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Chainlink, DexSceener, Metamask Support ADA, Cardano Price Eyes 28% Gains

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3 months ago

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Cardano price has been steadily moving down a falling channel over the last 145 days. In the last 24 hours, ADA price has performed exceptionally well despite global crypto and traditional markets facing a major downturn. Meanwhile, since the Chang hard fork upgrade on September 1, the Cardano network has been on the front page of crypto news. In the latest coverage, the blockchain has received support from Chainlink, DexScreener, and Metamask. 

Chainlink announced the integration of its data streams for the Cardano blockchain to provide low-latency, secure market data, which will be key for decentralized exchanges (DEX) such as Minswa, Dexhunter, and Saturn Swap on the network. 

The chainlink data streams will help deliver real-time market data with high frequency, a feature particularly beneficial for DEXs since it establishes more precise pricing and reduces slippage.

Is Meme Coin Season Coming to Cardano?

On September 3, Metamask announced they would support Wallet Snap, a Cardano wallet built by NuFi.

This integration will allow MetaMask users to create Cardano accounts, connect to dApps, and manage assets on the chain. This is a big step further in bringing Cardano into the fold, as it has long been the ‘black sheep’ of blockchains.

Speculation has it that DexScreener, the leading real-time DEX analytics platform, may be in contact with Minswap, Dexhunter, and Saturn Swap in preparations for onboarding the Cardano network to the platform.

Additionally, Snek.fun, a Pump.fun iteration on the Cardano blockchain, is launching tomorrow, prompting investors to speculate that Cardano meme coin season may be closing in quickly.

The ADA price dropped 0.8% in the last 24 hours to trade at $0.3222. These developments set a precedent for a surge in Cardano price, as it was observed in Tron (TRX), which jumped by two spots to enter the top 10 largest crypto assets by market cap. 

Cardano Price Eyes 28% Surge Could Overtake DOGE For 9th Spot

Cardano price has been in a downtrend within a descending channel since April 2024, with support around $0.3050 and resistance near $0.3500 and $0.4000.

Looking at the recent candlesticks formation near the support level indicates a potential reversal as a double bottom could be forming with the neckline, coinciding with the $0.4000 resistance level. The long lower wick suggests buying pressure, a bullish signal.

If the price breaks above the resistance at $0.4000 with strong volume, it could signal the end of the downtrend and the start of a new uptrend. This would constitute a 28% uptick in price that would catapult Cardano to a $14 billion market cap, just above Dogecoin in the 9th spot on CoinGecko ranking. 

Cardano PriceCardano Price
Cardano Price Analysis Chart

Conversely, a break below $0.3050 could trigger a continuation of the downtrend, and it would be prudent to reassess positions.

Cardano is an undermined underdog that may surprise many, similar to Tron (TRX). A sudden influx of ‘degen’ volume and users to the network may see its price surge back to previously untouched levels.

Frequently Asked Questions (FAQs)

Chainlink has integrated its data streams into the Cardano blockchain to provide low-latency and secure market data. This integration is critical for decentralized exchanges (DEXs) such as Minswap, Dexhunter, and Saturn Swap, as it delivers real-time, high-frequency market data, helping to improve pricing accuracy and reduce slippage.

DexScreener, a leading DEX analytics platform, is rumored to be in discussions with Cardano-based decentralized exchanges like Minswap, Dexhunter, and Saturn Swap. This potential onboarding of the Cardano network to DexScreener could bring improved real-time analytics for Cardano’s decentralized exchanges, further boosting liquidity and user engagement.

With the launch of Snek.fun, a Pump.fun iteration on the Cardano blockchain, there is speculation that a meme coin season may be approaching for Cardano. The excitement around this could drive an influx of volume and new users to the network, potentially impacting the ADA price in the short term.

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Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Why Is Cardano Price Poised To Hit ATH Soon?

Published

6 days ago

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November 17, 2024

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Cardano price has been on the investors’ radar lately, as evidenced by the recent ADA rally. Besides, a flurry of developments around Founder Charles Hoskinson has also sparked optimism in the market over further rallies. Amid this, market experts have predicted a strong rally ahead for the crypto.

So, let’s explore the potential reasons that may help ADA price to continue its gain in the coming days.

Reasons Why Cardano Price Poised To Hit ATH Soon

A flurry of recent market developments hints at potential ATH for Cardano price soon. For context, in a recent X post, Cardano founder Charles Hoskinson lauded the ADA community, citing it as the “best community” and said that it has the best entrepreneurs as well. Besides, he also predicted the Voltaire update to make the ecosystem the “finest government ever assembled by humanity.”

This post reveals the founder’s confidence in the community, which could extend the ongoing rally in ADA price. Additionally, Charles Hoskinson visiting Elon Musk’s SpaceX office has also sparked speculations, especially given the individual’s growing influence in the US political landscape.

Besides, Hoskinson has recently said that he would support the Trump Government in shaping crypto legislation. He aims to help the US administration in crafting clear regulatory frameworks for digital assets, which have faced regulatory pressure over the past few years.

ADA Rallies As US Appeal Soars

The recent comments from Ripple CEO Brad Garlinghouse have also sparked market optimism. In a recent FOX Interview, Garlinghouse said that XRP, ADA, SOL, and other crypto issued by the US companies have noted strong rallies in recent days, surpassing other crypto. He said that the anticipation over pro-crypto policies under the Republican government has fueled the rally, while many anticipate the Trump rally to continue to benefit the crypto.

Besides, a flurry of market pundits predicts that crypto to note a strong rally ahead. For context, prominent crypto market analyst Ali Martinez said that Cardano price is poised to hit $6 in 2025, further fueling anticipation over the ADA rally to its new ATH.

Cardano price chartCardano price chart
Source: Ali Martinez, X

Notably, ADA price has recently soared past the $0.78 mark, marking its highest level since March 2024. Besides, Cardano Futures Open Interest also rose more than 20% over the weekend, CoinGlass data showed, indicating the growing confidence of the investors.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Here’s Why Cardano Price Is Far From Overbought After 96% Weekly Surge

Published

2 weeks ago

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November 10, 2024

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Most major altcoins witnessed a renewed recovery trend in November amid the U.S. election buzz and Donald Trump’s victory. The pioneer cryptocurrency, Bitcoin, entering price discovery further cemented the bullish narrative in the broader market. Among the top performers, the Cardano price recorded an 83% weekly surge, and still enough room for future growth.

By press time, the ADA price had traded at $0.58, with an intraday gain of 28.5%. According to Coingecko, the asset’s market cap was boosted to $20.58 billion, while 24-hour trading volume was at $2.53 billion. 

Why Cardano Price Rally Isn’t Overbought Despite Massive Gains

In the last six days, the layer-1 cryptocurrency Cardano recorded an upright recovery from $0.326 to $0.58— an 83% price increase. An analysis of the daily chart showed this recovery with the increasing size of green candles and trading volume, indicating a sustained uptrend.

The strong momentum may be attributed to several factors, with the first being the potential impact of the 2024 U.S. election and Donald Trump becoming the 47th president. Additionally, Cardano’s recent partnership with BitcoinOS has enabled it to access $1.3 trillion in Bitcoin liquidity, significantly enhancing its decentralized finance (DeFi) ecosystem.

As per tradingview chart, the ADA price also breaches a key downsloping resistance of a triangle pattern. This breakout signals the buyers’ escape from a six-month consolidation, offering suitable support to drive a higher rally.

However, today’s surge in Cardano price is likely triggered by founder Charles Hoskinson’s plans to work with the U.S. government under Donald Trump on cryptocurrency legislation.

The aforementioned reasons provide a major boost for Cardano’s adoption and demand for its native cryptocurrency, positioning for further gains.

Cardano PriceCardano Price
ADA/USDT -1d Chart

Large Holders Bet Big on ADA as Market Bottom Signals Emerge

According to Santiment data, the ADA whale holding 100 Million 1 Billion coins has significantly increased their accumulation from 2.06 to 2.93 since mid-April. Despite the prevailing downtrend, the large holders’ buying indicates their confidence in Cardano’s further growth.

Generally, this signal coincides with major market bottoms and reverses trends.

On the contrary, the recent surge in Cardano price is fueled by the aforementioned factors one after another. Thus, a rally of the same momentum is less likely to continue without more external factors.

Cardano (ADA)Cardano (ADA)
Supply Distribution| Santiment

Moreover, a sharp price increase is often followed by a short corrective phase for buyers to regain strength. If this happens, the ADA price could revert lower to seek support at key daily EMAs (20, 50, 100, and 200).

Frequently Asked Questions (FAQs)

Cardano’s price shows room for growth due to factors like a bullish pattern breakout, whale accumulation, key partnerships, and plans to collaborate with the U.S. government on crypto legislation

Following the breakout from a six-month downsloping triangle, Cardano’s price targets $0.8 as the next level

Larger holders accumulation reflects their confidence in Cardano’s long-term potential and often aligns with market bottom signals.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Can Cardano Price Hit $5 If Bitcoin Hits $300,000?

Published

4 weeks ago

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October 29, 2024

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Cardano price could be on the precipice of a massive upside move as Bitcoin eyes an ambitious $300,000 milestone. Analysts have speculated how this could happen in the next 10 to 18 months as BTC’s price looks to clear an 8-month consolidation zone. Can Bitcoin’s momentum drive the price of Cardano to $5 and beyond?

Why Is Cardano Price Up Today?

On October 29, the ADA price increased by 4.6% to trade at $0.3491 during the London pre-market hours. This increase is likely attributed to Bitcoin’s surging above the psychological resistance level of $70,000, which has investors hoping for a new all-time high in the coming days. The crypto market is up 2.5%, with meme coins leading the rally.

Can Cardano Price Hit $5 If Bitcoin Hits $300,000?
ADA/USDT Price Chart

Additionally, analysts foresee Cardano price surging in the future as they recently announced an ADA-BitcoinOS bridge that could capitalize on the $1.4 trillion BTC market by bringing DeFi to the king of crypto

This news has caused Cardano’s social dominance to surge, leading to the ‘Cardano’ term trending on X. Spikes in social dominance suggest that an asset is being heavily discussed on social media platforms, and if the discussions are positive, they are usually followed by a price increase.

Cardano social dominanceCardano social dominance

With Bitcoin price rising, speculation on how Cardano becoming a Bitcoin L2 could pump the price of ADA has saturated the crypto space.

Will ADA Price Hit $5 If Bitcoin Soars to $300K?

Famous crypto analyst PlanC has predicted, using his popular Power Law indicator, that Bitcoin price will reach $150,000 to $300,000 within the next 10 to 18 months. He notes that the last eight months have been a healthy consolidation, and once BTC breaks above the $80,000 mark, “the probability of ever dropping below $60k will be extremely low.”

 

Crypto trader Zach Humphries thinks Cardano price will set new all-time highs around $5 during this cycle. This would push the ADA market cap to around $178 billion, with 35 billion coins circulating.

This prediction is likely since the highest price Cardano has ever reached was $3.10. Currently, ADA is 89% down from the ATH, presenting a massive 1300% potential increase from the current price. 

If Cardano founder Charles Hoskinson executes his vision with BitcoinOS to bring BTC into the crypto fold, the price of ADA will soar even higher than $5.

Cardano Price Analysis: Key Levels To Watch

Cardano price action is not pretty, even though the market is green. The asset is up only a few percentage points, but the market structure is mostly bearish, with several strong resistance levels up ahead. 

However, this should not be a worrying factor, as ADA prices have been known to surge aggressively during bull markets.

Key levels to watch include $0.43, which marks the immediate resistance, and beyond that, $0.67, which coincides with the 78.6% Fibonacci retracement level. Conversely, Cardano may find support between $0.20 and $0.3 if bears push the price down. 

Can Cardano Price Hit $5 If Bitcoin Hits $300,000?Can Cardano Price Hit $5 If Bitcoin Hits $300,000?
Cardano Price Analysis Chart

While analysts are extremely bullish on the ADA price in the long term, the short-term prediction for the asset is neutral to slightly bullish. However, this outlook can change at any moment if market conditions shift. A clear breakout above $0.67 will change the outlook to extremely bullish, while a break down below $0.3 will turn the prediction bearish.

Frequently Asked Questions (FAQs)

Cardano’s price recently increased by 4.6%, likely due to Bitcoin surpassing the $70,000 mark. This rise in Bitcoin’s price often boosts the broader crypto market, with meme coins and other assets like Cardano gaining as well.

Many analysts suggest that Cardano (ADA) could reach or exceed $5 if Bitcoin achieves $300,000. The correlation with BTC and potential developments, like the ADA-BitcoinOS bridge, are strong drivers that could propel ADA to new highs.

The ADA-BitcoinOS bridge is a project aiming to connect Cardano with Bitcoin’s vast market, allowing decentralized finance (DeFi) services to tap into Bitcoin’s ecosystem. This could significantly boost ADA’s value by increasing its use and visibility in the crypto space.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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