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Cardano must close above $2.60 before testing new all-time highs

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  • Cardano price continues to trade in highly constricted conditions.
  • Cardano falls below key Ichimoku levels that could indicate a resumption of selling pressure.
  • Bulls need substantial volume to support higher prices.

Cardano price action suggests that some near-term selling pressure is likely to come in unless buyers step in and provide support. It is effortless to find a bias for leaning bearish as well as bullish at present. Currently, the conviction of the buyers is being tested – and they don’t have much time to respond before a breakdown occurs.

Cardano price shows signs of weakness; bears could take control soon

Cardano price has recently moved below Senkou Span B, the Kijun-Sen and the Tenkan-Sen – and it moved below those three levels simultaneously. That means that Cardano is below all four primary Ichimoku levels. The only thing supporting Cardano right now is the Chikou Span getting support at Senkou Span A.

Below Senkou Span A is the final support level for the Chikou Span at Senkou Span B ($2.05). If Senkou Span B fails to hold as support, then Cardano price is likely to capitulate towards the $1.80 value area. But the sellers, for whatever reason, have not yet decided to capitalize on the current near-term bearish conditions.

ADA/USDT Daily Ichimoku Chart

The current setup could be interpreted as positioned for a bear trap. If the bulls can maintain Cardano price near Senkou Span B over the next six days, then every day after October 11th decreases the Cloud’s size. The decrease means it will be easier for buyers to rally Cardano to a close that would begin a rise towards new all-time highs.

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Cardano Can Reach $10 Says Crypto Capital Venture Founder

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  • Cardano (ADA) can go up to $10 according to CCV Founder Dan Gambardello.
  • Traders’ interest in the Cardano appears to be picking up.
  • More long positions for ADA are seen on the Binance exchange.

Crypto Capital Venture Founder Dan Gambardello has been supportive of Cardano (ADA) in his recent Tweets. Just last week, said that Gambardello said that Cardano (ADA) will explode again. Now, the Cardano bull tweeted more support for his favorite crypto asset.

Although he didn’t say that it will surely happen, Gambardello mentioned that it’s possible for Cardano to reach $10 eventually.

On the other hand, on-chain, social and fundamental insights site Santiment tweeted that there are many long positions on ADA in the Binance exchange. They also added that the movement is greater than usual.

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Meanwhile, Cardano Founder Charles Hoskinson, also recently addressed the crypto community to give updates on the Cardano project. According to Hoskinson, most of the concerns that he sees are on the topic of scalability. He said that the upcoming PAB launch will take care of this.

Hoskinson also expressed his delight in seeing the ecosystem alive and active. He mentioned that he is humbled by the fact that the demand for Cardano keeps on growing. Lastly, he thanked the community for its continued support.

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Cardano To Explode Very Soon, ADA Price Poised TO Hit $8 Soon!

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Cardano after a notable uptrend above $3 adopted a sideways trend for a very prolonged period. And hence, the price was speculated to be stagnant or to be more specific, dead, showcases signs of a major flip ahead. The upcoming rally could lead ADA price towards the immediate target at its ATH initially. 

As the crypto space geared up with the Bitcoin price raising ahead of $60,000, many altcoins followed. However, ADA prices remained away from the crowd by maintaining a narrow trend. And therefore lost its position in the top 3 crypto assets based on the market cap. Yet the traders appear to have not lost their interest in the asset. 

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According to the data from the On-chain analytic platform, Santiment, despite the asset slipping to 4th position, traders continue to long their positions. It could also signify the altcoin momentum gearing up against Bitcoin. 

Cardano Price Analysis

Cardano price after smashing its highs in early September continued swinging within a symmetrical triangle. After numerous pumps and dumps, the asset is finally on the verge to explode by breaking the pattern. 

cardanoprice
Source: Tradingview

As the price explodes after breaking the pattern, it appears poised to smash the immediate resistance level that resides around the ATH. However, once the asset trends are in the discovery phase, reaching new highs could be on the cards. According to an analyst, the asset could reach $8 in the near future. But smashing $5 appears imminent for the ADA price.

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Hoskinson’s Brief Update: Cardano’s Great Year Ahead

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  • Cardano Founder — Charles Hoskinson, speaks to the crypto community.
  • He catches them up on all things Cardano via a live broadcast.
  • After the smart contract launch, Cardano will now move to bring scalability.

Founder of Cardano (ADA) — Charles Hoskinson, takes a moment to address the crypto space and catch them up on all things Cardano. Specifically, he did so via a live broadcast.

The broadcast comes from South Africa, as Hoskinson is currently traveling through different parts of Africa. He says there’s a lot of potential opportunities here and he is looking forward to learning more during this trip.

In detail, the purpose of this brief update was to dampen the negative and uncertain buzz about the project within the crypto world. Hoskinson wanted to be upfront and transparent about all that’s been going on since the Alonzo smart contract update launch last month.

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Frankly, he is very puzzled at the rising FUD within the space. He says that so far, Cardano has met every single milestone on its roadmap with no delays and no issues. The network has never collapsed and Cardano’s community continues to grow.

Hoping to reassure the naysayers, Hoskinson lays out Cardano’s current plans. To begin, he says that most of the concerns he sees seem to be about scalability. The upcoming PAB launch set to come out later this month or early next month will take care of this.

To add on, Goguen’s goal was to set the network’s programming model. Likewise, Basho’s goal is to make the program work on a large scale, and this is where Cardano is heading next. While the PAB will improve scalability, more and more users will join the network.

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By the time this number rises, Cardano will be ready to launch its sidechains as well as its Layer-2 solution — Hydra. Besides these, Cardano has a lot of other projects in motion as well. To name a few, Plutus, Mamba Pool, Atala PRISM, Mithral and so much more. In fact, there are 14 teams working to bring 14 different elements within the Cardano ecosystem alone.

On the other side, Cardano is working with dozens of commercial projects that are fully funded and ready to go. Thus, Hoskinson is excited for the next year, as we will see the large-scale commercialization of Cardano.     

All in all, he is happy to see that the ecosystem is alive and active, humbled that demand for the project has gotten stronger, and grateful to the community for being here. Finally, he encourages skeptics to read the Cardano whitepaper written back in 2016.

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The document shows exactly what the project aimed to bring, and they will see the steady and unwavering progress that has been delivered till now. He ends the broadcast by saying that Cardano is exactly where it needs to be right now and will continue to grow as planned.

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