Connect with us

ADA Price

Analyst Says Cardano Price Is “Bottoming” After Hitting Two-Year Low

Published

4 hours ago

on


Except for the brief rally in early 2024, Cardano has been on a downtrend since its all-time high (ATH) of $3.1 in August 2021. ADA currently trades at $0.347, a level that was last seen two years ago. However, market analysts are suggesting that Cardano price could be forming a long-term bottom, hinting at a potential reversal and the start of a bull rally. However, investors should remain cautious as Bitcoin faces a tough resistance level of around $67,000 and could disrupt altcoin moves.

Why is Cardano Price Down Today?

ADA price today is down 0.2% in the last 24 hours and trades at $0.3476. This bearish outlook for Cardano is not localized and can be seen across the board. This can be attributed to capital rotation into Bitcoin as it approaches key levels and hints at a breakout form its seven-month consolidation. As a result, top altcoins tend to slide lower as investors allocate capital into BTC, a less risky bet than alternative cryptocurrencies.

ADAADA

Regardless, let’s take a look at Cardano price form a long-term perspective and see if it is bottoming.

Analyst Says Cardano Price Could be “Bottoming”?

Analyst Sam Mti noted that the ADA price could be bottoming out on the weekly after hitting a two-year low. However, the early Bitcoin trader said he was not interested in investing in the asset as there was no “buy signal.”

ADAADA

Considering that ADA is down 90% from its ATH, the chances that a bottom could be forming is higher. However, a breakout rally might occur soon. 

ADA Price Analysis: What’s Next For Cardano?

Cardano price action seems to be consolidating after hitting the bottom, which is a classic sign of accumulation. In comparison, Chainlink (right) underwent an accumulation for about 1 year before finally breaking out to the upside.

 

ada vs linkada vs link

Cardano underwent significant changes in 2024, including the Chang hard fork, which converted ADA into a governance token, and the successful demonstration of Hydra’s speed on the DOOM game at the Rare Evo 2024 blockchain conference.

Nevertheless, despite these huge milestones for the network, ADA price performance has been underwhelming. 

Cardano price is in a Wyckoff accumulation phase, which typically precedes a bullish move.  The price has been moving horizontally, oscillating between a demand zone around $0.30 and a supply zone near $0.40.

This kind of price action indicates accumulation, where smart money is quietly buying up tokens before a potential bullish breakout.

Accumulation phases can take time to complete as the asset consolidates within the range before building momentum for a breakout.

In the short term, the price is likely to continue oscillating between these two levels. If the accumulation pattern continues, we can expect a breakout above the $0.42 level, which could lead to a bullish rally targeting levels as high as $0.50 or beyond.

The relative strength index (RSI) is currently around 46, which is neutral. This indicates that the price has room to move either upward or downward in the short term. It’s neither overbought nor oversold, allowing for further consolidation or the beginning of an upward move.

Cardano PriceCardano Price
Cardano Price Analysis Chart

If the Cardano price breaks below $0.31, it could trigger a larger bearish move, with potential targets at $0.27, $0.24, $0.22, and possibly lower. This would invalidate the current neutral-to-bullish thesis and confirm the completion of the accumulation phase.

Frequently Asked Questions (FAQs)

Cardano price action has been independent of Bitcoin’s recent performance. ADA’s decline can be attributed to a mix of market conditions and investor sentiment.

According to some analysts, including early Bitcoin trader Sam Mti, Cardano’s price may be “bottoming out” after reaching a two-year low.

Analysts are cautiously optimistic but suggest waiting for clearer buy signals. While some signs indicate the price may be bottoming out, there’s still a risk of further dips.

Related Articles

✓ Share:

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.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ADA Price

Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024

Published

4 days ago

on

October 14, 2024

By


The cryptocurrency market is gaining momentum, with Bitcoin surpassing $64,000, triggering enthusiasm among investors. Several Cardano rivals have shown impressive expansions, potentially transforming small investments into considerable profits by end of year 2024. These altcoins have the potential to outperform, with some experts predicting exponential growth.

3 Cardano Rivals To Turn $1 to $1,000

Shiba Inu (SHIB

Shiba Inu (SHIB) price has climbed by over 160% in the past year, emerging as a possible contender to Cardano. Built on the Ethereum ecosystem, SHIB saw a 30% surge in the past 30 days, driven by increased crypto activity and token burns. Currently, the SHIB price is trading at $0.00001806, and it has gained 2% in the last 24 hours.

SHIB price saw its Market Value to Realized Value (MVRV) ratio rise from 0.89 to 0.95 between October 11 and 13, according to data from IntoTheBlock. This increase indicates that investors hold their assets longer, leading to a higher market value than the realized value.

Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024
Source: IntoTheBlock

TRON (TRX)

TRON (TRX), a decentralized blockchain-based system by the Tron Foundation, has surged 90% in value over the past year. Currently, the TRON price is at $0.1602, this growth is fueled by TRON’s token burns and rising interest in meme coins like SUNDOG. 

Increased network participation and investor confidence have driven its performance, positioning TRX as a strong competitor against Cardano and other altcoins, with promising potential for further gains by year-end 2024.

According to Coinglass data, the TRON price experienced significant upward movement in trading volume and open interest. The surge in volume points to heightened market activity, reflecting strong investor engagement.

Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024
Source- Coinglass

Sui (SUI)

Sui (SUI), a Layer 1 blockchain platform, is gaining significant traction due to its focus on secure, fast, and private digital asset management. The platform offers scalable solutions, with its Total Value Locked (TVL) reaching $1.12 billion. The SUI price recently surged to $2.24, marking a 2% increase in a single day. 

Over the past month, its value has skyrocketed by 117%, positioning it among the top market performers. Investors are showing strong interest, viewing Sui as a potential competitor to ADA.

Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024
Source- DeFiLIama

The crypto market strong resurgence has made smaller altcoins, particularly those competing with ADA, an intriguing opportunity for potential massive returns by 2024’s close.

Frequently Asked Questions (FAQs)

Shiba Inu’s rapid price increase and strong community support position it as a potential altcoin to compete with Cardano, particularly with its growing use case and market capitalization.

TRON’s 90% price surge over the past year is attributed to token burns, rising interest in its ecosystem, and increased trading activity, making it a favorite among investors.

While there is potential for massive growth, the cryptocurrency market is volatile, and profits are not guaranteed. It’s crucial to research and understand the risks involved.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.





Source link

Continue Reading

24/7 Cryptocurrency News

Charles Hoskinson Defends Cardano Amid Growing Criticism

Published

1 week ago

on

October 10, 2024

By


Charles Hoskinson, the founder of the Cardano blockchain, has recently addressed the growing criticisms surrounding Cardano. In a detailed explanation, Hoskinson discussed the transition into the Voltaire era of the blockchain, which he believes is a significant phase meant to address long-standing issues and enhance governance.

Cardano Rising: Charles Hoskinson Challenges Critics in Bold Response

Charles Hoskinson has defended the Cardano blockchain amid growing negative sentiment within the cryptocurrency community. His defense comes at a pivotal moment as Cardano transitions into its Voltaire era, a development that will address many of the grievances that have built up over the years. 

This era is a critical step towards realizing the full potential of the Cardano ecosystem, marking a shift towards community-driven governance mechanisms.

Moreover, Hoskinson asserts that this transition is not an indication of failure but rather a strategic move to strengthen Cardano foundation. He emphasized that the negative perceptions are primarily due to misunderstandings about the blockchain’s developmental trajectory and the shifts required for growth. 

Hoskinson believes that Cardano can effectively address and resolve the issues that have hindered its progress. He emphasized,

“Now that Voltaire is here, the new governance is capable of listening and adapting to meet these needs and also executing a new roadmap to grow the ecosystem dramatically.”

Governance and Innovation on the Cardano Blockchain

With the arrival of the Voltaire era, Charles Hoskinson points out that the Cardano blockchain can implement changes and improvements directly influenced by community feedback. The founder of IOG cites these developments crucial for an adaptable and blockchain ecosystem. 

Additionally, the introduction of the Midnight network, a new development focused on privacy and secure smart contracts, highlights Cardano’s commitment to innovation and security. This move, according to Hoskinson, ensures that the blockchain remains a leading technology in the space. Concurrently, stresses that the advancements are essential for Cardano to maintain its competitive edge and address user needs.

Market Reactions and Future Prospects

Despite the optimistic outlook from Hoskinson, market analysts have expressed concerns about ADA price. Most recently, analyst Max Keiser warned that ADA price risks a 90% crash. These speculations arise amidst a broader market uncertainty affecting many cryptocurrencies. However, Hoskinson remains unfazed, reinforcing that the fundamental value of Cardano lies in its long-term potential.

Charles Hoskinson concludes that the true measure of Cardano’s success will be its ability sustain growth through innovation. The founder expressed optimism stating, “Cardano isn’t dying. It’s thriving and growing.”

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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.





Source link

Continue Reading

ADA Price

Expert Predicts Cardano Price Could Crash 90%

Published

2 weeks ago

on

October 7, 2024

By


The Cardano price bounced 4% in the last 24 hours, igniting hope among investors. However, an avid critic of ADA, Max Keiser, suggested that a 90% crash is likely for Cardano price. While this prediction from the expert might seem drastic, there’s a caveat. Let’s explore what’s next for the so-called Ethereum-killer. 

Expert Keiser Predicts 90% Crash for Cardano Price

A recent tweet by Bitcoin Maxi Max Keiser said the ADA price will lose another 90% compared to Bitcoin in the next six months. 

However, if ADA/USDT were to drop 90% from its current price, it would be trading at $0.03, and its market cap would shrink to $1 billion. This is unlikely, given Cardano’s recent network developments and the overall bullish sentiment in the crypto market following Elon Musk’s support at Donald Trump’s rally.

The Cardano community responded to Keiser’s post, citing that if the ADA price drops 90%, it would present a great entry position.

Cardano whale activity increased over the last 48 hours, but according to IntoTheBlock (ITB) data, the volume increased in the wrong direction. The total large transaction count increased from 311 to 337 between October 5 and 6, but the whale netflow dropped from 27,000 ADA to -3.11 million ADA ($1.1 million). This suggests that whales may be offloading their ADA.

ada net flow ada net flow

Additionally, a look at the Coinglass Liquidation map shows that derivative traders are overwhelmingly bearish on Cardano price in the daily, weekly, and monthly timeframes as the cumulative Short Liquidation Leverage is higher than the Longs equivalent.

ada exchange liquidation mapada exchange liquidation map

These imbalances suggest that the dominant sentiment in the market is bearish, as traders anticipate the Cardano price will drop lower in the future. 

With these metrics and statistics, Keiser’s prediction looks more likely to happen than not. Unless market conditions change, the ADA price may continue dropping for the foreseeable future.

ADA Price Analysis: What Next for Cardano?

Cardano price is trading in a range-bound condition, with a resistance zone near $0.37 and support levels at $0.32. 

There is resistance at $0.37 and then a more significant level around $0.40, which has been tested previously. Conversely, $0.32 marks a key demand zone where the price bounced off in the past, acting as a solid floor.

The red resistance zone acts as a supply zone, where selling pressure may intensify. Bearish pressure is indicated by the downward arrow, suggesting potential retesting of lower levels like $0.32.

A rejection from the current levels would lead the price to test the $0.32 support zone. Failure to hold $0.32 could lead to a more significant bearish movement, targeting levels below $0.27. 

That said, for Keiser’s prediction to come true, there would need to be a black swan event or the Bitcoin price to go parabolic in the next 6 months.

Cardano PriceCardano Price
Cardano Price Analysis Chart

If the ADA price breaks and sustains above $0.37, expect a potential move toward $0.40, which is the next resistance. A confirmed close above $0.40 would shift momentum to a more bullish outlook, pushing the price 29% to $0.50.

Frequently Asked Questions (FAQs)

Max Keiser, a well-known Bitcoin maximalist, predicted that Cardano’s price (ADA) would lose another 90% against Bitcoin over the next six months. He believes the Cardano price drop is far from over.

Despite Keiser’s bold prediction, on-chain and derivative data show a bearish outlook for Cardano, with whales offloading ADA and traders expecting further declines. However, a 90% crash would likely need a major negative event or a sharp Bitcoin rally.

Many in the Cardano community believe that if ADA drops to extremely low levels, such as the $0.03 range, it would present an attractive buying opportunity.

Related Articles

✓ Share:

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.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon