- Cardano launches new product called midnight
- Weighted sentiment for Cardano continues to rise along with interest in its NFTs
Cardano had a lot going on irrespective of the ongoing FUD in the crypto market. The platform’s team continued building despite the market condition and launched a new confidentiality blockchain. The same was announced by Charles Hoskinson via Twitter.
Hello Midnight https://t.co/Dy3BK45qUs welcome to Cardano
— Charles Hoskinson (@IOHK_Charles) November 18, 2022
Read Cardano’s [ADA] Price Prediction 2022-2023
A lot in the pipeline…
The Cardano co-founder stated that Cardano would be launching a new product titled Midnight. It would be a data protection-based blockchain that would safeguard sensitive commercial and personal data.
The continuous developments and launches from the development team may have a positive impact on the platform’s perception. In lieu of this launch, the platform’s social mentions increased by 18% over the last week, according to LunarCrush.
Furthermore, Cardano’s weighted sentiment also witnessed a massive spike. As can be seen from the image below, the weighted sentiment for Cardano was overwhelmingly positive over the last week. This could be because Cardano had little exposure to FTX, as ADA was the only major cryptocurrency that wasn’t listed on the FTX exchange.
The positive sentiment may have also affected the state of Cardano’s NFTs. According to data provided by opencnft, the volume of NFTs being traded increased by 57.98% in the past 30 days. Additionally, the number of NFTs sold grew by 37% during the same period.
Blue chip NFTs on the Cardano network also performed well. As indicated by the image below, all blue chip NFTs, apart from The Ape Society, showed growth in terms of floor price and volume.
However, despite the growing interest in Cardano, network activity continued to decline.
A tricky path ahead
From the image below, it can be seen that the number of daily active addresses on the network declined significantly over the past week. Its velocity depreciated as well, indicating that the frequency with which ADA was being transferred from one wallet to another had declined.
Moreover, according to data provided by Messari, Cardano’s volatility grew by 188% over October. Thus investing in ADA could prove to be riskier than usual especially now.
At press time, Cardano was trading at $0.324 and its price had depreciated by 1.11% in the last 24 hours. Its volume, however, appreciated at the same time and grew by 1.44% during the same time period.
Cardano (ADA) Price Prediction: Bears Target Fresh Lows Below $0.28
Cardano’s price started a fresh decline after it failed to surpass $0.33. ADA remains at a risk of more losses below $0.30 and $0.28 in the near term.
- ADA price is showing a lot of bearish signs below the $0.320 support against the US dollar.
- The price is trading below $0.320 and the 100 simple moving average (4-hours).
- There was a break below a key rising channel with support near $0.320 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
- The pair could continue to move down below the $0.300 support zone.
Cardano (ADA) Price Signals More Losses
In the past few days, cardano’s price saw a steady decline from well above the $0.3250 level. The bears were able to push the price below the $0.320 and $0.315 support levels.
The decline gained pace below the $0.314 level and the 100 simple moving average (4-hours). There was a move below the 50% Fib retracement level of the upward move from the $0.2997 swing low to $0.329 high. Besides, there was a break below a key rising channel with support near $0.320 on the 4-hours chart of the ADA/USD pair.
The pair is now trading below $0.320 and the 100 simple moving average (4-hours), similar to bitcoin and ethereum. On the upside, an immediate resistance is near the $0.312 zone.
Source: ADAUSD on TradingView.com
The first major resistance is forming near the $0.320 zone. The main resistance is now forming near the $0.3320 level. If there is an upside break above the $0.332 and $0.335 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily towards the $0.40 level.
If cardano’s price fails to recover above the $0.320 and $0.332 resistance levels, it could continue to move down. An immediate support on the downside is near the $0.300 level.
The main support is near the $0.290 level. A downside break below the $0.290 level could open the doors for a fresh decline towards $0.265 in the coming days. The next major support is near the $0.250 level.
4-hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.300, $0.290 and $0.265.
Major Resistance Levels – $0.3200, $0.332 and $0.400.
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
Key Support Line For Cardano Price Rests Here As The Coin Moves South
The Cardano price has declined steeply over the past trading sessions. The altcoin currently trades within a descending triangle pattern. This means that the coin could be headed for further decline unless it manages to break past a few vital price ceilings.
Over the last 24 hours, ADA declined by 1.3%. In a weekly timeframe, the altcoin price has been hovering around the same range. In recent weeks, the Cardano price has reached new highs. This reading is tied to bullish price action; however, the bulls lost vigor.
It is safe to say that ADA is, at the moment, in a price correction phase. ADA mustn’t lose two of its essential price floors. This would mean that the bears could be taking over. Since the coin currently depicts a descending wedge, it could be possible that ADA might touch its closest support level.
After revisiting the support line, it is likely to bounce back again. The altcoin’s market capitalization has also noted a decline, which corresponds with a fall in the asset price.
Cardano Price Analysis: One-Day Chart
ADA was exchanging hands at $0.31 at press time. The immediate resistance for Cardano was at $0.34; the bulls tested this level, but the altcoin met with selling pressure. The two major resistance levels for the coin stand at $0.34 and $0.36, respectively.
ADA was trading extremely close to its crucial support line of $0.30. The bulls might lose stamina, pushing the coin to $0.28. Cardano’s price will plummet if it fails to stay above the $0.28 mark. The amount of ADA traded in the last session increased and was red, depicting bearish sentiment and selling strength.
Investor confidence in the altcoin has been steadily declining in recent months, and despite ADA making slight progress, demand has languished in recent weeks. The Relative Strength Index fell below the 40-mark and was nearing oversold territory. In this case, ADA could fall through at $0.28.
Due to lower demand, the Cardano price moved below the 20-Simple Moving Average line. This meant that sellers were driving the price momentum in the market. Movement above the 20-SMA line will help buyers regain confidence.
Even in a shorter time frame, the overall price momentum pointed toward negative price action. The Directional Movement Index, which depicts a trend’s price movement and strength, was bearish. The -DI (orange) line was above the +DI (blue) line.
The Average Directional Index was moving below the 40-mark; this could indicate that the altcoin’s present price momentum could depict a turnaround. The Chaikin Money Flow remained positive as the indicator was above the half-line, displaying that capital inflows still dominated outflows at press time.
Peter Schiff And Jim Cramer Present Their Doom Scenarios For Bitcoin, Cardano, XRP, Dogecoin
Notorious CNBC host Jim Cramer has once again made controversial predictions for Bitcoin and the crypto market in the latest episode of the show “Mad Money”. Cramer has made a name for himself on the crypto scene in recent years, but possibly to the extent that he wanted to.
Cramer’s mixed track record in crypto-analysis led to the creation of the “Inverse Cramer ETF,” a fictional exchange-traded fund that recommends the opposite of everything Cramer says.
Great news for crypto! pic.twitter.com/uKJznTn1Pr
— Inverse Cramer ETF (Not Jim Cramer) (@CramerTracker) December 6, 2022
Consequently, the crypto scene pays little credibility to the host’s predictions. Still, Cramer is not always wrong. In June, for example, he predicted that cryptocurrencies would continue to fall. He based this on the actions of the Federal Reserve.
Cardano, XRP And Dogecoin Going To Zero?
In the latest episode, the Mad Money host said that investors still have time to sell their crypto holdings. According to Cramer, the markets will continue to crash in 2023, so crypto investors should sell “before it’s too late.”
“You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position. And that’s what you have if you own these so-called digital assets,” Cramer said.
Specifically, Cramer predicted that Cardano (ADA), XRP, Polygon (MATIC) and Dogecoin (DOGE) could crash to zero. According to him, these cryptocurrencies are still highly overvalued, so those who hold them should sell them.
BREAKING: Goldman Sachs mouthpiece Jim Cramer urges investors to exit crypto & says it’s never too late to sell. Jim is evil & dishonest. This is good news for Bitcoin. pic.twitter.com/YdSWi54OHV
— Gill Bates (@GillBatesVax) December 6, 2022
However, his reckoning with crypto didn’t end there. The moderator made serious accusations against Tether (USDT).
According to Cramer, the largest stablecoin in the crypto market could meet a fate similar to Luna’s TerraUST, which fell to zero in three days in May this year.
Tether, a so-called stablecoin that’s supposed to be kinda-sorta pegged to the dollar, still has a $65 billion market cap.
There’s still a whole industry of crypto boosters trying desperately to keep all of these things up in the air. Not too different from what happened with bad stocks during the dot-com collapse.
Remarkably, Cramer’s Bitcoin bear market low of $12,000, which he predicted in previous broadcasts, is still a long way off.
Peter Schiff Shares Bitcoin Prediction At $5,000
Cramer, however, is not the only Bitcoin critic spreading doom and gloom. Gold bug Peter Schiff has shared an assessment from Standard Chartered that Bitcoin is still overvalued at its current price of about $17,000.
According to the word-strong Bitcoin critic and multinational bank, BTC is at risk of another 70% crash in 2023. Standard Chartered claims Bitcoin could fall to $5,000 next year.
In a note entitled “The financial-market surprises of 2023,” Standard Chartered states that a negative surprise could be Bitcoin falling to US$5,000 next year.
Rising yields along with a slump in tech stocks will lead to an acceleration of the Bitcoin sell-off and cause more bankruptcies in the crypto world, according to the bank.
Goldman Sachs To Buy Up The FTX Mess
Despite all the dystopian predictions, however, there is also extremely bullish news today. As Reuters reports, Goldman Sachs is on the hunt for cheap crypto companies after the FTX collapse and plans to spend tens of millions of dollars to buy or invest in crypto companies.
Regardless of how the Bitcoin scene views this on ideological grounds, this should be a strong catalyst for maturation and progress for the institutional sector.
At press time, Bitcoin was trading at $16,967 and has lost its volatility again.
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