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Cardano price analysis: A drop in price recorded up to $1.98 as bears take over again

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  • Price levels fall down to $1.98 level.
  • Cardano price analysis confirms decline.
  • Support at $2.04 has been crossed.

The price has dropped on a drastic level today as the bears took charge of the market once again as per Cardano price analysis. After the continuous imbalance in the price movements, the price has been lowered up to the $1.988 level. The bears are thus maintaining their lead at present, after making a huge difference in the price ratio. It can be expected that the cryptocurrency might face further loss in the upcoming hours as well.

ADA/USD 1-day price chart: ADA price levels down to $1.98 after bearish sweep

An abrupt fall in ADA/USD price has been recorded in the last 24 hours, as the price descended down to $1.988. Although the trends varied continuously in the past few weeks, today’s trend has proved highly supportive for the bears. The decline in price has been quite significant, as the support present at $2.05 is to go down. The moving average (MA) is relatively at a higher position i.e. $2.13 in the one-day price chart.

Cardano price analysis: A drop in price recorded up to $1.98 as bears take over again 1

The volatility has been increasing hence it can be expected that a further downtrend might follow. The Bollinger Bands Indicator is dictating the following values for the day; the upper value is $2.27 while the lower value is $2.05. The Relative Strength Index (RSI) score has decreased up to 36.17 because of the downtrend.

Cardano price analysis: Cryptocurrency value sinks to $1.974 extreme after bearish rush

A tremendous decline in price has been observed in the last four hours for ADA/USD. The price has slumped to the $1.97 level as the bearish wave has been quite strong in the past few hours. This has created an alarming situation for the buyers, as the value of the cryptocurrency has deteriorated to a shocking level. If we go ahead and talk about the moving average indicator, then its value is settled at the $2.11 mark.

Cardano price analysis: A drop in price recorded up to $1.98 as bears take over again 2
ADA/USD 4-hours price chart. Source: TradingView

A crossover between SMA 50 and SMA 20 took place in the earlier hours, which once again is a bearish sign. Moving on, the Bollinger bands Indicator values have been changed as well; as now the upper value is at $2.24 and the lower value is at $2.02. The RSI score is below the under-bought range now as it is at the 24.68 level.

Cardano price analysis: A drop in price recorded up to $1.98 as bears take over again 3
ADA/USD technical indicators chart. Source: TradingView

The price has been following a downward movement if we observe the past month’s progress on the whole. This is why the ADA/USD technical indicators chart is giving out a bearish indication for the day. We can see 16 indicators standing on the selling mark, eight indicators on the neutral, and two indicators on the buying mark.

The moving averages indicator is displaying signs of a downward trend as well. There are a total of 12 indicators on the selling point, two indicators on the buying point, and only one indicator on the neutral point. The Oscillators are giving out a bearish signal as well and there are seven indicators at a neutral level, four at the selling level, and zero at buying level.

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Cardano price analysis conclusion

The one-day and four hours Cardano price analysis is predicting a bearish trend for the day as it has been confirmed. The bears have succeeded in bringing the price down to $1.988 which was quite unexpected. The selling momentum has been consistently on the rise for the past few hours as well, thus further downfall can be expected, as most coins are following the trend set by the king Bitcoin.

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Cardano (ADA) Hits 1 Million Wallet Staking

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  • Cardano reached 1 million wallet staking.
  • Crypto investor Jesse Blount congratulates Charles Hoskinson.
  • Trader Lukas Moore believed that Cardano will be parabolic in 2022.

Recently, Cardano (ADA) reached 1million wallet staking on its network after four years since inception. This is happening as the network is experiencing growth in the crypto space. Moreover, ADA has grown fast to become the 6th largest cryptocurrency by market capitalization, according to CoinMarketCap.

In addition, crypto investor, Jesse Blount, posted on his Twitter account congratulating Charles Hoskinson, CEO of Cardano, for its incredible milestone.

At the time of writing, ADA is trading at $1.40, a comparatively fair value despite having lost roughly 30% of its previous standing over the last week. This is understandable given that the entire crypto market is currently striving to recuperate led by Bitcoin.

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On the other hand, trader Lukas Moore believes that Cardano will be parabolic in 2022. In fact, he shares his review by sharing the Cardano journey and why ADA is a great opportunity to invest now. In addition, Lukas reveals some opportunities that will introduce themselves in the Cardano ecosystem for the coming year.

Furthermore, one of the most recent developments in Cardano is the release of its smart contracts. With this growth, users in the ecosystem could eventually do more on the platform. Moreover, with the Alonzo mainnet launch, smart contracts can now be used on Cardano.

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Cardano’s over 20% dip can be attributed to this factor

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Given the condition of the market on 4 December, it makes absolute sense for what is happening with Cardano. Well, interestingly Cardano is up with a lot of things on its network.

Are Cardano investors done for good?

Yes, the broader market is dipping. However, Cardano cannot hold this one instance alone as the reason why it is currently under $1.5.

Now, the development on the network has been consistently good, both on GitHub and in terms of DeFi. In fact, Cardano’s smart contract capability is being explored more and is looking good too. Some of the major Cardano protocols such as SundaeSwap, Genesis House, among others have been growing.

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But on the spot front, ADA has been an eyesore for more than three months now. Most of the market observed some sort of rally either in October or November but Cardano has not been able to breach the $2.28 resistance since August, let alone mark a rally.

Since its last ATH, the altcoin has declined by over 53%.

Cardano price action | Source: TradingView – AMBCrypto

The most troublesome part is that its once hyper bullish community is slowly straying away from it. Cardano around August had the biggest social presence of any altcoin after Ethereum. Its social domination stood at 11%, but it has since plummeted down to 4% as of 4 November.

Cardano price action | Source: TradingView – AMBCrypto

Well, one can’t really hold investors responsible for moving out since they have seen nothing but losses for over three months. Notably, two million investors are worse off since they entered the market.

Cardano investors in loss | Source: Intotheblock – AMBCrypto

Considerably, the only active entity at this point are whales. Conducting transactions worth around $12 billion on an average daily, they are keeping the velocity in check.

Cardano large transactions | Source: Intotheblock – AMBCrypto

The one good exception could have been its recovered correlation with BTC. However, it came at such a surprising time; Bitcoin fell under $50k on 4 December, it took down ADA too.

Cardano correlation with Bitcoin | Source: Intotheblock – AMBCrypto

Thus, internally, Cardano needs to find more demand in order to stage an ATH-breaking recovery. Not many new investors have joined in over 10 days.

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Cardano To Rise, Trader Encourages 2022 Cardano Investments

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  • A crypto trader expects Cardano to be parabolic in 2022.
  • He explains why Cardano will likely rise up in 2022.
  • He also shares his investment plans for 2022.

Trader Lukas Moore shares his piece on why Cardano (ADA) will be parabolic in 2022. He begins by explaining Cardano’s journey so far and goes on to explain why now is a great opportunity to invest in the asset.

To start off, he says that Cardano’s ecosystem has massive potential for 2022. Thus, he encourages traders to prepare themselves for an advantageous future. In fact, he highlights many opportunities that will present itself in the Cardano ecosystem for the coming year.

The article goes on to highlight the many highs of 2021. Indeed, there have been many new developments this year. To name a few, Solana’s layer 2 project, the rise of meme coins, and the emergence of metaverse projects.

However, one of the most important developments is the fact that Cardano released smart contracts. With this, users on the ecosystem could finally do more on the platform. Still, the network’s momentum is going much slower than investors expected.

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This is why some projects and investors are switching track to Solana and other ecosystems. In contrast, true Cardano believers are staying put and eagerly awaiting for Cardano to explode. This is because Cardano has taken a more academic approach.

In order to not rush the project and deal with missteps, the project is slowly and steadily working its way up to meeting set milestones. So far, the team has delivered on every milestone it set and hasn’t faltered a single time.

Hence, while the build up to the final stage is slow, it is still on time, strong, and secure. Not to mention, the community is also steadily growing and more and more projects are making their way onto the platform.

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Since the Alonzo mainnet launch, smart contracts can now be deployed on Cardano. Therefore, those with technical development skills are starting to build projects on Cardano. With more mainnet upgrades, this process will become even simpler, and more users will deploy their projects as well.        

Thereby, this analyst in particular is hedging his bets. He concludes the article with his plan to take risks on small-cap projects on Cardano. He believes that there are many short-term gains to be made and so Cardano will become a bull market in 2022.

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