Cardano is set to unveil its first permissionless Layer 2 (L2) solution, positioning itself ahead of other blockchains like Ethereum. The announcement was made during the Cardano Summit 2024 in Argentina, where Philip DiSarro, CEO and founder of Anastasia Labs, detailed the forthcoming launch of Midgard, an optimistic rollup designed to enhance ADA’s scalability and […]
In an analysis published on TradingView, pseudonymous crypto analyst Melika Trader has provided a technical forecast for Cardano (ADA), highlighting a long-term upside scenario with a price target of $1.8. Using chart patterns and key price levels, Melika offers both short and long-term perspectives on ADA’s price movement. Long-Term Cardano Price Outlook Melika identifies a significant support zone for ADA between $0.30 and $0.35. This range has historically shown strong buying interest, characterized by an engulfing candle pattern and previously established supply and demand (S&D) zones. This base formation suggests a robust floor where Cardano has consistently garnered market support. The analyst points out the potential for a bullish reversal, noting that ADA’s price action appears to be forming a bottom within this support zone. “The price seems to form a bottom after engulfing the support region, hinting at a potential bullish reversal,” Melika states. Looking ahead, Melika sets a long-term resistance target between $1.20 and $1.80. This target area is not arbitrary but is based on previous price peaks, making it a significant hurdle for future price action. Should ADA maintain its support base, the path to these higher resistance levels may be realized as buyer confidence rejuvenates, setting the stage for a potential bull run. Related Reading: Cardano’s Pullback Short-Lived, Fresh Rally Underway For ADA? “The next major resistance is in the $1.20-$1.80 zone, marked as a long-term target, which aligns with previous highs. If the current support holds, ADA could be positioned for a sustained rally toward the long-term target, especially as buyers regain confidence,” Melika writes. However, she also cautions investors about a bearish scenario where ADA fails to maintain the $0.30 support level. A breach below this threshold could lead to a decline to levels below $0.18, presenting a substantial risk for holders. “A failure to hold support around $0.30 could see the price retesting to below $0.18,” Melika warns. Related Reading: Cardano Bullish Pattern Suggests A Breakout – Can ADA Reach $0.54? ADA Price Analysis: Short-Term Outlook In the immediate term, ADA is navigating a strong support zone identified between $0.33 and $0.34, aligned with a lower trendline that underscores its importance. “A bounce from this support zone could see ADA targeting the resistance zone at $0.38 – $0.39. The engulfed area suggests a possible reversal signal,” the crypto analyst claims. This resistance zone at $0.39 represents a critical point where previous sellers have previously dominated, making it a pivotal area for ADA’s short-term price action. A successful breach of this resistance could validate the bullish rebound scenario. “The $0.39 zone is a significant resistance where sellers previously controlled the market, making it a critical area to watch for any breakout,” Melika states. Conversely, if ADA fails to sustain its current support, the price could retreat towards the broader long-term support at $0.30, underpinning the downside risks highlighted by Melika. At press time, ADA traded at $0.3437. Featured image from Shutterstock, chart from TradingView.com
In a major move towards blockchain innovation and interoperability, Cardano has announced a new partnership with BitcoinOS (BOS), a smart contract operating system for Bitcoin, the world’s first and largest cryptocurrency. The new alliance will be aimed at unlocking Bitcoin’s trillion dollar liquidity for ADA investors and creating new opportunities for cross-chain capabilities for Web3. […]
Yoroi Wallet, a leading light wallet for Cardano, has partnered with Bring, a white-label crypto cashback platform. This collaboration aims to bridge the gap between the Cardano community and global retail, allowing users to earn ADA as cashback rewards when shopping with over 775 international retailers. Passive Income For Cardano Holders The upcoming integration will […]
Charles Hoskinson, the founder of Cardano, has revealed substantial progress in the development and research of new protocols. Via X, Hoskinson stated: “Ouroboros Peras is one of the best prototyped protocols we have—a literate Agda specification, a CIP, simulations, and a working prototype prior to the final paper being published. Already negotiating implementation SoW.” Moreover, […]
Cardano has marked a significant legal milestone in Argentina with the signing of what is described as the first legally and judicially enforceable contract on the ADA blockchain network, fully compliant with Argentine law. On October 8, Cardano ambassador and Interim Constitutional Committee (ICC) member Mauro Andreoli announced via X (formerly Twitter) that he and […]
Despite its recent lacklustre price performance, market experts remain extremely bullish about the Cardano price prospects. Notably, a crypto analyst has forecasted that Cardano, which is currently trading below the $1 mark, is on the brink of a major breakout, with the potential to skyrocket to $5. Expert Sees Cardano Hitting $5 Soon Popular crypto analyst, Dan Gambardello took to X (formerly Twitter) on October 6 to share his bullish projections for Cardano, highlighting past bull cycles and market trends. Gambardello told his 262,900 followers that Cardano could quickly rise above $1 between now and December. Related Reading: Optimism, Aptos, And Taiko Face $169.66 Million In Token Unlocks, Should You Buy Or Sell? In a detailed video outlining the rationale behind his bullish prediction, Gambardello noted that if Cardano can follow the market trends established during the previous bull cycle, its price could easily skyrocket to $1. During the last bull market in 2021, Cardano had been among the top altcoins, experiencing significant gains that propelled its price to new all-time highs. Although it surged to an all-time high of $3.10 in September 2021, Cardano has since plummeted by 88.43% and is currently trading at $0.35. CoinMarketCap’s data also reveals that ADA’s price has fallen by 8.41% over the past week, underscoring the cryptocurrency’s bearish momentum. Despite the sluggish price growth, Gambardello has forecasted that ADA could potentially exceed all time highs to reach $5. The analyst emphasized that Cardano is even more well positioned for a bull rally than last cycle, highlighting positive signs in key metrics such as the altcoin’s Relative Index Strength (RSI) and higher low action. To be more precise, Gamberdello projects that Cardank could reach $1 before the end of 2024, and then soar to new price levels between $5 and $10. The analyst has expressed confidence in this bullish outlook, emphasizing that a $5 price increase was a realistic target. For Cardano to reach new all-time highs of $5, Gambardello has disclosed that the 50-week and 20-week Moving Average (MA) are crucial levels to watch. He stressed that ADA must first break above $0.38, and then move to $0.42 before it can experience a potential breakout to the upside. Related Reading: Here’s Why The Bitcoin Price Could Hit $100,000 Before The End Of The Year Bullish Forecast For Cardano Continues To Grow Sharing a similar sentiment with Gambardello, a popular crypto analyst, identified as ‘Sssebi’ on X has predicted that ADA could potentially skyrocket to $10 by 2025. The analyst notes that the cryptocurrency could experience a sharp breakout to the upside, first surging to $0.5 before hitting the coveted $1 price mark. After this, Sssebi predicts that ADA will rise to $3, surprising the broader cryptocurrency market with its massive growth. He believes that following a potential price surge to $10, investors will begin “FOMOing” hard as they recognize the immense potential of Cardano. Featured image created with Dall.E, chart from Tradingview.com
Cardano (ADA) completed its first green September in six years as the coin enjoyed a price gain of almost 8%. This is significant as the crypto could enjoy an extended rally in October, leading to more price gains for Cardano. Cardano Records First Green September Cryptorank data shows that Cardano has recorded its first green September since it launched in 2017. This raises the possibility of the crypto enjoying an extended rally since it presents a bullish outlook for ADA. Crypto analyst Plutus also suggested that Cardano could replicate Bitcoin’s monthly returns following its first green September. Related Reading: Major Catalyst That Could Drive Bitcoin To New ATH In Q4 Emerges He added that the crypto can accomplish these positive monthly returns in the coming months with looser monetary policy starting to take place. Cardano imitating Bitcoin’s historical monthly returns in the last quarter of this year will be huge for the coin, considering that this is when the flagship crypto records its most profitable returns. Specifically, October is historically one of the best months for Bitcoin, as the crypto has only recorded two negative monthly returns since 2013. Most of its gains have also been double-digits. Therefore, October could be huge for Cardano if it replicates BTC’s monthly returns. Meanwhile, although October has historically not been a good month for Cardano, this time is much different, with these monetary easing policies presenting a bullish outlook for the crypto market. The US Fed rate cuts and China’s stimulus package were among the factors that contributed to ADA enjoying a monthly green candle in September. As such, the crypto could enjoy an extended rally as these monetary easing policies continue to roll out. It is also worth mentioning that Q4 of 2023 was very bullish for Cardano as it recorded double-digit gains in October, November, and December. Similar price gains this fourth quarter will see ADA reclaim $1 and record a new yearly high in the process. This will provide a much-needed boost for the coin, considering it boasts a year-to-date (YTD) loss of almost 40%. Other Factors That Support An Extended Rally From a technical perspective, Plutus noted that the current Heikin Ashi monthly candle is green, indicating a directional change on the cards. The analyst also revealed that the Weekly Gaussian channel, which flipped bullish back in February, is still green, suggesting that more impulsive moves to the upside are on the horizon for Cardano. Related Reading: Bitcoin Bull Market Not Over: CryptoQuant CEO Reveals Where We Are This Cycle Cardano’s fundamentals are also bullish. The testnet for its privacy protocol Midnight Network just recently went live. This privacy solution will help developers build decentralized applications that ensure that users’ data are well protected, a move that could attract more users to the network. The network is already one of the most decentralized, transitioning to the Voltaire era, which focuses on community-driven governance. At the time of writing, Cardano is trading at around $0.35, down over 6% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
The latest weekly digital asset fund flows from CoinShares shed light on the ongoing dynamics among institutional investors when investing in altcoins such as XRP, Solana, and Cardano. Most of the inflow activity went into Bitcoin, but the report also highlights a diverse set of trends among altcoins to show preferences and strategies investors are […]
The overall bearish sentiment for Cardano (ADA) continues to rise as analysts now foresee a massive 33% price crash for the altcoin. This pessimistic projection comes as ADA struggles to gain traction in the market, with its value remaining stagnant or steadily dropping to lower levels. Cardano (ADA) Crash Incoming Compared to other prominent altcoins in the crypto market, Cardano has performed poorly, struggling with price declines and sluggish growth. Consequently, a crypto analyst, identified as ‘Financialfreedomgoals’ on TradingView, predicted that cryptocurrency is likely to experience more than a 30% crash to new lows. Related Reading: BlackRock Calls Bitcoin ‘Hedge Against Global Disorder’, Analyst Sets $600,000 Target The analyst notes the broader negative state of the current crypto market, highlighting that most altcoins are stuck in a “bearish rut.” He disclosed that rather than achieving new all-time highs, these coins have been setting fresh lows, underscoring the persistent downtrend and decreased confidence amongst investors. Cardano, in particular, has had its share of negative sentiment and volatility. The cryptocurrency has stayed unwaveringly below the Exponential Moving Average (EMA) 200 line, a key technical indicator traders often use to gauge long-term trends. Typically, when the price of a cryptocurrency stays below this line, it tends to signal a continuation of a bearish trend. Given the present bearish state of the market, the crypto analyst has dismissed the idea of an upcoming altcoin season, where the majority of cryptocurrencies excluding Bitcoin experience significant price gains. On the daily time frame, Cardano is trading below the EMA 200 line and the bearish trend line. Initially, a rising wedge pattern had formed on the cryptocurrency’s price chart, however instead of breaking out, Cardano saw a series of negative candlesticks alongside a bearish crossover on the Moving Average Convergence Divergence (MACD). This series of negative indicators suggests that bears may be tightening their grip on Cardano’s price. As such, the crypto analyst foresees the ADA continuing its descent to reach fresh lows at target areas: 0.2506 or 0.2197. These targets are calculated using the Fibonacci retracement ratios of 1.272 and 1.618. 0.3815 Resistance Could Trigger Bullish Surge Despite maintaining a largely bearish stance on Cardano’s price outlook, Financialfreedomgoals has hinted at a potential bullish turnaround. He has suggested that a price reversal for ADA could be possible if the price of the cryptocurrency manages to break above the key resistance at 0.3815 Fibonacci level. Related Reading: Time To Convert Bitcoin To Ethereum? ETH/BTC Charts Gears Up For 180% Surge Crypto analyst Sssebi shares an even greater bullish outlook for Cardano. He highlights that during the previous bull market, ADA’s value increased by more than 100X. As a result, the analyst believes that ADA will rally by at least 20X in this current market cycle, expressing even stronger confidence that the cryptocurrency will reach $5 soon. As of writing, the price of ADA is trading at $0.3576, reflecting a significant increase of 11.39% over the past week, according to CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Dan Gambardello has highlighted the Cardano (ADA) roadmap to a new all-time high (ATH). The analyst also suggested that Cardano was halfway to reaching a new high, noting what part of its cycle the coin was currently at. Cardano Is In Stage 3 Of Its Cycle Gambardello remarked in an X (formerly Twitter) post that Cardano is in stage three of its cycle. He claimed that this part of the cycle for ADA is the “Told you. You should’ve listened” stage. This refers to the point where investors begin to capitulate, thinking that the crypto is unlikely to surge in the bull market given its bearish price action. Related Reading: XRP Price To Crash To $0.33 Before Surge To $9 Post-SEC Appeal; Analyst Reveals Once this stage is done, Cardano is expected to move to the next stage of its cycle, which Gambardello called the “Here we go again, another bull trap” stage. This stage will help shake out the short-term traders who jumped on ADA, believing its price would rise soon enough. Once the non-believers have been shaken out, the analyst predicts that Cardano will move to the last part of its cycle, when it will shatter its ATH and reach new highs. In his accompanying chart, Gambardello predicted that Cardano would rise to as high as $15 by year-end 2025. The analyst also indicated that ADA will enjoy a price surge beyond 2025, expected to mark the end of this cycle’s bull run. Interestingly, he forecasts that Cardano’s price will double in a year and rise to $31 by year-end 2026. A rise to $31 means that Cardano will have a market cap of $1 trillion. For context, the crypto market currently has a market cap of $2 trillion, meaning that figure is set to increase exponentially if ADA alone becomes valued at $1 trillion. The analyst didn’t provide any reason for believing the crypto can experience such massive growth in two years. A More Conservative Price Prediction Crypto analyst InvestingHaven has offered a more conservative price prediction for Cardano. In an X post, the analyst stated that the crypto will reach a “super bullish target of $1.95” in 2025. He also questioned whether ADA was ready for a breakout, claiming that the $0.443 Fibonacci level was the key to unlocking higher prices. Related Reading: Bitcoin Forms Golden Cross On 2-Month Chart, Here’s What Happened Last Time InvestingHaven added that the 2025 outlook for Cardano is full of potential, reaffirming that this is when the crypto will enjoy a parabolic rally. ADA has had a rough 2024 despite bullish developments like the Chang Hard Fork, which ushered in a decentralized governance system for the Cardano network. It is one of the worst-performing crypto assets this year, with a year-to-date (YTD) loss of over 40%. At the time if writing, Cardano is trading at around $0.35, down almost 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Charles Hoskinson, the founder of Cardano, has provided key insights into the next developmental and governance phases of Cardano and its Chang hard fork. With these plans set in motion, ADA, the native token of the Cardano ecosystem, has also seen a significant rise in a new metric, indicating a surge in investor interest and […]
In a new video analysis, popular crypto analyst Dan Gambardello delved into the potential future of the Cardano (ADA) price amidst the troubling forecasts of a US recession. With a significant following of 369,000 on YouTube, Gambardello highlighted the general unease among ADA holders and general crypto investors due to the ongoing economic discourse surrounding a potential recession. Will Cardano Bottom In December? He drew parallels between historical S&P 500 behavior and current market conditions, noting, “On average the S&P 500 bottoms three months after a recession begins, but 10 months before the recession ends.” This observation is crucial as it sets a potential timeframe for when investors might expect the crypto market, including ADA, to bottom out. “I give it a 50/50 odds that we’re in a recession now. Check this out. The Fed has signaled that September interest rate cut is coming all but two times in history when the Fed has started to cut rates, a recession followed,” Gambardello suggested and explained that recession starts are usually only declared to have started once they have already begun. He further explained that the prevalent discussion about the US already being in a recession could impact investment strategies. According to Gambardello, if history repeats itself, the market could see its lowest point in December 2024. He based this on a detailed look back at market downturns since 1957, which typically show significant movements three months following the onset of a recession. Related Reading: Stunning Fall From Grace: Cardano Suffers 90% Plunge In Market Share Since ’21 “I just think whenever the bottom will be in, it is going to be explosive […] oftentimes [they declare] it 10 months later and they’re like ‘hey, you know what, the recession started 10 months ago. Nobody, there’s no exact science to when it starts, not like a set date but 3 months after it, the bottom is in for markets,” the crypto analyst noted. Gambardello then addressed the Federal Reserve’s signals about upcoming interest rate cuts, which historically have been followed by recessions. This pattern adds another layer to the already complex market analysis, suggesting that a recession might indeed be imminent or already underway. “All but two times in history when the Fed has started to cut rates, a recession followed,” he remarked, highlighting the gravity of the current economic signals. Shifting focus to Cardano, Gambardello juxtaposed ADA’s current market performance against its historical data. He pointed out that, similar to previous cycles, ADA is currently down by 89% from its peak, closely mirroring its past downturns where it was down by 94% at similar points. Related Reading: Crypto Analyst Explains Why Cardano Remains ‘Fundamentally Bullish’ “We’re down 89%. So put it all aside, Cardano is not doing anything different than it did last cycle. And the one thing I did notice though was from this 2018 high to when Ada made its way to where we are right now is, that was around 992 days after that all-time high. This time around and this is why I think it feels a little bit more painful for Cardano holders this time around, we’re looking at almost 1,100 days from all-time high to this moment right so it’s been very grueling,” Gambardello stated. Moreover, he analyzed Bitcoin’s influence on altcoins like Cardano. He discussed the potential for an ‘altcoin season,’ a period when altcoins typically surge if Bitcoin’s market dominance begins to wane. According to his analysis, such a season isn’t currently in play but could be on the horizon, correlating with his predicted market bottom in December. “Most altcoins, especially the blue chips, especially the top altcoins, are going to fly when market bottoms and crypto bounces,” Gambardello said. Concluding his analysis, Gambardello adopted a cautiously optimistic tone. He acknowledged the uncertainties inherent in predicting crypto markets but underscored the importance of historical patterns and current economic indicators in formulating investment strategies. He advised his viewers to stay vigilant, keep an eye on market data, and be prepared for more potential downside, but also be ready for an explosive growth period that has historically followed recessions. At press time, ADA traded at $0.3218. Featured image from Shutterstock, chart from TradingView.com
Charles Hoskinson, the founder of Cardano, has provided crucial clarifications regarding the options ADA holders will have when withdrawing staking rewards in the new era following the Chang hard fork. This clarification comes in response to growing concerns among ADA holders about changes in governance mechanisms and reward systems. Cardano Holders Need To Know This […]
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 […]
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 […]
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 […]
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
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
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
Cardano is at a significant milestone with the impending Chang hard fork. This pivotal moment follows the recent upgrade of its node validation software before the upgrade goes live. As the Cardano ecosystem gears up for this major update, the network is experiencing a surge in activity that could determine its trajectory in the coming weeks. Amidst this heightened activity, Cardano’s cryptocurrency, ADA, has demonstrated an interesting price performance. ADA has seen positive price action in the past 24 hours, reflecting growing market optimism. This uptick in price comes on the heels of increasing transaction volumes, particularly from whales or large ADA holders. According to recent on-chain data, this cohort of traders has significantly ramped up their transactions, with transaction volume recently reaching a peak of 17 billion ADA tokens. Whales Making Moves This movement from large holders was noted on IntoTheBlock’s dashboard through a metric which follows the number and volume of transactions greater than $100,000 in a 24-hour period. Interestingly, this metric shows that the number of large transactions has been on a decline since the beginning of the week. However, an activity spike created a trading volume of 17.78 billion ADA on Friday, coming to $7 billion worth of tokens exchanged among whale addresses. Related Reading: Analyst Says XRP Remains Strongest Compared To Bitcoin And Ethereum, Here’s Why The increase in activity continues to linger, with 15.43 billion ADA tokens worth $6.28 billion moved among large holders in the past 24 hours. While the surge in activity and trading volume could also be large transfers to crypto exchanges for potential selloffs, on-chain data suggests otherwise. Insights from IntoTheBlock’s Large Holders Inflow metric reveal that ADA whales have been rapidly accumulating tokens instead. This metric specifically tracks the influx of ADA tokens into wallets that hold at least 0.1% of the circulating supply, providing a clear picture of large holder behavior. The data shows that these wallets have experienced a 579% increase in inflows over the past seven days and a 173% increase over the past 30 days. This significant accumulation has led to a corresponding rise in net flow, which accounts for both the inflow and outflow of tokens from large addresses. Specifically, there has been a staggering 720.62% increase in net flow over the last seven days and an even more dramatic 2580% increase over the past 30 days. Cardano Recovery Imminent? These figures suggest that large holders are not only acquiring more ADA but are also retaining their holdings, resulting in a substantial net positive flow. This trend reflects a strong accumulation phase among ADA whales, indicating their growing confidence and long-term commitment to the Cardano network. Related Reading: Can Dogecoin Replicate Its 2021 18,000% Run? Here’s What The Chart Says Much of this accumulation can be attributed to the upcoming Cardano hard fork, which will herald the Voltaire era. Voltaire is the last phase of Cardano’s original roadmap in creating a fully decentralized blockchain ecosystem. As the Chang hard fork approaches, the crypto community is closely monitoring these developments, anticipating how they will influence the overall landscape of the Cardano network and its market performance. Additionally, there are rumors that Cardano might be the next cryptocurrency to secure its own Spot ETFs following the recent approval of Spot Ethereum ETFs. At the time of writing, Cardano is trading at $0.4171, up by 1% in the past 24 hours. The next feasible step is breaking above $0.42. Featured image created with Dall.E, chart from Tradingview.com
Cardano (ADA) is currently in a pronounced seven-day decline, which was exacerbated by a fresh descent below the $0.41 mark. This decline is part of a broader trend observed across many altcoins, which have reacted negatively to Ethereum’s significant drop in the last 24 hours. The decline represents a correction from a bullish run that began earlier in the month, during which ADA holders saw good gains. Consequently, this up-and-down movement has created some critical support and resistance levels for ADA, which will be crucial for investors to monitor in the coming days. The market sentiment has shifted considerably, and traders are now focusing on these key levels to gauge whether ADA might rebound or continue its downward trajectory. Important Price Levels For ADA At the time of writing, Cardano is trading at $0.3963 and has corrected by 11.6% from a peak of $0.4485 in the past 48 hours. Zooming out on a monthly timeframe shows that the cryptocurrency is merely correcting after a strong bullish run. During this run, ADA surged from $0.3213 to $0.4545 within a week, representing an impressive increase of 41.5%. However, the $0.45 level acted as a significant resistance point, causing ADA to reverse and enter a consolidation phase between $0.45 and $0.40, which was followed by a recent breakdown below the support. Related Reading: Will Bitcoin Reach A New All-Time High? Crypto Analyst Reveals Why $90,000 Is Possible According to a technical analysis by a crypto analyst, this consolidation movement created a pattern similar to a small bullish flag, and a breakout above $0.45 to the upside could push ADA to $0.6. This suggests that ADA could soon bounce back up on a support level and resume its uptrend. On the other hand, analyzing ADA’s price movement suggests a break to the downside could push it to as low as a final key support level at $0.32 and cancel all of the gains it made earlier in the month. However, this is less likely to happen in the short term, as ADA now finds itself hovering around the $0.40 price level. What’s Next For Cardano? According to blockchain analytics firm Santiment, Cardano (ADA) is one of three cryptocurrencies with significantly negative funding rates on major exchanges. However, Santiment suggests that this may not be entirely detrimental. The heavily negative funding rates indicate a high probability of a price boost from the potential liquidation of short positions. Related Reading: Golden Cross Appears On XRP Price Chart, Factors That Could Drive A Fresh Rally Over the past five weeks, Cardano has been consistently shorted on exchanges. Should these shorts be liquidated by even a minor price increase, it could trigger a substantial price surge. This liquidation could act as a catalyst, propelling ADA’s value on an extended surge above $0.6. A potential catalyst for a price increase could be the highly anticipated Chang Hard Fork upgrade to the Cardano blockchain. Featured image created with Dall.E, chart from Tradingview.com
Cardano has been under pressure and selling off in the past four months. From the ADAUSDT daily chart, it is evident that bears have been in control. After peaking in March, prices plunged by as much as 60% before finding support in mid-July. Since then, ADA has recovered slightly, but bears have not relentred, especially this week. So far, ADA is still 50% after the spike in March. This set of conditions could explain traders’ bearish stance on multiple perpetual trading platforms like Binance and OKX. The slip in ADA prices and the alignment of the trend to be bearish from March explain why the funding rate is negative and continues to increase. Time To Buy ADA Despite Extremely High Negative Funding Rates? Even so, not everyone is extremely bearish. Santiment analysts note that despite this state of affairs, ADA prices could, if anything, recover unexpectedly. They explained that the recent spike in negative funding rates, pointing to heightened selling activity, could offer a contrarian opportunity for aggressive traders. Related Reading: End Of The Road? Shiba Inu’s Shibarium Sees Massive 80.3% Crash In Active Accounts Historically, Santiment analysts explained that prices tend to recover sharply in the sessions ahead whenever an asset is extremely sold, as is the case with ADA. Rapidly expanding prices tend to trigger a short squeeze, forcing sellers to buy at a higher price and fanning the uptrend. Nonetheless, this is not always the case, and this contrarian strategy should be taken cautiously. When a given asset is perceived as “extremely oversold,” prices can often dip even as analysts expect a recovery. This may mean traders are unconvinced that the asset has what it takes to recover in the wave of intense selling pressure. In this case, traders have to stay safe and align with the primary trend—bearish. Cardano Whales Staying Away Ahead Of The Chang Hard Fork So far, parallel data from IntoTheBlock points to waning investor confidence. According to data, there has been a drop in whale inflow, a dent to the expected optimism. Still, this can be attributed to portfolio rebalancing that might impact inflows, among other factors. It remains to be seen how ADA will perform in the coming days. The Cardano development team is preparing for the Chang hard fork, which is set to conclude by the end of July. Related Reading: Could Bitcoin Soar To $100,000 With Trump Back In The White House? This upgrade will decentralize the smart contracts platform by introducing elected delegate representatives tasked with shaping the Cardano constitution. The successful implementation of Chang will usher in the final development phase of Cardano, Voltaire. In turn, this effectively decentralized the network, similar to Ethereum. Feature image from iStock, chart from TradingView
Crypto exchange OKX has revealed plans to delist trading pairs for several crypto tokens, including Cardano (ADA), Shiba Inu (SHIB), and XRP. This follows a performance check by the crypto exchange, which shows that these trading pairs aren’t meeting up to expectations. OKX To Delist These Trading Pairs OKX announced in a blog post that […]
Despite the crypto market recovery, a large number of Cardano holders are still nursing losses, leading to speculations as to why this is the case. Data from IntoTheBlock shows that the altcoin is the worst performer in terms of profitability when it comes to the top 10 largest cryptocurrency by market cap, disappointing holders and long-term believers. Cardano Profitability Sits At Only 15% The Cardano profitability has remained low since the market crash of 2022 and even with the market recovery, the majority of investors are still underwater on their investments. This comes as the ADA price has failed to follow the market trend, beaten down at major resistances such as $0.6. and $0.7. Related Reading: Why Did The German Government Sell Off 50,000 Bitcoin In 2 Weeks Currently, IntoTheBlock data shows that only 25% of all Cardano owners are seeing any profit. On the flip side, the vast majority of 66% are currently out of the money, meaning they are in losses. The remaining 9% are sitting at neutral, meaning they are currently at breakeven as the current price is the same as the price the coins were last moved at. With around 4.5 million Cardano holders, this means that only 1.11 million holders are seeing any kind of profit on their holdings. 2.96 million addresses are currently sitting at losses and 397,740 addresses are those sitting at breakeven. From here, if the price were to fall below $0.35 again, another 138,000 addresses will be plunged into losses, further widening the profitability gap. However, if the ADA price successfully moves above $0.47, it will send a fritter 85,590 addresses back into profit. Comparing The Profitability Of Top Cryptocurrencies To show how far behind Cardano is in terms of profitability, we put it up against other top cryptocurrencies for comparison. The largest cryptocurrency in the space, Bitcoin, is currently seeing 89% of all holders in profit with only 7% seeing losses and 5% at breakeven. Ethereum, the second-largest cryptocurrency, is seeing 82% of its holders in profit, 12% in losses, and 5% at breakeven. For Dogecoin, the number is also high, with 75% of all wallets in profit, 23% seeing losses, and 3% at breakeven. Related Reading: Prophet Brandon Briggs Predicts XRP Price Explosion To $10,000 This comparison shows just how badly Cardano is performing compared to its fellow large-cap cryptocurrencies. If the ADA price continues to struggle, the profitability gap could continue to widen from this point, plunging even more Cardano investors into the red. At the time of writing, the ADA price is trending at $0.42, with a 4.4% decline in the last day. However, on the weekly chart, it is holding 5.29% gains after a recovery last week. Featured image created with Dall.E, chart from Tradingview.com
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