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Cardano (ADA) is Changing from Ghostchain with no use and Utility Dapps Turning on Hoskyland

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Charles Hoskinson expressed:  I truly enjoy that the narrative about Cardano is changing from Ghostchain with no use and utility to “How will Cardano handle all this congestion?” Blocks are full. DApps are turning on. Dogs bark; Caravan moves on.

Community Reaction:  Charles, you are right, Rome was not made in a day. But from the investor’s point of view, Cardano has been a little below expectations. I know you are doing an excellent job, continue on the right path, we investors will be here to support you.

Time in market > timing the market.  Haven’t heard a word of complaint from early Cardano holders. Same will be said about those joining this year in 2025.

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DApps are slowly turning on. The congestion is a bunch of nerds spamming 2 ADA transactions at an address that promises meme coins. I am pretty sure it is the Hosky coin is using a lot of resources. The Cardano chain is holding up very well to the surge. Good Job Charles and Co.

Have you addressed the instability that is going on in Ethiopia and its effect on your project down there? Knowing all the corruption in African countries, do you really think your project is going to succeed there? Why not shift to Latin American countries instead?

You know Charles, I’m sitting in my work truck in Escondido California waiting for lumber to get loaded and thinking about what Cardano will mean for the world. I find myself very proud and optimistic about the future. All the best my man.

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The ghost chain meme will never die.  Precisely my point. The caravan must move on. Warm your engines! The race is about to start.

Charles don’t get distracted by this FUD. We believe in Cardano since day 1.

Hopefully now people will stop asking you when smart contracts are coming.

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It will always be under scrutiny! The world needs Hero’s and Villain’s to bring balance to the cosmic swirl!

I believe it’s people being mad because they’ve invested on ADA the work being done on ADA is undeniable.

FUD Creators were like:  I was a believer until I realized Ada is a stable coin. Your major bag holders and whales don’t care about the tech, they dumped so there’s no way retail would HODL either. Ada needs as much activity as competition to prove its better.  Cardano Just slip from number 6 to number 16.

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Why did you release smart contracts with no Plutus backend?

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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 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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