Following the market pattern, Cardano has fetched a hike of 5.38% over the last 24 hours. The value of each ADA coin against USD has finally gone beyond 0.050 USD. The medium-term of the coin is likely to be bullish. Before analyzing the four major price swings, let us look at the current data of the coin now.
Current Statistics of Cardano-
|Cardano (ADA)||23rd August 04:55 UTC|
|ROI (Return on Investment)||131.36%|
|Coin Circulation||25,927,070,538 ADA|
|Market Cap||1,300,097,276 USD|
|Value in USD||0.050075 USD|
|Value in BTC||0.00000492 BTC|
|24h Volume||62,551,357 USD|
ADA to USD Price Comparison-
Cardano faced a blow right at the starting of the day and between 01:11 UTC and 08:28 UTC, the coin was down by 3.27% losing 0.001 USD. It was followed by a hike of 9.16% and by 16:39 UTC, Cardano price was being traded near 0.051192 USD. This makes the highest point of the day for ADA coin. The third swing came as a shock to the investors as it made a cut of 0.0022 USD from the coin by 20:27 UTC. The last variation was a small and gradual hike of 2.63%, and this hike added 0.0012 USD to the coin and made the coin to go beyond 0.050 USD rising from 0.048 USD.
Cardano Price Prediction-
Cardano has finally touched its temporary target. But in order to cope with the major coins of the market, it needs another push. As past data and analysis, ADA coin is likely to have a bullish run before this year ends.
|1st Resistance||0.051467667 USD|
|2nd Resistance||0.053525333 USD|
|3rd Resistance||0.055889667 USD|
|1st Support Level||0.047045667 USD|
|2nd Support Level||0.044681333 USD|
|3rd Support Level||0.042623667 USD|
Cardano (ADA) Price Analysis: ADA About To Break $0.05 Level Indicates Bearish Rally
- Cardano is facing significant pricing corrections after going below the mark of $0.06.
- It is facing an overall loss of -13.56% in today’s market and is predicted to go below $0.050.
The bullish momentum built by Cardano from the starting of the month has been put on hold by ADA bears. After reaching the critical resistance area of $0.070, ADA has been facing major pricing corrections for the past few days.
But the decline below $0.060 has proved to be more damaging to ADA as it in a straight position to decline below $0.050 level also. A decline below $0.050 level will just open doors to more losses for the altcoin.
Today, it started with the price range of $0.054 in the hope of crossing the safe support level of $0.060 but the market witnessed something that was completely opposite. Cardano is facing a loss of -13.56% bringing the current price to $0.050.
The market capitalization is of $1,310,551,007 and the 24H volume traded is of $62,788,291. It can be said that the increase in selling volume has resulted in a significant downfall.
In order to have a fresh start, the altcoin needs to break the major resistance level of $0.0580. This will help ADA to cross the psychological mark of $0.060 and gain bullish momentum thereafter.
The technical chart reflects on the bullish momentum gained by the altcoin from the starting of the month which is followed by the ongoing downtrend.
The technical oscillators suggest that the ADA bears are here to stay. RSI has reached an oversold region for the first time this month and is reaching to the low level of 20.
CCI is making attempts to reach the positive territory but the overselling volume is pushing it down.
MACD levels also indicate that there is a strong ongoing selling phase going for the altcoin. The levels are also down trending in the bearish zone.
Resistance Level: $0.0560 and $0.0580
Support Level: $0.0470 and $0.0440
Cardano (ADA) Price Analysis: Bears In Control Below $0.055
- ADA price started a nasty decline after it broke the $0.0600 support against the US Dollar.
- The price even traded below the $0.0550 support level to enter a bearish zone.
- There is a major bearish trend line forming with resistance near $0.0580 on the 4-hours chart (data feed via Kraken).
- The price remains at a risk of more losses below the $0.0520 and $0.0500 levels in the near term.
Cardano price is down more than 5% and trading in a bearish zone against the US Dollar, similar to bitcoin. ADA price could continue to slide if it breaks the $0.0510 support area.
Cardano Price Analysis
In the past few days, cardano price started a major decline below the $0.0600 support area against the US Dollar. The ADA/USD pair even declined below the $0.0580 pivot level and the 55 simple moving average (4-hours).
It opened the doors for more losses and the price even traded below the $0.0550 support level. Finally, it spiked below the $0.0520 level and a new weekly low is formed near the $0.0516 level.
The price is currently consolidating losses and trading above the $0.0520 level. An initial resistance on the upside is near the $0.0541 level. It coincides with the 23.6% Fibonacci retracement level of the downward move from the $0.0621 high to $0.0516 low.
The first major resistance is seen near the $0.0550 and $0.0560 levels. Besides, the 50% Fibonacci retracement level of the downward move from the $0.0621 high to $0.0516 low is also near the $0.0569 level to act as a hurdle.
More importantly, there is a major bearish trend line forming with resistance near $0.0580 on the 4-hours chart. Therefore, upsides are likely to remain capped in cardano price near the $0.0560 and $0.0580 levels.
To start a fresh increase, the bulls need to break the $0.0580 area and then gain pace above the $0.0600 level. If not, there is a risk of more downsides below $0.0520 and $0.0510.
The main support is near the $0.0500 level, below which the price is likely to tumble below the $0.0480 and $0.0475 levels in the near term.
The chart indicates that ADA price is clearly back in a bearish zone below the $0.0550 level. There could be a minor correction, but as long as the price is below $0.0580, it could continue to move down.
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 now well below the 40 level.
Key Support Levels – $0.0510 and $0.0500.
Key Resistance Levels – $0.0560 and $0.0580.
Cardano (ADA) Gets Nearer to Shelley Now That Hard Fork Arrives, Here’s How
Now that Cardano has conducted the hard fork, it has taken a major move towards implementing Shelley – here’s why the fork is crucial for it .
A couple of days earlier, on February 20, Cardano succeeded in implementing a hard fork called Ouroboros BFT. The network now runs on a better consensus mechanism. What is more, this is a big step towards implementing Shelley on the network. A recent blog post published on Medium explains why.
When Cardano spread the word about the hard fork launch on Twitter three days ago, it said that this upgrade was to “pave the way for the Shelley mainnet release.”
So far, the mainnet uses Ouroboros ‘Classic’ – this a PoS consensus protocol. Although, Cardano users cannot vote for validators and choose those themselves.
Once Shelley arrives, the situation will change and these restrictions will be removed – users will get a chance to elect validators by staking their ADA tokens. Shelley will be launched in two steps so as the network remains intact, without any interruptions.
Initially, Shelley was planned to launch back in late 2019. But the team face several major setbacks and had to handle those. Now, the exact date of the release is vague so far but there is information that Shelley will be launched at some point in Q1 this year.