Cardano is currently in a downtrend, continuing to show bearish tendencies as its price trends below $0.5. However, where many have seen an altcoin that does not have many prospects, crypto analyst FieryTrading believes that the digital asset is giving investors an opportunity to get in for cheap. Cardano Can Break Out Of Parallel Channel In an analysis on the TradingView website, crypto analyst FieryTrading alludes to Cardano’s ability to break out and go on a massive bull run. The analysis draws from a previous analysis where the analyst had pointed out that the Cardano price had entered a parallel channel. Related Reading: Here’s How This Ethereum Whale Made $16 Million From A Single Trade This parallel channel emerged with the last cycle’s top going into the current cycle top with a line drawn from the last cycle’s bottom when the lockdown had sent crypto prices crashing. Despite the crypto analyst first pointing out this parallel channel back in 2023, they believe that it continues to remain valid, especially as the price continues to rtend low. Back then, the crypto analyst had predicted that the ADA price, if it were to break out of this parallel channel, could rise as high as as $35. This bullish expectation continues with the most recent analysis, albeit with a price adjustment. In the Wednesday analysis, FieryTrading notes that There is still the possibility for the altcoin’s price to reach the top of the channel. In this case, the price would fully complete the move toward $30. However, the crypto analyst’s chart carries a $25 target, which would be a 5,600% rally from its current level. Source: TradingView.com ADA Bears Maintain Control Despite the bullish outlook maintained by the crypto analyst, Cardano has succumbed to the bears. The price has dropped as low as $0.44 in the last day, indicating a 1.38% decline. On a wider timeframe, the ADA price looks even worse, with an almost 28% drop in one month. Related Reading: Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing However, despite this trend, the analyst still believes that investing in Cardano right now is a risk worth taking. FieryTrading refers to it as “the entry of a lifetime” that could guarantee good returns. Moreover, the analyst gives it a R/R (risk/reward) ratio of 116, which is a good number. For now, the ADA price is still struggling to hold up in the market. This is not helped by the decline in market sentiment, leading to a nasty 22% drop in its daily trading volume, according to data from Coinmarketcap. ADA price at $0.43 | Source: Source: ADAUSDT on Tradingview.com Featured image from Binance Academy, chart from Tradingview.com
Cardano’s (ADA) founder, Charles Hoskinson, recently raised the possibility of Cardano partnering with Bitcoin Cash. He noted how significant this partnership could be for Bitcoin Cash as it would put it ahead of networks like Bitcoin. What Cardano’s Potential Partnership With Bitcoin Cash Is About Hoskinson conducted a “hypothetical poll” on his X (formerly Twitter) […]
Cardano has recovered from its April lows and continues to maintain a strong momentum above $0.45. This has prompted expectations that the altcoin will go on a rally from here. However, not everyone shares this sentiment as one crypto analyst expects the price to crash further from here. Cardano Will Crash Back Below $0.45 In the latest video on his YouTube channel that revolved around Cardano’s future trajectory, crypto analyst, ‘More Crypto Online’, revealed why the ADA price is poised for more decline. The analyst pointed out that the altcoin is currently in its 3-wave corrective rally. Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price Now, the Elliot Wave Theory which is being referred to by the crypto analyst consists of five waves. Out of the five, three are bullish and two are bearish. The bullish waves involve the 1, 3, and 5, with 2 and 4 being bearish waves. If the analyst is correct and the Cardano price has only completed three waves so far, that means the fourth wave, which is a bearish wave, is yet to be established. As a result, the crypto analyst believes that the Cardano price will further break down as it enters the fourth wave. He further pointed out that the altcoin’s price had fallen below the $0.48 support, which was an important level for it. This, coupled with the fact that it is yet to enter the fourth wave, has the analyst convinced that the price crash is far from over. As for where the ADA price might end up in this fourth wave, the crypto analyst believes it will go as low as $0.42 before recovering again. However, the good news is that once the fourth wave is completed, it gives way for the fifth wave to begin, which is the most bullish of all the waves and could see the ADA price barrel past $1. ADA Metrics Still Bullish Despite the bearish outlook presented by the crypto analyst, major Cardano metrics continue to show bullish divergence. For example, the daily trading volume of the altcoin has risen almost 17% in the last day to cross $286 million, data from CoinMarketCap shows. Related Reading: Why Did The Solana (SOL) Price Jump Today? This drastic rise in daily trading volume suggests a return of interest in the altcoin and this could quickly translate to a bullish trend, especially in the short term. Additionally, the fact that the price is on the rise at this time suggests that the majority of the transactions as a result of this renewed interest is from buyers rather than sellers. This suggests that the price will continue to rise if this demand is sustained. At the time of writing, ADA is still sitting firmly above $0.45, with a 1.78% increase in the last day. ADA price still above $0.45 | Source: ADAUSDT on Tradingview.com Featured image from Cardano Feed, chart from Tradingview.com
The ayes are winning with 8,301 votes for to 4,212 against, as of the time of this article’s publication.
An analyst has explained how, if the historical pattern followed by the ADA price is to be believed, Cardano seems ready to go on a parabolic bull run. Cardano May Be Set For A Bull Run Based On Historical Trends In a new post on X, analyst Ali Martinez has discussed what hints history may contain regarding where ADA’s price would go next from here. First, here is a chart shared by the analyst that shows the trend the cryptocurrency followed back in 2019: The pattern that the price of the asset followed a few years back | Source: @ali_charts on X From the graph, it’s visible that the asset had first consolidated inside a parallel channel during this period. A “parallel channel” in technical analysis (TA) refers to the region bounded by two parallel trend lines. Related Reading: Bitcoin Loses Historical Level, Analyst Says “Reclaim And Bounce, Or Die” The upper line of the pattern connects the tops in the price, while the lower one joins the bottoms. When consolidating inside the channel, the price is probable to find resistance at the upper end and support at the lower one. A break out of either of these lines can imply a continuation of the trend in that direction. As is visible in the chart, ADA managed to break out of this past parallel channel with a 75% surge. The asset then followed this rally up with a correction of around 56% before finally lifting off into a massive 4,095% bull run. Interestingly, just like in 2019, Cardano was stuck inside a similar parallel channel in 2023. The chart below shows this recent pattern for the cryptocurrency. Looks like the price of the asset recently broke out of its parallel channel | Source: @ali_charts on X As displayed in the graph, Cardano broke out of this latest parallel channel a while ago, this time with a rally of around 72%. Recently, though, the asset has lost this bullish momentum, as it has seen a drawdown of 50%. According to the analyst, however, this can, in fact, set the stage for a new bull run. History doesn’t repeat itself, but it often rhymes! If that is the case for Cardano, we should be positioning ourselves for what’s coming, understanding that the recent price correction might just be one of the last buy-the-dip opportunities ADA will give you. Related Reading: Bitcoin On Track For $1 Million Per BTC “Fair Value”, Analyst Says It now remains to be seen whether ADA will repeat the pattern from the last bull run or not. This is more about the long-term view, though, so where might the asset go in the short term? This may be answered by a signal that the analyst has shared in another X post. The TD Sequential signal that the ADA price has formed recently | Source: @ali_charts on X As Martinez explains: The TD Sequential, which timed the Cardano top, now presents a buy signal on the ADA daily chart. It anticipates a one to four daily candlesticks rebound that could put an end to the ADA corrective phase. ADA Price At the time of writing, Cardano is trading around $0.464, down 3% over the past week. The price of the coin seems to have observed a sharp plunge over the past month | Source: ADAUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com
Crypto prediction website Telegaon has provided insights into when Cardano (ADA) will hit $45. A rise to that price level represents an 8.900% price gain from its current price level, which will appeal to ADA holders, especially given the crypto token’s recent unimpressive price action. When Cardano Will Rise To $45 Telegaon predicted in a blog post that Cardano will reach $45 by 2050. They highlighted $45.87 as the maximum price the crypto token will likely attain that year. Meanwhile, $39.12 and $42.41 are predicted to be ADA’s minimum and average prices that year. The prediction site claims that Cardano’s parabolic rise will occur due to several factors. Source: Telegaon These factors include “trading volume, market trends, investor sentiment, technological developments, and external influences.” It is worth noting that the Cardano has performed incredibly well in terms of technological advancements as the network has continued to rank among the top blockchains by development activity. This factor is expected to play a massive role in Cardano’s attainment of this price prediction, especially considering that the crypto projects likely to survive until 2050 are the ones that can adapt and progress with the times. Cardano has shown such quality, seeing how the team has continued to build actively, especially with the implementation of the network’s smart contract functionality. Meanwhile, Telegaon also outlined its price predictions for Cardano in the years leading up to 2050. In the short term, they do not seem bullish on Cardano as they predict that the highest price the crypto token could rise to this year is $2.15. Based on their prediction, Cardano will likely surpass its all-time high (ATH) of $3.10 in 2025, as they predict that $3.14 is the maximum price the crypto token will hit next year. More Bullish Price Predictions For ADA This Year Last year, Dan Gambardello, the founder of Crypto Capital Venture, suggested that Cardano could rise to as high as $11 this year. Specifically, he mentioned that the crypto token will rise to this level when the bull run returns after the Bitcoin halving. With the halving already taking place, Cardano could be primed for such a run. Crypto expert Jason Appleton made a more bullish prediction, stating that Cardano would rise to $32 in this bull market. Appleton added that this price level is attainable in the “most prime of conditions by the peak of this bull market cycle.” The crypto expert claimed that this parabolic rise would make Cardano one of the most valuable altcoins during this cycle. At the time of writing, Cardano is trading at around $0.44, up over 4% in the last 24 hours according to data from CoinMarketCap. ADA price trendingat $0.45 | Source: ADAUSDT on Tradingview.com Featured image from The Independent, chart from Tradingview.com
Bitcoin’s drop to $56,500 crushed bullish traders’ sentiment and took a heavy toll on altcoin prices but are generational buying opportunities emerging?
The crypto community is witnessing a virtual showdown between Cardano Founder, Charles Hoskinson and Ripple’s Chief Technology Officer (CTO), David Schwartz. The two crypto giants are clashing over Ripple’s present regulatory challenges and the allegations surrounding the ETH Gate. Hoskinson And Schwartz Embark On Heated Debate Tensions have flared up within the crypto community as […]
Cardano (ADA), the smart contracts platform known for its energy-efficient Proof-of-Stake consensus mechanism, has been generating buzz lately. On-chain data reveals a significant uptick in large transactions, hinting at a potential return of the whales – major investors who can significantly impact cryptocurrency prices. Related Reading: Polygon In Peril: Will MATIC Bounce Back Or Stay Stuck In The Sub-$1 Doldrums? Whales Making Waves On The Cardano Sea IntoTheBlock, a blockchain analytics firm, reported a surge in Cardano transactions exceeding $100,000. Over the past week, the average daily volume for these large transactions reached nearly $14 billion. Cardano whales are busy, with an average large transaction volume of $13.84B a day in the last 7 days. For comparison, this is a third of Bitcoin’s current volume, 5x as much as Litecoin’s volume and over 16x that of Dogecoin! pic.twitter.com/xU2XMoEQbM — IntoTheBlock (@intotheblock) April 29, 2024 This represents a third of Bitcoin’s transaction volume within the same timeframe, showcasing a surge in activity on the Cardano network. Interestingly, the data dwarfs Dogecoin’s large transaction volume by a whopping 16 times, highlighting the increased interest in Cardano compared to the meme coin. Unveiling The Mystery: Are Whales Buying Or Selling? While the high transaction volume is undeniable, its implication for Cardano’s price remains unclear. Large transactions can represent both buying and selling activity, making it difficult to predict a definitive price direction. ADA market cap currently at $16 billion. Chart: TradingView.com However, the sustained volume exceeding $10 billion throughout the week, even during a recent price dip, suggests continued movement within the network. This could indicate institutional investors entering the Cardano market or signify significant internal token transfers within the ecosystem. Data Hints At Bullish Undercurrents While the exact nature of the large transactions remains to be seen, Santiment, another on-chain analytics platform, provides a potentially bullish signal. Their data suggests a growing accumulation trend among large holders. Addresses containing between 100,000 and 100 million ADA have been steadily increasing their holdings since the beginning of April. This accumulation by whales could be a positive sign for Cardano’s future price, indicating their confidence in the project’s long-term potential. Technical Analysis Paints A Target-Rich Environment Market analyst Cobra Vanguard has weighed in on the recent developments, employing technical analysis to predict Cardano’s price trajectory. Vanguard identifies an expanding price channel that Cardano has been trading within since the start of the year. This pattern suggests higher highs and lower lows, potentially indicating continued price volatility. Based on this analysis, Vanguard outlines several price targets for ADA, with the first hurdle at $0.52. Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity? If successfully breached, the analyst predicts further climbs towards $0.57, $0.61, and $0.67. The ultimate target sits at a bullish $0.77, potentially marking a significant price increase for Cardano. Cardano: A Sea Of Opportunity Or A Whale’s Playground? The recent surge in large transactions on the Cardano network has undoubtedly generated excitement within the cryptocurrency community. While the exact reasons behind the high volume remain unclear, the potential involvement of whales and the uptick in accumulation by large holders paint a cautiously optimistic picture. Featured image from Invyce, chart from TradingView
On-chain data suggests Bitcoin has recently experienced an influx of investors while Dogecoin, Cardano, and other altcoins have seen a slowdown. Bitcoin Total Amount Of Holders Rise While Altcoins See Flat Movement According to data from the on-chain analytics firm Santiment, the number of Bitcoin investors has sharply increased recently. The on-chain metric of interest here is the “Total Amount of Holders,” which keeps track of the total number of addresses on a given network carrying some non-zero balance. When the value of this indicator goes up for any asset, it can be due to several things. The first and most obvious contributor to this trend would be adoption, as a fresh influx of users would naturally create more addresses. Related Reading: This Bitcoin Metric Foreshadowed Recent Price Drops, Quant Reveals Another contributor could be old investors returning to reinvest in the coin after selling out their balance earlier. The indicator would also increase when investors spread out their holdings among multiple wallets for reasons like privacy. In general, some net adoption occurs whenever the Total Amount of Holders goes up. Historically, adoption has been a constructive sign for any blockchain in the long term. Naturally, when this metric’s value goes down, it implies that some investors have decided to exit from the cryptocurrency as they have completely cleaned out their wallets. Now, here is a chart that shows the trend in the Total Amount of Holders for some of the top assets in the sector: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Cardano (ADA), Dogecoin (DOGE), and Chainlink (LINK). How the number of investors has changed for some of the top cryptos | Source: Santiment on X As displayed in the graph, Dogecoin started 2024 with some rapid adoption as its Total Amount of Holders had been observing a sharp uptrend. However, this growth only lasted for the first couple of months, as the metric has since flattened for the memecoin. Other altcoins like Chainlink and Cardano have also witnessed flat action in the metric in this period. The trend had been just the opposite for Bitcoin, where more or less flat movement had occurred in its number of investors earlier in the year, but the asset has seen some uptrend in the metric this month. It’s possible that investors were previously attracted to Dogecoin and other networks, but now that markets have been undergoing bearish price action, traders are back to preferring the original cryptocurrency. Overall, DOGE’s holders are still up 13.8% in the past three months, while BTC’s growth stands at 2.6%. Naturally, the latter’s userbase is also larger, so a relatively small percentage could be due to that. Related Reading: XRP Whales Are Active: Here’s Where They Are Sending Coins Cardano is among the few networks in the sector that have observed negative action in the Total Amount of Holders during this window, although the decrease is a mere 0.1%. BTC Price Bitcoin has been struggling to make any recovery run count recently, as its price is back at $63,000 after the latest failed attempt. Looks like the price of the coin has been heading down recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, Santiment.net, chart from TradingView.com
Cardano (ADA) is moving lower below the $0.500 resistance zone. ADA could gain bearish momentum and decline if it stays below the 100 SMA (H4). ADA price is slowly moving lower from the $0.520 zone. The price is trading below $0.500 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance at $0.4740 on the 4-hour chart of the ADA/USD pair (data source from Kraken). The pair could attempt a fresh increase if the bulls remain active above the $0.4280 support. Cardano Price Faces Key Hurdles In the past few days, Cardano saw a steady decline from the $0.520 resistance zone, like Bitcoin and Ethereum. ADA price declined below the $0.500 and $0.4950 levels to enter a bearish zone. There was a move below the 50% Fib retracement level of the upward move from the $0.4000 swing low to the $0.5201 high. It even declined below $0.4650 and tested $0.450. The price is now trading below $0.500 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance at $0.4740 on the 4-hour chart of the ADA/USD pair. The bulls seem to be active near the $0.450 zone and the 61.8% Fib retracement level of the upward move from the $0.4000 swing low to the $0.5201 high. On the upside, immediate resistance is near the $0.4740 zone, the 100 simple moving average (4 hours), and the trend line. The first resistance is near $0.4920. The next key resistance might be $0.500. If there is a close above the $0.50 resistance, the price could start a strong rally. Source: ADAUSD on TradingView.com In the stated case, the price could rise toward the $0.5250 region. Any more gains might call for a move toward $0.5650. More Losses in ADA? If Cardano’s price fails to climb above the $0.4740 resistance level and the 100 simple moving average (4 hours), it could continue to move down. Immediate support on the downside is near the $0.450 level. The next major support is near the $0.4280 level. A downside break below the $0.4280 level could open the doors for a test of $0.40. The next major support is near the $0.3880 level. Technical Indicators 4 hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.4500, $0.4280, and $0.4000. Major Resistance Levels – $0.4740, $0.5000, and $0.5200.
ADA is the native cryptocurrency of the Cardano blockchain network, which is used for transactions, staking, and as a means of participating in the platform’s governance. Recently, the price of ADA has been on a downtrend, and from the look of things the token is not showing any sign of reversing anytime soon. ADA On […]
On-chain data shows that Bitcoin and Dogecoin have managed to top the charts regarding holder profitability. Here’s what the ranking looks like. Bitcoin & Dogecoin Are Among Coins With Highest Investor Profitability Ratio In a new post on X, the market intelligence platform IntoTheBlock talked about how holder profitability compares between some of the top […]
Cardano suffered a massive price crash over the last two weeks. However, with the market recovery, the ADA price has begun to see some positive headwinds. Analysts expect this recovery to continue, with one crypto analyst in particular, who goes by CobraVanguard, expecting a bullish continuation toward $1. Cardano Completes The ABC Wave The crypto market crash, led by Bitcoin, saw the prices of Cardano and other altcoins plunge into a dreaded ABC wave. This wave is notorious for causing massive dips to the tune of 50%, leaving investors in losses in its wake. Related Reading: Ethereum Enters Accumulation Phase As $500 Million ETH Leave Exchanges The crypto analyst revealed that Wave A had taken place when Cardano had fallen from $0.8 to $0.57, and then Wave B saw the recovery from $0.57 to $0.68. The third and final wave, Wave C, saw the price crash from $0.77 to $0.4 before bouncing upward once again, signaling the completion of the ABC wave. As with all other crashes, there comes a time when the ABC wave is over, and the price of an altcoin can recover, and it seems Cardano has entered this range. The price of the altcoin has since recovered above $0.5, with the bulls now taking control. From here, the analyst expects the recovery to continue and rally with a new wave. “After the fifth bullish wave, Cardano has completed his corrective waves (ABC) and now he has reached the end of the wedge, now it is time to start the five bullish waves,” CobraVanguard said. Source: Tradingview.com ADA Price Targets CobraVanguard outlines a number of reasons why they believe that the Cardano price is going to be bullish. Firstly, they outline an ascending structure of the chart, which suggests a bullish continuation. Next is the bullish wedge that is forming in the chart. Also, high-potential areas are becoming clearer in the chart, as the analyst outlined. Related Reading: Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000 In the first wave, the analyst outlines a possible jump to $0.77. From here, they expect that the price will retrace a bit to $0.64 before resuming the uptrend. However, the analyst takes a more conservative stance compared to other analysts about the top, putting it somewhere around $1.09. The analyst further pointed out that in a situation where the wedge were to break down, it could invalidate this, and possibility lead to a decline in price. “Note that if the WEDGE is broken down with the power of descending candles, our analysis will fail,” CobraVanguard concluded. ADA price at $0.5 | Source: ADAUSDT on Tradingview.com Featured image from CoinGape, chart from Tradingview.com
Bitcoin and altcoins have turned bullish following the BTC supply halving. Are new all-time highs in the making?
Crypto analyst Ali Martinez has drawn the Cardano (ADA) community’s attention to a crucial indicator that could be bullish for Cardano’s price. Based on his analysis, the crypto token could experience a rally that would cause it to rise to as high as $1. Related Reading: Stablecoins Get A Seat At The Table: US Senators […]
In a post on X, Frederik Gregaard, CEO of the Cardano Foundation, articulated the imminent advancements towards a decentralized governance structure, marked by the introduction of an interim constitution. This initiative precedes the anticipated Chang hard fork, which will herald the Voltaire era of community-driven governance on the blockchain. The Interim Constitution For Cardano Gregaard’s […]
Bitcoin price descends to new lows, dragging altcoins down with it just days before the long-awaited BTC supply halving.
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.