Connect with us

Cardano

Cardano Is Basically Dead, Stagnant ADA Price Action Aggravates Holders!

Published

on

The most dominant asset has created a lot of media buzz ever since the approval of Bitcoin futures ETF approval. Bitcoin price has skyrocketed from below $40k to ATH of $66,600. While the predominance of the crypto space is currently in the green, it appears that Cardano price is lagging behind the majority of the altcoins.

It seems ADA is giving a tough time for token holders. With no significant gains despite the launch of its much-awaited smart contracts. The digital token in spite of profits lost its 3rd position for Binance coin with a massive drop in its total market cap and trading volume. Surprisingly, other altcoins are chugging up to outstrip Cardano. 

Cardano’s Transaction Speed Would Slowly Ruin its Reputation!

Cardano is one of the most inventive types of blockchain experiencing late growth. Two months ago, the ecosystem underwent an Alonzo hard fork upgrade to bring revolution to smart contracts space. Followed by the launch, a huge chunk of traders boarded on the platform in greed to earn profits. Yet the altcoin failed to reach the expectations despite started losing its original value and reputation. 

Advertisement

Holders are referring to this token as a sleeping giant and upgrades are outdated. However, heated debate across the market believes that smart contract functionality launched by Cardano is just a basic feature. Which the majority of the altcoins have already adopted. Moreover, the community expressed their frustration over loopholes associated with transaction speed and outdated user experience. 

It seems ADA is giving a tough time for token holders. With no significant gains despite the launch of its much-awaited smart contracts. The digital token in spite of profits lost its 3rd position for Binance coin with a massive drop in its total market cap and trading volume. Surprisingly, other altcoins are chugging up to outstrip Cardano. 

Cardano’s Transaction Speed Would Slowly Ruin its Reputation!

Cardano is one of the most inventive types of blockchain experiencing late growth. Two months ago, the ecosystem underwent an Alonzo hard fork upgrade to bring revolution to smart contracts space. Followed by the launch, a huge chunk of traders boarded on the platform in greed to earn profits. Yet the altcoin failed to reach the expectations despite started losing its original value and reputation. 

Advertisement

Holders are referring to this token as a sleeping giant and upgrades are outdated. However, heated debate across the market believes that smart contract functionality launched by Cardano is just a basic feature. Which the majority of the altcoins have already adopted. Moreover, the community expressed their frustration over loopholes associated with transaction speed and outdated user experience. 

Why Portion of the ADA Community is Still Bullish!

A portion of the community expresses their hope towards Cardano. Traders believe the upcoming Basho upgrade and POOP (Proof of Opinion Popularity) consensus mechanism in 2022 will resolve the glitches associated with transaction speed and scalability. Speculations say that the POOP protocol would handle infinite transactions and never run out of fuel.

Collectively, creating enough hype and interest is indeed to fuel the crypto projects but needs to survive for the long term. Cardano’s slow growth surely impacted its holders, because the altcoin didn’t live up to the generated hype. However, if the upcoming upgrade could able to solve the prevailing problems, then it would bring great profits to its holders as well as to the platform. 

Advertisement

News Source

 

Advertisement

Cardano

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

Published

on

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

Advertisement

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.

Advertisement

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.

Advertisement

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.

News Source

Advertisement
Continue Reading

Cardano

Cardano Foundation Facilitates The Improvement Proposal Process

Published

on

Cardano has been making headlines a lot in 2021 due to the various exciting projects that the team has been working on.

ADA is also showing a great price trajectory and this probably mirrors the success of the project as well.

Now, it’s been revealed that the Foundation is facilitating the Cardano Improvement Proposal process.

Advertisement

Check out the revealing tweet that the team shared recently:

Someone said: ‘until the number of coins decreases, you will not have the upper hand, and as long as there is one conversation, everything will be all the same. and you have only one conversation.! scarcity creates supply, this is the law! and it always works!’

Advertisement

One other follower said: ‘The price is only one element. Price will recover, don’t look only at the price movement’s. The technology and the vision is the key and Cardano is on the right way.’

ADA is embracing more investors amidst market correction

A few days ago, we were revealing that CoinShares’ reports note the fact that top smart contract platforms like Ethereum, Solana, and Cardano (ADA) are seeing a huge amount of investments.

“Ethereum saw inflows totaling US$14m last week, marking its fourth consecutive week of inflows totaling US$80m…”

The same notes continued and said:

Advertisement

“Inflows into world computer assets suggest that investors favor Solana. By measure of total inflows over the last month, Solana has seen inflows totaling US$43m over the last month versus Cardano at US$23m.”

Despite the market corrections, there are all kinds of optimistic predictions about the prices of cryptos these days. ADA is one of the coins that saw a correction.

News Source

Advertisement
Continue Reading

Cardano

The ADA Coin Stands At The Last Fibonacci Retracement Support Of 0.718. Is There Still Hope For Bulls?

Published

on


After rejecting from the $3 mark, the ADA coin entered this retracement phase. The coin price tried hard to sustain above the $2 support but overpowered bears didn’t let that happen. The coin has steadily dropped lower and has re-established another significant support level of $1.5. Watch out for these technical levels to spot good opportunities. 

Key technical points:

  • The ADA coin chart shows the 20-and-50-day are on the verge of a bearish crossover
  • The intraday trading volume in the ADA coin is $3.2 Billion, indicating a 1.37% gain
TradingView Chart

Source- ADA/USD chart by Tradingview

As mentioned in my previous article on ADA/USD, the ADA price breached the crucial support of the $2 mark. The coin price offered a proper retest to check for sufficient resistance at this level and continued to drop lower. Right now, the price is plunged to a significant support level of $1.5, which is in confluence with the weak but valid support level of 0.718 FIB.

Advertisement

According to the crucial EMAs(20, 50, 100, and 200), the coin price is currently under a downtrend. Moreover, this chart shows the 20 and 50 EMA may soon offer a bearish cross, which could attract even more sellers in the market.

The Relative Strength Index(28) states the dominance of sellers in ADA coins. However, the RSI line has entered the oversold zone, suggesting good potential if a new rally emerges.

Important Weekly Announcement For Cardano(ADA)

Advertisement

What fueled the strong sell-off in ADA coin was an announcement from eToro, which is an online broker and investment platform, saying that it would be limiting trading on ADA and Tron coin for its U.S.users. 

ADA/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- ADA/USD chart by Tradingview

The ADA Coin price is currently hovering near the $1.5 support, indicating an intraday loss of 7.28%. However, the price has not yet displayed any sufficient reversal signs that can reinforce a bullish sentiment.

Advertisement

The crypto traders can observers the coin for some time and wait for sufficient demand pressure to confirm a long trader. Anyhow, if the bears even managed to drop the price below this support. The ADA coin may return to the $1.

News Source

Advertisement
Continue Reading