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.
The main feature of the upgrade is to give Cardano the ability to introduce on-chain governance features.
During a keynote at Rare Evo 2024, Cardano founder Charles Hoskinson revealed a series of significant updates for the Cardano blockchain. Speaking to a diverse audience that included developers, stakeholders, and enthusiasts, Hoskinson outlined Cardano’s next steps in technology development, governance, and global outreach. Cardano Roadmap For The Coming Months The centerpiece of Hoskinson’s presentation […]
Bitcoin and altcoins are witnessing some profit taking today, but the overall uptrend remains intact.
Cardano (ADA) has been stuck in a challenging position for the past few years, struggling with stagnant price growth despite being one of the most popular altcoins in the space. A crypto analyst has offered insights into why Cardano has underperformed while also maintaining an optimistic outlook and predicting a 1,000% rally to new highs this cycle. Cardano On The Verge Of A 10X Rally Crypto analyst Max Maher recently released a YouTube video predicting that Cardano could witness a 3X, 5X or 10X surge soon. The analyst highlighted several reasons why he believes the underperforming altcoin could witness such a significant price increase. Related Reading: Bullish XRP Analyst Eyes $7.50 If Crypto Breaks Resistance Maher disclosed that during the last crypto bull run in 2021, Cardano was one of the top bullish altcoins, skyrocketing to an all time high of $3.10 at the time. Following this substantial price leap, the cryptocurrency and other major coins slumped drastically. However, unlike other coins that have witnessed steady price gains in 2024, Cardano still struggles to recover from bearish sentiment. According to CoinMarketCap’s data, Ethereum (ETH) has risen by an impressive 65.58% since the beginning of the year, currently trading at $2,735. Solana (SOL) has witnessed an even more dramatic increase this year, jumping 682.08% to trade at $159.20. In contrast, Cardano has recorded a modest year-to-date increase of just 45.54%, trading at $0.37 amidst bearish trends. Maher has revealed that for Cardano to break out of the bearish territory and see a 1,000% rally to new all-time highs of $4.29, the cryptocurrency’s community sentiment will need to undergo a major change. He asserted that positivity fuels success, indicating that if the community’s sentiment towards Cardano becomes more favorable, the cryptocurrency could experience a rise in adoption, potentially triggering a substantial price increase. As an example, the analyst observed a significant shift within the Cardano ecosystem following a post he released on X (formerly Twitter) in May, which underscored the impacts of negative comments on the price of ADA. The analyst revealed that the positive change in sentiment has continued to this day. From this observation, the analyst suggested that Cardano needs an improved perception of its narrative and brand to drive a price increase. He highlighted that the cryptocurrency already has a rock-solid foundation and is supported by a highly secure and efficient network. Key Factors Behind Cardano’s Persistent Slump While sharing his optimistic outlook for Cardano’s future price, Maher also offered key insights on why the cryptocurrency has experienced such a severe and prolonged price slump. Related Reading: Crypto Analyst Sounds Alarm: Here’s Why It’s Your ‘Last Chance To Buy Bitcoin’ He highlighted three major reasons for Cardano’s underperformance. Firstly, Maher disclosed that, unlike Ethereum and Solana, Cardano lacked a compelling “core narrative.” This means that beyond its high level of security and reputation as an efficient blockchain network, Cardano lacked a strong, distinctive selling proposition that set it apart from other cryptocurrencies. While Ethereum has Spot ETFs, and Solana has meme coins to drive its price, Cardano only had its core functionalities. Additionally, Maher revealed that Cardano’s sophisticated values and fundamentals were difficult for investors to fully comprehend. Finally, he emphasized that Cardano lacked robust and positive community engagement, which is essential for driving its price higher. Featured image created with Dall.E, chart from Tradingview.com
Cardano has gotten a lot of bullish predictions lately, especially in relation to the much-anticipated Chang upgrade. The upgrade is one of the most important upgrades for the network in a while, and this has triggered a wave of optimism among supporters. Amid this, another bullish prediction has been presented by crypto analyst Alan Santana, who predicts a significant rally for the altcoin’s price that would send it to new all-time high prices. Where Cardano Is In This Cycle In the last three years, the Cardano price has seen various waves of bullish and bearish cycles, and unfortunately, the bears look to have won out. This began after the ADA price hit its current all-time high price of $3.10 in 2021, and since then, it has been mainly down-only. While this would usually scare off investors, crypto analyst Alan Santana points it out in his bullish analysis. Related Reading: The Shiba Inu Shibarium Suffers 97.6% Crash In Active Accounts, What’s Going On? According to the crypto analyst, the period when the Cardano price hit a new all-time high and 2023 when the price began moving upward, it showed that the altcoin was in a bear market. However, this was followed by a consolidation phase, which lasted from the beginning of 2023 to the end of 2023. Once the consolidation period was done, the ADA price began to see an upside at the start of 2024. This saw its price go from as low as $0.24 to as high as $0.79. This phase, Santana refers to as the “initial bullish breakout.” Now, the reason this phase is important is it is what the analyst refers to as the “entree or appetizer before the major bull-market.” This means that is the analyst is right, then this initial breakout is only a preview of what’s to come. The decline that followed the local peak of $0.79 has been a source of worry for Cardano investors as the altcoin lost around 50% of its value since then. However, the crypto analyst calls this a “minor correction” which wouldn’t matter much when the bull cycle rolls around. How High Can The ADA Price Go? From the analysis, Santana seems to expect the Cardano price to bottom somewhere around $0.22. Soon after, a bounce is expected to follow the decline, pushing the price even higher. From here, the targets come in, both for the short and long term. Related Reading: This Triangle Pattern Triggered In 2021 Suggests XRP Price Will Surge 5,000% To $32 Short-term targets include a 284.5% increase to $1.36, and a 475.39% increase to $2. Over the long term though, the crypto analyst expects much more explosive rallies for the ADA price. Two in particular stand out: One is a 1,272.18% increase to a new all-time high of $4.8. While the most notable rally is a 2,200% increase that would put the price at $8. Featured image created with Dall.E, chart from Tradingview.com
On-chain data has provided insights into how Cardano (ADA) investors will likely react to the crypto token’s recent price surge. Cardano has been one of the leading gainers in the crypto market in the last seven days, with a price gain of over 14% during this period. Related Reading: Cardano Chang Upgrade Launch: ADA Sees 52% Explosion In Major Metric Cardano Could Face Significant Selling Pressure Cardano could face significant selling pressure from investors who recently entered the money following the crypto token’s price surge. Data from the on-chain analytics platform Santiment shows that over an additional 12% of Cardano’s supply is now in profits, which could pave the way for the holders of these tokens to secure their profits, especially considering Cardano’s unstable price action so far in this market cycle. Despite its recent price gains, Cardano has been one of the most underperforming coins since the start of the year and boasts a year-to-date (YTD) loss of over 35%. As such, Cardano holders are likely to be more compelled to secure their profits rather than hold on to the belief that this recent price surge is a bullish reversal rather than a relief bounce. The recent transaction pattern among these Cardano holders also suggests that they are losing confidence in the crypto token and are likely to secure their profits as soon as possible. Data from the market intelligence platform IntoTheBlock shows that the average holding time of coins transacted in the last thirty days has been 5 months, indicating that Cardano holders are paper-handing their tokens. Meanwhile, further data from IntoTheBlock shows how many addresses could offload their tokens if these Cardano holders begin to secure profits. 481,370 ADA addresses bought the crypto token between the price range of $0.3 and $0.35. This set of investors could be the first to begin securing profits, considering that they could easily fall out of the money if Cardano’s recent price surge is simply a relief bounce. A Guide For ADA Investors Crypto analyst Trend Rider recently provided a guide for Cardano holders, which he stated they could use as a “master plan to stay calm and tune out the noise.” This guide came in the form of a chart that showed key levels holders should watch out for and use in making a well-thought-out investment decision. The analyst stated that the range between $0.22 and $0.31 is a liquidation zone, which presents a strong buying area for those who want to add to their positions. He further stated that the main barrier zone for Cardano is between $0.42 and $0.55, noting that this area is ideal for taking profits. He added that Cardano could enjoy a quick rally to $0.75 if it breaks above this main barrier zone. The analyst claimed $0.75 is the “final boss resistance, a prime spot to take profits.”Those with greater conviction in Cardano might want to hold the crypto token for much longer if it hits $0.75. Trend Rider stated that a break above $0.75 means the crypto token is entering bull market territory. At the time of writing, ADA has been trading at around $0.379, which is up almost 4% in the last 24 hours, according to data from CoinMarketCap. Related Reading: Cardano Price Poised To Hit $2.88, Following Solana’s Fractal: Crypto Analyst Cover image from Dall-E, chart from Tradingview
In a series of scathing social media posts, Charles Hoskinson, the founder of the Cardano (ADA) blockchain, has sharply criticized the Democratic Party’s stance on the crypto industry, particularly the actions and perceived intentions of Vice President Kamala Harris. Hoskinson’s criticism stems from a perceived lack of clear, tangible support for the crypto ecosystem from […]
The excitement continues to build within the Cardano (ADA) community as the highly anticipated Chang hard fork gets ready to launch. Ahead of the upcoming upgrade, ADA, the native token of the Cardano ecosystem, has exploded by over 52% in this key metric. Cardano Releases Date For Chang Upgrade Intersect, a member-based organization for the Cardano ecosystem, took to X (formerly Twitter) on August 20 to provide comprehensive details and updates on the Chang hard fork. The organization has unveiled key dates for the Chang upgrade launch, highlighting that the majority of preparations are already finalized. Related Reading: Ethereum Metrics Turn Positive: Can This Drive A New ATH Above $5,000? According to Intersect, the Chang hard fork group held a meeting recently to review and discuss the progress of the project’s desired thresholds and to gather valuable feedback from the Cardano community. With most of the preparations complete, they have proposed the first set of dates for the hard fork on the production mainnet. The target date for “the Chang #1 hard fork” is set for Tuesday, August 27. However, a final decision on whether or not to proceed with this date will be made on Friday, August 23. The official date has been decided based on the readiness of certain key metrics, which have shown steady progress over the past weeks. Intersect disclosed that the Chang hard fork group has verified and confirmed that the key components and tooling for the upgrade are set. This includes readiness of the Stake Pool Operator (SPO), exchange liquidity, and updates from Decentralized Applications (DApps). The team has affirmed that all components have exceeded expectations. Furthermore, intersect noted that the formal process for initiating the hard fork will begin with a four-day lead time to conclude all necessary governance actions and approvals. In the case of a change of dates, the Chang hard fork team has revealed that the next appropriate window for the upgrade would be on September 3, 2024. However, for now, all current indications suggest that August 27 is the most viable date for the Chang hard fork launch. In preparation, pre-production will be a hard fork on August 22. ADA Surges Over 52% In A Key Metric On August 21, Cardano’s native token, ADA, witnessed an unprecedented rise in overall trading volume. Coinglass reports that the cryptocurrency jumped over 54% at the time, underscoring the rising trading activity and interest from investors. This unexpected volume increase could be signaling a shift in Cardano’s price dynamics. Over the past months, the price of ADA has been on a seemingly never ending consolidation phase. However with its surging volume, the cryptocurrency may be indicating a potential end to its price stagnation. Related Reading: Historical Data Suggests Bitcoin Could Rise 1,000%, Here’s Why Although ADA’s volume rose above 54% previously, the cryptocurrency’s current trading volume is up by 36.21%, at around $428.88 million, according to Coinglass. ADA’s open interest is also witnessing a slight upward momentum, increasing by 4.66%. Including the upcoming Chang upgrade, these positive changes in the cryptocurrency’s metrics could be fueling Cardano’s recent price increase in the last 24 hours. CoinMarketCap data shows that ADA’s price has jumped 4.74% and is presently trading at $0.368. Featured image created with Dall.E, chart from Tradingview.com
The spot Bitcoin ETFs have continued to attract inflows, suggesting that the long-term bullish view remains intact.
Intersect, a key member-based organization dedicated to the Cardano ecosystem, has announced the official timeline for the upcoming Chang hard fork via X. This update is pivotal in the ongoing development of the Cardano network, aimed at enhancing protocol efficiency and governance mechanisms. Cardano Chang Hard Fork To Roll Out On August 27 The announcement […]
At the peak of the 2020 to 2021 bull run, ADA, the native token of Cardano, rose to $3 in August. Interestingly, developers activated smart contracts around the top of this cycle after completing the Alonzo hard fork, ushering in the Goguen phase. Did Alonzo And Smart Contracts Kill ADA? However, as Atomic Wallet analysts note, ADA has been on a downtrend since then, crumbling by over 90% over the years at the time of writing. ADA is changing hands at $0.32 when writing, finding immediate support at around $0.30, a psychological number. Related Reading: Bitcoin Sees Momentum In Hashrate Despite Failure To Beat $60,000 Resistance Though traders are optimistic about what lies ahead, the turn of events over the last three years could suggest that the activation of smart contracts on Cardano did “kill” the coin’s valuation. The plummeting prices, made worse by the 2022 crypto winter, mean those who bought in August 2021 are holding mud. Whether ADA will recover in the coming weeks and rewind losses of 2022 remains to be seen. What’s clear is that the activation of the Alonzo hard fork and the start of the Goguen era was a key milestone for Cardano. The transition was crucial considering that before September 2021, developers couldn’t deploy dApps and take on Ethereum and competing properties supporting smart contracts. For years, since the genesis block, Cardano developers have been accused of delaying the process while using billions for development. After Alonzo, users can, even now, create complex smart contracts using Plutus scripts and run dApps. Like other blockchains, all fees are payable in ADA, the native token. Over the years, Cardano has grown its ecosystem, looking at the total value locked (TVL). According to DeFiLlama, DeFi protocols on Cardano, active after Alonzo, now manage over $177 million in assets. Though relatively low compared to those in Ethereum and the BNB Chain, developers took advantage of smart contracts and built solutions on the network. Cardano Transitioning To Voltaire: Will Things Change? The current disconnect between ADA valuation and the expectation of coin holders post-Goguen is a concern. It is so especially as Cardano completes the Basho stage, moving to Voltaire, the final phase of the platform’s development. Related Reading: Will Ethereum Reach Over $3,000 In September? Analyst Bets On 80% Odds Voltaire focuses on making Cardano governance decentralized. Here, ADA will have more utility, allowing holders to vote on proposals and directly helping improve the network. Additionally, there will be a treasury for funding projects deploying on Cardano. So far, the Chang hard fork is in progress, with roughly 33% of all stake pool operators (SPOs) ready. Meanwhile, ADA remains under immense selling pressure and could plunge to 2023 lows of around $0.22 if buyers don’t step in. If prices rise above $0.50, bulls will likely push ADA toward March 2024 highs. Feature image from Shutterstock, chart from TradingView
ADA falls from the top 10 list of largest cryptocurrencies as competing blockchains see an uptick in users.
The crypto market has witnessed a substantial surge in the Cardano trading volume over the last 24 hours. Yet, the blockchain’s native token, ADA, has failed to deliver a proportional price increase. Bullish Cardano Volume Data According to data from the information platform CoinGlass, Cardano, currently the 11th largest cryptocurrency by market capitalization, has experienced a 150% surge in trading volume in the 24 hours, amounting to approximately $477 million. Related Reading: Silk Road Bitcoin Are ‘Almost Certainly’ Sold By US Gov, Claims Lawyer CoinGecko’s data also corroborates this trend, revealing a substantial 67% increase in Cardano’s trading volume compared to the previous day’s figures, which stood at $358 million. However, this surge in trading activity has yet to translate into a corresponding rise in ADA’s price performance. The data paints a rather grim picture for ADA holders. CoinGecko’s figures indicate that the token is currently trading at a price that is 89% lower than its all-time high of $3.09, which was recorded during the 2021 bull run. The bearish sentiment also extends to shorter time frames, with ADA recording losses of 4.1% in the 24 hours, 10% in the past two weeks, and a staggering 30% in the last month alone. This showcases investors’ bearish sentiment in the token, coupled with the broader market fears and lack of bullish momentum that has embroiled ADA’s price in a significant bearish phase. However, not all hope is lost for Cardano enthusiasts. Potential Upside For ADA’s Price Crypto analyst “Trend Rider” suggests that the current price action presents an opportunity for investors to capitalize on potential upside. The analyst points to a critical level of $0.69, which, if breached, could signal the beginning of an uptrend for ADA. The analyst stated: Yes, the price action is undeniably weak right now, but this isn’t about conceding defeat. Instead, let’s use this moment to our advantage by identifying key levels where ADA could make a strong comeback. The critical level to watch? $0.69. This marks the entry into an uptrend channel. The last time ADA broke in here, it skyrocketed from $0.02 to $3. Related Reading: MATIC Set For Rebranding In Early September: Will Polygon Prices Recover After Sinking 65%? Despite the analyst’s optimism, the path to the $0.69 level appears challenging for ADA. The token has encountered a significant obstacle at the $0.3538 mark, which has prevented a surge to higher levels and tackled the token’s 200-day and 50-day exponential moving averages (EMAs), represented by the yellow and blue lines on the daily chart, respectively. These key technical indicators have previously been crucial support for the ADA price. Still, since the market-wide correction that began in April, the token has been trading well below these EMAs. Consequently, in the near term, the price must surpass the $0.3856 mark, where the 200-day EMA is currently placed, before any potential short-term uptrend materializes. At the time of writing, the ADA price stands at $0.3251. Featured image from DALL-E, chart from TradingView.com
Bitcoin is finding it difficult to rise above the overhead moving averages, indicating that the bears are trying to flip the level into resistance.
Bitcoin is finding it difficult to rise above the overhead moving averages, indicating that the bears are trying to flip the level into resistance.
The S&P 500 Index is extending its recovery, boosting buying in Bitcoin and select altcoins in the near term.
Bitcoin’s recovery bounce is losing steam, indicating that the bears remain active at higher levels.
Global equity markets witnessed a massive sell-off, pulling Bitcoin and several major cryptocurrencies to unexpected lows.
The sell-off in the global stock markets is casting a bearish shadow on the cryptocurrency markets, signaling near-term weakness.
The sell-off in the global stock markets is casting a bearish shadow on the cryptocurrency markets, signaling near-term weakness.
In a scathing criticism, Brad Garlinghouse, the Chief Executive Officer (CEO) of financial giant, Ripple, has publicly condemned the United States Securities and Exchange Commission (SEC) over its sudden retracement from the legal tussle with Binance, the world’s largest cryptocurrency exchange. The Ripple Chief in his criticism of the SEC’s strategy charged that the regulatory […]