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Cardano [ADA]

Cardano Price Analysis – Can ADA Shake Off the Sellers?

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Cardano price:$0.05
Key ADA resistance levels:$0.060, $0.0678, $0.0732, $0.089
Key ADA support levels:0485, $0.040, $0.0389, $0.03511

Cardano Long Term Price Prediction: Bearish

For Cardano ADA, -5.64%, the second half of the year has turned out to be particularly ugly as the token’s price dropped by 53% over the past five weeks. As we can see on the daily chart, Cardano’s trading volume is fading away, showing a lack of interest in the market. 

After rebounding to the $0.070 area, Cardano is now approaching the wedge’s lower boundary on the third attempt. If the boundary can provide support once more, we may see a climb back to $0.060 and $0.0678 (the July 12 resistance) before we can see a clear break to $0.0732, $0.089 and above.

In the opposite direction, a drive below $0.0485 (the July 8 low) is likely to bring the market to the $0.040, $0.0389 and $0.03511 support levels. Looking at the RSI, we can see the price is currently testing the oversold level. If the level continues to provide support for the market, a bounce is likely to occur. Now that the price is oversold on the Stochastic RSI, buying pressure is expected in no time.

Cardano Medium Term Price Prediction: Bearish

Taking a look at the 4-hour chart, we can see the Cardano market continues to trend on the downside thanks to the weekly short opening. For this reason, the token has further respected the resistance trend line (yellow) in a slope direction, indicating a bearish continuation.

Now, the bears are heading close to the mid-July low at $0.049. Should ADA trading drop below the above price, a fresh monthly low may be printed at $0.045, $0.040 and below. As shown on the price chart, the price action is now choppy with stable volume, a signal for a potential trend reversal.

If the market turns around and manages to rise noticeably above the $0.055 level, the price of ADA may climb to the $0.060 and $0.065 resistances before a bullish continuation. Now, the RSI has finally reached the oversold area after the past weeks of selling pressure. We may see a climb back if the $0.049 level can provide support for the market.

On the Stochastic RSI, Cardano is currently revealed at the extremely oversold area. There’s a need for a bullish regroup, otherwise, the ADA market may remain in the oversold territory.

Cardano Short Term Price Prediction: Bearish

Following the latest bearish leg down, Cardano is now revealed on the downside after a weekly short opening which has brought the price action into a channel formation. While ADA is changing hands at around $0.050, a further bearish spike may drop the ADA price at $0.049 and below. Meanwhile, a bullish move could spike the token to $0.052 and above.

As of now, the RSI is playing sideways. A cross above the 47 level may set a bullish breakout. The Stochastic RSI has seen a positive crossover; we can expect the price to go up soon. Considering the current market condition, the ADA market could still fall as the bears are in play for now.

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Cardano [ADA]

Weiss: Cardano is clearly superior to EOS

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  • Cardano’s Shelley testnet was highlighted as one of the main reasons behind the superiority.
  • The detractors claimed that Weiss Ratings has lost its credibility.

A crypto and financial ratings firm, Weiss Crypto Ratings, has divided the cryptocurrency community on Twitter by claiming that Cardano is “clearly” superior to EOS. 

The company said:

Cardano is clearly superior to EOS. EOS was first to market, but it’s becoming increasingly clear that of the two, Cardano is vastly superior. More details on this in subsequent tweets.

The argument between the rival projects heated up. Weiss followed up its statement in a series of tweets, starting with its observation that EOS has centralization problems. It said:

Not only does #EOS have problems with centralization, but lately, the network has also been unable to process any transactions for anyone who doesn’t have a substantial amount of EOS locked up and staked. This is a result of EOS trying to go with a feeless structure.

In a follow-up tweet, the firm shared more details backing up its claim. It said that Cardano is superior to EOS because it had just completed the first snapshot and balance check of the network for the Shelley incentivized testnet. The tweet claimed:

Cardano completed the 1st snapshot and balance check for its incentivized Shelley testnet. This latest step toward staking will allow investors to earn rewards on their $ADA for the 1st time.

The tweet got mixed reactions from hundreds of users. Some disagreed with Cardano’s superiority by saying that EOS had a far bigger user base and potential. However, despite the vast differences in opinion, almost everyone seemed to agree that Weiss Ratings has lost its credibility. 

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source:fxstreet

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Cardano [ADA]

Cardano [ADA] Rises 2.94% in 24 Hours, Are High Weiss Ratings in Play?

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Cardano [ADA] prices are up 2.81% in the past 24 hours, while the market trades in red. The sudden price rise can be attributed to the fact that recently, Weiss Crypto Ratings tweeted that Cardano is ‘Clearly Superior’ to EOS.

The Case of Weiss Crypto Ratings

Weiss Crypto Ratings, a subsidiary of Weiss Ratings in a tweet recently mentioned that the Cardano Blockchain is clearly much better than the EOS blockchain.

Source- Twitter

Both the blockchains are working earnestly on providing top-notch technological solutions. In order to compete with Ethereum’s blockchain, they are working to provide scaling, performance, and security improvements that would allow their respective blockchains to function at a commercial level on a global scale. Weiss had earlier also spoken well about Cardano. The firm further shared a screenshot which mentions that Cardano[ADA] completed its first balance check on its recently launched Shelly testnet.

Source- Twitter

However, despite this, on Weiss Crypto Rating’s official ranking page, EOS remains above with an ‘A-‘ grade as opposed to Cardano’s ‘B+’ grade.

Source- Weiss Crypto Ratings

Will Cardano Cross $0.44 Range?

ADA was facing major price fluctuations between $0.042 and $0.041. On the 10th of November, it suffered a loss of 3.79 percent and reached 0.041889. The key support levels to look out for lies between $.0421 and $0.041 with resistance at $0.043. If the prices drop they may well stay in the range of $0.40 and $0.41 range. If Cardano [ADA] manages to break resistance at $0.43, the prices may rally to 0.44 range.

Cardano
Source: Coinstats

The price rise has also been accompanied by a significant increase in the market cap. The market cap has increased by $3 MM in 24 hours. Also, more than $15 MM have been added to ADA’s market cap since the starting of the month.

Technical Indicators

Source- Trading View

Relative Strength Index (14)-55.08235689
Stochastic %K (14, 3, 3)-52.19542362
Commodity Channel Index (20)-59.75604573
Average Directional Index (14)- 11.23596077
Exponential Moving Average (5)-0.04345288
Simple Moving Average (5)-0.04341000
Exponential Moving Average (10)-0.04324838
Simple Moving Average (10)- 0.04318600

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Cardano [ADA]

Weiss: Cardano is clearly superior to EOS

Published

on

  • Cardano’s Shelley testnet was highlighted as one of the main reasons behind the superiority.
  • The detractors claimed that Weiss Ratings has lost its credibility.

A crypto and financial ratings firm, Weiss Crypto Ratings, has divided the cryptocurrency community on Twitter by claiming that Cardano is “clearly” superior to EOS. 

The company said:

Cardano is clearly superior to EOS. EOS was first to market, but it’s becoming increasingly clear that of the two, Cardano is vastly superior. More details on this in subsequent tweets.

The argument between the rival projects heated up. Weiss followed up its statement in a series of tweets, starting with its observation that EOS has centralization problems. It said:

Not only does #EOS have problems with centralization, but lately, the network has also been unable to process any transactions for anyone who doesn’t have a substantial amount of EOS locked up and staked. This is a result of EOS trying to go with a feeless structure.

In a follow-up tweet, the firm shared more details backing up its claim. It said that Cardano is superior to EOS because it had just completed the first snapshot and balance check of the network for the Shelley incentivized testnet. The tweet claimed:

Cardano completed the 1st snapshot and balance check for its incentivized Shelley testnet. This latest step toward staking will allow investors to earn rewards on their $ADA for the 1st time.

The tweet got mixed reactions from hundreds of users. Some disagreed with Cardano’s superiority by saying that EOS had a far bigger user base and potential. However, despite the vast differences in opinion, almost everyone seemed to agree that Weiss Ratings has lost its credibility. 

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