- ADA price started a major declined from the $0.0620 resistance against the US Dollar.
- The price is now trading well below the $0.0600 and $0.0580 support levels.
- There was a break below a crucial contracting triangle with support near $0.0581 on the 4-hours chart (data feed via Kraken).
- The price remains at a risk of more losses below the $0.0520 and $0.0510 support levels.
Cardano price is trading in a downtrend against the US Dollar and bitcoin. ADA price is facing a strong selling pressure and it may soon revisit the $0.0500 support.
Cardano Price Analysis
After struggling near $0.0650, cardano price started a slow and steady decline against the US Dollar. The ADA/USD pair broke many important supports near $0.0620 and $0.0600 to enter a bearish zone. Moreover, there was a close below the $0.0600 support and the 55 simple moving average (4-hours). Finally, there was a break below a crucial contracting triangle with support near $0.0581 on the 4-hours chart.
It opened the doors for more downside below the $0.0580 support. The price even traded below the $0.0550 support and a new weekly low was formed near $0.0526 recently. Currently, the price is consolidating losses above $0.0525. An immediate resistance is near the $0.0550 level. Moreover, the 23.6% Fibonacci retracement level of the recent decline from the $0.0623 high to $0.0526 low is also near the $0.0550 level.
Additionally, there is a connecting bearish trend line forming with resistance near $0.0565 on the same chart. If there is a successful break above the $0.0565 resistance, there could be a decent recovery. The next key resistance is near the $0.0580 level, the 55 simple moving average (4-hours), and the 50% Fibonacci retracement level of the recent decline from the $0.0623 high to $0.0526 low.
Conversely, if the price fails to recover, it could decline below the $0.0525 and $0.0520 support levels. In the mentioned bearish case, the price is likely to surpass the $0.0510 support as well. The main support is near the $0.0500 level, where the bulls may take a stand.
The chart indicates that ADA price is clearly trading in a strong downtrend below $0.0550 and $0.0580. As long as the price is below $0.0580, there is a risk of more losses in the near term. On the downside, the most important support is at $0.0500, below which the price could decline significantly.
4 hours MACD – The MACD for ADA/USD is currently gaining momentum in the bearish zone.
4 hours RSI – The RSI for ADA/USD is currently well below the 30 level, with no major sign of a recovery.
Key Support Levels – $0.0520 and $0.0500.
Key Resistance Levels – $0.0550 and $0.0580.
Cardano’s Shelley mainnet could include Ledger integration, reveals team
Cardano network’s implementation has been pretty successful, with the ecosystem led by Charles Hoskinson all set to launch the incentivized testnet for Shelley which involves real incentives in the form of staking and delegation rewards to stir participation. CEO of IOHK, Hoskinson had previously revealed that the testnet had received “remarkable participation as the network currently runs about 100 stake pools and the stake pool channel consists of about 2,400 people.” The testnet went live in the second half of June this year.
While responding to a question on Reddit, on whether staking will be available through Yoroi with HW wallets, the moderator of r/Cardano, ‘kao0112,’ stated that while Ledger, Trezor and any other hardware wallet would work at this stage, the EMURGO team was been looking forward to enabling the same on the Shelley mainnet. kao0112 alluded,
“The Ledger integration takes some time which means that it wouldn’t/ won’t be ready before the snapshot. Ledger integration should definitely be available for Shelley mainnet.”
Talking about the new version of Daedalus/Yoroi on Shelley, the moderator added,
“The current flavors of Daedalus and Yoroi will be exclusive to mainnet [byron] and eventually Shelley, when it’s upgraded in mainnet. There are going to be new flavors for Daedalus and Yoroi exclusive for the Rewards testnet.”
Besides, the team had previously explained that ADA on hardware wallets can be transferred to either Daedalus or Yoroi wallets, before the snapshot. Users can return the tokens to cold storage after the completion of the snapshot. The ADA token on the testnet won’t be spendable, which means that ADA does not exit the network. The tokens earned by staking or delegating can be deployed on the mainnet. The rewards earned by the user in the testnet won’t be pulled into the mainnet automatically, and the team has been working towards a mechanism wherein the users will be able to manually move their rewards.
Cardano Exhibits Loss for the Intraday Traders
The crypto market has stepped in the last quarter of the year. The previous quarter was quite devastating for the investors as the entire market dropped including big forces like Bitcoin, Ethereum, Ripple, etc. Cardano also fell due to the heavy pullback and now, the traders rely on the ongoing quarter. The market is quite volatile but still, the coins have been making moderate profi with moderate volatility.
However, the uptrend might let loose in the future and the coin could be seen facing losses. The change in the trend is highly anticipated. Let’s have a look at the price chart.
ADA to USD Price Chart:
Last month began with a trading price of $0.045. The price immediately jumped to $0.047 by 5.16%. Later, the price fell, but soon escalated and took the price to $0.048 by 10.41%. A major escalation took place that hiked the price to $0.055 by 24.94% just to slip to $0.035 by 36.88% and the month closed around $0.039 by 11.64%. The ongoing month experienced uptrend around October 10, 2019. The price touched $0.043 from $0.037 by 15.45%. The current price is at $0.0402. The support level 1 has already been breached and observes the next support near $0.0399.
Cardano price exhibited recovery a few days ago, but there is again a downtrend indicated. The indications are that the coin would be seen hovering around $0.040 for some time. The improvement is expected to take place within some time.
For now the resistance levels and support levels are calculated as follows:
Cardano is anticipated to escalate after a short while. The traders can dig-in with a prospect of upsurge. The traders are suggested to opt for short-term investment to earn a colossal profit.
Cardano News Today – Top Headline for ADA
- Cardano’s Team Recently Unveiled Information About the Incentivized Testnet Generating Staking Platform to the Network
- Benefits of the Testnet
Quite a few of the Cardano team held an AMA session to reveal the company’s plans and present status about the launching of the Shelley incentivized testnet. The senior product manager of Cardano, David Desser, the company’s DevOps engineer Sam Leathers, Jormungander testnet product manager Dynal Patel, education team leader Alejandro Garcia and Jormungander engineer Nicolas Di Prima,
The Cardano blockchain clocked its second year this month, two years of broad research leading to the launch of a testnet for the new era of its development. As per the report by Esser, Cardano has been soaring high in the last few weeks, the network execution of Jormungander, the node that carries out the protocol that administers Cardano, supposedly got a good response from the community, which according to Esser influenced the development of Cardano.
The Cardano network is ready to launch the incentivized testnet for Shelley, whose testnet went viral in the second half of June. An incentivized testnet employs real incentives in the shape of staking and delegation profits to bring in participation, unlike the traditional testnet which is a closed-off sandbox environment. Esser reported that in Shelley’s incentivized testnet, the company will be able to see how game theory and profits are gotten by actual people on the network.
Added Benefits of the Testnet
During the live session of AMA, several users were interested in the benefits attached to the testnet. Esser was able to give vivid answers to all the questions, he also went further to explain that the whole snapshot of Cardano blockchain will be booked to regulate the number of users and the number of ADA on it.
Cardano (ADA) Price Today – ADA / USD
The testnet will permit users who save their ADA on hardware wallet to transfer their funds to either Daedalus or Yoroi wallets before the snapshot and then return them to cold storage after the snapshot is completed. This process will allow users who want to engage in the testnet to have all of the ADA they have in real life copied in the testnet.
The education team leader of Cardano, Alejandro Garcia stated that they were working on creating a repository for aid questions on Zendesk. Currently, Cardano is ranking 12th by market cap, the market value is up at 0.09% over the past 24 hours, and ADA has a market cap of $1.07 billion with a 24 hours volume of $42.39 million.