Bitcoin is finding it difficult to sustain the relief rally, which could put pressure on several altcoins in the near term.
Bitcoin's correction deepened as BTC price fell to $65,000, and altcoins were hit with double-digit losses.
After pushing out Cardano's ADA, TON became the ninth-largest crypto by market cap. Can it maintain momentum to surpass Dogecoin next?
Cardano (ADA) is again in the spotlight as crypto analysts continue to deliberate on its future trajectory. This time, crypto analyst Alan Santana has laid out a bearish narrative for the crypto token, which could cause its price to drop drastically. How ADA Could Crash To $0.34 In his analysis, Santana stated that ADA’s breakout below the $0.58 price level, which has acted as support for the crypto token for five weeks, signals a bearish sentiment toward it. In line with this, he suggested that ADA’s price could further dip significantly even though it has already experienced a 30% decline from its recent price peak. Related Reading: Fantom Supply On Exchanges See Drastic Increase, A Cause For Alarm? The crypto analyst mentioned that a further price dip for ADA could cause its price to drop between $0.4444 and $0.3450. However, this isn’t necessarily bad for the crypto token as Santana revealed that altcoins, which have in the past seen a 2x to 3x increase in their prices, experienced corrections of such magnitude before then. He added that before the end of their correction, all these altcoins moved to test a price range between 0.618 and 0.786 Fibonacci retracement level. From the chart he shared, one can see that the analyst stipulated that ADA could drop to as low as $0.34 because that is the price level for the 0.786 Fibonacci retracement level. Source: Tradingview.com Furthermore, Santana acknowledged that ADA could move higher from its current price level but seemed skeptical because the crypto token has continued to lag, making further price declines more feasible. He also revealed that ADA’s weekly chart is producing a “break below the EMA10 (Exponential Moving Average) with a very strong bearish candle as the RSI (Relative Strength Index) turns red. “Once support is found and established, we become bullish again,” the analyst concluded. Cardano Founder Is Bullish On ADA Cardano’s founder, Charles Hoskinson, sounded bullish on the Cardano ecosystem in a recent X (formerly Twitter) post, stating that “Cardano always wins.” Hoskinson’s statement came in response to a poll to rank the best Layer-1 network. Hoskinson suggested that the poll was already biased and that Cardano would surely come out on top if it were a “fair vote.” Related Reading: Crypto Analyst Says Bitcoin Hitting $100,000 In 2024 Is Inevitable, Here’s Why Meanwhile, this occurrence again highlights Hoskinson’s confidence in the Cardano network he founded. He once even compared the network to Bitcoin, noting how it was growing organically like the flagship blockchain. At different times, he also insinuated that Cardano has real network value, unlike networks like Solana. However, so far, Cardano’s network value has failed to positively affect ADA’s price, which is undoubtedly a cause for concern among ADA holders. At the time of writing, ADA is trading at around $0.56, down over 2% in the last 24 hours, according to data from CoinMarketCap. ADA drops down to $0.56 | Source: ADAUSDT on Tradingview.com Featured image from Forbes, chart from Tradingview.com
The proceeds from the sold tokens were used to buy existing portfolio components, according to Grayscale. Both ADA and ATOM are down year-to-date.
Bitcoin is likely to remain range-bound for a few days as the bulls and the bears battle it out for supremacy before the halving.
Bitcoin is looking positive, but the up move is likely to face stiff resistance above $72,000.
A plausible explanation has emerged for why the Cardano (ADA) price has dropped below the psychological price level of $0.7. The crypto token saw a sharp correction from its monthly peak of $0.8, recorded on March 14, and has since failed to recover such a height. Cardano Whales Responsible For Price Decline Data from the crypto analytics platform Santiment shows that the whale transaction count ($100,000 and above) on the network has reduced since March 14. That period was when Cardano hit a high of $0.8, which suggests that ADA whales began to take profits from then and have slowly exited their positions since then. Related Reading: Bitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000? Crypto whales are known to have a massive impact on the market, and prices usually drop as soon as these traders begin to offload their holdings. Moreover, this wave of profit-taking isn’t peculiar only to the ADA ecosystem; these past few weeks have been marred by investors taking profits from different crypto tokens in which they were invested. The flagship crypto, Bitcoin, was also not spared. Investors decided to take profits after weeks of seeing BTC make a parabolic run on its way to a new all-time high (ATH) of $73,750. Meanwhile, long-term ADA holders also looked to have used the opportunity to take some profits, as data from Santiment shows that a considerable amount of dormant ADA tokens were also transacted during that period. Specifically, March 20 was a busy day for these long-term holders as 200 million ADA tokens (which had been dormant for a year) moved on that day. Time For ADA To Run To $1 Like the broader crypto market, Cardano looks to be recovering from this recent wave of profit-taking, although at a slower pace. For its next leg up, there is the belief that the crypto token could finally break the $1 resistance. Crypto analyst Dan Gambardello recently predicted that ADA could rise to between $1.4 and $1.5 if it can break out from the $0.8 price range. Related Reading: Ripple CEO Responds To SEC’s Shocking $2 Billion Demand ADA whales are likely to soon return to the fold with whale transctions higher than $100,00 expected to pick up soon enough. A spike in these trasaction count would suggest that these investors are taking advantage of ADA’s current decline to accumulate more of the crypto token. That is something that could contribute to a rise in ADA’s price depending on how bullish these investors are on ADA going forward. At the time of writing, ADA is trading at around $0.6513, down almost 4% in the last 24 hours according to data from CoinMarketCap. ADA price struggles below $0.7 | Source: ADAUSDT on Tradingview.com Featured image from The news Crypto, chart from Tradingview.com
In the ever-evolving world of gaming, the horizon seems to be expanding at an exponential rate, promising groundbreaking advancements that might redefine the very essence of gaming itself. Charles Hoskinson, the mastermind behind the Cardano blockchain platform, has stirred up a storm of speculation among gamers with his audacious prophecy: the future of PC gaming […]
Crypto traders are struggling to hold Bitcoin price above $68,000, and altcoins are suffering as a result of BTC's weakness.
On Thursday, March 14, Liqwid Finance, a Switzerland-based protocol, in collaboration with Issuance.Swiss AG, has officially launched a financial product named CASL, an Exchange Traded Product (ETP) that harnesses the growth and staking rewards of the ADA token from the Cardano blockchain. Listed on the SIX Swiss Exchange, CASL uniquely blends the stability of traditional […]
Bitcoin hit a new all-time high, but the failure to sustain the breakout suggests that bears remain active at higher levels.
The sharp recovery in Bitcoin and Ether shows that the bulls remain in control, and every dip is being viewed as a buying opportunity.
Bitcoin targets new highs above $55,000. Will altcoins follow?
Bitcoin is trading sideways with a negative bias, increasing the possibility of a short-term correction that could pull altcoins lower.
Bulls failed to hold Bitcoin price above $52,000, possibly marking the start of a short-term trend change in BTC and altcoins.
The rally in the S&P 500 and strong inflows into the Bitcoin ETFs appear to be fueling BTC's price surge above $50,300.
Rising inflows into the spot Bitcoin ETFs have improved investors' sentiment toward the crypto market and could a factor in BTC price and altcoins moving higher.
The broader altcoin market also showed signs of rebounding from oversold levels, one analyst noted.
Bitcoin’s price-bound price action could reach a breaking point if the sharp drop in U.S. regional bank stocks intensifies. How might altcoins react?
Bitcoin price is range bound, and even though altcoins are rallying, the strong U.S. dollar could act as a significant barrier.
The Bitcoin ETFs generated strong volumes on Jan. 11, but that did not translate into higher prices in Bitcoin, indicating that the event was largely priced in.
Bitcoin and select altcoins are trading above their respective support levels as traders await the SEC’s decision on each spot Bitcoin ETF application.
Bitcoin’s sharp fall on Jan. 3 suggests that market participants are nervous ahead of the SEC's long-awaited decision on the spot Bitcoin ETF applications.
A SingularityNET spinoff hopes to leverage AI and blockchain to crowdsource better health and longevity.
Bitcoin is expected to face stiff resistance at $45,000, but the possibility of a rally above the key price level remains high.
The Cardano Foundation is partnering with Petrobras, the largest corporation in Brazil, to offer blockchain education and explore use cases in the energy sector.
Bitcoin may remain under pressure for a few days, but a collapse is unlikely as traders are expected to buy the dips in anticipation of a spot Bitcoin ETF.
Bitcoin and select altcoins are witnessing profit-booking on rallies, increasing the likelihood of a short-term pullback.
Bitcoin and altcoins are trying to find support at lower levels, indicating that the sentiment remains positive, and that traders are buying the dips.