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Cardano Surges In Strength—Now 10x More Powerful, Analyst Says

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1 month ago

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They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.



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Here’s Why Cardano Price Is Far From Overbought After 96% Weekly Surge

Published

2 weeks ago

on

November 10, 2024

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Most major altcoins witnessed a renewed recovery trend in November amid the U.S. election buzz and Donald Trump’s victory. The pioneer cryptocurrency, Bitcoin, entering price discovery further cemented the bullish narrative in the broader market. Among the top performers, the Cardano price recorded an 83% weekly surge, and still enough room for future growth.

By press time, the ADA price had traded at $0.58, with an intraday gain of 28.5%. According to Coingecko, the asset’s market cap was boosted to $20.58 billion, while 24-hour trading volume was at $2.53 billion. 

Why Cardano Price Rally Isn’t Overbought Despite Massive Gains

In the last six days, the layer-1 cryptocurrency Cardano recorded an upright recovery from $0.326 to $0.58— an 83% price increase. An analysis of the daily chart showed this recovery with the increasing size of green candles and trading volume, indicating a sustained uptrend.

The strong momentum may be attributed to several factors, with the first being the potential impact of the 2024 U.S. election and Donald Trump becoming the 47th president. Additionally, Cardano’s recent partnership with BitcoinOS has enabled it to access $1.3 trillion in Bitcoin liquidity, significantly enhancing its decentralized finance (DeFi) ecosystem.

As per tradingview chart, the ADA price also breaches a key downsloping resistance of a triangle pattern. This breakout signals the buyers’ escape from a six-month consolidation, offering suitable support to drive a higher rally.

However, today’s surge in Cardano price is likely triggered by founder Charles Hoskinson’s plans to work with the U.S. government under Donald Trump on cryptocurrency legislation.

The aforementioned reasons provide a major boost for Cardano’s adoption and demand for its native cryptocurrency, positioning for further gains.

Cardano PriceCardano Price
ADA/USDT -1d Chart

Large Holders Bet Big on ADA as Market Bottom Signals Emerge

According to Santiment data, the ADA whale holding 100 Million 1 Billion coins has significantly increased their accumulation from 2.06 to 2.93 since mid-April. Despite the prevailing downtrend, the large holders’ buying indicates their confidence in Cardano’s further growth.

Generally, this signal coincides with major market bottoms and reverses trends.

On the contrary, the recent surge in Cardano price is fueled by the aforementioned factors one after another. Thus, a rally of the same momentum is less likely to continue without more external factors.

Cardano (ADA)Cardano (ADA)
Supply Distribution| Santiment

Moreover, a sharp price increase is often followed by a short corrective phase for buyers to regain strength. If this happens, the ADA price could revert lower to seek support at key daily EMAs (20, 50, 100, and 200).

Frequently Asked Questions (FAQs)

Cardano’s price shows room for growth due to factors like a bullish pattern breakout, whale accumulation, key partnerships, and plans to collaborate with the U.S. government on crypto legislation

Following the breakout from a six-month downsloping triangle, Cardano’s price targets $0.8 as the next level

Larger holders accumulation reflects their confidence in Cardano’s long-term potential and often aligns with market bottom signals.

✓ Share:

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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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Will Cardano Price Hit $0.5 In November?

Published

3 weeks ago

on

November 4, 2024

By


The Cardano price plunged 4.8% during the Sunday trading session to $0.33. The bearish downturn likely followed the Bitcoin price drop below $68,000 as the crypto market witnessed a surge in selling pressure ahead of the U.S. presidential election. Will the correction extend the ADA buyer coil counterattack for the surge to $0.5 in November?

Will Cardano Price Reach $1.05 This November? 

The cryptocurrency market is experiencing a renewed bullish momentum ahead of the U.S. presidential election in 2024. The Cardano price managed to leverage this broader market sentiment to shift its prevailing downtrend to sideways.

Since mid-June, the Cardano price has been resonating strictly between two converging trendlines, indicating the formation of a symmetrical triangle pattern. Theoretically, this pattern guides a temporary consolidation between a dimension, dynamic support, and resistance to republish the prevailing trend.

If the market corrections prolong, the ADA price could plunge another 2.8% to seek support at an ascending trendline intact since June 2023. Historical data shows the Cardano price reversal from this support has led to a recovery ranging from 35% to 250%. Thus, the ADA price could strengthen its grip over the asset at the bottom support and attempt a bullish breakout from the key resistance of current correctional at $0.37.

Crypto buyers need to achieve this breakout by mid-November if they aim to reach the $0.5 target by month’s end.

BINANCE:ADAUSDT Chart Image by sahilmahadik07BINANCE:ADAUSDT Chart Image by sahilmahadik07

Whale Accumulation and MVRV Data Hint at Cardano Price Recovery

According to santiment data, the 30-day market cap to realized cap ratio (MVRV) has recently plunged to a -6.37% mark. The MVRV ratio compares an asset’s market capitalization to its realized capitalization and helps determine whether the asset is overvalued or undervalued. 

Historically, the MVRV breakdown below -6% has formed local market bottoms. Generally, the negative value indicates a loss-making short-term trader could capitulate if the correction trend extends. Exit from these speculative traders often attracts long-term business and drives sustained recovery.

Cardano (ADA)Cardano (ADA)
30-day MVRV Ratio | santiment

Moreover, ADA buyers with wallets holding 100 million to 1 billion coins have drastically increased their accumulation from 2.06 billion to 2.95 billion over the last four months. This significant accumulation trend implies growing confidence among major investors in Cardano’s long-term potential.

Cardano (ADA)Cardano (ADA)
Supply Distribution | Santiment

Historically, such accumulation by large holders, or “whales,” is often a precursor to a price uptrend, as it indicates strategic buying and reduced sell pressure.  However, if the selling pressure at the overhead trendline persists, the Cardano price may extend the sideways action.

Frequently Asked Questions (FAQs)

This trend signals growing confidence among major investors and typically precedes a price uptrend due to strategic buying and reduced sell pressure

Cardano’s price could hit $0.5 if it successfully breaks out of the symmetrical triangle pattern by mid-November

A retest of the multi-month ascending support trendline intact since June 2023 could trigger a bullish breakout

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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 Mirrors 2020 Rally, Will ADA Hit $6?

Published

3 weeks ago

on

November 2, 2024

By


The crypto market is gradually gaining momentum for a Q4 rally as Bitcoin entered the $70,000 region. Amid the renewed bullish sentiment, the Cardano price shows the potential for a massive surge as it mirrors the formation of a 2020 rally.

By press time, the ADA price had traded at $0.35, with an intraday loss of 1.87%. According to Coingecko data, Cardano’s market cap holds at $12.38 Billion with a 24-hour trading volume of $336.4 Million.

Cardano Price Action Reflects 2020 Rally, Can ADA Hit $6?

The layer-1 cryptocurrency Cardano has shifted its prevailing correction trend sideways above the $0.034 price level. This consolidation in the weekly chart shows a local bottom formation around 30% higher than the previous low of $0.024.

A closer look at ADA’s current trajectory reveals intriguing similarities to 2020-style price formation, which triggered a rally to $3.1 All-time-high. The historical data shows that the Cardano price prediction drives a major accumulation phase for buyers to onboard and for a stable bottom.

The historical data shows that the Cardano price drives a major accumulation phase for buyers to onboard, recuperating the bullish momentum. The crypto market today shows the ADA price is forming to second before kick-starting its actual rally.

The upcoming U.S. election is likely to influence the momentum of the potential rally if a crypto-friendly candidate is elected. If history repeats, the Cardano price could surge by over 1600% to hit the psychological level of $6.

Cardano PriceCardano Price
ADA/USDT -1d Chart

Whale Accumulation Signals Potential ADA Price Reversal

The supply distribution data from Santiment shows the largeholders’ preparation for ADA coin reversal with major accumulation trends. From mid-April 2022, whale wallets containing between 100 million and 1 billion ADA have collectively boosted their accumulation from 2 billion to 2.94 billion ADA.

This substantial accumulation by major investors suggests a strong belief in ADA’s potential for price appreciation. Such behavior often indicates that these large holders anticipate a market reversal or a bullish trend in the near future.

Cardano (ADA) Cardano (ADA)
ADA Supply Distribution | Santiment

On a contrary note, if ADA sellers continue to defend the $0.42 barrier, the price reaction could extend its sideways action and delay a bullish breakout.

Frequently Asked Questions (FAQs)

Cardano’s current price action is showing strong similarities to its 2020 trajectory, which led to a significant rally and an all-time high of $3.1.

The upcoming U.S. election could influence the momentum of a potential rally, particularly if a crypto-friendly candidate is elected.

This substantial accumulation suggests strong confidence in ADA’s potential for a price reversal or upward trend.

✓ Share:

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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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