Cardano
Cardano (ADA) Price Recovery to $1 Unlikely As Whales Retreat
Published
2 days agoon
By
adminCardano (ADA) price surged by 10% in 24 hours, showing signs of a potential bullish trend for 2025. The recovery follows late 2024 gains as broader crypto markets stabilize. However, reaching the $1 mark may face hurdles, with declining whale activity raising concerns. Bitcoin’s climb above $97,000 has boosted market sentiment, contributing to recovery. Cardano’s future momentum depends on growing investor confidence and reduced selling pressure from major holders.
Cardano Price Loses Momentum
The Cardano price has climbed above $0.90 after an 8.69% surge in the last 24 hours. The ADA price now trades at $0.957, marking a 5% daily increase. This growth aligns with a broader upward trend in the crypto market over the past week.
Cardano (ADA) has gained 10% over the last seven days, solidifying its position as the ninth-largest cryptocurrency by market cap. ADA is capturing investor attention ahead of the anticipated 2025 bull run.
ADA Holders Flee as Momentum Dissipates
ADA price retraced from its recent peak of $1.3264 as daily active addresses dropped to pre-pump levels seen before November 3. Despite only a 30% decline in price, the network has seen a sharp drop in investor engagement, highlighting a lack of sustained interest in the asset.
Network growth metrics, which spiked alongside the rally, have now slowed significantly. This suggests waning momentum and reduced confidence among ADA holders. The decline in daily active addresses signals that participation has weakened despite the asset’s relatively moderate pullback in price.
Whales Dump ADA as Momentum Fizzles Out
On December 11, the whale category holding 10 million to 100 million ADA possessed 12.15 billion ADA. Meanwhile, the whale group holding 1 million to 10 million ADA had 5.64 billion ADA.
This decline in holdings by significant ADA stakeholders signals bearish momentum for Cardano, as whale dumping often precedes price weakening.
Cardano Price Analysis & Targets
Cardano (ADA) price is gaining upward traction after consolidating near the $0.80 level. The cryptocurrency has moved towards $0.96, showing resilience despite a prolonged period of price stagnation.
The four-hour chart highlights clear resistance and support zones, offering critical insights into potential price movements. The immediate resistance stands at $1.00, which has historically served as a psychological barrier. Breaking above this level could pave the way for a test of $1.30. On the downside, the $0.80 zone acts as robust support, with $0.70 and $0.50 as secondary fallback levels.
The Relative Strength Index (RSI) has entered the overbought territory, currently hovering near 67. This suggests growing buying pressure, although the market might soon face a brief correction.
The Cardano price recovery shows promise, but declining whale activity raises challenges. Sustained investor confidence and renewed market participation will be crucial for ADA to break past the $1 resistance.
Frequently Asked Questions (FAQs)
$1 serves as a psychological and historical technical barrier for Cardano.
Declining whale activity signals bearish momentum and reduced investor confidence.
Key support levels include $0.80, with secondary levels at $0.70 and $0.50.
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.
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Charles Hoskinson Issues Major Cardano Lace Wallet Update
Published
1 hour agoon
January 5, 2025By
adminCardano founder Charles Hoskinson took to the X platform recently to inform members of the ADA community of what the future holds for Lace Wallet. He hinted at the numerous upgrades planned out for the Cardano-based light wallet platform this year.
The Potential Lace Wallet Upgrades
In his X post, Hoskinson suggested that Lace would make a debut on multiple platforms. This is in addition to the other new and exciting features that the wallet would welcome.
Only a few days ago, the Cardano Founder voiced his optimism on the possibility for Lace Wallet to become a “powerhouse” this year. This was around the time when the wallet announced that its migration of users from Nami to Lace, was in “full swing. ”
Apart from Lace, the Cardano ecosystem is also working on enhancing other solutions within the ecosystem. In November, Hoskinson engaged Ripple’s CTO David Schwartz in a technical discussion around Midnight and XRP.
As a privacy-focused blockchain project, Midnight is designed to enhance secure data handling while also maintaining regulatory compliance. Hoskinson is very positive about Midnight’s potential to drive the evolution of privacy-centric Decentralized Applications (dApps) and further blockchain development.
Their discussion suggests that there may be an impending collaboration between Cardano and Ripple in the near future.
In the case of Voltaire, the Chang Hard Fork upgrade, which ushers this decentralized governance era launched in September. This launch put Cardano’s future in the hands of the community to govern.
Consequently, Hoskinson confirmed that his last duty for the ecosystem “is to remove any roadblock for this transition.” He promised to prevent any bottleneck that will derail the plans this year.
The Cardano Bitcoin DeFi Plans
In addition to the different solutions designed by developers in its ecosystem, Cardano has plans to explore Bitcoin DeFi. There is currently a growing clamor for utility around the flagship cryptocurrency and recent partnerships between Cardano and BitcoinOS to create a bridge for both ecosystems.
So far, the Cardano team has been saddled with the responsibility of coming up with a meaningful Bitcoin roadmap demo by May 2025. To achieve its set goals, Charles Hoskinson stated that Cardano will collaborate with Fair Gate Labs, a Multi Party Computational protocol.
Notably, Cardano price is up 3.4% in 24 hours to $1.07 as investors remain hyped by its upgrades and ecosystem plans.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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
Analyst Says ‘Up Only’ Price Action on the Horizon for Bitcoin and Altcoins, Predicts New Leg Up for Cardano
Published
4 days agoon
January 1, 2025By
adminWidely followed analyst Michaël van de Poppe believes it’s only a matter of time before Bitcoin (BTC) and altcoins regain their bullish momentum.
The trader tells his 759,000 followers on the social media platform X that he thinks Bitcoin and altcoins are close to carving a local bottom.
According to Van de Poppe, crypto will witness renewed rallies once the market pullback is over.
“The correction is almost over and the time for up only is on the horizon for altcoins and Bitcoin.
Expecting a lot to come.
The optimal entries for longs on Bitcoin are around $90,000 and we’re getting those.”
Looking at Bitcoin itself, the crypto strategist thinks BTC will continue to see lackluster performance until US President-elect Donald Trump takes office.
“The scenario on Bitcoin remains the same.
I’m still expecting that we’ll see some more downward momentum pre-Trump and return upwards from there.
The ideal area is around $90,000.”
At time of writing, Bitcoin is trading for $93,855.
As for the native asset of the popular layer-1 platform Cardano, Van de Poppe thinks ADA is in the process of bottoming out. He also predicts that ADA will print a new all-time high late this year or in 2026.
“The scenario remains the same.
Pretty heavy run upwards and a 40% correction.
I think we’re getting towards the end of this correction, through which I’m expecting a new leg up for things like ADA.”
At time of writing, ADA is worth $0.85.
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ADA
Possible Deep Correction Could Push Cardano Price To $0.43, Here’s How
Published
1 week agoon
December 26, 2024By
adminThe Cardano price action has continued to stall below the $1 mark in light of corrections in the past seven days. This correction, which played out across the entire crypto industry, saw Cardano break below the $1 mark again on December 18%.
Although the broader trend suggests a possible move on the weekly timeframe towards a new all-time high (ATH), recent technical analysis on TradingView has opened up the possibility for a continued correction towards $0.43 before another strong upward move.
Current Price Movements Highlight Resistance And Cooling Period
According to technical analysis of the Cardano (ADA) price action on the weekly candlestick timeframe, the cryptocurrency has encountered notable resistance around the $1.2046 mark. This resistance has emerged after Cardano’s remarkable 205% surge from $0.4322 in late October to $1.32 in late November.
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Interestingly, this remarkable price surge saw Cardano form significant lows that serve as support levels for the price. Furthermore, the rally ended up with Cardano entering the overbought zone on the Relative Strength Index (RSI) indicator. The rally culminated in the Cardano price peaking at 82.87 on the RSI, but it has since retraced into a cooling/corrective period where buying pressure is consolidating at the time of writing.
Cardano’s consolidation has opened up outlooks as to its next direction, with substantial buying volumes observed in recent trading sessions.
Deep Correction Could Test Critical Support At $0.43
While the long-term outlook remains bullish, the analysis highlights the scenario of a deep correction that could send the Cardano price falling further in the short term. With this in mind, the analyst points to support levels that ADA may revisit in the event of a deeper correction. The first key level at $0.7683 has already proven its significance, acting as a reactionary zone in recent price movements.
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Below this, $0.4322 stands as the ultimate support for the current bullish leg. What this means is that ADA has to hold above the $0.43 support level in order for a bullish trajectory to remain valid. Failure to hold above $0.43 is likely to cascade into more price declines at this point and a change into bearish outlook.
The analyst also identifies $0.3166 and $0.2427 as primary supports. These levels are Cardano’s lowest support during the previous bear market and are considered less likely to be breached in case of a longer-term decline.
Despite the potential for a deep correction, Cardano’s recent market behavior and buying trends suggest a promising long-term outlook. At the time of writing, ADA is trading at $0.912 and has increased by 2% in the past 24 hours. Once the current resistance at $1.2046 is cleared, ADA is well-positioned to challenge its $3.09 all-time high and possibly establish new highs in the current cycle.
Featured image created with Dall.E, chart from Tradingview.com
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