Cardano (ADA) has recorded a significant 20.29% price increase for the past seven days in line with the current green movement for most cryptocurrencies. ADA trading volume has spiked massively since it bottomed out at $0.335 on July 8, allowing it to outperform the majority of the large market-cap cryptocurrencies. For those wondering, ADA’s price surge can primarily be attributed to large on-chain transactions in the past seven days. Cardano Outperforming Many Cryptocurrencies Cardano is currently outperforming the market and could continue to do so throughout the weekend and into the coming week. According to the ADA price chart, the cryptocurrency started its uptick on July 8, while most cryptocurrencies were still experiencing price stagnation. This price uptick coincided with the announcement of crucial updates to the upcoming Chang hard fork which represents a pivotal moment for the Cardano blockchain. Related Reading: Market Strategist Predicts 32% Stock Market Crash, How Will This Affect Crypto? As reported by Bitcoinist, Cardano founder Charles Hoskinson noted in an AMA broadcast that the upgrade to node 9.0, which is essential for the Chang hard fork, is nearly complete. This appears to have played a part in the start of the shift toward a positive outlook for ADA. Recent price dynamics indicate ADA has kept up this bullish sentiment, with the bulls now in control. At the time of writing, ADA is trading at $0.4249, representing a 32% increase from the monthly low of $0.3213 recorded on July 5. According to on-chain data from IntoTheBlock, this ADA price surge was accompanied by an increase in whale activity on the Cardano blockchain, which likely contributed to the sustained increase. IntoTheBlock’s data shows that the number of daily transactions greater than $100,000 has increased from 312 transactions on July 7 to 814 transactions on July 12. This is a notable increase of 160% throughout the week. In addition, IntoTheBlock’s “Large Holders Netflow” metric indicates that large holders have increased their holdings by +27.53% in the past seven days. This increase in accumulation by Cardano whales has contributed to a bullish sentiment for ADA, driving the price upward. If this accumulation continues, we could see the large holder netflow flipping into a positive value in the larger 30-day and 90-day timeframes. What’s Next For ADA? In a bullish scenario, Cardano (ADA) could keep up with the price uptick in the coming week, especially with the entire crypto market starting to turn positive. On the other hand, failure to break above minor resistance at $0.43 could open up a bearish scenario, with ADA reversing its gains. Related Reading: Analyst Predicts 2,750% Celestia (TIA) Price Explosion To $188, Here’s The Roadmap ADA’s price movement over the weekend could determine how it performs next week. It may continue upwards after breaking above $0.43 to test another resistance level around $0.515, where there are currently 564,830 ADA addresses waiting to turn a profit. Featured image created with Dall.E, chart from Tradingview.com
Cardano price started a steady increase above the $0.3850 resistance. ADA is now eyeing a close above $0.40 to gain bullish momentum. ADA price started a fresh increase and traded above $0.3880. The price is trading above $0.390 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $0.3935 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could gain bullish momentum if it closes above the $0.40 zone. Cardano Price Eyes Steady Increase In the past few sessions, Cardano started a decent increase from the $0.3350 support zone. ADA climbed above the $0.350 and $0.3650 resistance levels, like Bitcoin and Ethereum. It even cleared the $0.3880 resistance and tested $0.4050. A high was formed at $0.4047 and the price is now consolidating gains. There was a move below the $0.400 and $0.3980 support levels. The price tested the 23.6% Fib retracement level of the upward move from the $0.3577 swing low to the $0.4047 high. ADA price is now trading above $0.380 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.3935 on the hourly chart of the ADA/USD pair. If there is another upward move, the price might face resistance near the $0.400 zone. The first resistance is near $0.4050. The next key resistance might be $0.4250. If there is a close above the $0.4250 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.450 region. Any more gains might call for a move toward $0.4650. Downside Correction in ADA? If Cardano’s price fails to climb above the $0.400 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.3960 level and the trend line. The next major support is near the $0.3810 level and the 50% Fib retracement level of the upward move from the $0.3577 swing low to the $0.4047 high. A downside break below the $0.3810 level could open the doors for a test of $0.3750. The next major support is near the $0.350 level. Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. Major Support Levels – $0.3960 and $0.3810. Major Resistance Levels – $0.4000 and $0.4050.
The Cardano blockchain has been relatively quiet since the beginning of July, alongside an ADA price consolidation. As per on-chain transaction data, Cardano whales have also been relatively quiet since the last week of June. Daily whale inflows have steadied under 5 million ADA since the beginning of the month, save for a recent spike earlier in the week. Particularly, on-chain data from IntoTheBlock indicate a recent 1,218% spike in daily whale inflows, a development that may signal the start of an ADA price uptick. Cardano Sees 1,218% Spike In Major Metric According to the Large Holders Inflow from IntoTheBlock, the Cardano blockchain witnessed a 1,220% surge in whale inflow. As noted earlier, daily inflows into whale wallets have been on a decline since July 5. However, a surge in activity at the beginning of the week resulted in the number of inflows into whale addresses spiking from 14.51 million ADA on July 8 to 110.82 million ADA on July 9. This increase is more noticeable compared to the 2.83 million ADA recorded on July 7, which represents a 3815.9% increase in daily inflows over two days. Related Reading: Ethereum Whale Sparks Sell-Off Rumors With 11,215 ETH Coinbase Deposit The Large Holders Inflow metric tracks the amount of tokens entering into wallets holding at least 0.1% of the circulating supply of ADA. According to data from Coinmarketcap, there are currently 35.87 billion ADA tokens in circulation. Meaning each wallet being tracked by the metric has to possess at least 35.87 million ADA tokens before they can be classified as large holders or whales. According to the ADA holdings distribution, only 0.01% of the total Cardano addresses are within the range of those possessing 10 million to 100 million ADA tokens. However, they control a majority (36.26%) of the coins in circulation, which gives them a say in the overall price movement. Will ADA Price Follow? Whale activity doesn’t just affect prices directly; it can also sway overall market sentiment. When some of these big players make moves, it can either boost confidence or spread fear among other whales and retail investors. Related Reading: Bitcoin Forms Double Top Pattern On 4-Hour Chart, Analyst Reveals Targets Recent bearish sentiment saw ADA hit a nine-month low of $0.3211, but it has rebounded and is now on the verge of reversing into a positive percentage in a seven-day timeframe. At the time of writing, ADA is trading at $0.3936, which has been up by 2.25% in the past 24 hours. As a result of this short-term price increase, ADA has been driven out of a falling wedge formation on the price chart, which might ultimately result in a 70% surge above the $1 threshold. On the development side, the Cardano blockchain, which was recently accused of being a dead coin, is about to launch an upgrade to its network. Featured image created with Dall.E, chart from Tradingview.com
Amid the recent downturn in the global crypto market, a recent Crypto Banter Dylan’s Trading Show session has caught the eye with some bold claims regarding what comes next for Solana and Ethereum and some negative sentiment on XRP and ADA. Over the past years, crypto analysts in the industry have been discovering and analyzing patterns in the market because this could help them predict future directions. So far, a decrease in Bitcoin‘s dominance is considered good for altcoins. According to the Crypto Banter Show analyst, this change could potentially signal more diversified investing in altcoins and a market bullishness towards lesser-known chains. Related Reading: Crypto Analyst Says Bitcoin Could Reach $100,000, But What About Altcoins? Focus on Growth: Altcoins to Watch Despite the caution against investing in what is labeled ‘dead coins’ like XRP and ADA, Dylan’s Trading Show analyst expressed a more optimistic outlook for coins such as Solana and Ethereum. The analyst noted that if Bitcoin loses dominance, a series of massive moves upward could be in store for these altcoins. In particular, he forecasts that Solana could find support levels around $137 to $139 should the market continue its current momentum without breaking key technical barriers. As for Ethereum, the analyst discloses that ETH is approaching a critical juncture at the 200-day Moving Average (MA). If Ethereum breaks through and holds this level, it will trigger a domino effect to the upside, positively impacting small-cap altcoins. Should You Stay Away From XRP and ADA? While the analyst has mentioned XRP and ADA as “dead coins”— which means they might not have much potential for growth in the near term, it is worth noting that these assets are still seeing their share of optimism and bullishness from their respective community. Earlier today, an analyst revealed the potential for XRP to experience a massive rally due to the emergence of “one of the tightest monthly Bollinger Band squeezes in its history.” According to the analyst, the last time this indicator was seen, “XRP shot up 60,000%.” On the other hand, ADA is on the cusp of a new development with the upcoming Chang Hard Fork. IntoTheBlock states, “before its previous hard fork in 2021, ADA surged 130%, from $1.35 to $3.10 in just a month.” This signals a possible price surge for ADA, reminiscent of past gains following significant updates or forks within the blockchain. Related Reading: XRP Set To Skyrocket 60,000% On Tightest Bollinger Bands Ever: Analyst Overall, the updates above from the assets suggest potential upcoming volatility and price increases for both XRP and ADA, contradicting the analyst’s view that they are “dead coins.” Featured image created with DALL-E, Chart from TradingView
In an Ask Me Anything (AMA) session broadcast live from Wyoming, Charles Hoskinson, the founder of Cardano, provided an eagerly awaited update on the progress of Cardano and the upcoming Chang hard fork. Speaking from his ranch, he described the ongoing efforts and milestones reached in what has been a significant journey for the blockchain […]
Crypto analyst Ben Armstrong, popularly known as ‘Bitboy Crypto’ has ignited controversy by declaring Cardano (ADA)and Polkadot (DOT), “dead to institutions.” His brash statement has drawn substantial backlash from the crypto community, with many members vehemently opposing his criticizing remarks. Analyst Calls Cardano, Polkadot Dead In an X (formerly Twitter) post on July 3, Armstrong […]
Cardano Founder Charles Hoskinson responded to Ben Armstrong’s comments about ADA status as a ‘dead coin’. Hoskinson’s reply sparked a conversation about the state of the crypto industry and what’s valued in projects. Related Reading: Gala Games Announces Partnership With Animoca Brands, GALA Token Plunges 6.7% Cardano And Polkadot Labeled ‘Dead Coins’ On Wednesday, crypto influencer Ben Armstrong, known as BitBoy Crypto, shared his thoughts on Cardano (ADA) and Polkadot (DOT). The influencer took X to explain his previous comments, stating that both cryptocurrencies were dead. In a YouTube Video from April, Armstrong said that ADA was “dead for real.” The crypto influencer believed that this time “was different.” To him, investors had to question whether they were okay “standing on ideals” while watching their portfolio take a hit. Per the influencer, ADA’s disappointing performance was because it doesn’t have the same backing as other tokens. He explained that “numbers go up” for institutionally backed tokens. Armstrong also noted that, despite not having “awful” institutional numbers, ADA can’t compete with Ethereum (ETH) or Solana (SOL). Moreover, the influencer considers that “crypto is changing,” investors are turning their heads toward new projects to feel like they are early. On X, Armstrong reiterated his opinion about ADA and DOT, stating that both were “dead to institutions.” However, he clarified the implications of his statement. The token’s dead coin status doesn’t mean ADA and DOT won’t pump this bull run. To him, the tokens will offer returns to investors, but they will be “mid.” Charles Hoskinson Claps Back Cardano’s founder responded to Armstrong’s comments, questioning the crypto influencer’s stance. To Hoskinson, his logic goes against the ethos of crypto. “I remember when the point of cryptocurrencies was to replace institutions instead of acting out a scene from deliverance,” the post read. Armstrong’s comments ignited a discussion in the replies, with several crypto users disagreeing with his take. One X user agreed with the Cardano founder’s reply, wondering, “When did crypto become people begging for institutional investment?” Another user stated that if Satoshi Nakamoto had shared Armstrong’s logic, the crypto industry and none of us would be here. “Hinging the success of a decentralized chain on centralized entities is hustling backward,” they added. Nonetheless, some crypto investors agreed with the crypto influencer comments. A community member considered that, unlike Hoskinson, Armstrong is “at least adding content and valued entertainment into the space.” This has been a constant criticism toward the Cardano ecosystem and its founder. Cardano users defended the project, claiming that the blockchain is one of the “few that haven’t lost the DeFi plot.” Many also concurred that the ecosystem is not there for VC funds or Armstrong but for its users. Related Reading: FET Drops 9% As ASI Token Merger Phase 1 Kicks Off Ultimately, crypto investors agreed that if a project has a strong community and technology, more user and institutional investments “will follow the network effect.” At the time of writing, ADA is trading at $0.3861, a 4.4% decline in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Cardano (ADA) has correlated with the broader market, experiencing a retracement from its yearly high of $0.810 in March to as low as $0.357 on June 22. However, ADA has now deviated from the struggles of Bitcoin (BTC) and Ethereum (ETH), exhibiting a 2% increase in the past 24 hours and over 12% in the past two weeks. Explosive Rally For Cardano Intriguingly, technical analysts believe that ADA could be on the verge of an explosive rally in the coming weeks, potentially retesting its yearly high and setting the stage for a surge above the $1 mark. Crypto analyst Captain Fabik points to the confirmed Falling Wedge Breakout on ADA’s daily chart, with the token surpassing the crucial $0.407 price mark on Tuesday. Fabik predicts a bullish rally of approximately 70% for ADA in the coming months, envisioning a price around $0.704, just below the yearly high. Related Reading: Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price Echoing this sentiment, optimistic users anticipate a solid bullish rally for ADA, expecting a move toward the $0.80 mark shortly, citing the formed Falling Wedge pattern. However, not all analysts share the same level of bullishness. Crypto Bullet offers a more cautious perspective. While acknowledging potential price increases for ADA, Crypto Bullet does not foresee new all-time highs in this bull cycle. Instead, Crypto Bullet suggests that the highest ADA can reach during this cycle is the 0.786 Fibonacci level. The analyst sets macro targets at $1.15 and $1.80, highlighting the current gap of over 86% from ADA’s all-time high of $3.09 during the 2021 bull run. Bullish Sentiment Surrounds ADA Cardano (ADA), currently boasting a market capitalization of $14.6 million, shows further technical indicators on its daily chart, suggesting a bullish continuation of the current uptrend. Market expert Jesse Olson highlights the pending buy signal on the daily chart of ADA, accompanied by bullish targets set for the token. Indicators signaling this bullish sentiment include a bullish divergence, a buy signal on the Relative Strength Index (RSI), and a bullish crossover on the Moving Average Convergence/Divergence Indicator (MACD). Analyzing the chart, Olson predicts a continuous climb for ADA’s price, initially targeting the $0.470 mark, followed by a move just below the $0.550 level. According to the analysis, the ultimate price target is $0.650. However, despite mounting bullish predictions, several resistance levels remain to be overcome. As ADA currently trades at $0.415, the token faces its first challenge at the $0.418 mark in weeks. On its path to the $0.600 level, Cardano’s native token will encounter key resistance walls at $0.438, $0.503, $0.517, and $0.590. The ADA must overcome these notable hurdles to reclaim previously lost levels. Related Reading: 36% Explosion! ENS Coin Steals The Spotlight In The Crypto Market As the bullish sentiment grows, attention turns to the upcoming Chang upgrade, which is set to deploy a new set of governance features to Cardano. This upgrade aims to unlock the final features of on-chain governance, including delegated representative participation and treasury withdrawals. The impact of these developments on ADA’s uptrend remains to be seen. Featured image from DALL-E, chart from TradingView.com
The Cardano Chang Hard Fork, although having not dropped on scheduled, continues to be the most bullish development for the ADA price currently. Expectations are that the completion of the hard fork will bring about an ADA price rally that could send it toward its previous all-time high of $3.1. However, the question remains of […]
Cardano (ADA) has faced a significant blow after losing its top position as the leading network for development activities. Despite the Cardano founder, Charles Hoskinson, lauding major updates and developments within the blockchain network, ADA has been overtaken by other crypto networks, pushing it down to fifth place. ADA Loses Top Spot For Network Development […]
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
Polkadot community members are debating the feasibility of a bridge that would link the network to Cardano. Felix, an agent from the Unifires ecosystem, shared on the Polkadot Forum that efforts are underway to develop a Cardano-Polkadot light client and NFT swap bridge. He mentioned that the proposal has already been submitted to Cardano, and […]
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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
Bitcoin has broken below the immediate support of $64,602, increasing the risk of a fall to the crucial $60,000 price level.
On-chain analytics platform Santiment has outlined a factor that could contribute to Cardano (ADA) and XRP enjoying further moves to the upside. Both tokens recorded relief pumps following the recent decline in the crypto market, but market traders believe this development is far from a bullish reversal. Heavy Trader Shorting Could Lead To Price Rises For Cardano And XRP Santiment claimed in an X (formerly Twitter) post that the heavy trader shorting which Cardano and XRP are currently seeing could be the “rocket fuel” for continued price rises for these crypto tokens. Santiment had also revealed that Cardano and XRP were among the most notable altcoins that are heavily shorted following their relief bounces. Related Reading: Ethereum Price To Hit $10,000, ‘Just The Way The Chips Have Fallen,’ Analyst Says Interestingly, they called this a “good sign” for the patient bulls, as they believe that liquidation of these short positions could effectively be the momentum that these crypto tokens need to rise higher. Cardano and XRP being named among the most shorted altcoins isn’t surprising, considering that they are the most underperforming coins this year among the top 50 crypto tokens by market cap. Cardano and XRP have also usually failed to enjoy significant relief pumps even when Bitcoin (BTC) and the broader crypto market enjoy a massive rebound. However, this time could be different, as Cardano and XRP have enjoyed a modest price recovery while some other altcoins lag. Data from Coinglass shows that Santiment’s theory could already be in play, seeing how the Cardano and XRP bears have suffered significant losses in the last 24 hours. Over $50,000 in Cardano short positions have been liquidated during this period, while not a single cent in Cardano long positions have been liquidated. Similarly, over $30,000 in XRP short positions have been liquidated while XRP longs were unaffected. A Major Move Might Be On The Horizon For XRP Crypto analyst Egrag Crypto recently predicted that XRP could enjoy a price pump of around 1,700% starting in July. He alluded to XRP’s quarterly hammer formation between April and June 2016 and July and September 2017 before the crypto token enjoyed a major pump. The crypto analyst stated that XRP could form this bullish pattern again but needed to close the 3-month candle above the range between $0.55 and $0.58 in 10 days. Related Reading: Dogecoin Weighted Sentiment Drops To 2024 Lows, What Does This Mean For Price? Egrag further claimed that if the hammer formation is similar to the one in 2016, the XRP could begin the projected 1,700% price rally in July, eventually sending the crypto token to $8. However, if the hammer formation is similar to the one in 2017, Egrag mentioned that XRP holders might have to wait another six months before the “epic” pump of around 5,500%, sending XRP’s price to $27. Featured image created with Dall.E, chart from Tradingview.com
The on-chain analytics firm Santiment has revealed that Dogecoin and Cardano are two assets that look “very bullish” according to this metric. Dogecoin & Cardano Currently Have Low 30-Day MVRV Ratios In a new post on X, Santiment has discussed about how some of the top assets in the cryptocurrency sector are looking like right now in terms of the Market Value to Realized Value (MVRV) Ratio. The MVRV Ratio is a popular on-chain indicator that keeps track of the ratio between the market cap and realized cap for any given coin. The market cap here naturally refers to the simple total valuation of the asset’s supply at the current price. The realized cap is also a method of calculating the valuation of the cryptocurrency, but the twist here is that this model doesn’t take the value of all tokens in circulation the same as the spot price. Rather, this model assumes that the “real” value of any coin is the same as the price at which it was last transferred on the blockchain. Related Reading: Hard To Be “Too Scared Of Bitcoin Price Action,” Says Analyst. Here’s Why Generally, the last transaction can be assumed to be the last point at which the coin changed hands, so the price at its time could be considered to be its current cost basis. As such, the realized cap basically calculates the sum of the cost basis of every coin in circulation. One way to view the model, therefore, is as a measure of the total amount of capital that the investors have used to purchase the total Bitcoin supply in circulation. Since the MVRV ratio compares the market cap, which represents the value that the investors are holding right now, against this initial investment, its value can tell us about the profit-loss status of the market as a whole. Now, here is the chart shared by the analytics firm that reveals the recent trend in the 30-day MVRV ratio of six top coins: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Dogecoin (DOGE), Toncoin (TON), and Cardano (ADA). The 30-day MVRV Ratio only includes the data for the investors who bought their coins within the past month. Thus, its value reflects the profit-loss balance of these new buyers. From the graph, it’s visible that the indicator is at negative levels for all of these assets right now, implying that the 30-day investors would be at a loss. This may not actually be bad, though, as Santiment notes, “the lower a cryptocurrency’s 30-day MVRV is, the higher the likelihood we see a short-term bounce.” At present, Bitcoin, Ethereum, and XRP are seeing small negative values, suggesting that these assets may be slightly undervalued. The metric stands at just -0.6% for Toncoin, though, implying that TON is more or less neutral currently. Related Reading: XRP, Dogecoin, & Shiba Inu All See Negative Sentiment: Signal To Buy? Dogecoin and Cardano, on the other hand, stand out with their 30-day MVRV Ratios of -16.7% and -12.6%, respectively. These values are deep enough that Santiment has labelled these coins as “very bullish.” It now remains to be seen how DOGE and ADA develop in the coming days, given this potential positive signal in the MVRV Ratio. DOGE Price Dogecoin has been riding on bearish momentum over the last couple of weeks as its price has now dropped to $0.125. Featured image from Dall-E, Santiment.net, chart from TradingView.com
Cardano (ADA) extended losses and tested the $0.360 zone. ADA is now rising and might attempt to clear the $0.400 resistance zone. ADA price remained in a bearish zone and settled below $0.40. The price is trading below $0.400 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $0.3760 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could gain bullish momentum if there is a close above $0.400. Cardano Price Remains In Negative Zone In the past few days, Cardano started a downward move like Bitcoin and Ethereum after it failed to clear the $0.450 resistance. ADA dipped below the $0.400 support and tested the $0.360 zone. A low was formed at $0.360 and the price is now correcting losses. There was a minor recovery wave above the $0.3750 zone. The price climbed above the 50% Fib retracement level of the downward move from the $0.4204 swing high to the $0.3600 low. There is also a connecting bullish trend line forming with support at $0.3760 on the hourly chart of the ADA/USD pair. However, the price faces many hurdles on the upside. ADA is still trading below $0.400 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $0.3980 zone or the 61.8% Fib retracement level of the downward move from the $0.4204 swing high to the $0.3600 low. The first resistance is near $0.400. The next key resistance might be $0.410. If there is a close above the $0.410 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.4250 region. Any more gains might call for a move toward $0.450. Another Decline in ADA? If Cardano’s price fails to climb above the $0.400 resistance level, it could start another decline. Immediate support on the downside is near the $0.3850 level. The next major support is near the $0.380 level and the trend line. A downside break below the $0.380 level could open the doors for a test of $0.3650. The next major support is near the $0.360 level. Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. Major Support Levels – $0.3850, $0.380, and $0.360. Major Resistance Levels – $0.400 and $0.4250.
Lately, numerous uncertainties have been seen in the cryptocurrency market, leading to a significant drop in the value of several major coins, like XRP. Despite this, well-known cryptocurrency analyst and enthusiast Javon Marks in a daring forecast has predicted a significant upswing for XRP, setting a $20 price target for the digital asset following its […]
Bitcoin is facing intense selling pressure, but charts suggest strong support at $64,500 and again at $60,000.
Bitcoin and several altcoins are getting sold into rallies, increasing the risk of a downside breakdown.
In a recent episode of the Thinking Crypto podcast, Charles Hoskinson, founder of Cardano, addressed the swirling rumors about a potential partnership with tech mogul Elon Musk. During the podcast, hosted by Tony Edwards, Hoskinson discussed various outreach efforts made to Musk’s companies, including offers of free work to combat bot issues on the platform formerly known as Twitter, now X. Hoskinson Denies Rumors Of A Partnership With Musk Hoskinson detailed several attempts by his team to connect with Musk’s companies, particularly X (formerly Twitter), where they proposed solutions to combat prevalent issues like fake accounts and bots. “We’ve reached out numerous times to try to engage with various people at X, even offering to do free work with verified tweets or other things just because it’s so bad right now with bots and these other things, and it’s just always silent,” Hoskinson lamented. Related Reading: Crypto Analyst Predicts Cardano Price Will Rally 370% To $2, Here’s The Timeline Despite these efforts, he confirmed that Musk has never discussed Cardano or any potential collaboration personally. “I even know Kimbal Musk and I’ve talked to him on several occasions […] never once has [Elon] mentioned Cardano or me or anything,” he added. The founder’s comments served to quash rumors that had suggested potential uses of Cardano’s technologies, like the Midnight sidechain, in Musk’s high-profile companies such as SpaceX or Tesla. The speculative excitement around such a high-caliber partnership had been a point of discussion among investors and enthusiasts, given Musk’s known interest in cryptocurrency and his impactful endorsements of Dogecoin. Despite sharing mutual friends and professional connections such as podcaster Lex Friedman, Hoskinson expressed confusion and a bit of melancholy over the lack of engagement from Musk. “We share mutual friendships so I don’t know why we haven’t been able to square that circle […] maybe he’s got some people in his social circle that don’t like me and so he’s got some intel that I’m a bad person to work with or maybe it’s just he wants to do his own thing,” Hoskinson speculated. Related Reading: Cardano (ADA) Headed For Reversal? Analyst Eyes $0.50 As Turning Point Addressing Musk’s enigmatic persona and unpredictable business moves, Hoskinson noted, “He’s a magical guy. So it’s really like a sphinx hard to understand his motivations and understand why he does what he does. Why does he have this bizarre fetish for Dogecoin? Is it that he owns 20% of the supply…don’t know with a guy like that that’s the magic of Elon Musk.” Cardano Bears Remain In Control The ADA price saw a decrease of 2.2% over the last 24 hours, a dip that coincides with a broader downtrend in the altcoin market. Trading volume for ADA decreased also significantly, falling 22% to $357 million over the same period. The ADA price has consistently traded below the 20-day Exponential Moving Average (EMA), which has acted as a key resistance level since mid-March. While there was a brief period where ADA surpassed this threshold, it eventually faced strong resistance at the 200-day EMA and was unable to sustain its upward momentum. As such, the 20-day EMA, currently at $0.445, is a critical near-term resistance level. Surpassing this barrier could signal a potential shift in market sentiment, paving the way for a rally towards the 200-day EMA at $0.494. A decisive break above this longer-term EMA could firmly establish a bullish trend for ADA. Featured image from YouTube, chart from TradingView.com
Cardano founder Charles Hoskinson revealed that the blockchain is on course for its “most significant milestone in history,” with the impending Chang fork setting the stage for the “Age of Voltaire.” In a June 9 social media post, Hoskinson said: “It looks like June will be the month that Cardano Node will reach 9.0. This […]
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Cardano gears up for a transformative June with the launch of Cardano Node 9.0 setting the stage for the Voltaire Age.
The post Cardano prepares for Voltaire era with node 9.0 launch appeared first on Crypto Briefing.
Bitcoin and select altcoins are attempting to break above their respective resistance levels, signaling aggressive buying by the bulls.
The Technical Director at the Cardano Foundation, Matthias Benkort (also known as @KtorZ), has successfully encapsulated the entire Bitcoin blockchain within a single block on the Cardano blockchain. This announcement, made via X (formerly Twitter), has sent ripples through the blockchain community, highlighting the potential for advanced data management and interoperability between blockchains. A Breakthrough […]
Cardano (ADA), the smart contract platform, has been facing a rough patch recently. While the broader DeFi sector has seen an uptick in DEX volumes, Cardano’s Total Value Locked (TVL) has plummeted, raising concerns about the health of its ecosystem. Related Reading: Political Memecoin Mania: Super Trump Token Explodes With 200% Surge DeFi Activity And NFT Market Slump Despite the surge in DEX volumes across the crypto landscape, Cardano’s TVL has witnessed a significant decline, dropping from $430 million to $230 million, according to data from Artemis, a leading blockchain data provider. This suggests a lack of interest in dApps built on the Cardano network, potentially hindering its long-term growth prospects. The NFT space on Cardano has also taken a hit. Popular NFT collections have seen a dramatic decrease in floor price and overall trading volume over the past month. This waning interest in Cardano NFTs could further dampen investor sentiment and negatively impact the price of ADA. Cardano: Technical Indicators Flash Warning Signs The technical outlook for ADA is currently bearish. The price has been trending downwards over the past few weeks, forming multiple lower lows and lower highs. Additionally, key technical indicators like the RSI (Relative Strength Index) and CMF (Chaikin Money Flow) are pointing towards declining bullish momentum and money flow into ADA. Beyond the immediate price and DeFi woes, other factors raise concerns about Cardano’s future. The velocity of ADA, indicating the frequency of token exchange, has fallen significantly, suggesting decreased trading activity. Additionally, the MVRV ratio, a measure of profitability for token holders, has also dropped, implying that most ADA addresses are currently underwater. Cardano Price Forecast While Cardano remains a prominent player in the blockchain space, the recent developments highlight the challenges it faces. The combination of declining price, waning DeFi and NFT activity, and negative on-chain metrics suggests a potential for further downside in the short term. Cardano is expected to experience a modest increase in price, reaching $0.47 by June 30, 2024, indicating a predicted rise of nearly 5%. However, it’s important to consider various technical indicators and market sentiment to assess the potential movement of the asset. Related Reading: Are Whales Sniffing Out A Deal? Ethereum Holdings Balloon To 30% – Details The crypto’s bearish sentiment may be influenced by factors such as market trends, news events, or technical analysis patterns. Additionally, the Fear & Greed Index stands at 73, indicating a state of Greed among market participants. This suggests that investors may be more inclined to take risks or engage in speculative behavior, which could potentially impact Cardano’s price movement. It’s noteworthy that ADA has experienced significant price fluctuations in the past. Its highest price of $3.10 was reached on September 2, 2021, marking its all-time high, while its lowest price of $0.017 was recorded on October 1, 2017, representing its all-time low. These historical price points highlight the volatility and potential for significant price swings within the Cardano market. Featured image from ReddSparks Crypto Blog, chart from TradingView
Cardano (ADA) corrected gains and tested the $0.4520 support zone. ADA must stay above the $0.450 support to start a fresh upward move. ADA price is struggling to gain bullish momentum above the $0.4750 zone. The price is trading below $0.460 and the 100-hourly simple moving average. There was a break above a connecting bearish trend line with resistance at $0.4570 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could gain bullish momentum if there is a close above $0.4620. Cardano Price Tests Support In the past few sessions, Cardano started a downward move after it failed to clear the $0.4750 resistance. ADA dipped below the $0.4620 support and tested the key support at $0.4520 like Bitcoin and Ethereum. A low was formed at $0.4516 and the price is now consolidating losses. There was a minor recovery wave above the $0.4550 zone. There was a break above a connecting bearish trend line with resistance at $0.4570 on the hourly chart of the ADA/USD pair. The pair tested the 23.6% Fib retracement level of the recent decline from the $0.4743 swing high to the $0.4516 low. Cardano is now trading below $0.4620 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $0.4960 zone. The first resistance is near $0.4620 or the 50% Fib retracement level of the recent decline from the $0.4743 swing high to the $0.4516 low. The next key resistance might be $0.4750. If there is a close above the $0.4750 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.50 region. Any more gains might call for a move toward $0.5250. More Losses in ADA? If Cardano’s price fails to climb above the $0.4620 resistance level, it could continue to move down. Immediate support on the downside is near the $0.4520 level. The next major support is near the $0.4460 level. A downside break below the $0.4460 level could open the doors for a test of $0.4320. The next major support is near the $0.420 level. Technical Indicators Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.4520, $0.4460, and $0.4320. Major Resistance Levels – $0.4620 and $0.4750.
Algorand Foundation’s new ad criticized Bitcoin, Ethereum, and Solana for their efficiency. The ad received mixed reactions from the crypto community and sparked a conversation about the art of advertising crypto products. Related Reading: Ethereum Eyes $4,000 Comeback Fueled By Bullish Buying Spree Algorand, The Only One “Delivering” Algorand’s latest ad has sparked controversy for “dissing” three networks. Titled “When Blockchain Meets The Real World, Only One Can Deliver,” the ad features a classic grocery store checkout line format. The video shows three customers trying to pay for groceries with crypto: Bitcoin, Ethereum, and Solana. During the ad, the three shoppers have problems with their respective transactions, seemingly suggesting that the rival networks are unsuitable for everyday use. The customer using Bitcoin had to wait 27 minutes for the transaction to be completed; the one paying with Ethereum was told the transaction fees were $112, and the Solana payer had his transactions repeatedly failing. All three issues in the ad are common criticisms that the three targeted networks receive. The commercial then shows the next checkout line, with buyers using Algorand as a payment method. As this line moves quickly, the video displays text stating “Instant Finality. Low Fees. Designed for the speed of life.” The ad finished with the cashier saying, “Should have shopped with Algorand,” and Anthony Scaramucci, investment guru and founder of SkyBridge, asking how to get in the fast-moving line. The Crypto Ads Conundrum The video received mixed reviews from the crypto community. Many applauded the ad, stating that Algorand is the future of Layer-1 and payments. One X user said: I can’t stress enough how much the Algorand Foundation does compared to others. All the meetings, tweets, events, etc…this isn’t happening on other chains! However, the negative responses didn’t take long to follow. Several community members considered the jab at other chains an unnecessary and “embarrassing” attack. A user jokingly claimed that Algorand achieved an “impossible goal” with the ad: “uniting all the factions of crypto to dunk on you.” Crypto commentator Zach Rynes considers that this type of marketing doesn’t make sense as he is unsure who it appeals to. In an X post, Rynes explained that the ad would leave the wrong impression on non-crypto people. To him, the video will make the public think that “crypto sucks,” not knowing that the ad is for crypto. The commentator believes it’s a “lose-lose either way” since “Crypto-native people will see this as unnecessarily combative.” Similarly, Mert, CEO of Helius Labs, brought up a point repeated by several community members. Mert criticized Algorand for spending money on an ad when its “top two explorers [are] going out of business due to no funding.” Moreover, he seems to consider the jab at other networks ironic when Algorand’s got its “entire economic security flipped by two dog coins on Solana (WIF + BONK).” Cardano Joins The Advertisement Conversation Despite the criticism, the discussion also sparked interest in the ADA community. X account ADA Whale praised the commercial for being funny. Another community member tagged Cardano founder Charles Hoskinson in the video, suggesting he should start looking for a marketing team to promote Cardano. The user cited the US government’s U-turn, possibly bringing regulatory clarity, as a decisive factor. This is not the first time Cardano has received criticism over its marketing approach. In March, the conversation sparked when the “Cardano Girls” video became viral. Content creator Lily Brodi suggested that despite having the technology aspect figured out, Cardano has an “unattractiveness problem.” This problem prevents a broader audience from entering its community and adopting the technology. Related Reading: Analyst Says “Only A Matter Of Time” Before Bitcoin Flies Past ATH Ultimately, crypto ads remain a hot topic and a useful tool for the industry. Whether users find them “cringy” or “unnecessary” sometimes, they have the potential to help with broader adoption through educational and entertaining crypto-related content. Featured Image from Unsplash.com, Chart from TradingView.com
Cardano whales are accumulating ADA during the correction period, ignoring the centralization warning.