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Cardano Price Analysis: ADA Coin In A Make-Break Situation, Can It Sustain Above The Crucial Support?

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The ADA/USD price hovering above the 0.618 Fibonacci retracement level, maintaining an overall bullish sentiment. Recently, the market leader Bitcoin has dropped below the $60000 mark, adversely affecting the major altcoins, including Cardano. Check out what the price analysis says about this coin.

Key technical points:

  • The ADA coin tries to sustain above the 0.618 FIB level
  • The daily RSI shows a bullish divergence for ADA price
  • The intraday trading volume in the ADA coin is $3.1 Billion, indicating a 3.29% hike
TradingView Chart

Source- ADA/USD chart by Tradingview

After making a New All-Time High of $3 in September, the ADA coin entered a moderate retracement phase. The coin price plunged to the 0.618 Fibonacci level, and even after retesting this support a few times, the price was still struggling to initiate a good rally. As for today, the ADA price is currently present at crucial support, which has a strong confluence of some major technical levels. 

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These technical levels include:

  • A strong horizontal support area of $1.9-$1.82.
  • The FIB level of 0.618.
  • The presence of a 200 EMA line.

If the coin price dropped below the support level, the coin traders would have an excellent short opportunity for them.

The Relative Strength Index value at 37 indicates the current sentiment for this coin is still bearish. However, this chart also indicates a bullish divergence regarding the coin price, suggesting a positive turn among the market participants. 

ADA/USD Chart In The 4-hour Time Frame

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TradingView Chart

Source- ADA/USD chart by Tradingview

As mentioned above, the ADA coin seems to be in a make-or-break situation. The coin is present at important support and presents a slight possibility of bullish reversal with the hidden divergence in the RSI chart.

The coin traders should be patient and observe the coin price for some time. If ADA price gets sufficient demand pressure from this level, the traders can initiate a long and would also have an excellent location to place their stop loss.

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Cardano-Based DEX Announces Date of Testnet Launch

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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.  

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In late September, SundaeSwap forged a partnership with Nervos, China’s top public blockchain. 

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Here’s What’s Next for Cardano, Shiba Inu, Terra and Two More Altcoins, According to Crypto Analyst

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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.”

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Source: Altcoin Sherpa/Twitter

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).”

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Source: Altcoin Sherpa/Twitter

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.

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“LUNA: Still a high time frame bullish [market structure], send to all-time highs.”

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Source: Altcoin Sherpa/Twitter

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.”

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Source: Altcoin Sherpa/Twitter

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.”

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Source: Altcoin Sherpa/Twitter

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Is Cardano Price Ready For Bullish Reversal? Traders Watch These Crucial levels

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ADA Price established a new high price of $3.08 two months ago. The altcoin has been struggling to keep up with its earlier stellar performances.

In November 2021, the Cardano price struggled. It began the month around $2 and then jumped more than 22% to a monthly high of $2.3766. It then plummeted 44.55 percent to $1.4235, a multi-month low.

Cardano Must Hold Critical Level

Cardano (ADA) must hold a key level to maintain its positive market structure, according to a well-known crypto strategist and trader. 

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Despite Cardano’s dramatic slide from its all-time high, crypto analyst Jason Pizzino assures his 242,000 YouTube subscribers in a new strategy session that the smart contract platform is still on a broadly positive trend. At the moment, the overall trend is still a huge bull market. 

If we broke the lows at approximately $0.90, he wouldn’t call it a bull market anymore, but at the moment, we’ve closed above the 50% [Fibonacci level], so it’s still going strong. [It’s trading at] $1.60, and the 50% is at $1.59, so it’s $0.01 higher, so there are just a few minor indicators there.

Cardano’s significant decrease this month, according to Pizzino, could signal the end of ADA’s multi-month corrective period.

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“You can see how much, how quickly it starts to fall towards the end. And from this point, I am saying ‘potentially’ the end. I can’t say for sure it is, but it’s quite often that you get a very sharp move towards the end of the downtrend and then a reversal…I don’t see a reversal yet, but the first sign is there for me that the market has taken a sharper turn down.” 

According to public on-chain data, the number of active addresses on the Cardano ($ADA) network has lately increased from roughly 150,000 per day to over 480000, before plummeting back to 200,000. 

The data shared by Messari shows that when the price of the Cardano fell, the number of active addresses unexpectedly increased. At the time of writing, the altcoin is trading at $1.58 and has declined by 2.7 percent in the last 24 hours.

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