Cardano Price
Chainlink, DexSceener, Metamask Support ADA, Cardano Price Eyes 28% Gains
Published
2 weeks agoon
By
adminCardano 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.
Cardano Price to Surge as Chainlink Integrates Network
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.
New assets supported by #Chainlink Data Streams ↓
ADA – @Cardano
ILV – @illuviumio
INJ – @injective
JTO – @jito_sol
LDO – @LidoFinance
ONDO – @OndoFinance
SUI – @SuiNetwork pic.twitter.com/hTXjpTtJtC— Chainlink (@chainlink) August 30, 2024
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.
👌 Cardano Wallet Snap, built by @nufiwallet, enables MetaMask users to create @Cardano accounts, connect to Cardano dapps, manage ADA, tokens, NFTs, and more.https://t.co/dzg7i9FswO
— MetaMask Developer (@MetaMaskDev) September 3, 2024
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.
So it’s confirmed @dexscreener is definitely integrating Cardano and they are now in contact with Minswap, Dexhunter and Saturn swap as far as I know.
Cardano community made this happen and the algo community gave us a hand.
This is a W for onboarding people to $ADA
— EL (@TheUnpopularEL) September 3, 2024
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.
September 5th 🎉 pic.twitter.com/yrZmb9LGJO
— snek.fun (@snekdotfun) September 3, 2024
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.
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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ADA
Analysts Kick Against Cardano Recovery, Says ADA Price Is Destined For 33% Crash
Published
4 days agoon
September 15, 2024By
adminThe 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.
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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.
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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
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ADA Price
Cardano Price Forecast With Chang Hard Fork Less than 6 Hours Away
Published
2 weeks agoon
September 2, 2024By
adminJust six hours before the Chang upgrade, the Cardano price broke below a critical support level, igniting fear and uncertainty among investors. The Chang hard fork is the main event on the Cardano network, but the hype isn’t helping the price. Meanwhile, Cardano founder Charles Hoskinson plans to launch a decentralized social media platform in Brazil following the X ban. Will ADA have a role to play in this new network?
Chang Projects ‘Sell-The-News’ Vibes on Cardano Price
Cardano’s price has dropped by 3.4% in the last 24 hours, currently trading at $0.3358. Despite Charles Hoskinson’s efforts to drive the Chang hard fork, including burning the last of the Cardano Genesis keys, the price remains unmoved.
Cardano critics will lose one of their main arguments with the Genesis keys losing functionality. They now have to acknowledge that #Cardano is decentralized in block production and project management. #Cardano is setting the standard for the entire industry once again.
— Cardano YOD₳ (@JaromirTesar) August 30, 2024
As Cardano loses some functionality and the Chang hard fork approaches in just a few hours, it is set to become the largest fully decentralized blockchain by market cap. However, on-chain metrics suggest a different market sentiment.
Data from Santiment indicates that the Cardano price-to-Daily Active Addresses (DAA) divergence plummeted to a two-month low on September 1, signaling a decrease in network activity.
This drop, coupled with a steady decline in social dominance, points to waning interest in the project despite the positive news surrounding the upgrade.
Additionally, the daily on-chain transaction volume in loss ($2.49 billion) surpassed profit ($1.98 billion) while the ADA price dropped. This signals that more investors could be selling their assets at a loss, which often happens when market sentiment turns negative and investors want to cut their losses.
However, for Cardano, it may just be a case of ‘sell-the-news’ as the Chang hard fork goes live less than six hours from now. Many investors who may have bought at higher prices anticipating a pump might now be exiting their positions.
ADA Price Could Rebound Soon
The network realized profit/loss increased in the last five days as Cardano price dropped. The increase in realized profits suggests that most ADA investors are still in profit despite the price drop. However, as observed in the daily profit ratio, the price drop could be from some investors in loss selling their assets to cut losses as the price declines.
Additionally, the Cardano social dominance has declined over the past three days. However, positive sentiment still outweighs negative, suggesting that while there may be less attention or discussion on social media, the occurring conversations are generally favorable. Despite the drop in social dominance, this sustained positive sentiment indicates a potential for a price rebound.
Cardano price is in a difficult position. With hype waning, the asset eyes at least a 4.8% drop from the current price and potentially an 8.2% further drop if market conditions prevail. In the future, more ADA utility or the general market bull run may spur price growth.
Frequently Asked Questions (FAQs)
The Chang hard fork is a major upgrade on the Cardano network, designed to enhance its functionality and decentralization. Once the upgrade is complete, Cardano is set to become the largest fully decentralized blockchain by market cap.
Yes, although Cardano’s social dominance has decreased over the last few days, the sentiment remains predominantly positive. This could indicate a potential for a price rebound in the near future.
Despite the recent price drop, the positive sentiment and the realized profit/loss data suggest that most ADA investors are still in profit. This, combined with potential upcoming utility and market factors, could lead to a price rebound in the near future.
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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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ADA Price
Will the 7-Month High NVT Ratio Lead to a Crash?
Published
3 weeks agoon
August 30, 2024By
adminADA price is at a crossroads. With the Chang hard fork up ahead and a thin slice of support holding the price up, it is difficult to predict what will happen next. While on-chain metrics hint the market sentiment may be more bullish than bearish, analysis of traders’ behaviors shows they are bearish on the asset. Will ADA price survive the mixed sentiment in the market?
Onchain Metrics Reveal ADA Price Potential Rally
Data from Santiment shows that the Cardano Network Value to Transactions (NVT) ratio hit a 7-month high, but the price has dropped for the last five days. When the NVT ratio spikes while the price decreases, it generally indicates a bearish signal for the crypto asset.
However, IntoTheBlock data shows large holder netflow increased from August 25 to 28 as the price dropped, which indicates that large investors or “whales” may be accumulating the asset despite the falling price.
The buying activity from large holders can signal their confidence in the asset’s long-term potential, even if the short-term price action is negative. Coupled with the spike in the NVT ratio, this positive investor sentiment may signal they are pricing Cardano at a premium, possibly due to speculative interest or future growth expectations.
This accumulation may have provided a level of price support, as the increased demand from large holders eventually stabilizes or even pushes the price up, as seen on the Cardano technical analysis.
ADA Technical Analysis: Temporary Support or Launch Pad?
The Cardano price tried to stay above the 50-day exponential moving average, but the selling pressure was too high. The price dropped below the 50 EMA (indicated by the green line), suggesting that a bearish momentum is dominant.
ADA price found support around $0.3550, where most of the whales seem to be building a buy wall. The candlestick analysis at this level shows small-bodied candles with wicks on both sides, indicating indecision in the market.
However, data from the Coinglass 7-day Liquidation Map shows a huge sell wall between $0.372 and $0.4. This means it will take a great effort to push the price beyond this price to the upside.
Conversely, there is a thin slice of sell buy order between $0.348 and $0.312, which, if eliminated, may result in an ADA price free fall to sub $0.3 price.
Will Cardano Price Crash 10%?
ADA price remains overall bearish unless the price breaks above the previous high at $0.4. Positive investor sentiment can sustain the price up, but eventually, the profit-driven Futures traders have more power as they don’t have an actual stake in the asset – only leverage. The successful launch of Chang hard fork will go a long way in helping Cardano price decide the next course of direction.
Frequently Asked Questions (FAQs)
The NVT ratio for Cardano has recently reached a 7-month high, suggesting that the network may be overvalued.
Data from IntoTheBlock shows that large holders have increased their netflow from August 25 to August 28, even as the price of ADA dropped.
Yes, there is a risk. If the price fails to break above $0.4 and the Chang hard fork launch is problematic, ADA could face a 10% price drop.
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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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