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Is ADA making an effort to take over XRP’s position amid rising market cap

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Is ADA making an effort to take over XRP’s position amid rising market cap

Cardano’s [ADA] move to improve scalability within its network may have been delayed. However, the Proof-of-Stake (PoS)-based cryptocurrency did not seem to be bothered about the development. 

As of 29 July, ADA flipped Ripple [XRP] to become the seventh largest cryptocurrency in market value.

Delay not denial

According to Santiment, the flip happened as ADA’s on-chain, and social metrics skyrocketed. It began when its social volume increased from 145 to hit 441. Interestingly, it did not stop there. Around the same time, active addresses on the Cardano chain rose drastically, making an incredible run from 45 to 176.

Source: Santiment

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Earlier, the development department of Cardano announced that Cardano would push forward the hard fork upgrade. The Vasil hard fork, aimed at upgrading Cardano’s testnet, was considered an innovation that would solve the scalability problems faced by the chain.

In relation to pushing the event forward, Kevin Hammond, Cardano’s Technology Manager, said,

“There could be a few more weeks from where we are before we go to the actual Vasil hard fork. All users have to be ready to progress through the hard fork to make sure the smooth process, both for them and end users of the Cardano blockchain.”

After being billed to happen on 29 June, Hammond confirmed that Cardano would communicate a later date for the upgrade.

Back below

ADA did not last long at the seventh market cap position. A few hours later, XRP regained its position, with ADA pulling back at number eight. At press time, XRP had moved one step further to become the largest cryptocurrency in market cap value as per CoinMarketCap.

However, ADA still seems close to it. At the time of this report, ADA’s market value was $17.56 billion, while XRP stood at $17.88 billion. Indications are that ADA still has the potential to move one more time upward.

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Despite being down 69% from its all-time high (ATH), ADA is in a prime position to maintain an uptrend. According to the Relative Strength Index (RSI), ADA is in a good state for another price increase. However, if it approaches the overbought level, ADA could retrace.

At an RSI of 61, moving up to 70 could trigger a price fall and affect its already-increasing market cap. 

Source: TradingView

At this point, ADA investors may have to observe the market trend and price action before the coin moves in a specific direction. 

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Aashna is a news editor with AMBCrypto and is particularly interested in the how and what of blockchain technology, along with its vast applications. A flair for the language and her inquisitive nature are factors that spike her interest in the cryptocurrency space.

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ADA analysis

TA- Price Of Cardano Bounces From Support, Gears For A Bullish Run

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TA- Price Of Cardano Bounces From Support, Gears For A Bullish Run

The price of Cardano (ADA) has shown bullish signs and could be set for a major run against Tether (USDT) after bouncing from key support.

Ethereum price rallied with so much strength from a region of $1,670 to $2,000 ahead of the Ethereum “Merge”. This has brought relief bounces for many altcoins, including the price of Cardano (ADA).

“The Merge” is an upgrade on the Ethereum network from Proof-Of-Work (POW) to Proof-Of-Stake (POS) so as to increase its network efficiency in transactions. (Data feeds from Binance)

Price Of Cardano (ADA) Weekly Chart Analysis

Weekly ADA Price Chart | Source: ADAUSDT On Tradingview.com

From the chart, the price of ADA saw a weekly low of around $0.4, which bounced from that area and rallied to a price of $0.55.

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The price has built more momentum as it faces resistance at $0.66.

If the price of ADA on the weekly chart continues with this bullish structure, it could quickly revisit  $0.66 and trend higher to $0.75.

Weekly resistance for the price of ADA – $0.66.

Weekly support for the price of ADA – $0.45.

Price Analysis Of ADA On The Daily (1D) Chart

Daily Price Chart For ADA | Source: ADAUSDT On Tradingview.com

The price of ADA found strong support at around $0.45, with what seems to be an area of interest on the daily chart.

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ADA bounced from its support and has rallied as it faces resistance at $0.63. The price of ADA has continued to range in a channel; breaking out of this channel could send the price of ADA to the resistance at $0.63.

At the point of writing, the price of ADA is at $0.55, above the 50 Exponential Moving Average (EMA) with a price of $0.5.

If the price of ADA holds the support of $0.5 successfully, we could see the price trending higher. If the price of ADA gets rejected, $0.5, which corresponds with 50 EMA, will be good support for buys.

The Relative Strength Index (RSI) for the price of ADA on the daily chart is above 65, indicating healthy buy bids for ADA.

The volume for ADA indicates buy bids, this shows bulls would want to push the price higher.

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Daily (1D) resistance for ADA price – $0.66.

Daily (1D) support for ADA price – $0.5.

Price Analysis OF ADA On The Four-Hourly (4H) Chart

Four-Hourly ADA Price Chart | Source: ADAUSDT On Tradingview.com

The price of ADA has continued to maintain its bullish structure after a successful break above the ranging channel. 

ADA is trading above the 50 and 200 EMA with prices of $0.52 and $0.5 acting as its support on the 4H chart, should the price of ADA gets rejected due to the weekend sell-off.

If the price of ADA holds above the support of 0.52 with the good volume, we could see prices trending to $0.66. In case ADA experiences a sell-off, 50 and 200 EMA prices would act as support for ADA prices.

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Four-Hourly (4H) resistance for ADA price – $0.66.

Four-Hourly (4H) support for ADA price – $0.52, $0.50.

Featured image from NewsBTC, Charts from TradingView.com 

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Cardano Price Sits Pretty At $0.5, Why A Breakout Is On The Horizon

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Cardano Price Sits Pretty At $0.5, Why A Breakout Is On The Horizon

Cardano has been one of the cryptocurrencies that have been able to hold despite the market crash. With the recent recovery, the digital asset has seen some movement, although it continues to trend around the same level without any significant swings upward. However, there are some things that are coming up for the network that suggests there might be some upward movement happening soon.

The Awaited Vasil Upgrade

The Cardano Vasil upgrade has been on that has been in the works for a while. It is a hard fork that is meant to make the network more developer-friendly, thereby encouraging more people to build on the blockchain. 

However, the hard fork has been the victim of multiple postponements, which have caused some shifts in the price of ADA. The first time the hard fork was postponed was back in June due to bugs that were found in the network. The next date had to be moved once more when the developers of the network were still not done with the bugs, as they wanted to make it safe to interact with.

That has seen the launch date of the hard fork moved to August. But unlike the last two previous times that saw the upgrade postponed, Cardano founder Charles Hoskinson has assured the community in a video that he does not believe that there will be any more delays for the hard fork. 

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ADA trending at $0.5 | Source: ADAUSD on TradingView.com

Cardano founders recently released a document that showed that they had made a decision on the final node for the hard fork. The Node 1.35.3 had apparently fixed the pressing issues found in previous versions that had delayed the launch and provided some CLI enhancements according to them. So they expect the hard fork to launch successfully on the mainnet with this node.

Cardano Price May Respond Well

With a more definite answer on if the Vasil hard fork is close to completion, Cardano investors are more confident to begin making decisions regarding the token. ADA still remains stagnant at $0.5, but present accumulation trends suggest that there might be a turn in this soon.

There is also the fact that the entire crypto market continues to rally behind the anticipation of the Ethereum Merge. Ethereum developers have said they expect the Merge to happen sometime in September, and with the Vasil hard fork expected to go live sometime before, it would put the two important upgrades close together.

Anticipation of both of these events will likely feed each other, given they are both smart contract networks, and trigger an upward push in price. If all launches go according to plan, ADA is likely to hit $0.7 by the end of September.

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Featured image from Zipmex, chart from TradingView.com

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ADA Up 22% In Last 7 Days; Remains On Track To Test $0.6 Barrier

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ADA Up 22% In Last 7 Days; Remains On Track To Test $0.6 Barrier

It’s game face on for the bulls as Cardano (ADA) swerved up to $0.54 as seen overnight. ADA price spotted below key resistance level of $0.55. Meanwhile, traders are optimistic that a looming breakout may happen up to $0.6 by next week.

Cardano (ADA) price is on a bull run as the price shoots way up forming a bullish hammer pattern seen on the daily chart.

The uptrend precipitated on July 27, 2022 with the price spotted at $0.45 has pushed ADA price to incredible heights with its 30-day high of $0.55.

ADA Seen Spiking To $0.6 In The Coming Days

As of press time, ADA price is seen under the $0.55 resistance zone with a triple top formation circling the area. More so, ADA price has soared by over 22% in the past five days and can still spike to as high as $0.6 in the coming days.

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The crypto market has been showing confusing signals overnight especially as BTC jumped close its target of $24,000 mark and with Ethereum consolidating at $1,700. Consequently, XRP plunged to $0.39 along with DOGE that also declined by $0.07. Moreover, SOL also plunged by 4% and DOT spiked by 6%.

Judging by the 24-hour chart, ADA price is seen to cascade and form an extending ascending triangle pattern peaking a 30-day high seen at $0.55. ADA price spike was followed by the formation of a sideways pattern with the price range of $0.45 to $0.50.

ADA’s RSI Signals A Bullish Momentum

It’s 24-hour RSI signals that it is drawing close the overbought zone spotted at 60.09, which could either trigger a bull run or could pull ADA price further downwards. ADA trading volume in the past 24 hours has seen a plunge of 24% which suggests that traders are on pause to figure out the next pattern.

More so, the MACD or Moving Average Convergence Divergence curve still shows bullish momentum and has been gaining a lot of traction with bullish divergence.

Around 53 Fintech experts laid out their price prediction for Cardano in July 2022. These crypto specialists predicted that ADA is set to end 2022 at a price of $0.63.  Basically, judging by the current ADA price of $0.5, the forecast gives a pump in price of 26% by the end of 2022.

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Cardano initially had a higher price forecast of $2.79 in January but its rivals such as Polkadot, Tron, Polygon, Solana, Avalance, and BNB Chain gives the coin a “win it or lose it” game plan. There is basically no gray area for ADA or other altcoins at this point.

Moreover, other Fintech experts say that Cardano seem to fall short in terms of delivery of updates as well as in attracting more projects. 

ADA total market cap at $384 billion on the daily chart | Source: TradingView.com    Featured image from ZyCrypto, chart from TradingView.com

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