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Cardano (ADA) Death Cross Spells Worries Despite Bullish “Mary” Fork

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  • Cardano (ADA/USD) bounces off a critical support trendline during the Asia-Pacific trading session Friday.
  • The blockchain asset expects to close above key moving average waves on the prospect of turning into a multi-asset chain following its hard fork on March 1.
  • Nonetheless, a death cross formation offsets the probability of more price legs higher.
  • Levels to watch

A sell-off in the Cardano market Thursday brought its benchmark instrument ADA/USD down by more than 11 percent.

The pair touched a week-to-date low of $1.02, about 31 percent lower than its record high established on February 27. It later underwent a modest recovery phase after finding support in a short-term upward trendline. The bounce prompted the price to attempt a close above its 50-period moving average, only to pull back later owing to higher selling pressure near the blue wave.

Cardano, ADABTC, ADAUSD, ADA, cryptocurrency
Cardano slips after testing its 50-period simple moving average wave as resistance. Source: ADAUSD on TradingView.com

It appears likely for Cardano’s ADA to retest the ascending trendline support, further pressured by a death cross formed after the 20-period moving average slipped below the 50-period moving average. It signals additional selling pressure in the market in the short-term.

Should the sell-off continue, ADA/USD risks plunging towards its 200-period moving average. It is right now around $0.88. Meanwhile, an extended slipover below the orange wave would have traders view $0.80 as their downside target. The level has served as support all across February.

Bullish Fundamentals for Cardano

The downside correction in the Cardano market follows its 700 percent-plus price rally in 2021. ADA/USD rallied partially because of an overall upbeat sentiment in the cryptocurrency market, led by Tesla’s $1.5 billion investment into Bitcoin. Altcoins tend to tail the benchmark cryptocurrency’s price trends.

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Second, the ADA price surged amid a broader rally among projects that rival Ethereum, the second-largest cryptocurrency by market cap and the leading blockchain network with smart contract functionalities. The transaction and gas fees on the Ethereum network surged aggressively during the February session, prompting speculators to make bets on its rivals.

Cardano briefly surged to the third rank in the top cryptocurrencies’ list, only to get replaced by Binance Coin, a token that represents Binance Smart Chain in addition to a full-fledged cryptocurrency exchange of the same brand.

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Nonetheless, the reason why traders raised their bids in the ADA/USD market was “Mary” — a hard fork that made Cardano a multi-asset chain network upon its successful deployment on March 1. Cardano’s upgrade will enable new tokens on its network and offer smart contract services just like its rival Ethereum.

“Slowly but surely, the momentum is fading away from Cardano after the Mary hardfork,” noted Michaël van de Poppe, an independent market analyst. “That’s normal. Natural market movements. Hype pre-event, calm, and getting back to equilibrium after the event. That’s how it always goes. ADA will continue running later.”

ADA was trading for $1.13 at the press time.

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Cardano

Cardano Price Stuck in Sideways trade, Here’s When ADA will Breakout!

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The cryptocurrency market has started the new week on a positive note, with all of the top ten coins trading in the green. Yesterday, the price of Bitcoin (BTC) fell back to $64,895 and fought to stay above it for the first half of the day. 

Cardano in sideways trade 

The Cardano price has remained sideways, with the coin’s price remaining below the 9-day and 21-day moving averages. 

Cardano’s price is falling below the 9-day and 21-day moving averages when compared to Bitcoin. The long-term 9-day moving average is projected to bearishly cross below the channel’s lower border. The Cardano market is currently in a slump, with the price reaching a daily low of 3397 SAT. 

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Popular analyst Micheal Van De Poppe too has pointed out the bearish/sideways momentum ADA has been experiencing off late. He depicts this in his recent tweet.

A Breakout On the way?

If the bulls can drive the price above the 9-day and 21-day moving averages, the Cardano price is likely to break out. Meanwhile, the Cardano price may continue to rise by breaching above the moving averages, maintaining a solid upward trend. As a result, any further bullish movement might push the coin to resistance levels of $2.50, $2.60, and $2.70.

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The bullish movement may be invalidated if the bears break below the lower border of the channel, and the Cardano price falls below the negative side to support levels of $1.85, $1.75, and $1.65, as seen on the daily chart.

Meanwhile, the technical indicator Relative Strength Index (14) signal line is falling below 50, indicating that the market is sliding sideways. 

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Solana (SOL)

Solana And Cardano Are Heading To The Moon Amidst Huge Institutional Inflow

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The crypto market is seeing the most significant weekly institutional inflow in history, according to official data from CoinShares.

The online publication the Daily Hodl notes that the crypto firm says that digital asset investment products have shattered the record for both weekly and yearly capital flows by a considerable margin.

“Digital asset investment products saw inflows last week totaling US$1.47bn, the largest on record by a significant margin. The previous weekly record was seen earlier this year in February with inflows totaling US$640m.”

The notes continue and say:

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“Inflows year-to-date now sit at US$8bn, far surpassing the record in 2020 of US$6.7bn.”

CoinShares also said that Bitcoin (BTC) accounted for the overwhelming majority of the funds. This has been happening following the positive sentiment stemming from the launch of the new ProShares Bitcoin futures exchange-traded fund (ETF).

“Bitcoin saw 99% of the inflows totaling US$1.45bn last week. The record inflows were a direct result of the US Securities & Exchange Commission [SEC] allowing a Bitcoin ETF investing in futures and the consequent listing of two Bitcoin investment products with inflows totaling US$1.24bn.”

The same notes reveal that “Inflows into Bitcoin products were also seen in other regions totaling US$138m, although there was evidence of profit-taking with some older investment products seeing outflows.”

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Cardano (ADA) and Solana (SOL) are exploding

The same crypto firm is also looking at altcoins, and they said that the most notable coins seeing inflows were smart contract platforms Solana (SOL) and Cardano (ADA), as well as crypto exchange Binance’s BNB.

Solana and Cardano saw $8.1 million and $5.3 million in inflows.

Regarding the prices of the coins, at the moment of writing this article, both of them are trading in the green. ADA is currently trading at $2.18, while SOL is priced at $210.

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Stay tuned for more news and make sure to keep your eyes on the crypto market.

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Cardano

Charles Hoskinson of Cardano (ADA) In Republic of Burundi and Zanzibar Island

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Charles Hoskinson Expressed:  Great meeting with his excellency President Évariste Ndayishimiye about the future of Burundi’s digital transformation.

And before Burundi, we had a wonderful meeting about the Blue Economy with President Hussein Ali Mwinyi in Zanzibar.

For clarity, just looks like Charles is on the mission.  Cardano is an open platform that seeks to provide economic identity to the billions who lack it by providing decentralized applications to manage identity, value and governance. May be taking stuff to the next level.

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For clarity, Burundi, officially the Republic of Burundi, is a landlocked country in the Great Rift Valley where the African Great Lakes region and East Africa converge.  Burundi itself is a landlocked, resource-poor country with an underdeveloped manufacturing sector. Although Burundi is potentially self-sufficient in food production, the ongoing civil unrest, overpopulation, and soil erosion have contributed to the contraction of the subsistence economy by 25% in recent years.

Unguja, also known as Zanzibar Island, is the main island in the Tanzanian archipelago of Zanzibar. Stone Town, part of Zanzibar City, is an old trade center, with mosques and winding lanes.

Community response:  I am waiting for ADA to move an inch so I see it can rise up.

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1600% in one year ADA gains. You were saying something? And, it will dump now. Death cross forming.

ADA is up over 2000%. In less than a year. Lol. I’ve been here and this is how ADA runs. We’re blessed to have Charles and the team. Haters are either new or slow.

Charles should have focus on other market than Africa like Indonesia, Philippines, Pakistan.

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Africa is adopting Crypto. Huge opportunities.  We are growing food so long.  Charles Hoskinson means business. Get on this train now. He is on an Africa tour for pushing power to the edges.  Cardano is changing the world.

Presidents are elected officials, Charles is a free man, again they need Cardano not the other way round if anything they are impressing Charles as they have more to gain by utilising Cardano.

Presidents have meetings all day long. It’s their job to meet people and represent their country. It doesn’t mean they commit to something.

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Please catch Nigeria, Ghana, South Africa and Egypt and all the dominoes will be set. I can’t wait to hear about Cardano‘s upcoming partnerships, with countries

South African just done. Egypt is in a few days. Nigeria and Ghana will be next time I believe.

This guy’s view of the future is to complete change the financial system, help countries and always improving.

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I am glad that these countries in Africa are embracing the new technology that Cardano is bringing, and the so-called developed countries will remain at the forefront of evolution. I am proud of Africa that they have chosen the future.

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