As the cryptocurrency market grapples with a broader decline, altcoins have faced significant challenges, with Ethereum (ETH) leading the way with losses nearing 20%. This drop comes after Ethereum’s repeated failures to break through the crucial resistance level of $4,000, a barrier that has proven formidable in recent months also preventing the cryptocurrency to reach new record levels as Bitcoin (BTC) did to close 2024. Mid-Cycle Correction For Altcoins: A Path To Recovery? Market expert Ash Crypto has recently offered insights in a social media post on X (formerly Twitter), into the current state of altcoins, suggesting that they are undergoing a “mid-cycle correction.” According to Ash Crypto, this phase is a natural part of the bull market cycle and may set the stage for a recovery of previously lost value and potentially even higher gains for these digital assets. Related Reading: Chainlink Weekly Chart Looks Promising – If Bulls Reclaim $30 ‘ATH Are Next’ In his social media post, the expert highlighted historical precedents, noting that similar price actions were seen in January 2021, just before the onset of an altcoin season that captivated investors. Despite recent fluctuations, Ethereum and other altcoins have shown slight signs of recovery, with ETH managing to surge above $3,200, rebounding from its nearest support level of $3,100. This recent uptick prevented further losses and sparked hope among traders. However, Ash Crypto cautions that another dip may be on the horizon before a more sustained recovery can take hold. Market Whales May Shake Out Retail Investors In his analysis, Ash Crypto projected that altcoins could experience one final market correction before entering what he believes will be a full bull mode later this year. The expert referenced a chart he shared, depicting the total market capitalization of altcoins excluding Bitcoin and Ethereum, which showed potential consolidation between the $926 billion and $930 billion levels. This consolidation phase could precede a move towards a bullish cycle peak, estimated to reach as high as $3.39 trillion. Related Reading: Analyst Who Predicted Bitcoin Price Crash To $89,000 Reveals Where BTC Is Headed Next Adding to the intrigue, Ash Crypto remarked that Bitcoin’s dominance appears to have topped out, suggesting that an altcoin season is imminent. However, he warns that before this potential surge, market whales may attempt to shake out retail investors by manipulating prices. At the time of writing, ETH is trading at $3,215, up over 3% in the 24-hour time frame. Other altcoins such as XRP, Solana (SOL) and Cardano (ADA) have also risen by 5%, 3% and 5.3% respectively in the same time frame. Taking into account Ash Crypto’s analysis, it remains to be seen whether further consolidation or another correction will take place for altcoins before what could be the most notable gains for these digital assets in history. Featured image from DALL-E, chart from TradingView.com
Cardano (ADA) surged past the $1 mark over the weekend, marking a significant milestone in its recent rally. However, after reaching a multi-year high of $1.15, the cryptocurrency is now navigating a 17% correction as profit-taking sets in. Despite the pullback, the long-term outlook for Cardano remains bullish, fueled by renewed market momentum over the past three weeks. The price action reflects a maturing market, with ADA consolidating gains and building a foundation for its next move. On-chain data from IntoTheBlock highlights robust growth in network activity, signaling increased interest and adoption. This uptick in activity suggests that the consolidation phase could be temporary as the broader market gains strength. Related Reading: Bitcoin Realized Profit Hits ATH At $443 Million – Local Top Or Continuation? Cardano’s ability to maintain key support levels during this correction will be crucial in determining its next direction. Analysts are optimistic that the network’s growing fundamentals and favorable macro environment will drive ADA to new heights. As traders and investors monitor the $1 support level closely, Cardano’s evolving network metrics and bullish sentiment hint at a potential breakout shortly. Whether ADA’s price action will capitalize on these factors remains a key question for market participants. Cardano Daily Active Addresses Growing Cardano’s network activity shows strong growth signs, with daily active addresses increasing significantly. On-chain data from IntoTheBlock reveals that the number of new user addresses has reached its highest since June 2023. This surge in network activity signals growing adoption and increased interest in the Cardano ecosystem, which is crucial for its long-term development. Over the weekend, Cardano reclaimed the $1 level, marking an important psychological milestone. While the price is currently consolidating, this movement comes amid a surge in network growth, indicating that market participants remain optimistic about ADA’s future. IntoTheBlock’s analysis on X suggests that Cardano could be preparing for a bullish breakout, with the potential to rise to new price levels as the current consolidation phase stabilizes. Despite the recent pullback from its multi-year high of $1.15, Cardano is still well-positioned for further growth. ADA remains more than 230% away from its all-time high (ATH), around $3.1, suggesting significant room for upside as the network matures and attracts more users. Related Reading: Bitcoin Rally Benefits From US Buyers – Coinbase Premium Gap Reveals Strong Demand If the price maintains support above the $1 level and network growth continues to trend upwards, Cardano could be primed for its next bullish move. With the growing number of daily active addresses and a significant gap to its ATH, the potential for a strong rally remains intact. Investors are watching closely to see if Cardano can sustain this momentum and capitalize on the surging network activity in the coming months. ADA Demand Remains Strong Cardano is trading at $0.93 after an impressive 250% run from November 5 to its yearly high of $1.15. The price has since retraced more than 17% since Saturday morning’s peak, as it now attempts to find strong demand above the $0.90 level. This retracement is part of the natural consolidation process following a sharp rally, and ADA must hold above $0.90 to maintain bullish momentum. If ADA manages to hold above this level, it could position itself for a potential breakout, with the next key supply levels lying above $1.25. Such a move would indicate that the current pullback is simply a healthy correction before another leg up. However, if ADA loses the $0.90 level and fails to reclaim support, a deeper correction could follow, potentially bringing ADA to test lower levels. In that case, the next critical support zone would likely be closer to the $0.80 mark, where ADA might find further demand. Related Reading: Massive Ethereum Buying Spree – Taker Buy Volume hits $1.683B In One Hour Overall, ADA’s price action remains bullish in the longer term, but it needs to maintain support above the $0.90 mark to continue its upward trajectory and reach new supply levels above $1.25. Featured image from Dall-E, chart from TradingView
Cardano (ADA) has made a significant move, breaking above the long-standing $0.40 resistance and reaching a key supply level at $0.45 after an impressive 42% surge over the past few days. This breakout is sparking fresh optimism among investors who have been waiting for ADA to demonstrate sustained strength. According to recent data from Coinglass, ADA’s funding rate has risen to levels not seen since June, indicating strong demand and suggesting that this rally could only be the beginning of a larger trend. Related Reading: Ethereum Analyst Sees Altseason Potential As BTS Is Still Outpacing ETH – Time To Buy Altcoins? This rising funding rate points to increased leverage in the market as traders grow more bullish on ADA’s potential for further gains. If ADA holds above the $0.40 mark, it could establish a new support level, reinforcing its recent uptrend and opening the door for even higher targets. However, the next few days will be crucial as the crypto market continues to rise, with key resistance and support levels in play. As traders closely watch ADA’s price action, it remains to be seen if this surge can sustain the momentum and push Cardano toward new highs. Cardano Is Starting To Rise Cardano has staged a powerful rally after months of selling pressure, marking its first major bullish move recently. With a push above crucial resistance levels, ADA has not only shaken off its downward trend but has also set up a new bullish price structure. Recent data from Coinglass underscores this bullish sentiment, showing that the open interest (OI)-weighted funding rate for ADA has reached its highest level since June. This surge in funding rates is a strong indicator of increased optimism among investors, as traders are willing to pay a premium for long positions, betting on Cardano’s continued rise. The positive funding rate implies that ADA demand is on the rise, with market participants eager to enter bullish trades. This breakout above key levels is attracting substantial interest from both retail and institutional investors, who are now positioning themselves for potential further upside. Many analysts suggest that this pump could serve as the catalyst for a more extended bullish continuation if Cardano can maintain its momentum. While ADA will need to establish new support at its breakout levels to confirm this trend shift, the recent uptrend signals renewed confidence in Cardano’s long-term potential. Related Reading: Bitcoin ETFs See Historic Surge – Institutions Go Bullish On BTC With $1.38 Billion Record Inflows As ADA continues to push upward, traders are now watching closely for a consolidation phase, which could provide the fuel needed for the next leg of this rally. If support holds around these levels, Cardano could be on the brink of a broader uptrend, making it a key altcoin to watch as the market recovers and interest in high-potential assets resurges. ADA Price Action: Key Levels To Watch Cardano (ADA) is currently trading at $0.43, following a strong surge that took it above the 200-day moving average (MA) at $0.39—a crucial level indicating long-term strength and trend reversal. This move above the 200-day MA suggests that bulls are in control, setting the stage for potential further gains. To sustain this momentum, it’s essential for ADA to hold above this moving average as support, reinforcing the bullish outlook. The recent price action remains very positive, with ADA consistently pushing to challenge new supply levels. The next key target is $0.458, a resistance level that, if broken, could open the door to even higher price marks. However, a brief retracement to lower demand levels around $0.415 would be a constructive move, allowing ADA to build a solid foundation before another potential rally. Related Reading: Solana Breaks Above Key Resistance – Top Analyst Sets $300 Target This controlled pullback could attract fresh buying interest and provide the necessary fuel for ADA to move further upward. Overall, with price action aligning with key technical indicators, ADA’s recent surge above the 200-day MA highlights a promising shift for the asset, with further bullish developments likely if critical support levels hold firm. Featured image from Dall-E, chart from TradingView
Cardano is trading at a crucial supply level that could spark a significant rally to new highs. After last week’s interest rate cut, optimism has surged among analysts and investors, with many anticipating strong upward momentum for the altcoin. Related Reading: Solana (SOL) Consolidates in Symmetrical Triangle – Analyst Reveals $160 Target On Breakout This positive sentiment is reflected in spot trading and the futures market, where key data from Coinglass reveals a bullish inclination. The key market sentiment indicator of the funding rate suggests that traders are positioning themselves for a potential breakout. If Cardano breaks past its current resistance, a 20% surge is expected, potentially pushing the price to levels not seen in months. This breakout could solidify the altcoin’s uptrend and set the stage for further gains. As the price approaches this critical resistance, investors are closely watching for signs of increased volume and momentum, which would confirm the strength of the bullish trend. With market sentiment shifting and technical indicators aligning, Cardano appears poised for a significant move. Cardano On-Chain Metrics Suggest A Breakout Cardano has surged over 15% since last week’s interest rate cut announcement, fueling speculation of a potential altseason in the crypto market this year. The broader market is turning optimistic, and key data from Coinglass supports this sentiment, showing a positive funding rate of 0.01%. This rate indicates that traders are paying a premium to maintain long positions, reflecting their anticipation of a potential price rally for ADA. A positive funding rate generally suggests a bullish market outlook, as it shows that traders are willing to incur additional costs to hold onto their positions, expecting further price appreciation. As Cardano approaches its crucial resistance level at $0.40, market sentiment points towards a potential breakout. Should the price maintain its current momentum and break above this key resistance, analysts expect an aggressive surge to new highs. Related Reading: SUI Price Sits 40% Below All-Time High As TVL Approaches $1 Billion Investors are closely watching this level, as a successful breakout could lead to a rapid 25% rally towards the $0.50 mark. This scenario would mark a significant recovery for ADA and reinforce the growing belief that altcoins, led by Cardano, could outperform in the coming weeks. However, the market remains cautious. While the current sentiment and data suggest a bullish outlook, the price must sustain its upward momentum to validate these predictions. A failure to break past the $0.40 resistance could result in a period of consolidation or even a short-term retracement. As the crypto community eagerly anticipates ADA’s next move, the coming days will be crucial in determining whether Cardano can capitalize on this renewed optimism and kickstart a broader altcoin rally. ADA Price Action: Key Levels To Watch ADA is now trading at $0.39, hovering around a key resistance level that hasn’t been broken since late July. The price is less than 5% away from the daily 200 exponential moving average (EMA) at $0.41. This EMA has acted as a significant resistance level since mid-April and now aligns with a crucial supply zone, making it a pivotal point for continuing Cardano’s bullish momentum. For the bulls to gain momentum and establish a stronger uptrend, ADA must reclaim the 200 EMA and decisively break past the $0.40 resistance. Doing so would signal a confirmation of a daily uptrend and could pave the way for a sustained rally to higher price levels. Related Reading: XRP $0.60 Triangle Breakout Could Ignite Parabolic Rally – Key Levels To Watch However, a deeper correction could follow if ADA fails to break through current resistance and set a new high. A pullback to lower demand levels around $0.35 would be the likely scenario as traders seek support before any potential rebound. The coming days will be crucial in determining whether Cardano can break through this resistance and establish a more bullish trajectory or if a retracement is imminent. Featured image from Dall-E, chart from TradingView
Cardano (ADA) has 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