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Cardano

ADA Price : Here’s When Traders can Expect Cardano Price Breakout !

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Cardano’s price has been trending lower. Despite bullish attempts to rally the market back, the currency has been moving lower over the past two weeks. ADA rose to an intraday high of $1.88 before hitting reverse. At the time of writing Cardano is trading in red at $1.81 and has lost 3.35 percent in the last 24 hours.

Cardano supporters predict that as the Hydra update approaches, the cryptocurrency’s price will rise. Cardano’s on-chain activity, on the other hand, has dropped to a level below that of layer-2 scaling solutions, and the Ethereum-killer has underperformed the top 30 cryptocurrency exchanges.

ADA to break out in the next four months?

As the Ethereum competitor remains in a downturn, crypto expert and trader Benjamin Cowen has updated his outlook on Cardano (ADA). The well recognised analyst claims that ADA has entered a large trading range and that the smart contract platform will break out within the next four months in a new strategy session.

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Cardano has fallen below the bull market support zone, which is made up of the 20-week simple moving average (SMA) and the 21-week exponential moving average, according to Cowen (EMA). He relates the dip to Bitcoin’s recent correction, which saw the cryptocurrency fall from $69,000 to below $56,000, affecting the whole crypto market.

Cowen believes that when comparing Cardano to Bitcoin (ADA/BTC), it appears to be bleeding downward, implying that the king crypto is set to outperform ADA. He does, however, mention one factor that could put a halt to the pattern.

Cardano’s boring sideways trading, according to Cowen, is typical of crypto markets, adding that coins like Ethereum (ETH) drifted sideways for long periods of time before making dramatic surges to the upside in prior cycles.

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He acknowledges that we may go through these tedious periods of “Why doesn’t ADA do anything?” but points out that the same thing happened with Ethereum during the previous market cycle.

We’ve seen periods where it just slid sideways for a year. ADA is essentially doing the same thing. For the past 38 weeks or so, it’s been going in the wrong direction.

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Cardano

Red Alert In Crypto Space, Cardano Price Trembling Yet Remains Bullish

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Crypto space witnessed a replica of a May crash but with lesser intensity. Bitcoin price is hovering between $53,800 and $54,400. However, some assets stood strong above their support levels like Ethereum & Cardano.

Despite the bearish trend prevailing in the short-term, yet the ADA price still remains bullish in the higher time frame. 

Cardano price maintained a substantial downtrend ever since the beginning of the present trading day. In the daily chart, the asset has formed a double-bottom and was expected to surge high slicing through the neckline.

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But the asset was rejected at the neckline in the last few hours of the last trading day. ADA price dumped nearly 15% ever since then, however, it’s also attempting to rebound. 

3rd Cardano sell-off is going on since the early hours of the Asian trade. The dump dragged the price much below the 200-day MA and extended the gap between the strong resistance levels around $2.5.

A major reason for the sell-off is speculated to be the pandemic FUD circulating in space. However, the retracement is expected to be well in place as more than 70% of ADA is staked and keeping only 30% in circulation is pretty bullish for the asset. 

Exactly a year ago, the Cardano price was around $0.03 and the asset was surrounded by immense FUD. However, the ADA price didn’t stop then and may not stop now also.

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Collectively the asset maintains a substantial rally ever since it faced an extreme sell-off in September. Yet the strong support levels still reside around $1 and the asset is still bullish until the asset sustains above these levels. 

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Cardano

Red Alert In Crypto Space, Cardano Price Trembling Yet Remains Bullish

Published

on

Crypto space witnessed a replica of a May crash but with lesser intensity. Bitcoin price is hovering between $53,800 and $54,400. However, some assets stood strong above their support levels like Ethereum & Cardano.

Despite the bearish trend prevailing in the short-term, yet the ADA price still remains bullish in the higher time frame. 

Cardano price maintained a substantial downtrend ever since the beginning of the present trading day. In the daily chart, the asset has formed a double-bottom and was expected to surge high slicing through the neckline.

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But the asset was rejected at the neckline in the last few hours of the last trading day. ADA price dumped nearly 15% ever since then, however, it’s also attempting to rebound. 

3rd Cardano sell-off is going on since the early hours of the Asian trade. The dump dragged the price much below the 200-day MA and extended the gap between the strong resistance levels around $2.5.

A major reason for the sell-off is speculated to be the pandemic FUD circulating in space. However, the retracement is expected to be well in place as more than 70% of ADA is staked and keeping only 30% in circulation is pretty bullish for the asset. 

Exactly a year ago, the Cardano price was around $0.03 and the asset was surrounded by immense FUD. However, the ADA price didn’t stop then and may not stop now also.

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Collectively the asset maintains a substantial rally ever since it faced an extreme sell-off in September. Yet the strong support levels still reside around $1 and the asset is still bullish until the asset sustains above these levels. 

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Cardano

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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