ADA Price
Cardano Price Bullish Thesis Hints 78% Breakout Amid Negative Sentiment
Published
4 months agoon
By
adminCardano price began rising toward the end of last week and into the weekend. On the daily time frame, the asset surged and closed above a crucial resistance level. Only one more barrier remains before ADA price can start making significant gains. Despite this optimistic view, Cardano has been hit by a development issue, as the Chang hard fork was delayed once more by four days. This may have impacted investor confidence as ADA lost its bullish momentum. The asset is trading at $0.3857, down 3.7% in the last 24 hours.
Negative Sentiment is Affecting Cardano Price
Since the Chang hard fork delay, ADA price has displayed some signs of stagnation, including reduced network profitability and volume.
Data from Santiment shows that the Cardano network daily profit ratio dropped to 0.88, its lowest point since August 18. This means that for every ADA transaction closed in loss, 0.88 were completed in profit, suggesting that most ADA on-chain traders transact in losses.
This observation is further supported by the Network Profit/Loss (NPL) ratio, which has been dropping consecutively for the past three days, showing that recently, coins that have changed addresses were sold at a net loss.
Further, Coinglass data shows that Cardano open interest (OI) and price dropped in the last 24 hours by 2.21% and 3.03%, respectively. This data suggests that traders are closing their Long positions, potentially in losses, as confirmed by Santiment’s NPL data. When traders close their Longs, they are mostly likely to open shorts.
These on-chain metrics suggest that Cardano price might drop further over the next 24 hours as the market sentiment for the asset has turned bearish. However, if ADA can sustain above the current price until the wind blows over, investors still holding can enjoy a 78% surge in price.
ADA Price Analysis: Key Levels to Watch for 78% Spike
The Cardano price chart shows a downward trend within a descending channel. The price is currently trading near the upper boundary of this channel, suggesting a potential resistance area around $0.40.
The 50-day EMA (green line) is below the 200-day EMA (black line), reinforcing the bearish trend. However, the price action is currently trying to remain above the 50-day EMA, indicating a possible shift in momentum. The ADA price will likely find resistance around $0.40–$0.42, and the 200-day EMA at $0.4355.
The Chaikin Money Flow (CMF) indicator is positive (0.21), indicating buying pressure. This suggests accumulation is occurring, providing a basis for a potential upward breakout if sustained.
If Cardano price closes above $0.4355 (200-day EMA) with strong volume, it could confirm a longer-term trend reversal, ideal for long-term entry. Potential targets could be around $0.50, 0.60, and $0.70 for long-term gains if the reversal is confirmed.
If the ADA price fails to hold the 50 EMA support, the channel’s midline near $0.35 is a key support level. If the price pushes further downward, it will find lower support around $0.30 at the channel’s lower boundary.
Frequently Asked Questions (FAQs)
The Chang hard fork delay has created investor uncertainty, reducing bullish momentum and negatively impacting Cardano’s price and market sentiment.
If Cardano fails to hold the 50 EMA support, the price could drop to the channel’s midline near $0.35. A further drop could see the price testing lower support around $0.30 at the channel’s lower boundary.
Traders should monitor key levels, watch for trend reversal confirmation, and be mindful of risks if the price fails to hold critical support.
Related Articles
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.
Source link
You may like
Elon Musk xAI Secures $6B To Boost Generative AI Expansion: Details
Metaplanet Bitcoin Reserves Grow With Fresh $61 Million Purchase
Investors turn to Lightchain AI 3000x potential after PEPE drop
Moonpay In Talks To Acquire Coinbase Commerce Rival Helio
The Satoshi Papers Explores The Role Of The State In A Post-Bitcoin World: An Interview With Natalie Smolenski
Stablecoin Issuer Tether Invests $775,000,000 Into YouTube Rival Rumble
24/7 Cryptocurrency News
Cardano Price Eyes Rally To $4 If ADA Maintain This Support, Top Analyst Says
Published
2 weeks agoon
December 10, 2024By
adminThe 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.
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.
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.
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.
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.
Source link
24/7 Cryptocurrency News
Why Is Cardano Price Poised To Hit ATH Soon?
Published
1 month agoon
November 17, 2024By
adminCardano 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.
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.
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.
Source link
ADA Price
Analyst Says Cardano Price Is “Bottoming” After Hitting Two-Year Low
Published
2 months agoon
October 18, 2024By
adminExcept 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.
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.”
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.
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.
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
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
Elon Musk xAI Secures $6B To Boost Generative AI Expansion: Details
Metaplanet Bitcoin Reserves Grow With Fresh $61 Million Purchase
Investors turn to Lightchain AI 3000x potential after PEPE drop
Moonpay In Talks To Acquire Coinbase Commerce Rival Helio
The Satoshi Papers Explores The Role Of The State In A Post-Bitcoin World: An Interview With Natalie Smolenski
Stablecoin Issuer Tether Invests $775,000,000 Into YouTube Rival Rumble
Solana L2 Sonic includes TikTok users in airdrop
5 Tokens Ready For A 20X After Solana ETF Approval
Solana beats Ethereum in a key metric 3 months in a row
SCENE’s 2024 Person of the Year: Iggy Azalea
BTC Risks Falling To $20K If This Happens
Most Layer 2 solutions are still struggling with scalability
Here’s why Stellar Price Could Go Parabolic Soon
Perp-Focused HyperLiquid Experiences Record $60M in USDC Net Outflows
Experts say these 3 altcoins will rally 3,000% soon, and XRP isn’t one of them
182267361726451435
Why Did Trump Change His Mind on Bitcoin?
Top Crypto News Headlines of The Week
New U.S. president must bring clarity to crypto regulation, analyst says
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Bitcoin Open-Source Development Takes The Stage In Nashville
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
Washington financial watchdog warns of scam involving fake crypto ‘professors’
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
NoOnes Bitcoin Philosophy: Everyone Eats
Trending
- 3 months ago
182267361726451435
- Donald Trump5 months ago
Why Did Trump Change His Mind on Bitcoin?
- 24/7 Cryptocurrency News4 months ago
Top Crypto News Headlines of The Week
- News4 months ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Price analysis4 months ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
- Opinion5 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin5 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Bitcoin5 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
✓ Share: