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This Is When Traders Can Expect Cardano To Begin Its Breakout, According to Crypto Analyst Benjamin Cowen

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Widely followed crypto market analyst Benjamin Cowen is plotting a potential path for Cardano (ADA) to break out towards new highs.

In a new video, Cowen tells his 561,000 YouTube subscribers that he anticipated a sideways lull in the market after ADA made a run to $2.50 from its 2020 low of just $0.02.

“This is sort of what we sort of speculated was going to happen with ADA after a crazy move up. And the idea that the cycle is gonna take even longer, [it] makes sense to get a long consolidation phase. You don’t go from $0.02 to $2.00 and then continue higher, usually, without proving to the market that $2.00 can be held.”

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As to when the next breakout will start, Cowan expects Cardano to make its move sometime between mid-November and mid-March.

“When I think about how long could this long re-accumulation phase last, if I had to dubiously speculate, I would say the move to a new paradigm shift in what it means to hold 1 ADA would probably start somewhere in this region. Somewhere between mid-November until mid-March.”

Before ADA can go on another rally, however, Cowen stresses that Bitcoin (BTC) needs to continue holding the line on the 20-week moving average. He speculates that November could be the month that Cardano breaks out.

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“If you go look at what happened last year, ADA broke out from the bull market support band in mid-to-late November… So we may dubiously speculate, the best-case scenario, if Bitcoin does continue to rally after holding the 20-week moving average, then maybe mid-November is the time, the earliest we could see a rally take place.”

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Cardano

Red Alert In Crypto Space, Cardano Price Trembling Yet Remains Bullish

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Crypto space witnessed a replica of a May crash but with lesser intensity. Bitcoin price is hovering between $53,800 and $54,400. However, some assets stood strong above their support levels like Ethereum & Cardano.

Despite the bearish trend prevailing in the short-term, yet the ADA price still remains bullish in the higher time frame. 

Cardano price maintained a substantial downtrend ever since the beginning of the present trading day. In the daily chart, the asset has formed a double-bottom and was expected to surge high slicing through the neckline.

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But the asset was rejected at the neckline in the last few hours of the last trading day. ADA price dumped nearly 15% ever since then, however, it’s also attempting to rebound. 

3rd Cardano sell-off is going on since the early hours of the Asian trade. The dump dragged the price much below the 200-day MA and extended the gap between the strong resistance levels around $2.5.

A major reason for the sell-off is speculated to be the pandemic FUD circulating in space. However, the retracement is expected to be well in place as more than 70% of ADA is staked and keeping only 30% in circulation is pretty bullish for the asset. 

Exactly a year ago, the Cardano price was around $0.03 and the asset was surrounded by immense FUD. However, the ADA price didn’t stop then and may not stop now also.

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Collectively the asset maintains a substantial rally ever since it faced an extreme sell-off in September. Yet the strong support levels still reside around $1 and the asset is still bullish until the asset sustains above these levels. 

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Cardano

Red Alert In Crypto Space, Cardano Price Trembling Yet Remains Bullish

Published

on

Crypto space witnessed a replica of a May crash but with lesser intensity. Bitcoin price is hovering between $53,800 and $54,400. However, some assets stood strong above their support levels like Ethereum & Cardano.

Despite the bearish trend prevailing in the short-term, yet the ADA price still remains bullish in the higher time frame. 

Cardano price maintained a substantial downtrend ever since the beginning of the present trading day. In the daily chart, the asset has formed a double-bottom and was expected to surge high slicing through the neckline.

Advertisement

But the asset was rejected at the neckline in the last few hours of the last trading day. ADA price dumped nearly 15% ever since then, however, it’s also attempting to rebound. 

3rd Cardano sell-off is going on since the early hours of the Asian trade. The dump dragged the price much below the 200-day MA and extended the gap between the strong resistance levels around $2.5.

A major reason for the sell-off is speculated to be the pandemic FUD circulating in space. However, the retracement is expected to be well in place as more than 70% of ADA is staked and keeping only 30% in circulation is pretty bullish for the asset. 

Exactly a year ago, the Cardano price was around $0.03 and the asset was surrounded by immense FUD. However, the ADA price didn’t stop then and may not stop now also.

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Collectively the asset maintains a substantial rally ever since it faced an extreme sell-off in September. Yet the strong support levels still reside around $1 and the asset is still bullish until the asset sustains above these levels. 

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Cardano

Cardano on the edge: Why and what it needs to make a recovery

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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

Source: Trading View

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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.

Source: Trading View

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.

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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?

Source: Trading View

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.

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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.

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