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Cardano price analysis brings a bearish prediction today, with resistance at $2.175

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Cardano [ADA], ranked today at 4th place in the crypto market, reached a high of $2.157, followed by a low price of $2.118. The market volatility has decreased as the price resistance can be seen at $2.175, which currently remains untethered. The nearest support at $2.115 holds.

Furthermore, the data from Coinmarketcap shows that the trading volume for the past 24 hours had surged by 26.21%, indicating that the buyers are taking advantage of the short-term bearish trend.

Price movement in recent days

The price action for Cardano in the recent period has been hovering between $2-$2.3, indicating low volatility. The price of ADA/USDT rose by 109.73% in the month of August, whereas it fell by 26.21% in the month of September.

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Furthermore, the highest price in the last 30 days was $2.46, while the lowest was $1.92. The coin’s highest price remains at $3.1, achieved two months ago.

Cardano price analysis on the basis of technical indicators

The technical indicators on the 1-day chart indicated that the price of the token was progressing towards the lower end of the Bollinger Bands. This means that increased volatility will follow in the short term, and if the support at $2.115 breaks, we might see a breakout from the lower end.

Furthermore, the Cardano price analysis reveals that the current movement is turning bearish as the price action dropped below the 50-day Moving Average.

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Cardano price analysis
Cardano price analysis on the chart by TradingView

The RSI indicator on the 1-day chart represents a value below 50 while the gradient is negative. The negative gradient suggests that the selling pressure is increasing.

The MACD indicator currently shows that the histogram is green, but the intensity has decreased, and a bearish crossover might take place in the 1-day chart below.

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Cardano price analysis on the chart by TradingView

Cardano price analysis: Conclusion

Cardano price analysis can be concluded on a bearish note for today, although the price of Bitcoin currently holds strong above $62k. With the news surrounding the approval of Valkyrie Bitcoin futures ETF, the possibilities for new all-time highs for Bitcoin remain strong.

Cardano, a smart contracts platform, has been involved with a lot of projects and is even getting into the NFT industry as well. We can expect higher volatility in the short term.

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Cardano

Cardano Past and Present Challenges in the Crypto Industry

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  • Smart contracts and network scalability has been Cardano’s challenge.
  • Despite this, Cardano (ADA) is still showing an impressive performance in the market.

Cardano (ADA) has been through a mix of positive and negative downsides since its inception. Starting from the past, it has been striving to get a smart contract for smooth platform functionality. Also, apart from this, one key thing that Cardano has faced is scalability, according to a report.

However, this makes people keep doubting how Cardano claims to be an Ethereum killer and also a third-generation blockchain. This was seen from the time that the Cardano team started to fight for smart contract acquisition to make the network stand out among the odds in terms of network scalability.

Cardano has already made a significant step forward by tackling some of its challenges. This includes the implementation of the Alonzo Hard Fork Upgrade, Basho, Mamba, and other network extensions for betterment. Seemingly, all these appear not to serve as a catalyst to solve Cardano’s underlying tragedy.

Mention to the community what are technical challenges openly but not in a sense of FUDing but rather that some solution needs to be found. This could also be a good thing because some community members in the spirit of the decentralized brain could start looking for solutions (research) or even start implementing them (development).

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Nevertheless, regardless of all these, Cardano is still showing an absolute performance in the market. It keeps climbing ranks while rocking new all-time highs. At writing time, ADA price trades at $1.56 with a market capitalization of over $50 billion on Coingecko. This makes it ranks as the 6th largest cryptocurrency in terms of market cap.

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Cardano (ADA) Down 50% from Peak: Possible Reasons

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Largest proof-of-stake network sees its token in multi-week painful decline.

ADA, a core native asset of the newest smart contracts platform Cardano, touched $1.5 in its multi-month freefall. Here’s what makes it plummet before gaining 200% in five weeks.

ADA loses 50% since early September

On Sept. 2, 2021, the ADA price reached its all-time high at $3.10 on the eve of the activation of its smart contract functionality. This major upgrade went live as a result of Alonzo hard-fork mainnet activation in mid-September.

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Cardano (ADA) price loses 50%, here's why
Image by Binance

At the same time, its activation failed to catalyze another wave of ADA price rally: the asset entered a multi-week “bear market.” On Nov. 26, 2021, it reached the lowest level since Aug. 9.

The most obvious mid-term catalyst is the criticism of Cardano’s smart contracts performance. As covered by U.Today previously, the viability, speed and functionality of this system were attacked by both Ethereum (ETH) and Bitcoin (BTC) maximalists.

In terms of short-term bearish catalysts, the most obvious one is the delisting of Cardano’s ADA by eToro, a mainstream derivatives trading platform. eToro restricted its U.S. customers from opening positions in ADA and Tron’s Tronics (TRX) from Dec. 26, 2021.

Will ADA see another rally in 2022?

Cardano’s inventor, Charles Hoskinson, has already slammed eToro’s decision and attributed it to the lack of a global regulatory standard in the sphere of crypto and blockchain.

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As U.Today reported earlier, Mr. Hoskinson is certain that 2022 will be a splendid year for his ecosystem. Speaking about its roadmap for the coming year, he called it a “living ecosystem.”

He calls Cardano’s technology unbelievable and claim

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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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