Cardano is trading at a crucial supply level that could spark a significant rally to new highs. After last week’s interest rate cut, optimism has surged among analysts and investors, with many anticipating strong upward momentum for the altcoin. Related Reading: Solana (SOL) Consolidates in Symmetrical Triangle – Analyst Reveals $160 Target On Breakout This positive sentiment is reflected in spot trading and the futures market, where key data from Coinglass reveals a bullish inclination. The key market sentiment indicator of the funding rate suggests that traders are positioning themselves for a potential breakout. If Cardano breaks past its current resistance, a 20% surge is expected, potentially pushing the price to levels not seen in months. This breakout could solidify the altcoin’s uptrend and set the stage for further gains. As the price approaches this critical resistance, investors are closely watching for signs of increased volume and momentum, which would confirm the strength of the bullish trend. With market sentiment shifting and technical indicators aligning, Cardano appears poised for a significant move. Cardano On-Chain Metrics Suggest A Breakout Cardano has surged over 15% since last week’s interest rate cut announcement, fueling speculation of a potential altseason in the crypto market this year. The broader market is turning optimistic, and key data from Coinglass supports this sentiment, showing a positive funding rate of 0.01%. This rate indicates that traders are paying a premium to maintain long positions, reflecting their anticipation of a potential price rally for ADA. A positive funding rate generally suggests a bullish market outlook, as it shows that traders are willing to incur additional costs to hold onto their positions, expecting further price appreciation. As Cardano approaches its crucial resistance level at $0.40, market sentiment points towards a potential breakout. Should the price maintain its current momentum and break above this key resistance, analysts expect an aggressive surge to new highs. Related Reading: SUI Price Sits 40% Below All-Time High As TVL Approaches $1 Billion Investors are closely watching this level, as a successful breakout could lead to a rapid 25% rally towards the $0.50 mark. This scenario would mark a significant recovery for ADA and reinforce the growing belief that altcoins, led by Cardano, could outperform in the coming weeks. However, the market remains cautious. While the current sentiment and data suggest a bullish outlook, the price must sustain its upward momentum to validate these predictions. A failure to break past the $0.40 resistance could result in a period of consolidation or even a short-term retracement. As the crypto community eagerly anticipates ADA’s next move, the coming days will be crucial in determining whether Cardano can capitalize on this renewed optimism and kickstart a broader altcoin rally. ADA Price Action: Key Levels To Watch ADA is now trading at $0.39, hovering around a key resistance level that hasn’t been broken since late July. The price is less than 5% away from the daily 200 exponential moving average (EMA) at $0.41. This EMA has acted as a significant resistance level since mid-April and now aligns with a crucial supply zone, making it a pivotal point for continuing Cardano’s bullish momentum. For the bulls to gain momentum and establish a stronger uptrend, ADA must reclaim the 200 EMA and decisively break past the $0.40 resistance. Doing so would signal a confirmation of a daily uptrend and could pave the way for a sustained rally to higher price levels. Related Reading: XRP $0.60 Triangle Breakout Could Ignite Parabolic Rally – Key Levels To Watch However, a deeper correction could follow if ADA fails to break through current resistance and set a new high. A pullback to lower demand levels around $0.35 would be the likely scenario as traders seek support before any potential rebound. The coming days will be crucial in determining whether Cardano can break through this resistance and establish a more bullish trajectory or if a retracement is imminent. Featured image from Dall-E, chart from TradingView
Cardano (ADA) has seen a remarkable performance over the week, surging over 10% and reentering the top ten cryptocurrencies by market capitalization list. Its recent price action has fueled a bullish sentiment among investors and market watchers, who believe the token might be near a rally toward $1. Related Reading: BNB Falters At $600, Paving The Way For A Deeper Pullback Cardano Breaks Out To Reclaim Top 10 Spot Cardano’s price has steadily declined after the March highs, registering a 42% drop in the last six months. During the Q1 rally, the token hit its highest price since 2022, reaching the $0.774 price range. Since then, ADA has nosedived to pre-rally levels, disappointing some investors and market watchers. The crypto community has repeatedly slammed the project for a “lack of appeal” to the broader public. Additionally, many have criticized ADA’s “underwhelming” price action. However, the token’s recent rally has sparked a bullish sentiment among some community members. Despite the early September market shakeouts, the cryptocurrency has registered a 10% surge from its monthly opening, seeing green numbers in the weekly and biweekly timeframes. Technical analyst Crypto Yapper noted Cardano’s recent performance. The analyst highlighted that ADA displayed a multi-month descending broadening wedge structure on its chart with multiple touch points on the top side and on the lower side. Inside this structure, the cryptocurrency displayed a smaller falling wedge pattern with its upper trendline being tested again on Monday. The analyst stated that the $0.35 was the first crucial resistance level for the token. Claiming this key zone and breaking out of the falling wedge pattern could create more bullish action and move the price toward the upper line of the bigger bullish structure. On Monday, Cardano’s token reclaimed the $0.36 range, a level not seen in nearly a month. The surge sent ADA’s price toward the $0.37 resistance level, turning the $0.375 price range into a support zone on Tuesday morning. The recent performance also pushed Cardano back to the top ten cryptocurrencies list after ADA’s market capitalization surged 6%, surpassing Tron (TRX) in the last 24 hours. Analysts See New Price Targets For ADA Today, Crypto Yapper noted that ADA broke above resistance as the cryptocurrency was creating a higher high on the daily chart. This performance “indicates a huge trend reversal for Cardano.” However, he pointed out that to break above the descending broadening wedge, the token must reclaim its second key resistance level at $0.39. If successful, the breakout could target the structure’s higher price range of $0.52. Related Reading: Bitcoin (BTC) On Track For ‘Strongest September Performance’, Is $90,000 Next? Other analysts also highlighted ADA’s performance and breakout, suggesting that the cryptocurrency has the potential for a 170% surge. Dan Gambardello pointed out, “Cardano just went through a phenomenal throwback to a colossal triangle pattern.” To the analyst, “If crypto is about to enter a green October, I anticipate ADA will reclaim $1 with haste.” ADA is trading at $0.378, a 6.2% and 12.2% surge in the daily and weekly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com
Cardano price started a decent increase above the $0.3620 resistance. ADA is now showing positive signs and might rise further toward $0.420. ADA price started a recovery wave from the $0.3420 level. The price is trading above $0.380 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $0.3810 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could continue to move up if it remains stable above the $0.3800 support zone. Cardano Price Starts Steady Increase After forming a base above the $0.3420 level, Cardano started a decent increase. There was a decent move above the $0.3550 and $0.3650 resistance levels like Bitcoin and Ethereum. The bulls even pushed the price above the $0.380 resistance. A high was formed at $0.3938 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $0.3432 swing low to the $0.3938 high. Cardano price is now trading above $0.380 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.3810 on the hourly chart of the ADA/USD pair. On the upside, the price might face resistance near the $0.3900 zone. The first resistance is near $0.3940. The next key resistance might be $0.4200. If there is a close above the $0.4200 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.450 region. Any more gains might call for a move toward $0.500. Are Dips Supported in ADA? If Cardano’s price fails to climb above the $0.3900 resistance level, it could start another decline. Immediate support on the downside is near the $0.380 level and the trend line. The next major support is near the $0.3650 level or the 50% Fib retracement level of the upward move from the $0.3432 swing low to the $0.3938 high. A downside break below the $0.3650 level could open the doors for a test of $0.3550. The next major support is near the $0.3420 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. Major Support Levels – $0.3800 and $0.3650. Major Resistance Levels – $0.3900 and $0.4200.
Cardano founder's upcoming meeting with the Argentine president Javier Milei is one of the main bullish factors for ADA this week.
Cardano founder's upcoming meeting with the Argentine president Javier Milei is one of the main bullish factors for ADA this week.
The latest weekly digital asset fund flows from CoinShares shed light on the ongoing dynamics among institutional investors when investing in altcoins such as XRP, Solana, and Cardano. Most of the inflow activity went into Bitcoin, but the report also highlights a diverse set of trends among altcoins to show preferences and strategies investors are […]
From a crypto perspective, Cardano founder Charles Hoskinson suggests that former US President and Republican presidential candidate Donald Trump is better suited to win the US presidential election as he has shown more support for the US crypto industry than Vice President Kamala Harris has. Related Reading: Dogecoin Bullish Breakout To $0.24: Analyst Reveals Key […]
At the TOKEN2049 conference, SkyBridge Capital founder Anthony Scaramucci revealed that US Vice President and Democratic nominee Kamala Harris is working alongside industry advocates on her crypto policies before the November elections. Related Reading: Solana (SOL) Flies 12% To Reclaim $140, Is $160 Next? Kamala Harris “Distancing” From Warren And Gensler On Thursday, Anthony Scaramucci claimed to be “working alongside” Kamala Harris to develop her campaign’s crypto policies. SkyBridge Capital’s founder announced at one of the largest crypto events worldwide that the Democratic nominee has been “hearing out” industry proponents. Scaramucci and other undisclosed crypto and Bitcoin advocates have been allegedly pushing the US VP to back industry-friendly policies. These talks have been seemingly “making progress” and “going in the right direction,” he stated at the event. Moreover, the industry advocates working alongside Harris “want to prevent” crypto policies from becoming a partisan issue, aiming for “crypto in the U.S. to have a bipartisan standard unstrained from political and tribal conflicts.” Scaramucci also stated that they are working to “distance” the Democratic Party from figures like Senator Elizabeth Warren and Gary Gensler, who have had a big role in the US’s crackdown on the industry. The Democratic candidate’s stance on the sector has been heavily speculated since she was nominated. Nonetheless, Harris, whose stance remains undisclosed, has been endorsed by several industry figures, including Ripple’s co-founder Chris Larsen and Bitcoin bull Mark Cuban. Who Is The Crypto Industry’s ‘Favorite’ Candidate? At the TOKEN2049 panel, Scaramucci also commented on his feelings about former US president Donald Trump. He applauded the Republican candidate for understanding the industry’s importance, claiming that he has changed the landscape ahead of the elections: Whatever my feelings are about President Trump, I applaud him for understanding how important this industry is for the United States, and I think ironically, he’s pulling the Democrats along into a centrist position on regulation. Trump’s stance has pushed the Biden-Harris administration toward a more industry-friendly approach in the past few months. In a recent interview with CNBC, Cardano’s founder, Charles Hoskinson, also suggested that Trump might be the favorite option from a crypto perspective. To him, the Republican candidate is the clear industry favorite as he has openly embraced the sector, even launching a DeFi project. The community has also launched several Trump-inspired memecoins throughout his campaign, which lead the PolitiFi token sector. Related Reading: Will Bitcoin Break Through $70k? Short-Term Holders’ Buy Price Holds The Key Since the presidential debate on September 10, the US VP has challenged the Republican candidate’s winning odds. Prediction markets like Polymarket show that Harris’s chances of winning surpass Trump’s by 3%, with 51% odds in her favor. Nonetheless, Hoskinson considers that regardless of who wins the election, the world will continue to move toward crypto adoption. “The world, with or without America, is embracing cryptocurrencies,” he stated. As of this writing, Bitcoin, the largest cryptocurrency by market capitalization, is trading at $63,480, an 8% increase in the past week. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin faced selling near $64,000, but buyers have managed to keep the price above the short-term holder realized price near $62,000, which is a positive sign.
Bitcoin faced selling near $64,000, but buyers have managed to keep the price above the short-term holder realized price near $62,000, which is a positive sign.
Cardano shows mixed signals on the technical indicators, not to mention the on-chain data. Despite bullish trends in the metrics, ADA has been unable to gain significant price momentum. At the time of writing, ADA is trading around $0.34, experiencing a slight 4% dip in the past 24 hours, leaving investors wondering whether it’s the right time to buy or wait. Related Reading: Bitcoin On Track For $92,000 ‘Bounce’ In 3 Months, Analyst Predicts Speaking of positive vibes, Cardano received a strong vote of confidence from the crypto community. In a recent survey conducted by Weiss Crypto, ADA won the title for the altcoin with the best technology, receiving over 76% of the votes. This shows that, despite price struggles, the community still believes in Cardano’s long-term potential. Which #altcoin has the best tech? — Weiss Crypto (@WeissCrypto) September 17, 2024 Bullish On-Chain Signals There’s some hope shown for ADA holders based on on-chain data. Coinglass reports that ADA’s Long/Short Ratio reads at 1.0167, meaning traders are feeling pretty bullish. Futures Open Interest has grown by 3% in the last 24 hours and has been up since the beginning of September 2024. These kinds of signals tend to mean traders are keeping their long positions, which can, by extension, set up the environment for price increases. For ADA, CoinCodex predicts a price rise of 16.53% and $0.405879 on October 19, 2024. On paper, these are fairly optimistic projections; however, the market sentiment and technicals overwhelmingly advise caution. Price Struggles To Gather Steam Despite the bullish data on-chain, ADA hasn’t managed to break out of the current range thus far. Even with the optimism indicated by the Long/Short Ratio and growing Futures Open Interest, ADA’s price is stuck at around $0.33. Further stagnation in this sense can be supported by the bearish sentiments presented within the wider crypto market that also impacts its short-term performance. ADA has been unable to break out from its present range even with the optimistic on-chain statistics. The altcoin’s price stays fixed near $0.33 even with the hope shown in the Long/Short Ratio and growing Futures Open Interest. The pessimistic mood of the larger crypto market, which has depressed its short-term performance, can help to explain this stalemate. Market Sentiment Cautiously Neutral The overall market sentiment remains neutral at 49, based on the Fear & Greed Index, which indicates caution. Where ADA’s price is said to rise in the coming weeks, most analysts are still advising one not to buy the asset yet since better bullish signals need to appear in the market first. Related Reading: SUI Climbs 36% Amid Bullish Breakout – Is $1.50 The Next Target? The recent surge in whale activity could also have a role to play—on September 17, these massive crypto hodlers moved 19.5 billion ADA tokens, worth around $6.48 billion, according to IntoTheBlock. Such large movements often signal upcoming price changes, and investors are watching closely. ADA: Community Confidence And Outlook With mixed technical indicators, the community of Cardano is doing just fine. The Weiss Crypto survey that shows ADA outperforming Ethereum and Solana, among others, suggests the technological base of Cardano is solid. Finally, though the on-chain metrics are bullish regarding Cardano, general market conditions are quite dim. Its short-term movement is pretty limited while there is hope in the community that the altcoin will still be able to prove its mettle as it works its way up the altcoin ladder. Featured image from Swyftx Learn, chart from TradingView
In a recent social media post, Charles Hoskinson, the founder of the Cardano blockchain, has reignited discussions within the crypto community by asserting that an upcoming upgrade will enable Cardano to surpass Solana in transaction speed. His statement comes in response to a community poll debating budget allocations for two competing proposals, revealing his strategic […]
The overall bearish sentiment for Cardano (ADA) continues to rise as analysts now foresee a massive 33% price crash for the altcoin. This pessimistic projection comes as ADA struggles to gain traction in the market, with its value remaining stagnant or steadily dropping to lower levels. Cardano (ADA) Crash Incoming Compared to other prominent altcoins in the crypto market, Cardano has performed poorly, struggling with price declines and sluggish growth. Consequently, a crypto analyst, identified as ‘Financialfreedomgoals’ on TradingView, predicted that cryptocurrency is likely to experience more than a 30% crash to new lows. Related Reading: BlackRock Calls Bitcoin ‘Hedge Against Global Disorder’, Analyst Sets $600,000 Target The analyst notes the broader negative state of the current crypto market, highlighting that most altcoins are stuck in a “bearish rut.” He disclosed that rather than achieving new all-time highs, these coins have been setting fresh lows, underscoring the persistent downtrend and decreased confidence amongst investors. Cardano, in particular, has had its share of negative sentiment and volatility. The cryptocurrency has stayed unwaveringly below the Exponential Moving Average (EMA) 200 line, a key technical indicator traders often use to gauge long-term trends. Typically, when the price of a cryptocurrency stays below this line, it tends to signal a continuation of a bearish trend. Given the present bearish state of the market, the crypto analyst has dismissed the idea of an upcoming altcoin season, where the majority of cryptocurrencies excluding Bitcoin experience significant price gains. On the daily time frame, Cardano is trading below the EMA 200 line and the bearish trend line. Initially, a rising wedge pattern had formed on the cryptocurrency’s price chart, however instead of breaking out, Cardano saw a series of negative candlesticks alongside a bearish crossover on the Moving Average Convergence Divergence (MACD). This series of negative indicators suggests that bears may be tightening their grip on Cardano’s price. As such, the crypto analyst foresees the ADA continuing its descent to reach fresh lows at target areas: 0.2506 or 0.2197. These targets are calculated using the Fibonacci retracement ratios of 1.272 and 1.618. 0.3815 Resistance Could Trigger Bullish Surge Despite maintaining a largely bearish stance on Cardano’s price outlook, Financialfreedomgoals has hinted at a potential bullish turnaround. He has suggested that a price reversal for ADA could be possible if the price of the cryptocurrency manages to break above the key resistance at 0.3815 Fibonacci level. Related Reading: Time To Convert Bitcoin To Ethereum? ETH/BTC Charts Gears Up For 180% Surge Crypto analyst Sssebi shares an even greater bullish outlook for Cardano. He highlights that during the previous bull market, ADA’s value increased by more than 100X. As a result, the analyst believes that ADA will rally by at least 20X in this current market cycle, expressing even stronger confidence that the cryptocurrency will reach $5 soon. As of writing, the price of ADA is trading at $0.3576, reflecting a significant increase of 11.39% over the past week, according to CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Dan Gambardello has highlighted the Cardano (ADA) roadmap to a new all-time high (ATH). The analyst also suggested that Cardano was halfway to reaching a new high, noting what part of its cycle the coin was currently at. Cardano Is In Stage 3 Of Its Cycle Gambardello remarked in an X (formerly Twitter) post that Cardano is in stage three of its cycle. He claimed that this part of the cycle for ADA is the “Told you. You should’ve listened” stage. This refers to the point where investors begin to capitulate, thinking that the crypto is unlikely to surge in the bull market given its bearish price action. Related Reading: XRP Price To Crash To $0.33 Before Surge To $9 Post-SEC Appeal; Analyst Reveals Once this stage is done, Cardano is expected to move to the next stage of its cycle, which Gambardello called the “Here we go again, another bull trap” stage. This stage will help shake out the short-term traders who jumped on ADA, believing its price would rise soon enough. Once the non-believers have been shaken out, the analyst predicts that Cardano will move to the last part of its cycle, when it will shatter its ATH and reach new highs. In his accompanying chart, Gambardello predicted that Cardano would rise to as high as $15 by year-end 2025. The analyst also indicated that ADA will enjoy a price surge beyond 2025, expected to mark the end of this cycle’s bull run. Interestingly, he forecasts that Cardano’s price will double in a year and rise to $31 by year-end 2026. A rise to $31 means that Cardano will have a market cap of $1 trillion. For context, the crypto market currently has a market cap of $2 trillion, meaning that figure is set to increase exponentially if ADA alone becomes valued at $1 trillion. The analyst didn’t provide any reason for believing the crypto can experience such massive growth in two years. A More Conservative Price Prediction Crypto analyst InvestingHaven has offered a more conservative price prediction for Cardano. In an X post, the analyst stated that the crypto will reach a “super bullish target of $1.95” in 2025. He also questioned whether ADA was ready for a breakout, claiming that the $0.443 Fibonacci level was the key to unlocking higher prices. Related Reading: Bitcoin Forms Golden Cross On 2-Month Chart, Here’s What Happened Last Time InvestingHaven added that the 2025 outlook for Cardano is full of potential, reaffirming that this is when the crypto will enjoy a parabolic rally. ADA has had a rough 2024 despite bullish developments like the Chang Hard Fork, which ushered in a decentralized governance system for the Cardano network. It is one of the worst-performing crypto assets this year, with a year-to-date (YTD) loss of over 40%. At the time if writing, Cardano is trading at around $0.35, down almost 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Charles Hoskinson, the founder of Cardano, has provided key insights into the next developmental and governance phases of Cardano and its Chang hard fork. With these plans set in motion, ADA, the native token of the Cardano ecosystem, has also seen a significant rise in a new metric, indicating a surge in investor interest and […]
Cardano (ADA) is currently trading just below a critical resistance level at $0.33 after a week of intense fear and uncertainty in the market. However, on-chain data from IntoTheBlock suggests that some investors see this as a potential buying opportunity, anticipating a market recovery in the near future. Related Reading: Why Is Ethereum (ETH) Losing Ground To Bitcoin? Key Report Explains ETH Struggles Despite the broader downturn, certain metrics indicate growing optimism, as a portion of the market appears to be accumulating ADA at these levels. This suggests that investors may expect a reversal soon. As the market continues to shift, these metrics could offer key insights for those wondering whether Cardano is worth buying at this point or if a deeper correction is likely. With ADA hovering at a critical juncture, investors are closely monitoring price action and data to determine if this could be a turning point for the asset. Cardano Investors Getting Ready To Buy? Data from IntoTheBlock reveals that some investors view Cardano (ADA) as a promising buying opportunity ahead of a potential market recovery. One significant indicator supporting this is the Exchange On-chain Market Depth, which tracks order books on the top 20 exchanges. This data shows that participants have placed buy orders for 220 million ADA tokens, amounting to over $70 million at the current market price. In contrast, bearish traders have set sell orders for fewer than 170 million ADA tokens, valued at approximately $52 million. This disparity between buying and selling volume suggests that Cardano’s price may be poised for an upward movement. When buy orders significantly outweigh sell orders, it often signals that investor sentiment is turning more positive, which can contribute to an increase in price. As long as this trend persists, with buying pressure dominating, Cardano could see a rally in the near term. Related Reading: Solana (SOL) 180-Day Consolidation Set to Break: Massive Rally Just Around the Corner? However, despite the bullish outlook from some investors, the broader market remains filled with uncertainty, and Cardano still faces resistance at the $0.33 level. The overall market sentiment and external factors will play a crucial role in determining whether ADA can break through this resistance and enter a more sustained uptrend. Still, the current data suggests a favorable environment for a potential recovery if positive sentiment continues. ADA Price Action ADA is currently trading at $0.32, facing indecision as it attempts to break the $0.33 resistance, which previously acted as support in early August. The asset remains under pressure, trading below the 4-hour 200 moving average (MA) at $0.3446. This is a crucial indicator of short-term strength, and its current position signals weakness. For bulls to regain momentum, ADA must break past the $0.33 resistance and reclaim the 4-hour 200 MA as support. Achieving this would strengthen the bullish case, potentially leading to a rally. However, if ADA fails to clear these resistance levels, the outlook could turn bearish. The next significant support sits at $0.30, and a break below this level would signal further downside potential. Related Reading: Can Avalanche (AVAX) Reclaim $30? Top Analyst Predicts A Dip Before A Bounce Traders are watching closely as the price action around the $0.33 resistance and 200 MA will determine whether ADA can recover or face a deeper correction. The market’s uncertainty makes these levels pivotal for ADA’s near-term direction. Featured image from Dall-E, chart from TradingView
Input | Output, the research and engineering entity behind Cardano, along with Hedera, have been named the final founding members of the Decentralized Recovery (DeRec) Alliance, a new coalition aimed at fostering interoperability and enhanced security across the crypto industry. The alliance, established by leaders within the Hedera and Algorand ecosystems and formalized in January […]
In a new video analysis, popular crypto analyst Dan Gambardello delved into the potential future of the Cardano (ADA) price amidst the troubling forecasts of a US recession. With a significant following of 369,000 on YouTube, Gambardello highlighted the general unease among ADA holders and general crypto investors due to the ongoing economic discourse surrounding a potential recession. Will Cardano Bottom In December? He drew parallels between historical S&P 500 behavior and current market conditions, noting, “On average the S&P 500 bottoms three months after a recession begins, but 10 months before the recession ends.” This observation is crucial as it sets a potential timeframe for when investors might expect the crypto market, including ADA, to bottom out. “I give it a 50/50 odds that we’re in a recession now. Check this out. The Fed has signaled that September interest rate cut is coming all but two times in history when the Fed has started to cut rates, a recession followed,” Gambardello suggested and explained that recession starts are usually only declared to have started once they have already begun. He further explained that the prevalent discussion about the US already being in a recession could impact investment strategies. According to Gambardello, if history repeats itself, the market could see its lowest point in December 2024. He based this on a detailed look back at market downturns since 1957, which typically show significant movements three months following the onset of a recession. Related Reading: Stunning Fall From Grace: Cardano Suffers 90% Plunge In Market Share Since ’21 “I just think whenever the bottom will be in, it is going to be explosive […] oftentimes [they declare] it 10 months later and they’re like ‘hey, you know what, the recession started 10 months ago. Nobody, there’s no exact science to when it starts, not like a set date but 3 months after it, the bottom is in for markets,” the crypto analyst noted. Gambardello then addressed the Federal Reserve’s signals about upcoming interest rate cuts, which historically have been followed by recessions. This pattern adds another layer to the already complex market analysis, suggesting that a recession might indeed be imminent or already underway. “All but two times in history when the Fed has started to cut rates, a recession followed,” he remarked, highlighting the gravity of the current economic signals. Shifting focus to Cardano, Gambardello juxtaposed ADA’s current market performance against its historical data. He pointed out that, similar to previous cycles, ADA is currently down by 89% from its peak, closely mirroring its past downturns where it was down by 94% at similar points. Related Reading: Crypto Analyst Explains Why Cardano Remains ‘Fundamentally Bullish’ “We’re down 89%. So put it all aside, Cardano is not doing anything different than it did last cycle. And the one thing I did notice though was from this 2018 high to when Ada made its way to where we are right now is, that was around 992 days after that all-time high. This time around and this is why I think it feels a little bit more painful for Cardano holders this time around, we’re looking at almost 1,100 days from all-time high to this moment right so it’s been very grueling,” Gambardello stated. Moreover, he analyzed Bitcoin’s influence on altcoins like Cardano. He discussed the potential for an ‘altcoin season,’ a period when altcoins typically surge if Bitcoin’s market dominance begins to wane. According to his analysis, such a season isn’t currently in play but could be on the horizon, correlating with his predicted market bottom in December. “Most altcoins, especially the blue chips, especially the top altcoins, are going to fly when market bottoms and crypto bounces,” Gambardello said. Concluding his analysis, Gambardello adopted a cautiously optimistic tone. He acknowledged the uncertainties inherent in predicting crypto markets but underscored the importance of historical patterns and current economic indicators in formulating investment strategies. He advised his viewers to stay vigilant, keep an eye on market data, and be prepared for more potential downside, but also be ready for an explosive growth period that has historically followed recessions. At press time, ADA traded at $0.3218. Featured image from Shutterstock, chart from TradingView.com
Charles Hoskinson, the founder of Cardano, has provided crucial clarifications regarding the options ADA holders will have when withdrawing staking rewards in the new era following the Chang hard fork. This clarification comes in response to growing concerns among ADA holders about changes in governance mechanisms and reward systems. Cardano Holders Need To Know This […]
The collaboration among these blockchain entities could significantly enhance digital asset recovery, promoting broader crypto adoption and security.
The post Cardano’s IOHK, Hedera join Ripple, Algorand Foundation as founding members of Decentralized Recovery Alliance appeared first on Crypto Briefing.
Cardano and Hedera join the Decentralized Recovery Alliance alongside Ripple and Algorand to shape the future of crypto security standards.
In a video update on Monday, Charles Hoskinson, the founder of Cardano, discussed the advancements and future steps for Cardano following the implementation of the Chang hard fork. Broadcasting from Colorado, Hoskinson provided a deep dive into the ongoing developments and the roadmap ahead, particularly focusing on the governance structure and the transitional phases that […]
After breaking below a lifetime support level, ADA's price versus Bitcoin could drop by another 25% in the coming months.
The Cardano blockchain has achieved a significant milestone with the successful implementation of its Chang hard fork, which took place on September 1, 2024, at 21:44 UTC at block number 10764778. This update ushers in the “Conway ledger era,” part of a series of enhancements aimed at decentralizing the governance of the blockchain through the […]
Cardano (ADA) is approaching a crucial support level at $0.3389, a point that could determine its next major price movement. As the cryptocurrency nears this significant threshold, the question arises: will it hold firm, or will a break below signal a deeper decline? This pivotal moment could set the stage for significant shifts in ADA’s price trajectory. This article aims to analyze ADA’s current price dynamics as it approaches the $0.3389 support level. We will examine the significance of this support threshold and assess the potential impact of a breach on ADA’s price trajectory. By exploring technical indicators, recent market trends, and possible scenarios, we seek to provide a comprehensive outlook on whether ADA is poised for a deeper decline or if the support level will hold firm. As of the time of writing, ADA is trading around $0.3488, marking a 2.25% decline, with a market capitalization of over $12 billion and a trading volume exceeding $272 million. In the past 24 hours, ADA’s market cap has decreased by 2.23%, and its trading volume has dropped by 1.55% Decoding ADA Behavior: Key Insights From Current Trends On the 4-hour chart, ADA has dropped below the 100-day Simple Moving Average (SMA) and is currently consolidating just above the $0.3389 mark. This positioning suggests a bearish trend, with the potential for further declines if the cryptocurrency breaks below this key support level. Additionally, on the 4-hour chart, the Relative Strength Index (RSI) has slipped below the 50% mark, currently resting at 41%, highlighting a growing bearish momentum and suggesting that selling pressure could intensify. On the daily chart, ADA is exhibiting notable negative movement below the 100-day SMA, with multiple bearish candlesticks forming as it nears the $0.3389 mark. This bearish trend indicates strong selling pressure and negative market sentiment, raising the likelihood of a breakout below this key level. Finally, the 1-day RSI reveals that ADA remains under significant bearish pressure, with the indicator trending below 50%. Sitting at 40%, the falling signal line highlights sustained bearish dominance and increasing pessimism surrounding the cryptocurrency. Critical Juncture: Will ADA’s $0.3389 Support Hold Or Signal A Deeper Drop? If ADA maintains support at the $0.3389 support level, it could start to rise toward the $0.4233 resistance level. If the price successfully breaches this resistance, it may continue its rally toward the next resistance point at $0.5229 and possibly other levels beyond. However, should the $0.3389 mark fail to hold and the price break below this level, the cryptocurrency may continue to move downward toward the $0.2388 range. Once this level is breached, the crypto asset may experience more price drops toward other support marks below. Featured image from Adobe Stock, chart from Tradingview.com
Cardano's Chang hard fork could significantly enhance network decentralization, governance, scalability, and potentially attract more users and investors.
The post Cardano’s Chang hard fork set to launch tomorrow — Here’s what you should expect appeared first on Crypto Briefing.
Bitcoin’s failure to maintain above $60,000 is pulling altcoin prices toward their recent swing lows. What will it take to turn the market around?
In an announcement made via X on August 30, Charles Hoskinson, the founder of Cardano, proclaimed the end of the Genesis Keys, a set of cryptographic keys instrumental in the early stages of the blockchain’s development and operation. Hoskinson’s brief yet profound message, “Genesis Keys are dead :) The Age of Voltaire is soon upon […]
Intersect, a member-based organization within the Cardano ecosystem, has officially announced the scheduled implementation of the Chang Hard Fork on the Cardano mainnet, set to occur on September 1, 2024, at 21:45 UTC. The hard fork marks a major milestone for Cardano’s evolution towards a fully decentralized ecosystem. The decision to implement the Chang Hard […]
Bitcoin’s fall below $60,000 signals near-term weakness, but longer-term investors continue withdrawing coins from exchanges, signaling a bullish outlook.