Cardano has been one of the most promising and research-intensive ecosystems in the crypto industry. After the long-anticipated Alonzo hard fork, there has been a lot of hype around the ecosystem in terms of decentralized finance [DeFi] and NFT infrastructure on top of it. In the latest development, its Yoroi wallet has made some important changes in its latest 4.7.300 version, especially for the NFT users.
Yoroi is essentially a staking wallet designed for those who intend to stake Cardano’s native ADA token as a delegator and operates as a browser-extension wallet on Google Chrome, Microsoft Edge, and Firefox.
According to the latest announcement, a new version of the Yoroi light wallet has fixed some bugs related to NFTs. With this update, the ADA users with “stuck” wallets due to non-fungible tokens should now be restored to full functionality after meeting the minimum required ADA displayed in the holder’s wallet.
The latest Yoroi version is already available for desktop users. The mobile version will be released soon. The wallet’s official Twitter handle also notified,
“Please note that users with an exceptionally large number of #NFTs may still receive errors when using the “Send All” feature. This is due to limitations in the possible transaction size. If you experience this, simply split the transaction up.”
The NFT hype does not appear to fade anytime soon. After the activation of smart contract functionality, all eyes are on the Cardano ecosystem. Besides, many ADA users recently minted first-ever tokens with the help of the Plutus Core compiler.
Cardano Summit 2021
The development of the crypto-asset’s Yoroi wallet comes just days before the much-awaited Cardano Summit 2021. The biggest crypto event of the year is due to take place on September 25-26.
The Cardano Summit 2021 is presented by the world’s largest green blockchain. Needless to say that expectations are riding high. The upcoming event will not only feature a blend of virtual and live events from around the world but also promises of “mind-blowing” announcements during the event.
Prominent political figures, tech and business leaders across the world will be touching on sustainability, regulation, blockchain adoption, and financial inclusion. The hybrid event will include six events worldwide in the following locations: London, Miami, Berlin, Cape Town, Wyoming [the location of IOHK’s headquarters], and New York.
Together, IOHK, the blockchain research company, and EMURGO, the commercial arm of Cardano, promises to bring together blockchain enthusiasts, industry experts, and special guests to analyze the ecosystem’s growth this year.
Cardano on the edge: Why and what it needs to make a recovery
These are not the best of times for Cardano. While the asset may have maintained its sixth position in the rankings with a market cap of $49.1 billion, it is consistently reaching new lows over the past week, and at present, it is possibly at the last key support before an evident bearish reversal.
This article will draw estimates around the current price movement of Cardano and explain why it should recover moving forward to avoid further corrections.
Red-Flags for Cardano
While a sense of optimism is appreciated for one of the top performers of 2021, ADA’s price structure is anything but ideal. Earlier in November, the asset finally breached above its long-term ascending channel pattern but it was followed by immediate invalidation. It was a sign of things to come for the asset, and Cardano barely recovered ever since.
Now, at press time, the asset has finally dropped under the pattern in a bearish direction, eliminating any chance of immediate bullish recovery. $1.80 was an important high-time frame support, which did not hold ADA‘s crashing valuation.
The importance of $1.80 can be understood from the Fibonacci levels. $1.80 marked the 0.618 Fibonacci level, which fundamentally is the last support during a correction phase of a bull run.
During the Q3 correction period, Cardano dropped down to $1.00 which was the Fib level of 0.618 for a market top of $2.47. The same situation hasn’t panned out this time, with the market falling sharply beyond the retracement levels.
Is there still hope?
Well, never say never in crypto trend, and volatility could swing in Cardanos’ favor as well. According to data from intotheblock.com, 4.93 billion ADA currently resides between the range of $1.34-$1.63 amongst 394,ooo addresses. While this suggests that ADA may drop down to as low as $1.40 in the next few days, the flip side is, it can recovery strongly as well.
However, failure to do so may see Cardano enter price discovery between $1.11 and $1.34. Close to 8.37 billion ADA resides in that range distributed amoong ~590,000 addresses. The situation is definitely on the edge for Cardano, and major sentiment indicates a bearish outlook.
Cardano Foundation Facilitates The Improvement Proposal Process
Cardano has been making headlines a lot in 2021 due to the various exciting projects that the team has been working on.
ADA is also showing a great price trajectory and this probably mirrors the success of the project as well.
Now, it’s been revealed that the Foundation is facilitating the Cardano Improvement Proposal process.
Check out the revealing tweet that the team shared recently:
The Foundation facilitates the Cardano Improvement Proposal (CIP) process – 👋JOIN US for the CIP Editors biweekly calls 📞on Crowdcast.
Missed a call? Catch up on the conversations via the published notes🗒https://t.co/aiVygdezcX#CardanoCommunity— Cardano Foundation (@CardanoStiftung) November 23, 2021
Someone said: ‘until the number of coins decreases, you will not have the upper hand, and as long as there is one conversation, everything will be all the same. and you have only one conversation.! scarcity creates supply, this is the law! and it always works!’
One other follower said: ‘The price is only one element. Price will recover, don’t look only at the price movement’s. The technology and the vision is the key and Cardano is on the right way.’
ADA is embracing more investors amidst market correction
A few days ago, we were revealing that CoinShares’ reports note the fact that top smart contract platforms like Ethereum, Solana, and Cardano (ADA) are seeing a huge amount of investments.
“Ethereum saw inflows totaling US$14m last week, marking its fourth consecutive week of inflows totaling US$80m…”
The same notes continued and said:
“Inflows into world computer assets suggest that investors favor Solana. By measure of total inflows over the last month, Solana has seen inflows totaling US$43m over the last month versus Cardano at US$23m.”
Despite the market corrections, there are all kinds of optimistic predictions about the prices of cryptos these days. ADA is one of the coins that saw a correction.
The ADA Coin Stands At The Last Fibonacci Retracement Support Of 0.718. Is There Still Hope For Bulls?
After rejecting from the $3 mark, the ADA coin entered this retracement phase. The coin price tried hard to sustain above the $2 support but overpowered bears didn’t let that happen. The coin has steadily dropped lower and has re-established another significant support level of $1.5. Watch out for these technical levels to spot good opportunities.
Key technical points:
- The ADA coin chart shows the 20-and-50-day are on the verge of a bearish crossover
- The intraday trading volume in the ADA coin is $3.2 Billion, indicating a 1.37% gain
Source- ADA/USD chart by Tradingview
As mentioned in my previous article on ADA/USD, the ADA price breached the crucial support of the $2 mark. The coin price offered a proper retest to check for sufficient resistance at this level and continued to drop lower. Right now, the price is plunged to a significant support level of $1.5, which is in confluence with the weak but valid support level of 0.718 FIB.
According to the crucial EMAs(20, 50, 100, and 200), the coin price is currently under a downtrend. Moreover, this chart shows the 20 and 50 EMA may soon offer a bearish cross, which could attract even more sellers in the market.
The Relative Strength Index(28) states the dominance of sellers in ADA coins. However, the RSI line has entered the oversold zone, suggesting good potential if a new rally emerges.
Important Weekly Announcement For Cardano(ADA)
What fueled the strong sell-off in ADA coin was an announcement from eToro, which is an online broker and investment platform, saying that it would be limiting trading on ADA and Tron coin for its U.S.users.
ADA/USD Chart In The 4-hour Time Frame
Source- ADA/USD chart by Tradingview
The ADA Coin price is currently hovering near the $1.5 support, indicating an intraday loss of 7.28%. However, the price has not yet displayed any sufficient reversal signs that can reinforce a bullish sentiment.
The crypto traders can observers the coin for some time and wait for sufficient demand pressure to confirm a long trader. Anyhow, if the bears even managed to drop the price below this support. The ADA coin may return to the $1.