The price of Cardano (ADA) increased by more than 17%, reaching an intraday high of $2.78. The price of the currency is being pushed by growing excitement over the impending Alonzo update, which will bring smart contracts to the network.
NFT’s on Cardano poised for a boom!
On September 1st, the smart contract became live on Alonzo Purple, allowing new Dapps and NFT minting on the testnet before the mainnet launch. While many doubters remain sceptical of smart contract support, the Cardano network has successfully completed important upgrades on time.
According to a new statistic, Cardano NFTs (CNFT) are already catching up to Ethereum NFTs in terms of transfer volume. While Ethereum is still the most popular blockchain for many NFT projects, its scalability issues and hefty gas fees have opened the door for many other “Ethereum killers,” such as Solana.
Once the smart contract is deployed into the mainnet tomorrow, Cardano would also seize a piece of the market.
Apparently #Cardano $ADA #NFTs are catching up with #etherium $ETH NFTs in terms of transfer volume. (graph courtesy of @coinmetrics via @MarekFufu) pic.twitter.com/ggxCv37ZUd— Fahadouken NFT (@FahadoukenNFT) September 10, 2021
Hoskinson slams naysayers
As skeptics continue to gamble against the network despite its success. Founder Charles Hoskinson has coined the term “Cardano Derangement Syndrome” to describe the condition (CDS). Hoskinson chastised a Coindesk writer for claiming it would be difficult to mint NFTs on Cardano.
Cardano Derangement Syndrome at its finest. CDS is a progressive disorder that slowly destroys the sufferer's ability to decern reality. It ultimately leaves them debilitated and screaming in a padded cell "fuck Charles Hoskinson" over and over again https://t.co/iiAwhjn01S— Charles Hoskinson (@IOHK_Charles) September 11, 2021
Hoskinson in an interview also said, One of the great superpowers of cardano is that it has been created with upgradability in mind.
On Sunday, Cardano’s major “alonzo” upgrade will be released, allowing the network to host a variety of crypto apps. It aspires to give the blockchain “programmability,” as founder Charles Hoskinson describes it.
Cardano price analysis: ADA falls to $1.50, can bulls defend the level?
- Cardano price analysis suggests downwards movement to $1.40
- The closest support level lies at $1.500
- ADA faces resistance at the $1.580 mark
The Cardano price analysis shows that after falling to the $1.50 level, ADA was unable to recover to $1.60 and has continued falling after setting a lower high at $1.585. Currently, the price is hovering above the $1.50 support level but shows downside potential as selling continues.
The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include ETH and BTC recording a 10.01 and an 8.28 percent decline respectively.
Cardano price analysis: Selling pressure high as ADA consolidates at $1.50
Across the technical indicators, the MACD is currently bullish as expressed by the green color of the histogram. However, the indicator shows little to no bullish momentum as the histogram’s height is insignificant compared to a few days ago. Furthermore, the MACD has exhibited multiple crossovers across the last 24-hours as the price consolidated above the $1.500 mark.
The EMAs are currently trading at a very low position as the price trades in a downwards channel across the mid-term charts. Since November 9, Cardano price analysis has shown a steady decay as ADA crashed from highs of $2.378 to the current $1.50 support level through numerous lower highs set up across the period. These include key support levels at $2.00 and $1.80.
The RSI is currently neutral but trades low at the 35.37 index unit level suggesting a strong bearish pressure on the price action. Furthermore, the indicator trades near the oversold territory showing little room for further downwards movement across the short-term charts. At press time, the indicator moves with a low slope showing a lack of momentum from either side.
The Bollinger Bands are currently wide and continue to suggest high price volatility for ADA as the bands remain wide. While the bears breached the bands’ lower limit, it was only momentarily and the limit provides a support level at $1.442 to the buyers at press time. Meanwhile, the bands’ mean line presents a resistance level at $1.578 for the bulls to overcome.
Technical analysis for ADA/USDT
Overall, the 4-hour Cardano price analysis issues a sell signal with 13 of the 26 major technical indicators showing support to the bears. On the other hand, three of the indicators support the bulls suggesting that there is no significant buying activity occurring in the markets. Meanwhile, the remaining ten indicators sit on the fence and issue no signals at the time of writing.
The 24-hour Cardano price analysis accentuates this sentiment and issues a sell signal with 14 indicators suggesting a downwards price movement against three indicators suggesting an upward price movement. The analysis reaffirms the bearish dominance in the markets, suggesting strong selling pressure weighing on the price action across the mid-term charts. At the same time, nine indicators are neutral and do not lean towards either side at press time.
What to expect from the Cardano price analysis?
The Cardano price analysis shows that ADA is currently stuck in a downwards channel and continues to move downwards breaking lower support levels. While the price currently trades above the $1.50 support level, the selling pressure continues to haunt the bulls since November 10.
Currently, traders should expect the Cardano price analysis to move downwards to the $1.40 support level as the selling continues. However, the price action can be expected to hold the level as the bears are exhausted as well. If the buyers prevent further downwards movement, then the price may start its recovery towards the $2.00 mark in the next few days.
Cardano In A Critical State, ADA Price May Slide To $1 If Fails To Flip!
Cardano nowadays appears to have remained distinct with the market as the ADA price failed to follow the market trend. Ever since the Alonzo hard fork, the crypto space experienced multiple prices jumps at different intervals.
Bitcoin flipped the sideway trend and ranged high to smash its highs just below $70K. At this time, most of the assets inculcated a bullish momentum, however, ADA still remained out of the crowd and trended similar to a stablecoin.
No doubt the asset did attempt to flip the narrow trend, yet the fresh crash trembled the plot to a large extent. The ADA price currently is attempting very hard to sustain above $1.5 and appears it may be successful to a large extent.
Yet, if the price trend fails to flip, the price is expected to decline below $1.5. A popular analyst, Micheal de van Poppe, believes the price may slowly drop to the major support levels close to $1 very soon.
The analyst marks these support levels as the most important levels to sustain and also reverse the trend from here. A reversal may uplift the price back above $1.5 levels which may later go and test the upper resistance levels too. However, the important resistance levels still remain around $2.2 and surpassing these levels may confirm with the bull run.
Collectively, Cardano currently in the past 2-3 months is swinging in a very narrow range and trending with the same symmetrical triangle.
However, the asset has now broken the triangle and heading towards the south, a notable flip above the support levels is very much mandatory. Also, some still believe that the time has come for the ADA price to flip as a lot of DeFi stuff is incoming in the form of Ardana, Sundae Swap etc.
Cardano (ADA) Price Could Decline to 15% Any Moment From Now
- Cardano (ADA) is at risk to decline to 15%.
- If this happens, the ADA price will drop to $1.26.
There is a high possibility for Cardano’s ADA price to plummet down to 15% in the crypto market any moment from now. The bearish movement was spotted based on how ADA is currently struggling to secure reliable support to start a new price swing.
In many ways, this shows that if the price downtrend momentum grips ADA, the Cardano community should expect the ADA to decline to $1.26, according to a report. However, this time is deemed a very crucial moment for Cardano to strengthen its crypto arms for betterment.
As said earlier, apart from the predicted $1.26 drastic decline, it is worth mentioning that ADA is still at risk to see further losses if it fails to regain crucial support to prevent greater losses in the coming day.
Meanwhile, ADA’s price swiftly skyrocketed up to $1.72 on November 24. Since then, it has seen a continual drop down of over 13%, recording a new swing low of $1.48. Additionally, citing from the report, Arms Index (TRIN) — a tool that gauges all the market sentiment signals that there are more sellers than buyers in the market these days.
Indirectly, this could generally be the behind-the-scenes of why Cardano keeps retrogressing in its performance nowadays. Furthermore, many also attribute Cardano’s current downside to how eToro exchange attempted to delist ADA due to a recent sell-off.
Above all, it is not too late for Cardano to jumpstart a new price performance in the market. If bulls decide to buy and trade more using ADA, the crypto could find huge support to form a new price surge. At writing time, Cardano (ADA) trades at $1.51 with a 24-hour volume of over $1 billion on CoinMarketCap.