The Ethereum Beacon Chain is currently experiencing a substantial influx of funding, which could lead to greater-than-anticipated selling pressure once the staking unlock occurs. Although this development is likely to solidify Ethereum's market position in the long run, the short-term effect may be significant selling pressure that could negatively impact the cryptocurrency's price.

Beacon Chain serves as the coordinating mechanism for the new Ethereum network, ensuring the creation and validation of new blocks while rewarding validators with ETH for maintaining network security. With the upcoming staking unlock, Ethereum holders will have the ability to withdraw their ETH from staking contracts, effectively regaining control of their previously locked funds.

While this increased access to funds is a bullish indicator for the asset in the long term, it also carries the potential for short-term volatility, as investors may choose to sell their unlocked ETH. As a result, the market may experience a surge in selling pressure, leading to a temporary decline in Ethereum's price.

However, it is important to note that the unlock event could also serve as a catalyst for renewed interest and investment in Ethereum. The increased liquidity and the ability to freely move funds may encourage more investors to enter the market, ultimately driving up demand and pushing the price higher.

Moreover, the staking unlock is a significant milestone in Ethereum's history, marking a key step toward increased scalability, security and network efficiency. As the blockchain continues to evolve, the long-term outlook for Ethereum remains positive, as it prevails as the go-to solution for building decentralized applications, despite the variety of competitors like Solana and Cardano.

#ETH #Ethereum #CARDANO #Binance #crypto2023

Cardano gaming has gone cross-chain thanks to integration with a new layer-2 network.

The partnership will enable ADA holders to play on-chain games without bridging tokens to other networks.

This is the latest in a series of network improvements and features on the Cardano blockchain.

Cardano (ADA) blockchain users will henceforth be able to enjoy on-chain games using their ADA tokens. The development is attributed to the newly signed partnership between Cardano and Paima Studios, birthing an integration that will see Cardano users play blockchain-based games without the need to bring their tokens to other networks.

Considering the threat to security that comes with bridging tokens between different blockchains, Cardano’s new deal is value-adding. It has the potential to reduce the chances of exploits seen across 2022 when threat actors took advantage of vulnerabilities in bridging tokens between different blockchains. The integration ensures every game is non-custodial, meaning that funds remain in the custody of users within their own wallets. As such, there is no need to transfer to the games’ wallets.

Beyond delivering more secure gaming, Paima Studios’ integration with Cardano also gives way for games built on other networks to migrate to the Cardano network conveniently. In the same way, users of these other networks can play games on the Cardano blockchain without the need to move their assets or bridge tokens.

Cardano doubles down on value-adding partnerships

The integration with Paima Studios is the latest in a series of Cardano network improvements. Soon, Cardano blockchain users will also enjoy access to Ethereum Virtual Machine (EVM) smart contracts with any ADA wallet. This is courtesy of the recent release of a new feature by the layer-2 (L2) network, Milkomeda.

It is worth mentioning that both Milkomeda and Paima Studios were seemingly funded through the Cardano Treasury, which also set aside up to $40,000 for each project to help them develop the Cardano ecosystem.

This should not come as a surprise, considering Cardano’s recent record of accomplishment. On April 3, Cardano founder Charles Hoskinson shared on Twitter that the number of unique wallets participating in staking on Cardano network exceeded those of Ethereum considerably. He also hailed Cardano as “pretty special.” 

Cardano’s new developments may bolster the uptrend for ADA

Cardano price (ADA) has recorded an increase in buyer momentum, with large investors, otherwise termed whales, taking the lead. Based on Santiment data, this class of token holders has added up to 150 million tokens over the past month.

On-chain metric

Santiment data shows that Cardano whales holding between 1 million and 10 million ADA have taken to a buying spree, accumulating more than $57 million worth of the smart contract platform’s native token in a few weeks.

Crypto analyst Ali Martinez from blockchain analytics platform IntoTheBlock i has corroborated this n his recent post. 

As reported, retail investors held 66% of the ADA supply, a notable increase from just a year ago when the number was just under 40%. In an April 2 tweet, the firm wrote:

This shows a strong belief in the asset and its growth potential.

All these point to growing whale confidence in the long-term prospects of Cardano, which is committed to providing a scalable and sustainable platform for smart contracts, decentralized applications (dApps), and digital identity.

 As more investors continue to take notice of ADA’s potential, Cardano price is poised to surge.

#ADA #CARDANO #Binance #crypto2023 #BTC

Cardano (ADA) has seen a massive surge in price over the past few months, breaking all-time highs and cementing its place as one of the top cryptocurrencies in the market. However, recent reports suggest that ADA whales, or large investors holding significant amounts of the cryptocurrency, are selling their holdings. This raises the question: is the Cardano price rally driven by 'small fish' investors?

The term 'whale' is commonly used in the cryptocurrency market to refer to large investors who hold a significant amount of a particular cryptocurrency. In the case of ADA, these whales reportedly held a significant amount of the cryptocurrency, contributing to its market capitalization and price increase.

However, recent reports suggest that ADA whales are selling their holdings, which could be a sign of a potential market correction. The question then arises as to who is driving the current surge in price if the whales are selling off their holdings.

Some analysts believe that the current rally in Cardano price is driven by retail investors or 'small fish' who are buying ADA in large volumes. This surge in retail investor interest could be attributed to the increasing popularity of Cardano's blockchain technology, which has gained a reputation for being more environmentally friendly and scalable than other blockchain networks.

Furthermore, Cardano's recent partnerships and collaborations with various companies and organizations have also helped boost its popularity among retail investors. For example, Cardano recently partnered with the Ethiopian government to develop a blockchain-based education system, which has further increased its visibility and credibility in the market.

In conclusion, while the sell-off by ADA whales may indicate a potential market correction, the current surge in Cardano price seems to be driven by retail investors who are buying the cryptocurrency in large volumes. This surge in interest could be attributed to Cardano's reputation as a more environmentally friendly and scalable blockchain technology, as well as its recent partnerships and collaborations. As always, investors should exercise caution and conduct their own research before making any investment decisions.

#Binance #crypto2023 #ADA #CARDANO #dyor

The current price of the #CARDANO is at a critical juncture. If it falls from its current level, the bulls will lose their strength once again. In order for ADA to reach its next resistance level, it must trade above its immediate line of support.

Cardano's price has recently experienced a significant surge, surpassing the $0.35 resistance level. If it continues to climb and breaks through the $0.388 resistance zone, we can expect ADA to rise even further.

Following this consolidation, Cardano's price began to climb steadily, breaking through the $0.320 resistance zone and gaining momentum. Eventually, it was able to surpass the crucial $0.350 resistance level, entering a positive zone similar to that of Bitcoin and Ethereum. 

 The price of the asset surged above $0.350 and continued to climb, reaching a high of approximately $0.387. Currently, the price is consolidating its gains. However, there was a slight dip below the 23.6% Fibonacci retracement level, which measures the upward movement from the $0.3291 swing low to the $0.3870 high.

The current trading price of #ADA has surpassed $0.350 and the 100-hour simple moving average. Additionally, a significant rising channel is forming with support near $0.3520 on the 4-hour chart of the ADA/USD pair.

there is an immediate resistance near the $0.372 zone. Beyond that, the next major resistance is forming near the $0.387 zone. If the price manages to break above this level, it could potentially trigger a strong increase in value. In such a scenario, we could see the price steadily rise towards the $0.400 level. However, it's worth noting that there may be an intermediate resistance at around $0.420.

If the price of Cardano fails to surpass the resistance levels at $0.387, it may experience a downward correction. In such a scenario, the immediate support level on the downside is expected to be around $0.360. The next significant support level is located near the $0.352 level, which is also the channel's lower trend line. If the price falls below this level, it could trigger a fresh decline towards $0.330. The next major support level is anticipated to be around $0.300.

KEY LEVELS :

RESISTANCE LEVEL : $0.3750-$0.3870

SUPPORT LEVEL : $0.3550-$0.3400

Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

#coingabbar #crypto2023

The top 12 crypto assets, excluding stablecoins, have been in a downward spiral in the past 24 hours. The dip comes as the total crypto market capitalization plunged roughly $28 billion in the mentioned timeframe.

According to CoinMarketCap (CMC) data, the global cryptocurrency market cap fell by around 2.3% in the past 24 hours — from $1.187 trillion to $1.159 trillion. On the other hand, the total trading volume has spiked from $28 billion to roughly $34 billion at the time of writing.

You might also like: Bitcoin often dips when the Fed raises rates

As the crypto market saw a notable drop, the top 12 cryptocurrencies have also noticed similar dips, per CMC data.

Top 12 cryptocurrencies on April 3 | Source: CoinMarketCap

The largest digital currency, bitcoin (BTC), fell by 2.5% in the past 24 hours and is down by 0.2% over the past 7 days. BTC is trading at $27,735 at the time of writing.

Moreover, the second-largest cryptocurrency by market cap, ethereum (ETH), witnessed a similar drop. ETH is down by 2.1% in the past 24 hours and trading at $1,784 at the time of writing.

The top losers of this red market are the two largest meme coins, dogecoin (DOGE) and shiba inu (SHIB). DOGE fell by 7% in the past 24 hours and currently trading at $0.078.

You might also like: The crypto market reacts as Fed hikes by 25 bps

SHIB had a smaller dip, seeing a 4.8% drop in the past 24 hours. The second-largest meme coin is now trading at $0.00001072 with a market cap of $6.3 billion.

Furthermore, the least affected asset on the list is cardano (ADA) with a 0.5% drop in the mentioned timeframe. ADA is trading at $0.386 at the time of writing.

#ADA #CARDANO #Binance #crypto2023 #crypto

The Cardano (ADA) price is attempting to break out from the $0.410 resistance area. If successful, this would have massive bullish implications for the future price.

ADA is the native coin of the Cardano blockchain platform. The ADA coin price has increased since the beginning of the year. On Feb. 16, it reached a new yearly high of $0.421. Initially, it seemed that the high caused a breakout above the $0.410 resistance area. This is a crucial area that has acted as both resistance and support since May 2022.

However, the price failed to break out, instead deviating above the area and falling afterward.

Nevertheless, the ADA price is in the process of making another breakout attempt. This is also supported by the RSI, which broke out from its bearish divergence trendline and is above 50.

If a breakout occurs, the ADA price can increase to the next resistance at $0.560. However, if another rejection follows, ADA could fall to $0.325.

ADA/USDT Daily Chart. Source: TradingView

Will Cardano (ADA) Price Finally Break Out?

The technical analysis from the short-term six-hour chart shows that the price has increased inside an ascending parallel channel since March 10. Such channels usually contain corrective structures. Moreover, the movement inside it has been extremely choppy, which is another sign of a bearish structure.

As a result, this would suggest that the increase is the B wave in an A-B-C corrective structure. If so, the C wave will cause a breakdown and take the ADA price toward $0.280.

However, the bullish outlook from the daily time frame puts this bearish wave count in doubt. Therefore, if the ADA price breaks out from the channel (and the $0.410 resistance in the process), it would invalidate the bearish outlook and cause an increase toward the $0.560 resistance. So, the next 24 hours could be crucial in determining the future trend.

ADA/USDT Six-Hour Chart. Source: TradingView

To conclude, the ADA price’s long- and short-term readings provide conflicting signs. Whether ADA breaks out above the $0.410 area or gets rejected will likely determine the future trend. A breakout would likely lead to a pump toward $0.560, while a rejection could lead to a fall to $0.280.

#ADA #CARDANO #Binance #crypto2023 #crypto

During the recent cryptocurrency market downturn, the price of ADA experienced a significant decline. Last week, ADA plummeted by 43.00% from its peak of $0.379, reaching a monthly low of $0.22.

On June 10th, #CARDANO experienced a substantial decline, indicating an attempt to break below the $0.24 support level. However, this attempt was quickly countered by buyers, resulting in a price recovery and pushing ADA above the $0.266 level.

Cardano is currently encountering resistance in the range of $0.2900-$0.3000. If ADA manages to surpass this resistance level, it has the potential to witness a bullish surge in its price.

Over the last three days, the price of the coin has been consolidating within the range of $0.3 and $0.260. During this period, the candles displayed within this range indicate indecision among market participants, reflecting uncertainty in the market.

At present, the price of ADA is above the $0.270 mark and is also trading above the 100-hourly simple moving average.

ADA is facing a resistance zone between $0.285-$0.290 that must be surpassed. The next significant resistance level is approximately $0.300, which aligns with the 50% Fibonacci retracement level of the downward movement from the swing high at $0.3820 to the low at $0.2200. Should the price successfully break above the $0.300 resistance, it has the potential to initiate a substantial upward movement. In this scenario, there is a possibility for the price to rally towards the resistance at $0.350..

If #ADA fails to surpass the resistance at $0.300, it is likely to find immediate support around the $0.2650 level. Another immediate support level can be observed near $0.259. A more significant support level follows around $0.250. If the price convincingly drops below $0.250, there is a possibility of further decline towards the $0.220 level. Should the bears persist and exert more pressure, they may target a test of the $0.200 level.

Price Analysis predicts that the market capitalization of this ADA will be $9,594,548,301. The 24-hour trading volume of the coin is around $309,949,028.

KEY LEVELS :

RESISTANCE LEVEL : $0.2870-$0.3000

SUPPORT LEVEL : $0.2600-$0.2350

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

#BinanceTournament #coingabbar #Binancefeed

Bitcoin briefly dipped below $28,000 yesterday but has bounced off and currently sits inches above that line.

As it happens quite frequently during the weekends, the trading volumes have declined, and even the more volatile by nature altcoins sit rather silent today.

BTC Back Above $28K

The start of this week saw some massive price fluctuations. It began with BTC’s price drop to $27,200 on Monday after fake news that Interpol had served Binance CEO CZ with a Red Notice. However, the asset recovered all losses immediately after Zhao refuted the claims.

Moreover, the bulls drove the cryptocurrency even further north, culminating in nearing $29,000. Bitcoin failed at that point, and the subsequent rejection drove it back down to $28,000 by Wednesday. The next few days were rather quiet as BTC stood around $28,000.

It dipped below that line yesterday, going to a daily low of $27,800. However, it has added almost $400 since then and currently trades above $28,000.

Its market capitalization has reclaimed the $540 billion level, while its dominance over the altcoins has regained some of the recently lost ground and is close to 46%.

ADA Eyes $0.4

The alternative coins also went through similar volatility at the start of the week, but the past few days were a lot less eventful. Ethereum skyrocketed to over $1,950 at one point, charting its highest price tag in almost eight months. However, ETH has lost some steam and currently sits at just under $1,900.

Cardano has risen the most from the top 10 altcoins. ADA is up by nearly 3% and has come inches away from $0.4. BNB, XRP, DOGE, MATIC, SOL, DOT, LTC, SHIB, and TRX are also in the green, albeit in a more modest fashion.

Filecoin and ICP are the other notable gainers from the top 50 alts. Overall, though, most altcoins have remained calm, which is evident from the total crypto market cap.

The metric has remained at essentially the same spot as yesterday – $1.185T on CoinMarketCap.

#ADA #CARDANO #BTC #crypto2023 #Binance

Cardano (ADA) has emerged as one of the worst performers over the last day despite the rest of the market seeing some upside. This can be attributed to the security charges from the United States Securities and Exchange Commission (SEC), a classification that has loomed heavy over staking tokens in the last year.

Cardano Foundation Deny Security Claims

In the SEC lawsuits that have circulated against crypto exchanges such as Binance and Coinbase this week, the SEC has pointed to some cryptocurrencies as being securities in a bid to nail the exchanges for unregistered securities trading.

One of the cryptocurrencies that were named is Cardano, a network that uses a proof of stake mechanism where users stake their native token, ADA, to help secure the network, and earn rewards for it. ADA was named among a list of other tokens including MATIC, BUSD, BNB, FIL, SOL, SAND, ATOM, MANA, COTI, AXS, and ALGO. And despite this already long list, the SEC seems to believe more tokens qualify as securities given the wording of “including but not limited to.”

In light of this recent classification by the SEC, the Cardano Foundation has come forward to contest the regulator’s claims. In a tweet on its official page, the foundation expressed its disagreement with this classification and said it looked forward to working with regulators.

“The Cardano Foundation disagrees with the recent qualification of ADA as a security under US law. We look forward to the continued engagement with regulators and policymakers to achieve legal clarity and certainty on these matters,” the Foundation said.

ADA Continues To Struggle

Despite the Cardano Foundation taking to Twitter to debunk the SEC’s claims of ADA being a security, the coin has not fared well in the market. While the general market is on a recovery trend with Bitcoin moving back above $26,000, ADA has remained stagnant.

Out of the top 10 largest cryptocurrencies by market cap, ADA is currently the worst performer of the bunch. Where Bitcoin and Ethereum are seeing an upside of around 3% at this time, Cardano’s token is nursing 3.6% losses. Its performance is even worse on the weekly chart with 9% losses in seven days.

ADA’s performance is not out of the ordinary as such a classification has put selling pressure on the digital asset. Investors are understandably moving to remove some of their holdings for fear of further legal action from the SEC. However, there has been no indication of what the regulator plans to do against the digital assets it classified as securities.

At the time of writing, ADA is changing hands at a price of $0.3406, bringing its total market cap to $11.89 billion.

#ADA #crypto2023 #CARDANO

The latest Cardano price analysis has a positive outlook as the bulls have managed to take control of the market. The bulls have surged the price past the $0.4400 barrier and are looking to break above that level. ADA is currently exchanging hands at $0.4292, which is a 3.70% increase from yesterday’s close.

As the buying pressure mounts, ADA is facing resistance at $0.4441, which is the high of today’s trading session. If the bulls manage to break above this level then we could see ADA/USD find a new resistance level above the 0.4500 mark. On the other hand, if the bears gain control of the market and push the price below the $0.4126 support level, then it will be an indication of a change in trend and ADA/USD could dip further.

Cardano price analysis 1-day chart: ADA face resistance at $0.4441 amid Bullish momentum

The daily chart for Cardano price analysis shows that as long as the bulls remain in control, ADA/USD could continue its upward trend and break through resistance levels. The buyers were able to push the price from a low intraday of $0.4126 to a high of $0.4441 before the sellers forced the price to drop.

Technical indicators in this time frame suggest a bullish trend. The Moving Average Convergence Divergence (MACD) indicator on the daily chart shows an upward trend and bullish momentum building. The MACD line is well above the signal line and the histogram bar is increasing on the positive side.

ADA/USD 24-hour chart. Source: Trading View

The Relative Strength Index (RSI) indicator shows an increase in buying pressure as it has entered into an overbought zone. The RSI value stands at 71.02, which implies that ADA/USD could continue its upward trend. Moreover, the moving average (MA) indicator is trending below the green candlesticks, which is another sign of bullish momentum.

Cardano price analysis 4-hour chart: Recent developments and further indications

The hourly chart for Cardano price analysis shows a decline in ADA price as bears were able to penetrate the $0.4300 level. The selling pressure pushed the price to a low of $0.4292 as it is still holding above the $0.4200 level. The moving average (MA) is currently at 0.425 and the histogram is decreasing, with red bars developing in the chart.

ADA/USD 4-hour chart. Source: Trading View

The MACD indicator is still trending in line with bullish momentum as it has continued to remain above the signal line and its histogram bar is still in a positive outlook. The Relative Strength Index (RSI) stands at 64.23, indicating that selling pressure is still present in the market and ADA could drop further if the bears gain control of the market.

Cardano price analysis conclusion

Overall, Cardano’s price analysis shows that the bulls are in control of the market and ADA/USD could continue its upward trend as long as buyers remain in control. The pair could find further resistance at the $0.4441 mark and should it break above this level then the price could surge to a new high. On the other hand, if the sellers gain control of the market and push ADA/USD below the $0.4126 support level, then we could see a bearish trend develop in ADA.

#ADA #CARDANO #crypto2023 #Binance #crypto

The crypto market-wide correction has also left its mark on the Cardano price. Nevertheless, ADA is holding up better than other altcoins. While Ethereum fell by 9.1% in the last seven days, Polygon (MATIC) by 11.1%, Cardano “only” fell by 7.6% in the same period.

In addition to recent strong fundamentals, a bullish chart pattern for ADA in the 1-day chart is also likely to play an important role. In this time frame, Cardano has formed a massive reverse head-and-shoulders pattern since last October, which came to fruition just before crypto prices collapsed.

The reversed head and shoulders price signals the end of a downtrend and is therefore a trend reversal formation. Ideally, the head and shoulders – as is currently the case with ADA – forms the conclusion of a long-term downtrend.

It occurs after a pronounced downtrend with three lows. The middle low is the highest and is called the head. The surrounding highs are called shoulders.

Investors usually enter a long position when the price rises above the neckline resistance, which can be considered a massively bullish sign. The current correction is bringing the ADA price back towards the neckline, although ADA had just broken out last week.

Related Reading: Cardano In Strong Demand Zone, Breaking Through Key Level Crucial

The move can therefore be seen as a bullish retest of the neckline. The level at $0.405 is the key price ADA bulls need to defend. Crypto analyst Ali Martinez pointed out the chart pattern lately and stated:

The recent correction looks like a bullish retest before ADA reaches the target of this inverse head & shoulders formation. Still, the 200EMA on the daily chart at $0.39 must hold ADA for the bullish outlook to remain valid.

Fundamental Outlook For Cardano Equally Bullish

Ken Kodama, founder and CEO at Emurgo and co-founder of the Cardano project also shared a number of bullish reasons today that can be attributed to fundamentals. As Kodama explains, the Voltaire era and CIP-1694 are the biggest topics for Cardano right now.

One point where Cardano stands out is developer activity. In 2023, Cardano is a frontrunner for developer activity on GitHub. In recent years, Cardano has been the most actively developed blockchain network, according to Santiment, and is consistently in the top 3 from month to month, according to Kodama.

Related Reading: Cardano Racks Up Nearly 4% Gain Amid Short-Term Losses – Will Investors Hold Firm?

The ADA co-founder also highlights the recent Dynamic P2P Nodes upgrade, which allows Cardano stake pools to be more decentralized and improve connectivity to other nodes. Voltaire and CIP-1694 will provide the foundation for community-driven on-chain governance of Cardano. Regarding stablecoins, Kodama states:

Cardano native stablecoins are assets as they help with liquidity, allow for an on-chain safe haven, and a faster alternative to traditional payment processors. There are still questions about the use of stablecoins, but development continues and they are gaining traction.

Cardano’s DeFi space is also making great progress, as NewsBTC shared recently. Cardano’s DeFi has reached TVL all-time highs in recent months. “DEXs, and other DeFi products continue to build and attract users, building the overall #CardanoDeFi ecosystem,” concluded the Emurgo founder.

At press time, the ADA price was at $0.4023, fighting to accomplish a daily close above the neckline.

#ADA

#CARDANO

#Binance

#crypto2023

#crypto

ADA price is showing bearish signs below the $0.412 support zone against the US Dollar.

The price is now trading below $0.40 and the 55 simple moving average (4 hours).

There is a major bearish trend line forming with resistance near $0.3980 on the 4-hour chart (data feed via Coinbase).

The price could continue to move down if it stays below the $0.412 resistance zone.

Cardano price is struggling below $0.412 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.398 and $0.412 resistance levels.

Cardano Price Analysis

In the past few days, Cardano price saw a fresh decline from the $0.415 zone against the US Dollar. The ADA/USD pair declined below the $0.405 and $0.400 support levels.

The price even declined below the $0.385 support and the 55 simple moving average (4 hours). It revisited the $0.3800 support zone. A low is formed near $0.3803 and the price is consolidating losses. It is now trading below $0.40 and the 55 simple moving average (4 hours).

Besides, there is a key bearish trend line forming with resistance near $0.3980 on the 4-hour chart. On the upside, immediate resistance is near the $0.3880 zone or the 23.6% Fib retracement level of the recent decline from the $0.4152 swing high to the $0.3803 low.

The first major resistance is near the $0.400 level or the trend line. It is close to the 50% Fib retracement level of the recent decline from the $0.4152 swing high to the $0.3803 low.

A clear upside break above the $0.400 level might send the price toward the $0.412 resistance. Any more gains could start a steady increase toward the $0.425 level. On the downside, immediate support is near the $0.380 level.

The next major support is near the $0.376 level, below which the price may perhaps decline toward the $0.350 support level. Any more losses might call for a test of the $0.320 level.

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.40 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.412 resistance zone.

The technical indicators for ADA/USD suggest a bearish trend. The 4-hour MACD (Moving Average Convergence Divergence) for ADA/USD is now gaining momentum in the bearish zone, indicating that the bears have the upper hand in the market. Additionally, the 4-hour RSI (Relative Strength Index) for ADA/USD is now below the 50 level, further supporting the bearish outlook.

The key support levels to watch out for are $0.380 and $0.350. If the price of ADA falls below these levels, it could lead to further downside movement. On the other hand, the key resistance levels to watch out for are $0.398 and $0.412. If the price manages to break above these levels, it could indicate a trend reversal.

As always, it is important to exercise caution and keep a diversified portfolio to manage your risk. The cryptocurrency market can be highly volatile and unpredictable, and technical indicators are only one factor to consider when making trading decisions.

source: livebitcoinnews

#CARDANO #ADA #crypto2023 #ANALYSIS #cryptotrading

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Cardano Price Daily Chart

The ADA price may witness high supply pressure from the $0.3 resistance support.

In response to the triangle pattern, the buyers could lead recovery above the $0.3 barrier

The intraday trading volume in the ADA coin is $216.6 Million, indicating a 10% loss

Source- Tradingview

By the press time, the seventh largest cryptocurrency trades at $0.289 and continues to resonate within the triangle pattern barriers of $0.3 and a rising trendline. Until both these levels are intact, the price may remain in a sideways trend and shrink narrow of their converging behavior.

However, this pattern is known as a bullish continuation pattern, and the constant uplift from the rising trendline should bolster buyers to break the $0.3 neckline. Having said that, the neckline resistance aligned with resistance creates a high supply zone.

Therefore, a potential breakout from this barrier will project a strong buy signal which could lead the ADA price to potential targets of $0.352, followed by $0.42, and $0.46.

Can ADA Price Break to $0.26?

If awaiting supply pressure at the resistance trendline overthrows buyers, the prevailing downtrend in ADA price will continue. The post-reversal fall could plunge the price by 17% as it could breach $0.26, and reach $0.24.

Relative Strength Index: The daily RSI slope is still at 50% indicating the buyers would need higher momentum to break the overhead trendline.

Bollinger Bands: A squeezing band of the BB indicator suggests a volatile sentiment in the market.

#REXBOX #CARDANO #crypto2023 #Binance

$ADA

While many community members enjoy arguing about what the ultimate blockchain is, an executive from the Cardano Foundation believes that these arguments should stop, as use cases dictate which blockchain is most appropriate for specific projects.

At the World Token Summit in Dubai, Cointelegraph spoke with Mel McCann, vice president of engineering at the Cardano Foundation. The executive spoke about various topics, including enterprise adoption and the need to stop arguing about what blockchain is the best.

Cardano Foundation's Mel McCann (left) with Cointelegraph reporter Ezra Reguerra at the World Token Summit in Dubai. Source: Cointelegraph

#crypto2023 #CARDANO #CRYPTO

Cardano is currently trading below $0.30, hitting its lowest levels since June and early July. The overall bearish sentiment in the cryptocurrency market has triggered a correction phase for Cardano, following its inability to maintain the previous high of $0.3793.

On The Daily Chart:

During the ongoing consolidation in the crypto market, Cardano has entered a consolidation phase, stepping back from its previous high of $0.3793. Over the last three weeks, the memecoin has witnessed a substantial 23.00% decline, leading to its current trading price of $0.2920. Regrettably, the price is now below both the critical support level of $0.300 and the 50-day moving average, signaling potential obstacles ahead.

On The 4-Hour Chart: 

In the context of ongoing consolidation, the Cardano price has breached two critical support levels: $0.3 and a previously established ascending trendline. The trendline, which had served as a significant support for the past seven weeks, was recently broken, indicating the potential for a major correction. The high trading volume observed during the breakdown on August 3rd suggests strong selling conviction, leading to downward pressure on the price. Given the breach of the support trendline, a technical analysis scenario could suggest a potential downside target for ADA at $0.25 in the upcoming weeks.

Based on Coingabbar Price Analysis, ADA's market capitalization is projected to reach $10,238,374,143. The coin's 24-hour trading volume stands at approximately $163,074,942.

KEY LEVELS :

RESISTANCE LEVEL : $0.3050-$0.3200

SUPPORT LEVEL : $0.2850-$0.2750

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

#CARDANO #ADA #coingabbar #BinanceTournament #crypto2023 $ADA