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Is Cardano (ADA) Slowly Becoming a Stable Coin

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Someone said:  Why don’t you hand over Cardano’s management to those who really have the courage to burn?

Community response:  Alright, let’s have a chat about this. First off, could you please explain your position on why burning tokens is a must-do?

Yes, come on, first because ADA is turning into a stable coin.  Second, it has been losing space to others, example BNB, which does exactly what? Burn! AVAX and Solana are coming with everything supply Infinitely smaller.  Third, the community owns the coin, and 80% of it wants to burn.

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How is ADA turning into a stable coin? Losing space? You mean market cap ranking, in which case welcome to the Altcoin world. Explain why you actually need to burn tokens. “Everybody else does it” is a pathetic reason. Get technical please.

I don’t think is a must do, but would surely help spike the price for investors. As less supply = price increase. Hooray for market manipulation.

Cardano’s “management” is with the Cardano community who decide on future plans and projects, hence the word “decentralized”.  If you believe that burning coins will improve Cardano, please state the reasons how this would be beneficial for Cardano.

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Burning a token just takes it away from 1. Staking, 2. Catalyst, 3. The people transacting on the network. Improving the 3 of these are what increases the value of ADA, burning tokens damages them and therefore damages Cardano unnecessarily.

We just hit a new ATH like a month ago. Chill. Charles doesn’t care about price action to begin with but also remember the fact that ADA was close to 18 cents on January 1st.

I’m hopeful for another leg or 2 up but I have never paid more than 7 cents for ADA. Stacked way back. 25x up and feeling good.

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Anyone can burn their ADA if they want too. I personally feel that IOHK Charles cares more about helping people and making things better for everyone than pumping the price of ADA to make money that is why I hold and stake ADA. There is plenty of pump and dumps out there.

Burning tokens is a pathetic and craven move with zero function other than to artificially pump price.  Only insecure greedy projects do this.

Burning tokens burns the utility. It’s not sustainable in long term. With SC, the tokens become time locked anyway that’s similar to token burn but in a natural way.

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A sustainable system does not need to burn tokens. IMO burning tokens is a sign of failure and I hope more than 80% are against burning.

I understand the function is nearly there burn your coins first see how the price moves and buy more.

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

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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

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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.

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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.

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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.

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Cardano Foundation Facilitates The Improvement Proposal Process

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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.

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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!’

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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:

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“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.

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

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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.

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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)

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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.

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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.

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