The overall bearish sentiment for Cardano (ADA) continues to rise as analysts now foresee a massive 33% price crash for the altcoin. This pessimistic projection comes as ADA struggles to gain traction in the market, with its value remaining stagnant or steadily dropping to lower levels. 

Cardano (ADA) Crash Incoming

Compared to other prominent altcoins in the crypto market, Cardano has performed poorly, struggling with price declines and sluggish growth. Consequently, a crypto analyst, identified as ‘Financialfreedomgoals’ on TradingView, predicted that cryptocurrency is likely to experience more than a 30% crash to new lows. 

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The analyst notes the broader negative state of the current crypto market, highlighting that most altcoins are stuck in a “bearish rut.” He disclosed that rather than achieving new all-time highs, these coins have been setting fresh lows, underscoring the persistent downtrend and decreased confidence amongst investors. 

Cardano, in particular, has had its share of negative sentiment and volatility. The cryptocurrency has stayed unwaveringly below the Exponential Moving Average (EMA) 200 line, a key technical indicator traders often use to gauge long-term trends. Typically, when the price of a cryptocurrency stays below this line, it tends to signal a continuation of a bearish trend. 

Given the present bearish state of the market, the crypto analyst has dismissed the idea of an upcoming altcoin season, where the majority of cryptocurrencies excluding Bitcoin experience significant price gains. 

On the daily time frame, Cardano is trading below the EMA 200 line and the bearish trend line. Initially, a rising wedge pattern had formed on the cryptocurrency’s price chart, however instead of breaking out, Cardano saw a series of negative candlesticks alongside a bearish crossover on the Moving Average Convergence Divergence (MACD). 

This series of negative indicators suggests that bears may be tightening their grip on Cardano’s price. As such, the crypto analyst foresees the ADA continuing its descent to reach fresh lows at target areas: 0.2506 or 0.2197. These targets are calculated using the Fibonacci retracement ratios of 1.272 and 1.618. 

0.3815 Resistance Could Trigger Bullish Surge

Despite maintaining a largely bearish stance on Cardano’s price outlook, Financialfreedomgoals has hinted at a potential bullish turnaround. He has suggested that a price reversal for ADA could be possible if the price of the cryptocurrency manages to break above the key resistance at 0.3815 Fibonacci level. 

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Crypto analyst Sssebi shares an even greater bullish outlook for Cardano. He highlights that during the previous bull market, ADA’s value increased by more than 100X. As a result, the analyst believes that ADA will rally by at least 20X in this current market cycle, expressing even stronger confidence that the cryptocurrency will reach $5 soon. 

As of writing, the price of ADA is trading at $0.3576, reflecting a significant increase of 11.39% over the past week, according to CoinMarketCap. 

Featured image created with Dall.E, chart from Tradingview.com

By&nbspClark

The cryptocurrency market is witnessing a resurgence of optimism as Cardano (ADA) and Sui (SUI) approach the $1 mark. This surge in confidence among holders reflects broader market dynamics, where investor sentiment and network developments play crucial roles in price movements.       

As ADA and SUI gain momentum, their potential rise could have significant implications for related projects, such as RCO Finance (RCOF). 

Let’s delve into the factors driving renewed confidence in ADA and SUI and explore how RCO Finance could benefit from these trends. 

Cardano’s Resilient Long-Term Investors Signal Stability Amid Market Challenges

On Wednesday, August 14, 2024, IntoTheBlock, reported that a core group of long-term investors in Cardano (ADA) remains steadfast, indicating that, despite the current challenging market conditions, there may still be significant growth potential for the cryptocurrency.

The firm highlighted that the number of unique addresses holding Cardano has stayed relatively stable, hovering around 4.45 million for over a year. This consistency suggests a period of stabilization after a sharp increase in address growth during the last bull market when Cardano’s price reached an all-time high of $3.10 in September 2021.

Meanwhile, Cardano has been on a negative trend recently. According to Coinmarketcap data, ADA is trading at $0.336, a 4.63% decline from last week. 

Despite this negative trend, indicators imply that Cardano’s price might be set for additional gains. The Keltner Channels (KC) indicator indicates significant resistance at $0.35 and support at $0.28. Should the price surpass the upper KC band of $0.35, it could initiate a bullish trend, potentially driving the price as high as $0.45 in a few weeks.

Grayscale Adds Sui (SUI) to Its Portfolio, Highlighting Huge Potential 

On August 7, 2024, Grayscale Investments, a leading crypto asset management firm, expanded its portfolio with the introduction of two new cryptocurrency investment trusts, one of which includes the addition of Sui (SUI) to its product lineup. 

The newly launched Grayscale Sui Trust is specifically designed to invest in SUI, the native token of the Sui blockchain. Sui is a layer-1 blockchain that has garnered attention for its robust support of decentralized applications (dApps). 

According to Coinmarketcap data, the value of SUI has increased slightly. SUI is currently up 9.40% from last week and is trading at $0.935.

Conversely, some experts are bullish about SUI due to the recent growth in its total value unlocked (TVL). With the growing interest, SUI’s price could surge to $1.10 in a few weeks.

RCO Finance’s AI and Blockchain Platform Rises in Popularity

RCO Finance is an emerging DeFi project that has rapidly ascended the ranks thanks to its goal of simplifying investment processes. Additionally, RCO Finance is gaining attention due to its innovative platform, which leverages AI and blockchain technology. 

This blend of advanced technologies places RCO Finance ahead of its competitors, contributing to its rapid expansion.

In particular, AI provides RCO Finance with unparalleled automation, while blockchain ensures security, transparency, and seamless interoperability. However, the standout feature of RCO Finance is its AI-driven robo-advisor. 

This robo advisor employs cutting-edge algorithms and machine learning, making it the first truly AI-powered trading tool in crypto.

Through the robo advisor, investors receive personalized, data-driven investment recommendations. Specifically, the RCO Finance robo-advisor evaluates an investor’s risk tolerance and financial objectives, aligns them with current market conditions, and suggests profitable investment opportunities.

This strategy helps investors avoid cognitive biases and the emotions of greed and fear, which often lead to losses. 

Moreover, the RCO Finance robo advisor charges lower fees than traditional financial advisors, providing investors with affordable access to professional investment management tools.

The RCO Finance robo-advisor also offers complimentary tax and financial legal advice, helping investors optimize their strategies while staying compliant with regulations. These features have made RCOF, the native token of RCO Finance, a popular choice among ADA and SUI investors seeking to diversify their portfolios.

Buy RCOF Now And Enjoy Massive Profits

RCOF serves as the native token of the RCO Finance protocol, with a total supply of 800 million tokens. Of this, 50% is designated for public sale, 20% for ecosystem development, and 12% for liquidity and market-making.

Additionally, 5% of RCOF’s supply is allocated for private sales and marketing each, while the team and advisors receive 4% and 2%, respectively. The remaining 2% is set aside for ecosystem rewards.

RCOF tokens are currently available for purchase through the official website during the ongoing presale, which is now in Stage 2. The token is priced at $0.0344 during this stage.

Investors who purchase RCOF during Stage 2 could potentially see significant returns. The token is expected to launch at $0.40, offering a potential gain of 1,066%. In contrast to tokens like SUI and ADA, which have seen price declines, RCOF presents a compelling opportunity for value preservation.

Beyond potential gains, holding RCOF also comes with additional benefits, including voting rights on governance proposals and substantial discounts on trading fees.

Token holders can further benefit by staking their RCOF tokens, earning up to 88% APY. Additionally, depending on the tokens held, they can receive a share of the platform’s revenues as dividends, ranging from 1% to 6%.

Investing in RCO Finance allows you to join other savvy investors in expanding your crypto portfolio, even in a broader market downturn.

For more information about the RCO Finance Presale:

Visit RCO Finance Presale

Join The RCO Finance Community

Clark

Head of the technology.