- Cardano price is breaking out of a symmetrical triangle, hinting at a steep correction.
- A breakdown of the $1.90 support level will knock ADA down to the $1.70 barrier.
- Charles Hoskinson says the US treasury is doing everything in its power to kill cryptocurrencies.
Cardano price is currently facing a challenging situation where a breakdown of a crucial support floor could lead to a steep correction. Therefore, investors need to keep an eye out for ADA, which is close to triggering this descent.
Cardano founder calls out the US regulators
Cardano founder Charles Hoskinson spoke about the current state of the cryptocurrency market and how it lacks regulation during his event in South Africa. Hoskinson added that the watchdogs have been closely monitoring the rapidly growing space and are trying to “kill” it.
With the rise in interest, scammers and money launderers have also increased quickly, pushing lawmakers to impose restrictions on these markets. Moreover, some countries are taking a much harsher stance by banning mining and cryptocurrencies altogether. Others, however, are regulating the space.
In DC, the Treasury Department does everything in its power to try to kill our industry… $2 trillion industry just pops up in our backyard, and my government’s trying to kill it.
While Ripple and XRP have been stuck in a legal scuffle with the SEC, other projects are taking a step back due to the regulatory uncertainty. Despite the safe zone that Cardano is enjoying, ADA price seems to be facing a blockade and hints at a bearish outlook.
ADA price hangs by a thread
ADA price set up three distinctive lower highs and higher lows since September 18, signaling congestion. Connecting these points using trend lines reveals the formation of a symmetrical triangle.
This technical formation has no inherent bias but forecasts a 19% breakout, determined by adding the distance between the first swing high and low to the breakout point.
In this case, Cardano price seems to be venturing lower. A decisive close below the lower trend line at $2.12 will indicate the start of a downswing.
In such a case, ADA will head lower to retest the intended target at $1.69. However, this descent will not be a cakewalk as the $1.91 and $1.73 support floors will be present to absorb the selling pressure.
ADA/USDT 9-hour chart
On the other hand, if the current dip below the lower trend line of the symmetrical triangle is a fakeout. Investors can expect Cardano price to make a run at the upper trend line. A decisive close here, $2.26, will indicate a potential start of an upswing.
In such a case, the theoretical target rests at $2.70 after the bulls slice through the $2.58 hurdle.
What Happened To ADA Price? Is Nothing Been Built On Cardano?
The crypto space is preparing to leap long after the recent sell-offs and if following a steady approach to pull the next leg up. However, one such crypto which appears to be pretty happy and contented at its current levels is Cardano. The ADA price after a steep downfall has yet again initiated with consolidation within a narrow trend.
Today, Ethereum price surged with a notable margin and many altcoins also followed the second largest crypto. Terra(LUNA), Solana(SOL), Avalanche(AVAX), etc have been raised, but Cardno still remained within the same levels. The Cardano remained distinct without following the ETH price. And also showcases the asset behaving similar to that of a stable coin.
Amid the fresh plunge, it was believed the asset may revist the strong support levels at $1. However, the asset managed to pause the downtrend for some time and began with a healthy accumulation. The ADA price in order to register its name in the upcoming altseason needs to coil up notably and pierce through the $1.98 levels.
On the other hand, the traders may also have remained much distinct from the platform. As no notable change with the ADA price may rise the possibilities of no major developments happening on the platform. And hence Cardano price has to flip the consolidation and thrive through the local resistance at $1.8 to march towards its highs. However, the huge target still remains pretty much distant.
Cardano-Based DEX Announces Date of Testnet Launch
A major Cardano-based decentralized finance protocol is about to launch its testnet
Cardano-based decentralized exchange SundaeSwap has announced that its testnet launch is going to take place on Dec. 5.
Thousands of users will be able to try out one of the most notable projects on the Cardano network.
The purpose of the testnet is to discover some bugs and inefficiencies ahead of the upcoming mainnet launch.
It will also help the Input Output team to adjust the performance metrics of the network so that it can work smoothly under heavy load:
Our testnet is the perfect opportunity to put the new parameters under load so they can assess performance and further raise these limits.
Implementing such incremental changes will be crucial for making Cardano scalable enough for the decentralized finance sector.
In late September, SundaeSwap forged a partnership with Nervos, China’s top public blockchain.
Here’s What’s Next for Cardano, Shiba Inu, Terra and Two More Altcoins, According to Crypto Analyst
A popular crypto strategist and trader is plotting what could be ahead for Cardano (ADA), Shiba Inu (SHIB), Terra (LUNA) and two other altcoins.
Pseudonymous cryoto analyst Altcoin Sherpa tells his 154,100 Twitter followers that he is short-term bullish on ADA after the smart contract platform managed to stay above support at $1.48.
“ADA: Not a bad place for a long. Support/resistance level, 0.50 Fibonacci level too. I still wouldn’t hodl (hold on for dear life) this though. It would be a swing trade.”
At time of writing, Cardano is trading at $1.56, down 2.85% in the last 24 hours.
Next up is popular meme coin Shiba Inu. According to the crypto strategist, he’s expecting SHIB to ignite a quick bounce before resuming its downtrend unless the Dogecoin competitor manages to consolidate around $0.000047.
“SHIB: Short-term bottom is probably in. Expecting some sort of lower high to form. If this consolidates at the 0.50 [Fibonacci level], a more explosive move will come (But it’s going to take a much longer time in my opinion).”
SHIB is currently exchanging hands at $0.000048.
Another coin on the trader’s list is decentralized finance (DeFi) payment network Terra, which Altcoin Sherpa says is poised to erupt to new record highs.
“LUNA: Still a high time frame bullish [market structure], send to all-time highs.”
The fourth coin on the analyst’s radar is the blockchain-based game ecosystem The Sandbox (SAND). Altcoin Sherpa maps out two potential scenarios for SAND after the coin printed a bearish lower high structure.
“SAND: My plans are below. Let’s see where this goes. In general, I personally think a lower high just got printed, and we’re going to go lower. If a higher low comes, we will enter some consolidation, and then I’m guessing another push higher.”
The last coin is Theta Network (THETA), a peer-to-peer distribution platform for video content. According to Altcoin Sherpa, THETA can launch a massive rally once it takes out resistance at $9.61.
“THETA: When this moves it will be explosive. It’s been ranging for quite some time, and I think that this one usually has its own market cycle. I would not buy this as an active trade though.”