The popular cryptocurrency Cardano (ADA) achieved significant success, climbing 10% in a day. Cardano climbed to third place on the SafeTrading rankings, overtaking Binance Coin with a market cap of $ 82 billion by best crypto signals.
Important Cardano Attack (ADA)
The popular cryptocurrency Cardano (ADA) took on a bullish trend and took off in a stagnant market. ADA left an important milestone in its wake, breaking the course upwards, while Bitcoin and Ethereum recorded stagnant minutes. ADA, taking advantage of the bearish trend on Binance Coin, came in third.
Cardano (ADA) got all the attention with the Alonzo update. Alonzo’s update is scheduled for September 12th. Stating that all work has been completed successfully to date, IOHK CEO Charles Hoskinson said they did not compromise on the plan. However, Hoskinson stated that some segments are dealing with defamation of the Alonzo update, just like in previous updates.
With the Alonzo update eagerly awaited by ADA investors, the Cardano network will be fully compatible with the smart contract service. Growth is expected to continue, according to data and investor sentiment data on the Cardano network. In addition, the ADA, which made a splash with its best crypto signals when the cryptocurrency market entered a period of consolidation, ranks among the cryptocurrencies that are enthralling investors.
Binance Coin (BNB) is in a recovery phase.
- Binance Coin (BNB), the local cryptocurrency of Binance, the world’s largest cryptocurrency exchange by trading volume, is following the overall market trend and downward trend. BNB is one line behind Cardano with a $ 69 billion market cap.
- While BNB has recorded a pullback of more than 15% since last week, there has been no change to capture the upside momentum. BNB hit an all-time high of $ 690 about 4 months ago.
Which altcoins are gearing up for new highs?
This week, the cryptocurrency market has been interrupted by an uptrend over the past two weeks. Leading cryptocurrency Bitcoin climbed above $ 50,000. However, it was pushed up to the $ 45,000 mark – analyst of SafeTrading.
It’s the same with altcoins. While Ethereum is moving towards the $ 4,000 level, it is currently trading at the $ 3,236 level. Weekly depreciation 17%. However, some altcoins have remained outside the general course of the market.
- Although Solana, the favorite altcoin of recent weeks, has dropped slightly, it has begun to recover. After dropping to $ 130, SOL began to rally rapidly and momentarily traded at $ 177. Killer cryptocurrency Ethereum surged to $ 193 in a day.
- Solana has demonstrated once again that, if deployed properly, it has the potential to become an Ethereum killer with web-scale data and the ability to improve DeFi. With a solid position and technical background in these conditions, he is watching new heights.
- The star of the altcoin market this week is Terra (LUNA). While the cryptocurrency market, including Bitcoin, is in free fall, LUNA is up more than 26.2% in 24 hours and is currently trading at $ 41, making Terra one of the most profitable.
After falling below the important support at the $ 25 level the day before, the token gained momentum and climbed back to the $ 30 level, and this morning broke the $ 40 level. Terra significantly improves Columbus 5. Terra, like other cryptocurrency platforms, is trying to develop and accelerate. These improvements will facilitate the migration of tokens, which is the main goal of the ecosystem. An update that allows you to burn tokens will make Terra more valuable. All eyes can be on Terra for a while.
QPC Comments on BTC Volatility!
The high volatility of prices in the world of cryptocurrencies is an undeniable reality. While some think this volatility is a thing of the past, Bitcoin has seriously lost its value due to following the altcoins in the market a few days ago and trading below $ 45,000 levels.
A related comment was also from QPC
Many analysts from SafeTrading and investors in the market have given various reasons for this decline. A recent tweet from a Singapore-based crypto fund firm is an example of this. The tweet stated that the US has played a large role in the continuation of this volatility. QCP Capital says the delay in Bitcoin ETF approval, coupled with a split involving Coinbase and the SEC, could “prevent a crazy cryptocurrency rally.” The US SEC has long postponed a decision to approve a Bitcoin ETF. While some believe it will be approved in October, QCP Capital is not so optimistic.
- “The negative SEC comments on the Bitcoin ETF showed how well the market has valued it, and there are rumors in the market that this will be confirmed by October (I still don’t know where that came from).”
QPC expressed concern.
Despite numerous successful Bitcoin ETF implementations in places like Canada, the SEC remains adamant. Although SEC Chairman Gary Gensler said a few weeks ago that he would prefer a Bitcoin futures ETF over a spot ETF, no action has yet been taken. This delay will affect the cryptocurrency market. QCP says ETF news will have an impact on investors in the future.
QCP has made several statements threatening to sue Coinbase if the SEC implements the lending service. QPC said they believe the threat to an institution like Coinbase does not bode well for the cryptocurrency industry, and reiterated concerns about this.
Cardano on the edge: Why and what it needs to make a recovery
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
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.
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.
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?
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.
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.
Cardano Foundation Facilitates The Improvement Proposal Process
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.
Check out the revealing tweet that the team shared recently:
The Foundation facilitates the Cardano Improvement Proposal (CIP) process – 👋JOIN US for the CIP Editors biweekly calls 📞on Crowdcast.
Missed a call? Catch up on the conversations via the published notes🗒https://t.co/aiVygdezcX#CardanoCommunity— Cardano Foundation (@CardanoStiftung) November 23, 2021
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!’
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:
“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.
The ADA Coin Stands At The Last Fibonacci Retracement Support Of 0.718. Is There Still Hope For Bulls?
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
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.
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)
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
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.
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.