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Cardano price analysis: ADA ready to challenge the $1.31 mark again

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  • Cardano price is expected to rise to $1.31
  • The closest support level lies at $1.26
  • Cardano price is facing resistance at the $1.31

After finally climbing past the $1.35 mark in the past week, Cardano price failed to continue its bullish rally and the price has dropped to just below $1.31.While the price at press time holds just below $1.31, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues

Across the broader cryptocurrency market, the last 24 hours have observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major players include BNB and Dogecoin that record a 0.19 and a 0.28 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 4.77 and a 1.67 percent hike.

Technical indicators for ADA/USDT

Cardano price analysis: ADA ready to challenge the $1.31 mark again 1
Technical indicators for ADA/USDT by Trading view

Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator saw a bullish reversal at 12 am today, since then bullish pressure is increasing steadily and the indicator is currently just below the 0.011 mark. Across the EMAs, the 12-EMAis trading above the 26-EMA and continues diverging while both EMAs rise.

The RSI is currently trading in the neutral zone a little below the 56.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for over 5 days. At press time the RSI has again had a small spike towards the oversold region suggesting an increasing bearish presence at the current price level.

The Bollinger bands at press time are narrow and as the last few candlesticks are red the bands will converge further in the immediate future. As the bears take charge of the market momentum, it will cause the volatility of the Cardano price to decrease in the short term. However, as the price is consolidating closer to the upper limit rather than the band’s mean line, the bands will be leaning upwards for the next few candlesticks.

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Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue sell signals suggesting a bearish retracement. Meanwhile, nine indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 10 of the 26 indicators suggesting a bullish movement against only seven indicators suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing

What to expect from Cardano price?

Cardano price analysis: ADA ready to challenge the $1.31 mark again 2
4 hour price chart by Trading view

Cardano price is currently facing resistance at $1.31 mark but the market shows strong bullish sentiment.The short term technical indicators support the bulls while the midterm technical shows potential for sharp upward movement.As such traders should expect the price to break above the $1.31mark soon .Traders can even expect an upward breakthrough where Cardano might be able to challenge the $1.35 mark again if the current momentum continues.

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Here’s What Cardano Founder Charles Hoskinson Wants For Christmas

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Christmas is just around the corner and Cardano founder Charles Hoskinson is already in the Christmas spirit. The founder went live on YouTube on Monday to do another surprise AMA where he answered questions from the community. As usual, Hoskinson responded to a number of questions from community members who asked about the Cardano project.

What Cardano Founder Wants For Christmas

During the AMA, Hoskinson gave a rundown of what he would like for Christmas and it was not your usual itemized list of stuff people want for Christmas. Instead, Hoskinson decided to address a pressing issue in the crypto space and that is the divide that is very much present among investors of different projects.

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Cardano has been one of the harder hit projects when it has come to FUDs in recent times. The project had been subjected to what can be described as hateful comments all-around social media especially since its token ADA began its two-month-long decline. To this end, Hoskinson wants everyone in the crypto industry to start getting along.

“The one thing I want for Christmas is for everyone to start getting along in our industry. It’s extraordinary to me that when people are so close in philosophy and viewpoint, and in some cases technology, they can be so far apart as people. It’s extraordinary,” the founder said.

Cardano price chart from TradingView.com
ADA trending low at $1.4 | Source: ADAUSD on TradingView.com

Pushing For Better Systems Going Forward

Hoskinson also addressed the systems that have kept investors against each other for years. He said that the crypto space is where this is more prominent as other industries do not see as much hate between each other as the crypto industry.

“You don’t see this in other industries,” Hoskinson said. “You don’t see in physics or biology, or cellphone manufacturing, or whatever, pick an industry, the amount of tribalism, hate, and vitriol that our industry has for each other.”

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The founder went on to explain that as long as people keep hating each other, there will be no way to fight the real enemy, which he identified as the legacy systems. He said this system has held down three billion people and will continue to do so. The founder also acknowledged that this will not be easy as there will always be those who try to divide others in the space.

Hoskinson explains that there will be books and podcasters saying things to divide people. Even on social media, where the majority of the vitriol will be spilled. However, it is up to everyone in the industry to take a stand and put a stop to the hate.

“That has to stop and the only way it’s going to stop is if we get better systems that are more fair. And the only way we do that, is we have to work together. So, we’ll see, 2022, whether that’s accomplished.”

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Cardano Launches Converter Testnet for Project by AI Pioneer Behind Robot Sophia

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The AGIX ERC20 converter has been launched in testnet mode.

Holders of SingularityNET’s AGIX token can now ditch Ethereum and migrate to the Cardano blockchain.

According to a Dec. 7 announcement made by Input Output, its AGIX ERC20 converter has now launched in testnet mode.

ERC20 tokens can be converted into the new format and transferred to ‎EMURGO’s Yoroi or Input Output’s Daedalus.

SingularityNET functions as a blockchain-powered artificial intelligence marketplace that aims to enable seamless monetization of various AI services.

Its utility token was initially launched on the Ethereum blockchain under the AGI ticker. In May, it was revamped to Cardano-compatible AGIX.

SingularityNET is helmed by AI trailblazer Ben Goertzel, who is famous for working on humanoid robot Sophia while he was the chief scientist at Hong Kong-based firm Hanson Robotics.

Goertzel said that migrating to Cardano will allow the project to add new functions:

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The importance of this port for SingularityNET and the whole blockchain and AI ecosystems cannot be overestimated – it will yield not only a far faster and more economical AI network but also a massively superior foundation for adding advanced new functions to SingularityNET and moving toward realizing our vision of decentralized AGI.

The partnership between SingularityNET and Cardano was announced last September. The AI project, however, is not completely giving up on Ethereum: its users will have to pick the preferred platform.

In September, the Cardano blockchain was integrated into Grace, the SingularityNET humanoid robot nurse that aims to disrupt eldercare.

Input Output is also working on allowing users of other blockchains to migrate their tokens to Cardano.

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Cardano price remains trending downwards while crypto markets rebound

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  • Cardano price is paring back losses that occurred last weekend. 
  • ADA price is still trending lower in line with a very well-respected trend line.
  • Expect bulls to test and try to break $1.67, depending on the strength of the tailwinds.

Cardano (ADA) price has been declining since mid-November when its trend accelerated in the spillover from the Bitcoin flash crash. Now ADA price sees bulls returning to the scene as Cardano trades at an attractive discount. It is possible this may be a short-term reaction, however, as the downtrend is technically still in play, and buying volume will only pick up once bulls break above $1.67 to the upside.

Cardano investors sidelined as downtrend still active

Cardano price has already lost 51% of its value since the high of November when it reached $2.40. ADA would be expected to see quite some inflows from investors and buyers at the current price who may be looking to pick up some interesting cryptocurrencies at a discount. However, the uptick in buying volume is mild as traders know that the downtrend in ADA is still very much alive, with the black descending trend line acting as a reference for that trend.

ADA price will see investors start to buy back in once bulls can break above $1.67 around the intersection from the descending black trend line and a historical level that has been well respected since June. The two false breakouts on December 2 and 3 will make investors nervous, and would only see them starting to buy in when the price can consolidate above that level. That push higher will depend on whether the current tailwinds linked to the rebound in global equity markets extends.

ADA/USD daily chart

ADA/USD daily chart

ADA bulls will, therefore, be closely watching for any breaks and the behavior of price action around $1.67. Once through there, expect bulls to quickly face further resistance at $1.90, with the 200-day and 55-day Simple Moving Average merging just above that level. So, price action is facing some pretty hefty resistance.. Should current tailwinds start to fade once again, expect a quick dip back below the red ascending trendline near $1.30, and a further correction towards $1.0.

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