The traders and investors from the crypto street are eagerly waiting for Cardano to rise above the odds and reclaim its lost gains. The digital asset seems to have lost its pace, ever since its previous upgrade. Cardano has been following a sluggish track, portraying narrow price movements on the charts.
However, traders have been optimistic about finding light at the end of the tunnel. As two major events are due for the week. Which could act as a cape to ignite the bulls to lead the price higher. Which the network has been eagerly waiting for.
Did Rivals Leave Cardano In The Dust?
Cardano Price has been one of the lower-performing digital assets in the crypto market. The digital coin has been at a sluggish pace for the past two months. Crypto analyst mentions that ADA has not portrayed significant gains since August. ADA at press time is trading at $1.81, with dips of about 3.8%. While the market cap is at about $58,075,951,173. The intraday trade volumes are at $1,246,840,963.
The digital coin needs to pick up steam, to avoid dipping further. Towards the next support levels of $1.50 to $1.60. A plummet further could make way for the next support at $1.26. ADA/BTC pair has also been suffering, with the support levels around 2000 to 2500 satoshis.
The same holds with DOT and SOL pairs, which have been in a better position. The chart has been interpreting higher-lows. While being in bearish momentum. Its been about 3-months since the ATH of $3.09 was hit. While other digital coins have risen higher in the meantime.
These Events Could Help ADA Receive Its Due Share!
Traders and investors have been waiting for major events that could act as a catalyst in Cardano’s bullish leg-up. Consecutively, two major events remain around the block, which is scheduled for the week. The first event marks the listing of Cardano on Bitstamp on the 24th of November. Which is Europe’s biggest cryptocurrency exchange by trading volume.
The other one accounts for, Input-Output hosting the Cardano 360 November edition. Where the event will see announcements of vital developments and news. Which together could bring a bullish outlook for ADA price in the near term.
Collectively, Cardano has been eagerly waiting for its due share of returns, which has been prolonged longer than expectations. The events in the pipeline could turn beneficial for the altcoin, as it would need a major push coming from the bull’s end. To reclaim the lost gains. Netizens are contemplating ADA price to rise by 25 to 30% with the commencement of the events.
What Happened To ADA Price? Is Nothing Been Built On Cardano?
The crypto space is preparing to leap long after the recent sell-offs and if following a steady approach to pull the next leg up. However, one such crypto which appears to be pretty happy and contented at its current levels is Cardano. The ADA price after a steep downfall has yet again initiated with consolidation within a narrow trend.
Today, Ethereum price surged with a notable margin and many altcoins also followed the second largest crypto. Terra(LUNA), Solana(SOL), Avalanche(AVAX), etc have been raised, but Cardno still remained within the same levels. The Cardano remained distinct without following the ETH price. And also showcases the asset behaving similar to that of a stable coin.
Amid the fresh plunge, it was believed the asset may revist the strong support levels at $1. However, the asset managed to pause the downtrend for some time and began with a healthy accumulation. The ADA price in order to register its name in the upcoming altseason needs to coil up notably and pierce through the $1.98 levels.
On the other hand, the traders may also have remained much distinct from the platform. As no notable change with the ADA price may rise the possibilities of no major developments happening on the platform. And hence Cardano price has to flip the consolidation and thrive through the local resistance at $1.8 to march towards its highs. However, the huge target still remains pretty much distant.
Cardano-Based DEX Announces Date of Testnet Launch
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.
In late September, SundaeSwap forged a partnership with Nervos, China’s top public blockchain.
Here’s What’s Next for Cardano, Shiba Inu, Terra and Two More Altcoins, According to Crypto Analyst
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.”
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).”
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.
“LUNA: Still a high time frame bullish [market structure], send to all-time highs.”
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.”
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.”