- The Cardano co-founder said that the Treasury’s actions haven’t deterred him from moving ahead with crypto development.
- The U.S. Treasury warns that cryptocurrencies undermine the role of U.S. sanctions.
Cardano co-founder Charles Hoskinson has lashed out at the U.S. Treasury stating that they will do everything in their capacity to kill crypto. Hoskinson’s recent comments came during his tour in South Africa.
Amid the explosive growth of the crypto market, regulators have been on their toes hunting down several crypto frauds and illicit activities like money laundering. During his chat with the Cape Innovation and Technology Initiative, Charles Hoskinson said:
In DC, the Treasury Department does everything in its power to try to kill our industry. A $2 trillion industry just pops up in our backyard, and my government’s trying to kill it.
With global regulatory authorities stepping up their efforts in scrutinizing the crypto space, market players have been looking for regulatory clarity. Last month in September, the Treasury blacklisted the first crypto exchange amid the growing scrutiny.
The agency also found that Russian-owned Suex has been involved with laundering financial transactions. The U.S. Treasury noted that 40 percent of the exchange’s transactions have links with illicit activities.
Hoskinson, however, said that he isn’t discouraged by the Treasury’s efforts to limit the growing crypto space. But while the regulatory actions have been increasing, Fed Chairman Jerome Powell stated that they have no plans toban crypto.
Treasury Department: Crypto can undermine U.S. sanctions
In another report on Monday, October 18, the U.S. Treasury said that the rising use of crypto can undermine the effect of U.S. economic and financial sanctions. The agency also stated that high crypto use can dent the role of American Dollar in global economy.
While reviewing the U.S. sanctions system, the Tresury noted:
While sanctions remain an essential and effective policy tool, they also face new challenges including rising risks from new payments systems, the growing use of digital assets, and cybercriminals.
The U.S. sanctions currently at quite impactful since they cut off governments from using the U.S. financial systems. This impact the santioned country from profiting in trade across the world. The report further added that “digital currencies and alternative payment platforms offer malign actors opportunities to hold and transfer funds outside the traditional dollar-based financial system”.
The Treasury noted that this will offer new ways “of hiding cross-border transactions” while building “new financial and payments systems intended to diminish the dollar’s global role”. Deputy Treasury Secretary Wally Adeyemo said:
Sanctions are a fundamentally important tool to advance our national security interests. We’re committed to working with partners and allies to modernize and strengthen this critical tool.
One thing is sure that the Treasury might limit the use of crypto going ahead. Or either it will have increased surveillance on the use of digital assets.
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.