crypto projects likely to survive until 2050 are the ones that can adapt and progress with the times. Cardano has shown such quality, seeing how the team has continued to build actively, especially with the implementation of the network’s smart contract functionality. Meanwhile, Telegaon also outlined its price predictions for Cardano in the years leading up to 2050. In the short term, they do not seem bullish on Cardano as they predict that the highest price the crypto token could rise to this year is $2.15. Based on their prediction, Cardano will likely surpass its all-time high (ATH) of $3.10 in 2025, as they predict that $3.14 is the maximum price the crypto token will hit next year. More Bullish Price Predictions For ADA This Year Last year, Dan Gambardello, the founder of Crypto Capital Venture, suggested that Cardano could rise to as high as $11 this year. Specifically, he mentioned that the crypto token will rise to this level when the bull run returns after the Bitcoin halving. With the halving already taking place, Cardano could be primed for such a run. Crypto expert Jason Appleton made a more bullish prediction, stating that Cardano would rise to $32 in this bull market. Appleton added that this price level is attainable in the “most prime of conditions by the peak of this bull market cycle.” The crypto expert claimed that this parabolic rise would make Cardano one of the most valuable altcoins during this cycle. At the time of writing, Cardano is trading at around $0.44, up over 4% in the last 24 hours according to data from CoinMarketCap. ADA price trendingat $0.45 | Source: ADAUSDT on Tradingview.com Featured image from The Independent, chart from Tradingview.com
The crypto community is witnessing a virtual showdown between Cardano Founder, Charles Hoskinson and Ripple’s Chief Technology Officer (CTO), David Schwartz. The two crypto giants are clashing over Ripple’s present regulatory challenges and the allegations surrounding the ETH Gate. Hoskinson And Schwartz Embark On Heated Debate Tensions have flared up within the crypto community as […]
Cardano (ADA) is moving lower below the $0.500 resistance zone. ADA could gain bearish momentum and decline if it stays below the 100 SMA (H4). ADA price is slowly moving lower from the $0.520 zone. The price is trading below $0.500 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance at $0.4740 on the 4-hour chart of the ADA/USD pair (data source from Kraken). The pair could attempt a fresh increase if the bulls remain active above the $0.4280 support. Cardano Price Faces Key Hurdles In the past few days, Cardano saw a steady decline from the $0.520 resistance zone, like Bitcoin and Ethereum. ADA price declined below the $0.500 and $0.4950 levels to enter a bearish zone. There was a move below the 50% Fib retracement level of the upward move from the $0.4000 swing low to the $0.5201 high. It even declined below $0.4650 and tested $0.450. The price is now trading below $0.500 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance at $0.4740 on the 4-hour chart of the ADA/USD pair. The bulls seem to be active near the $0.450 zone and the 61.8% Fib retracement level of the upward move from the $0.4000 swing low to the $0.5201 high. On the upside, immediate resistance is near the $0.4740 zone, the 100 simple moving average (4 hours), and the trend line. The first resistance is near $0.4920. The next key resistance might be $0.500. If there is a close above the $0.50 resistance, the price could start a strong rally. Source: ADAUSD on TradingView.com In the stated case, the price could rise toward the $0.5250 region. Any more gains might call for a move toward $0.5650. More Losses in ADA? If Cardano’s price fails to climb above the $0.4740 resistance level and the 100 simple moving average (4 hours), it could continue to move down. Immediate support on the downside is near the $0.450 level. The next major support is near the $0.4280 level. A downside break below the $0.4280 level could open the doors for a test of $0.40. The next major support is near the $0.3880 level. Technical Indicators 4 hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.4500, $0.4280, and $0.4000. Major Resistance Levels – $0.4740, $0.5000, and $0.5200.
ADA is the native cryptocurrency of the Cardano blockchain network, which is used for transactions, staking, and as a means of participating in the platform’s governance. Recently, the price of ADA has been on a downtrend, and from the look of things the token is not showing any sign of reversing anytime soon. ADA On […]
Cardano suffered a massive price crash over the last two weeks. However, with the market recovery, the ADA price has begun to see some positive headwinds. Analysts expect this recovery to continue, with one crypto analyst in particular, who goes by CobraVanguard, expecting a bullish continuation toward $1. Cardano Completes The ABC Wave The crypto market crash, led by Bitcoin, saw the prices of Cardano and other altcoins plunge into a dreaded ABC wave. This wave is notorious for causing massive dips to the tune of 50%, leaving investors in losses in its wake. Related Reading: Ethereum Enters Accumulation Phase As $500 Million ETH Leave Exchanges The crypto analyst revealed that Wave A had taken place when Cardano had fallen from $0.8 to $0.57, and then Wave B saw the recovery from $0.57 to $0.68. The third and final wave, Wave C, saw the price crash from $0.77 to $0.4 before bouncing upward once again, signaling the completion of the ABC wave. As with all other crashes, there comes a time when the ABC wave is over, and the price of an altcoin can recover, and it seems Cardano has entered this range. The price of the altcoin has since recovered above $0.5, with the bulls now taking control. From here, the analyst expects the recovery to continue and rally with a new wave. “After the fifth bullish wave, Cardano has completed his corrective waves (ABC) and now he has reached the end of the wedge, now it is time to start the five bullish waves,” CobraVanguard said. Source: Tradingview.com ADA Price Targets CobraVanguard outlines a number of reasons why they believe that the Cardano price is going to be bullish. Firstly, they outline an ascending structure of the chart, which suggests a bullish continuation. Next is the bullish wedge that is forming in the chart. Also, high-potential areas are becoming clearer in the chart, as the analyst outlined. Related Reading: Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000 In the first wave, the analyst outlines a possible jump to $0.77. From here, they expect that the price will retrace a bit to $0.64 before resuming the uptrend. However, the analyst takes a more conservative stance compared to other analysts about the top, putting it somewhere around $1.09. The analyst further pointed out that in a situation where the wedge were to break down, it could invalidate this, and possibility lead to a decline in price. “Note that if the WEDGE is broken down with the power of descending candles, our analysis will fail,” CobraVanguard concluded. ADA price at $0.5 | Source: ADAUSDT on Tradingview.com Featured image from CoinGape, chart from Tradingview.com
Cardano (ADA) is again in the spotlight as crypto analysts continue to deliberate on its future trajectory. This time, crypto analyst Alan Santana has laid out a bearish narrative for the crypto token, which could cause its price to drop drastically. How ADA Could Crash To $0.34 In his analysis, Santana stated that ADA’s breakout below the $0.58 price level, which has acted as support for the crypto token for five weeks, signals a bearish sentiment toward it. In line with this, he suggested that ADA’s price could further dip significantly even though it has already experienced a 30% decline from its recent price peak. Related Reading: Fantom Supply On Exchanges See Drastic Increase, A Cause For Alarm? The crypto analyst mentioned that a further price dip for ADA could cause its price to drop between $0.4444 and $0.3450. However, this isn’t necessarily bad for the crypto token as Santana revealed that altcoins, which have in the past seen a 2x to 3x increase in their prices, experienced corrections of such magnitude before then. He added that before the end of their correction, all these altcoins moved to test a price range between 0.618 and 0.786 Fibonacci retracement level. From the chart he shared, one can see that the analyst stipulated that ADA could drop to as low as $0.34 because that is the price level for the 0.786 Fibonacci retracement level. Source: Tradingview.com Furthermore, Santana acknowledged that ADA could move higher from its current price level but seemed skeptical because the crypto token has continued to lag, making further price declines more feasible. He also revealed that ADA’s weekly chart is producing a “break below the EMA10 (Exponential Moving Average) with a very strong bearish candle as the RSI (Relative Strength Index) turns red. “Once support is found and established, we become bullish again,” the analyst concluded. Cardano Founder Is Bullish On ADA Cardano’s founder, Charles Hoskinson, sounded bullish on the Cardano ecosystem in a recent X (formerly Twitter) post, stating that “Cardano always wins.” Hoskinson’s statement came in response to a poll to rank the best Layer-1 network. Hoskinson suggested that the poll was already biased and that Cardano would surely come out on top if it were a “fair vote.” Related Reading: Crypto Analyst Says Bitcoin Hitting $100,000 In 2024 Is Inevitable, Here’s Why Meanwhile, this occurrence again highlights Hoskinson’s confidence in the Cardano network he founded. He once even compared the network to Bitcoin, noting how it was growing organically like the flagship blockchain. At different times, he also insinuated that Cardano has real network value, unlike networks like Solana. However, so far, Cardano’s network value has failed to positively affect ADA’s price, which is undoubtedly a cause for concern among ADA holders. At the time of writing, ADA is trading at around $0.56, down over 2% in the last 24 hours, according to data from CoinMarketCap. ADA drops down to $0.56 | Source: ADAUSDT on Tradingview.com Featured image from Forbes, chart from Tradingview.com
A plausible explanation has emerged for why the Cardano (ADA) price has dropped below the psychological price level of $0.7. The crypto token saw a sharp correction from its monthly peak of $0.8, recorded on March 14, and has since failed to recover such a height. Cardano Whales Responsible For Price Decline Data from the crypto analytics platform Santiment shows that the whale transaction count ($100,000 and above) on the network has reduced since March 14. That period was when Cardano hit a high of $0.8, which suggests that ADA whales began to take profits from then and have slowly exited their positions since then. Related Reading: Bitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000? Crypto whales are known to have a massive impact on the market, and prices usually drop as soon as these traders begin to offload their holdings. Moreover, this wave of profit-taking isn’t peculiar only to the ADA ecosystem; these past few weeks have been marred by investors taking profits from different crypto tokens in which they were invested. The flagship crypto, Bitcoin, was also not spared. Investors decided to take profits after weeks of seeing BTC make a parabolic run on its way to a new all-time high (ATH) of $73,750. Meanwhile, long-term ADA holders also looked to have used the opportunity to take some profits, as data from Santiment shows that a considerable amount of dormant ADA tokens were also transacted during that period. Specifically, March 20 was a busy day for these long-term holders as 200 million ADA tokens (which had been dormant for a year) moved on that day. Time For ADA To Run To $1 Like the broader crypto market, Cardano looks to be recovering from this recent wave of profit-taking, although at a slower pace. For its next leg up, there is the belief that the crypto token could finally break the $1 resistance. Crypto analyst Dan Gambardello recently predicted that ADA could rise to between $1.4 and $1.5 if it can break out from the $0.8 price range. Related Reading: Ripple CEO Responds To SEC’s Shocking $2 Billion Demand ADA whales are likely to soon return to the fold with whale transctions higher than $100,00 expected to pick up soon enough. A spike in these trasaction count would suggest that these investors are taking advantage of ADA’s current decline to accumulate more of the crypto token. That is something that could contribute to a rise in ADA’s price depending on how bullish these investors are on ADA going forward. At the time of writing, ADA is trading at around $0.6513, down almost 4% in the last 24 hours according to data from CoinMarketCap. ADA price struggles below $0.7 | Source: ADAUSDT on Tradingview.com Featured image from The news Crypto, chart from Tradingview.com