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Can ADA Hit $0.5 On A Pump.Fun Derivative

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4 months ago

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Cardano price surged on Aug. 21 before encountering a resistance of around $0.37. The asset has mostly stagnated around this price as bulls got rejected. Most traders are showing indecision as they are still determining whether the hype is over or that was just the first wave. In the meantime, speculation is circulating in the Cardano X community about an incoming Pump.fun derivative on the network. Will cornering the Cardano meme coin niche finally give ADA the juice to hit $0.5?

Cardano Price Prediction: Can a Pump.Fun Derivative Rescue ADA?

The price of Cardano barely moved over the last day. It dropped only 1.1% to $0.3715 and lost two ranks to Tron (TRX) and Dogecoin (DOGE), after briefly entering the top 10. Nevertheless, this is better than a full-fledged bearish reversal. 

While Cardano price struggles to break above a strong resistance, rumor just broke out of a Pump.fun derivative coming to the ADA network. This may be just what is needed to unclog the price.

According to the speculation, three different projects are working on launching a derivative of the famous Solana-based token-launching platform.

The most anticipated launch is Snek.fun from the Snek (SNEK) team, the largest meme coin on the Cardano network. There is no official date yet as to when the launch will happen.

Traders Undecided While Whales Checkout

On-chain analysis reveals some bearish tendencies in ADA price and investors. Whether the sentiment will change as the Snek.fun news settles is yet to be seen.

Data from Santiment shows a bearish price-volume divergence on Cardano. ADA price rose from Aug. 16 to Aug. 22 while transaction volume dropped, indicating that the price buy momentum is weak and won’t hold. Consequently, bears may take over and drive the price lower.

cardano transaction volumecardano transaction volume

Additionally, the large transaction volume metric from IntoTheBlock shows that whale activity increased from Aug. 18 to Aug. 22. Moreover, the Large holder netflow dropped from Aug. 21 to Aug. 22, indicating that whales may be offloading their bags cautiously anticipating a price drop.

large transaction volumelarge transaction volume

Futures traders are also uncertain about the future, and the doubts are reflected in their trading behavior. Liquidation Map data from Coinglass shows an almost equal amount of ADA Shorts and Longs. However, the Shorts positions are slightly higher, signaling that the market is slightly bearish on ADA price.

ada liquidation leverageada liquidation leverage

ADA open interest (OI) increased by 0.7% over the last 24 hours, while the price dropped by 1.1%. This divergence suggests that traders are opening shorts, which may lead to further price drops.

ADA Price Analysis: $0.5 In Sight If It Overcomes This Obstacle

Although there’s a short-term recovery, ADA price is generally in a downward trend since the price is trading below the 200-day EMA. The recent candles show indecision near the 50-day EMA ($0.3773), indicating that the market is trying to decide between continuing the downtrend or starting a reversal.

If Cardano price breaks above $0.3773, it may target $0.4368 as the next resistance level, a 19.74% increase from the current price.

The MACD line is still below the signal line, showing weak bullish momentum, and the histogram is starting to turn positive, suggesting that the downtrend may be losing strength, but it’s not a strong buy signal yet.

The Chaikin Money Flow (CMF) value of 0.08 indicates a slight inflow of capital, which is bullish. However, like the MACD, it’s not strong enough to confirm a significant upward movement.

Cardano Price PredictionCardano Price Prediction
Cardano Price Prediction Chart

Cardano price prediction shows that if the asset fails to break and hold above $0.3773, it may confirm market weakness, leading to a further drop to $0.3145. This would invalidate the current bullish thesis

Frequently Asked Questions (FAQs)

Snek.fun is a highly anticipated project from the Snek (SNEK) team, which is the largest meme coin on the Cardano network.

For Cardano to reach $0.5, it must break the $0.3773 resistance and maintain an upward trend. While a Pump.fun derivative could boost momentum, market sentiment is currently mixed, with cautious optimism tempered by potential downside risks.

If ADA fails to break and hold above the $0.3773 resistance level, it could confirm market weakness and lead to a further price drop, potentially down to $0.3145, which would invalidate the current bullish thesis.

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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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Cardano Price Eyes Rally To $4 If ADA Maintain This Support, Top Analyst Says

Published

2 weeks ago

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December 10, 2024

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The recent dip in Cardano price to near $1 has sparked discussions in the broader crypto market, especially after the recent strong rally. It appears that the dip comes amid a retreat noted in the broader crypto market, indicating that investors are taking a pause ahead of the crucial economic releases. However, despite the recent dip, a top expert predicts ADA to hit $4 in the coming days if it holds a key support level.

Top Analyst Predicts Cardano Price To Hit $4

The crypto market saw its biggest liquidation recently, with traders liquidating $1.76 billion in the last 24 hours. This has triggered immense selling pressure on the broader crypto market, with Bitcoin and the top altcoins taking the biggest hits.

There was no exception for Cardano price as well, which saw a slump of nearly 10% during writing. However, despite the recent dip, top crypto market experts appear to have remained bullish on the future trajectory of the crypto.

For context, Ali Martinez, a prominent figure in the crypto space, recently shared a price chart of ADA, citing its historical trends. The analyst has compared the recent price swings to its 2020 performance, saying that he would continue to accumulate ADA even if the price continue to slump.

Cardano Price ChartCardano Price Chart
Source: Ali Martinez, X

In addition, Martinez also hinted that the crypto is poised to hit $4 or even $6, which would allow traders to book profit. In his recent X post, he stated:

“Even if it dips down to $0.76, I’m buying more and plan to book profits between $4 and $6.”

What’s Next For ADA?

ADA price today was down nearly 10% during writing and exchanged hands at $1.01. However, the crypto’s trading volume has rocketed 122% to $3.88 billion at the same time. Notably, the crypto has touched a 24-hour high of $1.15, while noting a monthly gain of 75%.

Besides, CoinGlass data showed that Cardano Futures Open Interest slumped 25% amid a broader crypto market crash, indicating a waning risk-bet appetite of the investors. However, the Relative Strength Index for ADA at 53 suggests a neutral stance for the crypto. This indicates that the crypto could witness further gains.

Cardano price ADA chartCardano price ADA chart
Source: TradingView

Additionally, Martinez has highlighted a key trend for Cardano price, saying that the crypto has slipped below the “critical $1.20 support level.” He noted that around 93,000 addresses had purchased 2.54 billion ADA at this level. Besides, he also said that the next demand zone for the crypto stands at $1 now.

ADA price Cardano addressessADA price Cardano addressess
Source: Ali Martinez, X

In addition, the Cardano Foundation X handle was hacked recently, which has also sparked concerns in the market. The hackers have promoted a false token, saying that it would stop ADA withdrawals due to the US SEC crackdown. However, the team was quick to address the issues, which has boosted the market spirit.

On the other hand, a recent analysis hints at a potential ADA rally to $2. Also, the analysis showed that the Cardano price trajectory remains bullish as long as it holds above the $0.644 support level, indicating that the crypto could witness further rally in the coming days.

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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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Why Is Cardano Price Poised To Hit ATH Soon?

Published

1 month 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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ADA Price

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

Published

2 months ago

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October 18, 2024

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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.

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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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