Connect with us

adausd

Cardano (ADA) Falls To $0.44, Is The Uptrend Invalidated?

Published

on

Cardano (ADA) Falls To $0.44, Is The Uptrend Invalidated?

Cardano displayed bearishness on its chart at the time of writing. Over the last 24 hours Cardano fell by 7% on its chart. Broader market also displayed bearish spell over the last few days. Bitcoin was bordering the $20,000 mark and the altcoins followed suit.

ADA had over the past few days crossed past the $0.55 resistance mark but it failed to sustain itself above that price mark. The bears have exerted pressure in the market and the technical outlook has also pictured bearishness on the chart.

Bullish strength has been on a halt as market movers have significantly depreciated on their respective charts.

At the moment, Cardano has been trading close to the support level of $0.42. Buyers also exited the market. Continued selling pressure will drag the coin below the $0.42 level to the $0.33 price mark. A push at the present price level could cause ADA to move up slightly on the chart but that could be termed as a brief recovery.

Advertisement

Cardano Price Analysis: Four Hour Chart

Cardano was priced at $0.44 on the four hour chart | Source: ADAUSD on TradingView

ADA was trading at $0.44 on the four hour chart. The altcoin had consistently formed lower lows on the chart depicting bearishness. Overhead resistance for the coin stood at $0.51 and the local support level at $0.42.

After ADA touched at $0.52 it failed to break the resistance mark again. Over the last week, ADA encountered resistance at the same price mark.

If buying strength returns, the coin could revisit the $0.48 level, however, the bears will remain strong until Cardano trades above the $0.52 price mark for a substantial period of time. A fall from the current price mark could make ADA touch the lows of $0.33 over the upcoming trading sessions.

Technical Analysis

Cardano displayed decreased buying strength on the four hour chart | Source: ADAUSD on TradingView

ADA’s drop in value was followed by a sharp decline in the buying pressure. Selling strength mounted which has forced the coin to retreat further on the chart. The Relative Strength Index was below the half-line and near the oversold zone.

RSI however, bounced off the oversold territory, it is too soon to say if over the upcoming sessions the coin could recover on its chart. The price of Cardano was below the 20-SMA line which indicated that sellers were responsible in driving the price momentum in the market.

Advertisement

Related Reading | Bitcoin Bounces Off Historic “Mayer Multiple” Bottom Zone

Cardano flashed sell signal on the four hour chart | Source: ADAUSD on TradingView

The altcoin reflected fall in buying strength on the four hour chart. Moving Average Convergence Divergence portrayed price momentum and reversals in the same. MACD underwent a bearish crossover and formed red histograms which were an indication of sell signal for ADA.

In accordance with buyers exiting the market, Chaikin Money Flow that pictures capital inflows and oubears the flows depicted increased capital outflows in the market. To defeat the bears the coin has to push above the $0.52 mark and consistently display buying strength.

Suggested Reading | Cardano Joins The Red Screen – How ADA Fell To $0.45 Over Last 24 Hours

Featured image from UnSplash, chart from TradingView.com
Advertisement

adausd

Cardano Broke Past This Important Level, Is The Coin Anticipating A Correction?

Published

on

Cardano Broke Past This Important Level, Is The Coin Anticipating A Correction?

Cardano has been on a bullish run and it managed to cruise past the crucial resistance mark. Over the last week, ADA surged by almost 20%. The altcoin has been moving up in an ascending trendline over the last 24 hours. Currently, the altcoin has steadied on the $0.47 support line.

Now Cardano has finally managed to claim its old resistance level and the bulls are back. For the bullish momentum to get intensified ADA needs to stay above the resistance mark it crossed above. It is however to soon to say if ADA is on a bullish momentum or if this is a relief rally.

Bitcoin’s upward movement and moving above the $22,000 level has pushed other altcoins on a bullish price action. Buyers have returned to the market and strengthened the bulls.

Broader market sentiments can again drag ADA to its immediate support level. The global cryptocurrency market cap today is $1.11 Trillion, a 5.4% change in the last 24 hours.

Advertisement

Cardano Price Analysis: Four Hour Chart

Cardano was priced at $0.506 on the four hour chart | Source: ADAUSD on TradingView

ADA was trading at $0.506 at the time of writing. The coin broke past the $0.50 price mark which it struggled to move past over the last few weeks. Overhead resistance for the coin was at $0.53 but a slight lose in the momentum could drag it down to $0.47.

For the bears to remain subdued, Cardano has to remain above the $0.50 level for the next trading sessions. Buying strength also has to remain high for ADA to continue sailing north. Amount of Cardano traded remained high suggesting increased buying strength on the chart.

Technical Analysis

Cardano registered high buying strength on the four hour chart | Source: ADAUSD on TradingView

ADA displayed buying strength on the four hour chart. Buyers are in control and that could make Cardano rally further. In accordance with the same, the Relative Strength Index was above the 60-point indicating that buyers outnumbered sellers on the chart.

Price of ADA was above the 20-SMA which is also indication that buyers were driving the price momentum in the market. Cardano was also above the 50-SMA and 200-SMA line which pointed towards bullishness.

Related Reading | Why Cardano (ADA) Is Likely To Rise as High As $0.60 By End Of 2022, Experts Predict

Advertisement
Cardano flashed buy signal on four hour chart | Source: ADAUSD on TradingView

Other indicators turned bullish as Cardano started to travel upward. Moving Average Convergence Divergence depicts the price momentum and trend reversals.

MACD underwent a bullish crossover and painted green histograms which is considered buy signal on the chart.

The Directional Movement Index determines which way the coin is headed. DMI was positive as the +DI was above the -DI line.

The Average Directional Index (Red) was nearing 40 and that means that the present trend is growing stronger. For ADA to continue upwards, buyers have to be present along with push from the broader market.

Related Reading | Ethereum Pushes Above Vital Resistance, Could Soon Revisit $1500

Advertisement
Featured image from UnSplash, chart from TradingView.com

Continue Reading

ada

Cardano (ADA) Price Remains Low Despite Buzz Around Vasil Hard Fork

Published

on

Cardano (ADA) Price Remains Low Despite Buzz Around Vasil Hard Fork

Talk around the Cardano (ADA) Vasil hard fork has been circulating in the crypto space for the last month. The hard fork which was supposed to go live back in June had been rescheduled to July due to security issues but that has in no way reduced the enthusiasm around the hard fork. The new date was set for the end of July and as the day draws closer, the community has been buzzing with excitement. However, this has failed to translate to its price.

The Cardano Vasil Hard Fork

The growth of the Cardano network has made it a necessity for it to be upgraded and IOG, the developer behind Cardano, has not failed its community in this regard. The network with the most development going on, as it is being referred to, Cardano has seen an influx of developers looking to build on its platform. There are currently more than 1,000 projects being built on the network and this is despite the fact that it uses a programming language that is not as popular as others.

Related Reading | Ethereum Liquidations Ramp Up As Price Struggles To Hold $1,100

With the Vasil hard fork, Cardano will be able to provide even cheaper transactions on its network. It will implement the CIP-33 mechanism that will lower the cost of transactions by reducing their size. This new “weight” will also make for faster transactions across the network. 

Advertisement

Additionally, the Vasil upgrade will make it much easier for developers to adapt to the Cardano network. This newfound ability will no doubt pull more devs to the platform, which will further the growth of the network. It is even expected that the ease of use may trigger an influx of developers who have been working on other Layer 1 blockchains to move to Cardano.

ADA price declines to $0.42 | Source: ADAUSD on  TradingView.com

These are the reasons why there is a lot of excitement in the community regarding this. However, the impact on the price of the digital asset has been less than promising, prompting concerns about the ability of Vasil to move the price.

ADA Continues To Struggle 

Back in June when the Vasil Hard Fork had received a set date, the price of Cardano’s native token ADA had soared off the back of the news. The same was expected to happen as the hard fork draws closer this time around but that has not been the case.

Even with the community buzzing about the hard fork, the price of ADA has refused to budge. The digital asset continues to maintain its low momentum and there has been no significant recovery in its price. Instead, the price has been on a downtrend over the last seven days, touching as low as $0.42.

Advertisement

Related Reading | Ethereum Price Falls Below Critical Level, Will It Hold $1,000?

Nevertheless, the hard fork remains about two weeks out and as it draws closer, there is no doubt anticipation will grow. This will most likely happen in the last week of July when anticipation is highest. Hence, there could be some recovery in store for the cryptocurrency. However, it is not expected to be large given its current momentum. Indicators put the price of ADA at around $0.5 leading up to the hard fork, but anything higher may not be possible.

Featured image from Zipmex, charts from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Advertisement
Continue Reading

ada

Cardano Vasil Hard Fork Launch Date Set, Time To Buy The News?

Published

on

Cardano Vasil Hard Fork Launch Date Set, Time To Buy The News?

The highly anticipated Vasil Hard Fork on the Cardano network has been rescheduled. The hard fork was expected to push forward work that had been done on the network over the last couple of years. Due to this, the news of the June 29th launch had sparked a lot of enthusiasm for the network and had seen the price of its native token, ADA, surge. Now, with the delay, investors have had to reassess their stance and strategy when it comes to Cardano.

When Is Vasil Hard Fork Launching?

According to a blog post from IOG, the developer behind Cardano, the launch date for the Vasil Hard Fork had been moved back by another four weeks. So instead of launching next week as was previously announced, users will have to wait until the last week of July for the hard fork to be completed.

Related Reading | Bitcoin Recovery Wades Off Celsius Liquidation, But For How Long?

Delays like these are not new in the crypto space. Ethereum’s move to the consensus layer has been in the works for a while now and has been subject to many delays over this time. Cardano notes in the blog post that the reasons for the delay have been the bugs that have been found to date. In particular, there are seven bugs that the developers are working to figure out. Although none of them are particularly ‘severe’.

Advertisement

ADA price declines to $0.49 | Source: ADAUSD on TradingView.com

The post also notes that the developer is 95% done with the Plutus V2 test scripts. Adding that the Vasil hard fork had been the most complex development and integration on the network to date and as such, has been a challenging process.

Time To Buy Cardano?

Like with anything, an important upgrade such as the Vasil Hard Fork can carry various implications for the price of the digital assets themselves. This is why investors are always trying to time and buy along with times when there will be the most hype.

Since the upgrade has been pushed further by another four weeks, it has pushed the buying opportunity far back. If the price of the digital asset were to fall below its 20-day moving average in the next three weeks, it would present a good opportunity to enter the cryptocurrency in a bid to catch the height of the hype.

Related Reading | Over $250 Million In Liquidations As Bitcoin Recovers Above $20,000

Advertisement

Mostly, when “buy the rumor and sell the news” comes into play, it is best to always purchase the cryptocurrency right before the rumors begin. And then around the time of the launch will see a good amount of dumping which is when the price declines. This was the same thing that occurred prior to and after the launch of smart contracts capability on the Cardano network. 

The price of the digital asset is currently trading at $0.504 at the time of this writing. The next major resistance point lies at $0.55 while support is available at $0.43.

Featured image from Zipmex, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Advertisement
Continue Reading

Top posts

Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance? Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?
btcusd3 hours ago

Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?

Monero has its hands full trying to keep its momentum and rally forward. But, it must first overcome obstacles. As...

TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout
Binance Coin3 hours ago

TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout

The price of Binance coin (BNB) continues to look strong as it holds its support against Tether (USDT) after the...

July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’ July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’
analyst3 hours ago

July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’

After last June’s inflation report published by the U.S. Bureau of Labor Statistics indicated that the Consumer Price Index (CPI)...

TA- Bitcoin Bounced off Key Support After CPI Announcement TA- Bitcoin Bounced off Key Support After CPI Announcement
Bitcoin bulls4 hours ago

TA- Bitcoin Bounced off Key Support After CPI Announcement

The price of Bitcoin (BTC) bounced off its key support against Dollars (USD) after the Consumer Price Index (CPI) announcement...

Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum
$6.13 billion TVL5 hours ago

Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum

Reports indicate that the decentralized finance (defi) protocol Curve was hacked for $570,000 in ethereum after people noticed that Curve’s...

Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40 Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40
Analysis6 hours ago

Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40

Avalanche rallied on Wednesday, as the token broke out of a key resistance level on its way towards a multi-month...

German Crypto Exchange Nuri Files For Insolvency German Crypto Exchange Nuri Files For Insolvency
Bankruptcy7 hours ago

German Crypto Exchange Nuri Files For Insolvency

Cryptocurrency exchange Nuri has filed for insolvency, reportedly becoming Germany’s first fintech to take the step in a challenging year...

Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed
Baidu9 hours ago

Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed

Nearly 13,000 Chinese social media accounts that allegedly promoted virtual currency investments were closed, the Cyberspace Administration of China recently...

Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain
Sponsored10 hours ago

Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain

sponsored In 2011 the UN released a report declaring the internet a Human Right, but over a decade later millions...

Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher
rates10 hours ago

Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher

Advertiser Disclosure Jason Stauffer Jason Stauffer Staff WriterAdvertisement Jason Stauffer is a personal finance reporter who previously covered the housing...

USDT volume on exchanges up 20% in 3 months USDT volume on exchanges up 20% in 3 months
Binance10 hours ago

USDT volume on exchanges up 20% in 3 months

USDT volume on exchanges up 20% in 3 months Oluwapelumi Adejumo · 6 mins ago · 2 min read According...

Axie Infinity holders have reasons to celebrate market drawdown Axie Infinity holders have reasons to celebrate market drawdown
Altcoins11 hours ago

Axie Infinity holders have reasons to celebrate market drawdown

The market crash has affected every cryptocurrency in some or the other way. And, the recovery from the same has...

What’s changed in GameFi in the last month? – July Report What’s changed in GameFi in the last month? – July Report
Analysis12 hours ago

What’s changed in GameFi in the last month? – July Report

What’s changed in GameFi in the last month? – July Report Footprint Analytics · 2 hours ago · 7 min...

How To Make Money From Ethereum Name Service? How To Make Money From Ethereum Name Service?
Cryptocurrency12 hours ago

How To Make Money From Ethereum Name Service?

Learn how you can use ENS to become rich We all love to reap the benefits of advanced technologies, but...

Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT) Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT)
Cryptocurrency13 hours ago

Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT)

In this article, we examine why the coin on the block, Degrain, has been thriving while Litecoin and Polkadot have...

HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol
Blockchain13 hours ago

HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol

The voting model will utilize HUMAN Protocol Reputation Oracles to adjust voting power. Last week, HUMAN Protocol announced the introduction...

Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem
Digital Plaza13 hours ago

Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem

Korean electronic goods producer Samsung Electronics recently signed a memorandum of understanding (MOU) with six companies that will collaborate to...

Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That
Cryptocurrency14 hours ago

Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That

Shiba Inu is outperforming in the crypto market and gaining the attention of ETH whales Shiba Inu is the most...

Trending

Daily Bitcoin MiningEarn At least $50 daily with just your phone