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Chainlink, DexSceener, Metamask Support ADA, Cardano Price Eyes 28% Gains

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2 months ago

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Cardano price has been steadily moving down a falling channel over the last 145 days. In the last 24 hours, ADA price has performed exceptionally well despite global crypto and traditional markets facing a major downturn. Meanwhile, since the Chang hard fork upgrade on September 1, the Cardano network has been on the front page of crypto news. In the latest coverage, the blockchain has received support from Chainlink, DexScreener, and Metamask. 

Chainlink announced the integration of its data streams for the Cardano blockchain to provide low-latency, secure market data, which will be key for decentralized exchanges (DEX) such as Minswa, Dexhunter, and Saturn Swap on the network. 

The chainlink data streams will help deliver real-time market data with high frequency, a feature particularly beneficial for DEXs since it establishes more precise pricing and reduces slippage.

Is Meme Coin Season Coming to Cardano?

On September 3, Metamask announced they would support Wallet Snap, a Cardano wallet built by NuFi.

This integration will allow MetaMask users to create Cardano accounts, connect to dApps, and manage assets on the chain. This is a big step further in bringing Cardano into the fold, as it has long been the ‘black sheep’ of blockchains.

Speculation has it that DexScreener, the leading real-time DEX analytics platform, may be in contact with Minswap, Dexhunter, and Saturn Swap in preparations for onboarding the Cardano network to the platform.

Additionally, Snek.fun, a Pump.fun iteration on the Cardano blockchain, is launching tomorrow, prompting investors to speculate that Cardano meme coin season may be closing in quickly.

The ADA price dropped 0.8% in the last 24 hours to trade at $0.3222. These developments set a precedent for a surge in Cardano price, as it was observed in Tron (TRX), which jumped by two spots to enter the top 10 largest crypto assets by market cap. 

Cardano Price Eyes 28% Surge Could Overtake DOGE For 9th Spot

Cardano price has been in a downtrend within a descending channel since April 2024, with support around $0.3050 and resistance near $0.3500 and $0.4000.

Looking at the recent candlesticks formation near the support level indicates a potential reversal as a double bottom could be forming with the neckline, coinciding with the $0.4000 resistance level. The long lower wick suggests buying pressure, a bullish signal.

If the price breaks above the resistance at $0.4000 with strong volume, it could signal the end of the downtrend and the start of a new uptrend. This would constitute a 28% uptick in price that would catapult Cardano to a $14 billion market cap, just above Dogecoin in the 9th spot on CoinGecko ranking. 

Cardano PriceCardano Price
Cardano Price Analysis Chart

Conversely, a break below $0.3050 could trigger a continuation of the downtrend, and it would be prudent to reassess positions.

Cardano is an undermined underdog that may surprise many, similar to Tron (TRX). A sudden influx of ‘degen’ volume and users to the network may see its price surge back to previously untouched levels.

Frequently Asked Questions (FAQs)

Chainlink has integrated its data streams into the Cardano blockchain to provide low-latency and secure market data. This integration is critical for decentralized exchanges (DEXs) such as Minswap, Dexhunter, and Saturn Swap, as it delivers real-time, high-frequency market data, helping to improve pricing accuracy and reduce slippage.

DexScreener, a leading DEX analytics platform, is rumored to be in discussions with Cardano-based decentralized exchanges like Minswap, Dexhunter, and Saturn Swap. This potential onboarding of the Cardano network to DexScreener could bring improved real-time analytics for Cardano’s decentralized exchanges, further boosting liquidity and user engagement.

With the launch of Snek.fun, a Pump.fun iteration on the Cardano blockchain, there is speculation that a meme coin season may be approaching for Cardano. The excitement around this could drive an influx of volume and new users to the network, potentially impacting the ADA price in the short term.

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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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Can Cardano Price Hit $5 If Bitcoin Hits $300,000?

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1 week ago

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October 29, 2024

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Cardano price could be on the precipice of a massive upside move as Bitcoin eyes an ambitious $300,000 milestone. Analysts have speculated how this could happen in the next 10 to 18 months as BTC’s price looks to clear an 8-month consolidation zone. Can Bitcoin’s momentum drive the price of Cardano to $5 and beyond?

Why Is Cardano Price Up Today?

On October 29, the ADA price increased by 4.6% to trade at $0.3491 during the London pre-market hours. This increase is likely attributed to Bitcoin’s surging above the psychological resistance level of $70,000, which has investors hoping for a new all-time high in the coming days. The crypto market is up 2.5%, with meme coins leading the rally.

Can Cardano Price Hit $5 If Bitcoin Hits $300,000?
ADA/USDT Price Chart

Additionally, analysts foresee Cardano price surging in the future as they recently announced an ADA-BitcoinOS bridge that could capitalize on the $1.4 trillion BTC market by bringing DeFi to the king of crypto

This news has caused Cardano’s social dominance to surge, leading to the ‘Cardano’ term trending on X. Spikes in social dominance suggest that an asset is being heavily discussed on social media platforms, and if the discussions are positive, they are usually followed by a price increase.

Cardano social dominanceCardano social dominance

With Bitcoin price rising, speculation on how Cardano becoming a Bitcoin L2 could pump the price of ADA has saturated the crypto space.

Will ADA Price Hit $5 If Bitcoin Soars to $300K?

Famous crypto analyst PlanC has predicted, using his popular Power Law indicator, that Bitcoin price will reach $150,000 to $300,000 within the next 10 to 18 months. He notes that the last eight months have been a healthy consolidation, and once BTC breaks above the $80,000 mark, “the probability of ever dropping below $60k will be extremely low.”

 

Crypto trader Zach Humphries thinks Cardano price will set new all-time highs around $5 during this cycle. This would push the ADA market cap to around $178 billion, with 35 billion coins circulating.

This prediction is likely since the highest price Cardano has ever reached was $3.10. Currently, ADA is 89% down from the ATH, presenting a massive 1300% potential increase from the current price. 

If Cardano founder Charles Hoskinson executes his vision with BitcoinOS to bring BTC into the crypto fold, the price of ADA will soar even higher than $5.

Cardano Price Analysis: Key Levels To Watch

Cardano price action is not pretty, even though the market is green. The asset is up only a few percentage points, but the market structure is mostly bearish, with several strong resistance levels up ahead. 

However, this should not be a worrying factor, as ADA prices have been known to surge aggressively during bull markets.

Key levels to watch include $0.43, which marks the immediate resistance, and beyond that, $0.67, which coincides with the 78.6% Fibonacci retracement level. Conversely, Cardano may find support between $0.20 and $0.3 if bears push the price down. 

Can Cardano Price Hit $5 If Bitcoin Hits $300,000?Can Cardano Price Hit $5 If Bitcoin Hits $300,000?
Cardano Price Analysis Chart

While analysts are extremely bullish on the ADA price in the long term, the short-term prediction for the asset is neutral to slightly bullish. However, this outlook can change at any moment if market conditions shift. A clear breakout above $0.67 will change the outlook to extremely bullish, while a break down below $0.3 will turn the prediction bearish.

Frequently Asked Questions (FAQs)

Cardano’s price recently increased by 4.6%, likely due to Bitcoin surpassing the $70,000 mark. This rise in Bitcoin’s price often boosts the broader crypto market, with meme coins and other assets like Cardano gaining as well.

Many analysts suggest that Cardano (ADA) could reach or exceed $5 if Bitcoin achieves $300,000. The correlation with BTC and potential developments, like the ADA-BitcoinOS bridge, are strong drivers that could propel ADA to new highs.

The ADA-BitcoinOS bridge is a project aiming to connect Cardano with Bitcoin’s vast market, allowing decentralized finance (DeFi) services to tap into Bitcoin’s ecosystem. This could significantly boost ADA’s value by increasing its use and visibility in the crypto space.

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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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Analyst Says $5 ADA is Within Reach

Published

2 weeks ago

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October 23, 2024

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Cardano price is on the verge of a major rally, according to an analyst who believed the crypto asset could reach a $5 valuation. With a strong and growing foundation in the blockchain space, Cardano is well-positioned for substantial growth. The analyst emphasizes that Cardano’s well-established reputation and potential ETF approval drive this bullish outlook.

ADA price is trading at $0.3631, which represents an increment of 0.1% in the last 24 hours. 

Cardano Price Set to Soar: Analyst Says $5 ADA is Within Reach

On the weekly chart, Cardano has gained 1.7% and is slowly rising. The asset is in a bullish structure that promises a 33% breakout, but that is only the beginning of its bullish future.

Growth Factors For Cardano Price To Soar to $5

Popular YouTube crypto analyst Crypto With James shared his insights into ADA. He thinks the asset is headed to $5, which is a significant upside from the current $0.36 per coin.

Among other things, he cites several things that could spur the price of ADA to $5:

  • Smart contract compatibility on the network has led to a growth spurt in development since 2021.
  • Plutus, Helios, and other advanced developer tools on the Cardano network have improved the onboarding process for developers, making it easy to create decentralized applications (dApps).
  • The presence of account abstraction and Zero-knowledge primitives enhances privacy and allows users from other chains to interact seamlessly with Cardano.

According to Santiment data, development activity on Cardano has been ranging for nearly one year since crashing in December 2023. Although Cardano development activity has dropped by 14% in the last seven days, Santiment also shows it remains the fourth largest crypto asset in network and protocol development.

Cardano Price Set to Soar: Analyst Says $5 ADA is Within ReachCardano Price Set to Soar: Analyst Says $5 ADA is Within Reach

Developers and analysts expressed optimism about Cardano’s future, citing its robust infrastructure and potential for significant ADA price appreciation.

ADA Price Analysis Reveals Path to $0.55?

The Cardano price action is consolidating within an ascending triangle, showing higher lows but relatively consistent highs, indicating a potential buildup for a breakout. There has been sustained selling pressure since mid-2023, as indicated by the downward-sloping red trendline, which has acted as dynamic resistance multiple times (denoted by red arrows).

On the way up, Cardano price may encounter resistance at $0.4501, which aligns with both the upper bound of the trendline and the 200-period moving average (black line), representing a strong psychological barrier. Price needs to break decisively above this level to confirm a reversal in the trend toward $5.

Cardano priceCardano price
Cardano Price Analysis Chart

Strong support around $0.310 has consistently held during the recent downtrend. However, if the price breaks below this level, it could signal market weakness, turning ADA bearish. Cardano would find lower support, around $0.28 and $0.23.

Can Cardano Price Reach $5?

Yes. The probability of ADA surging to $5 is not out of this world. Currently, ADA’s market cap stands at $12 billion. From the current price to $5, that would be a 1,288% increase. Factoring this into the market cap and assuming supply remains the same, Cardano would swell to a $166 billion market cap.  This is not a far-fetched figure, as the Cardano price hit an all-time high of $3.10 in the 2021 bull run.

Frequently Asked Questions (FAQs)

Analysts believe Cardano could surge to $5 due to its growing development, smart contract compatibility, and optimism about potential ADA ETF approval.

Cardano is currently in a bullish structure, with a potential 33% breakout on the horizon. If it breaks above key resistance levels, analysts believe it could start its journey toward $5.

Yes, analysts see a realistic possibility of Cardano reaching $5 during the next bull run. This would represent a 1,288% increase from its current price.

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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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ADA Price

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

Published

3 weeks 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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