Cardano Price; Will There Be a Bullish Breakout at $1.31?

Cardano Price; Will There Be a Bullish Breakout at $1.31?

ADA Price Analysis – May 04

The breaking up of the resistance level of $1.31 will increase the price to the resistance level of $1.46 which may extend to $1.68 level. Should the sellers interrupt the bulls’ pressure and gain enough momentum, ADA/USD may decrease to $1.23, $1.11 and $0.98.

ADA/USD Market

Key Levels:

Resistance levels: $1.31, $1.46, $1.68

Support levels: $1.23, $1.11, $0.98

ADA/USD Long-term Trend: Ranging

Cardano is on the ranging movement on daily chart. Cardano was bullish last two weeks, the price increases to complete the formation of an inverted head and shoulder chart pattern. Buyers dominated the market and the price tested the resistance level of $1.46. The bullish momentum became weak and could not break up the level. It pulled back to retest the support level at $1.23, the bears’ momentum is equally weak to break down the mentioned level. The price commences ranging movement last week within the $1.31 and $1.23 levels.

ADAUSD Daily chart, May 04

Cardano retains its trading above the 9 periods EMA and 21 periods EMA but at close contact to the EMAs. The breaking up of the resistance level of $1.31 will increase the price to the resistance level of $1.46 which may extend to $1.68 level. Should the sellers interrupt the bulls’ pressure and gain enough momentum, ADA/USD may decrease to $1.23, $1.11 and $0.98. The technical indicator Relative Strength Index period 14 is at 50 levels with the signal line pointing downside which indicates a bearish signal.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement on 4-hour chart. The crypto completed the formation of an inverted head and shoulder chart pattern last two weeks at the resistance level of $1.46. The bears interrupted further increase in price by defending the mentioned level. The support level of $1.23 equally holds the price and this leads to price consolidation.

ADAUSD 4-hour chart, May 04

The price is trading over and around the 9 periods EMA and 21 periods EMA while the two EMAs are interlocked to each other indicating that consolidation is ongoing. The relative strength index period 14 is at 50 levels and the signal line pointing up to indicate buy signal.

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Cardano Price; An Inverted Head and Shoulder Chart Pattern, Bullish Movement Envisaged

Cardano Price; An Inverted Head and Shoulder Chart Pattern, Bullish Movement Envisaged

ADA Price Analysis – April 27

An increase in the bulls’ pressure can increase the price to $1.46 and $1.68 resistance level provided $1.31 level does not hold. Should the sellers interrupt the bulls’ pressure and gain enough momentum, ADA/USD may decrease to $1.23, $1.11 and $0.98.

ADA/USD Market

Key Levels:

 

Resistance levels: $1.31, $1.46, $1.68

Support levels: $1.23, $1.11, $0.98

ADA/USD Long-term Trend: Bullish

Cardano is bullish on the daily chart. Sellers dominated ADAUSD market last week with formation of more bearish candles. The bearish trend commenced on April 16 when the price was rejected at the resistance level of $1.46. Bearish engulfing candle formed at the mentioned resistance level and the price decline to $0.98 level. Yesterday, the bulls increases their momentum with the formation of strong bullish candle that engulfs previous candle and the price increases above $1.23.

ADAUSD Daily chart, April 27

The price has penetrated the 9 periods EMA and 21 periods EMA upside and the price is currently trading above the two EMAs. The former resistance levels of $1.23 has turned to support level. An increase in the bulls’ pressure can increase the price to $1.46 and $1.68 resistance level provided $1.31 level does not hold. Should the sellers interrupt the bulls’ pressure and gain enough momentum, ADA/USD may decrease to $1.23, $1.11 and $0.98. The technical indicator Relative Strength Index period 14 is above 50 levels with the signal line pointing upside which indicates a bullish signal.

ADA/USD Medium-term Trend: bullish

Cardano is bullish in 4-hour chart. The crypto has formed an inverted head and shoulder chart pattern; this is a bullish chart pattern indicating that the bulls are ready to push the price higher. The former resistance level of $1.11 and $1.23 have turned to resistance levels. The rice may increase to the resistance level of $1.46.

ADAUSD 4-hour chart, April 27

The price is trading above the 9 periods EMA and 21 periods EMA while the two EMAs are well separated from each other indicating bullish movement. The relative strength index period 14 is at 65 levels and the signal line pointing up to indicate buy signal.

 

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Cardano Price; Double Bottom Chart Pattern at $1.11 Level, Bulls May Take Over Soon

Cardano Price; Double Bottom Chart Pattern at $1.11 Level, Bulls May Take Over Soon

ADA Price Analysis – April 20

An increase in the bears’ pressure can decrease the price to $0.98 and $0.83 support level provided $1.11 level does not hold. Should the buyers gain enough momentum and the daily candle closes above $1.23 level, ADA/USD may increase to $1.31 and $1.46.

ADA/USD Market

Key Levels:

Resistance levels: $1.23, $1.31, $1.46

Support levels: $1.11, $0.98, $0.83

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the daily chart. ADAUSD broke out of the ranging zone two weeks ago. It rallied towards north side and the bulls’ pressure was consistence. The price reached the high above $1.46 price level but the bulls’ momentum became weak and could not sustain the level. The bearish engulfing candle emerges and the this triggered the downtrend experienced in the Cardano market.

ADA Daily chart, April 20

The price has penetrated the former support levels of $1.31 and $1.23 downside. It has reduced to $1.11 value. An increase in the bears’ pressure can decrease the price to $0.98 and $0.83 support level provided $1.11 level does not hold. Should the buyers gain enough momentum and the daily candle closes above $1.23 level, ADA/USD may increase to $1.31 and $1.46. The technical indicator Relative Strength Index period 14 is above 40 levels with the signal line pointing upside which indicates a bullish signal.

ADA/USD Medium-term Trend: bearish

Cardano is bearish in 4-hour chart. The crypto formed a double top chat pattern on the 4-hour chart last week at the resistance level of $1.46. The price obey the bearish command. ADA Falls to the support level at $1.11on April 18, it pulls back to retest the $1.31 level. ADA returned to test the support level of $1.11 second time to form a “double bottom” chart. This is a bullish reversal signal indicating the bulls may take over the Cardano market.

The two EMAs are separated from each other and the price is trading below the 9 periods EMA and 21 periods EMA at close contact while the relative strength index period 14 is at 40 levels and the signal line pointing up to indicate buy signal.

 

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Cardano Reveals Details on Highly-Anticipated Alonzo Upgrade

Cardano Reveals Details on Highly-Anticipated Alonzo Upgrade

Cardano (ADA) recently released more information on its native programming language, Plutus, which network users can use to write smart contracts after the highly-anticipated Alonzo upgrade falls through.

According to a blog post explanation by IOHK, the host company of Cardano, the Plutus contracts have parts that operate both on-chain and off-chain. The post also notes that both parts of Plutus (on-chain and off-chain) are written in the Haskell programming language but are compiled by Plutus, which creates the framework for smart contracts on Cardano.

Like Bitcoin (BTC), Cardano operates using the UTXO (unspent transaction output) model, where the inputs are unspent outputs from older transactions. However, the network has built upon this system to create an extended UTXO model (EUTXO), which has features not seen in other accounting models.

The Extended Unspent Transaction Output (EUTXO)
The EUTXO model allows for the validity of transactions to get checked off-chain before the transaction is uploaded to the blockchain. This operation beats that of Ethereum Layer 1, which carries out all transactions on-chain. Another unique feature is that the costs of transactions on the EUTXO get determined off-chain, which is a step better than on-chain costs determination.

That said, the network will use Plutus Core to determine the parameters for EUTXO transactions and the compilation of code developed for smart contracts. Meanwhile, a Plutus Application Framework (PAF) will serve as an access provider to services and applications running on the network, coupled with web browser interoperability.

Cardano added that:

“Applications written on top of the PAF automatically provide an HTTP and WebSocket interface that can be used to interact with the application from the web browser.”

Cardano launched a native token upgrade, Mary, in February to enable users to create customized tokens and implement transactions with them. Plutus will expand the capability base of the current token by improving minting policies, which will be beneficial for NFTs.

 

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Cardano Price Is Struggling to Break Up $1.31 Resistance Level

Cardano Price Is Struggling to Break Up $1.31 Resistance Level

ADA Price Analysis – April 13

 

Should the buyers gain enough momentum and the daily candle closes above $1.31 level, ADA/USD may increase to $1.46 – $1.68. In case the sellers defend the $1.31 level, the bears’ pressure may likely reduce the price.

ADA/USD Market
Key Levels:

Resistance levels: $1.31, $1.46, $1.68

Support levels: $1.23, $1.11, $0.98

ADA/USD Long-term Trend: Bullish

ADA/USD was exhibiting a range-bound movement within $1.23 and $1.11 price level till April 11. The buyers gathered enough momentum to break up the resistance level of $1.23 on April 11; this is seen on the daily chart with the formation of strong bullish candles. The resistance level of $1.31 was penetrated many times but rejected by the bears’ pressure. It is currently pushing up to break resistance level of $1.31..

ADAUSD Daily chart, April 13

Should the buyers gain enough momentum and the daily candle closes above $1.31 level, ADA/USD may increase to $1.46 – $1.68. In case the sellers defend the $1.31 level, the bears’ pressure may likely reduce the price. However, the next support levels can be found at $1.23, $1.11, and $0.98. The technical indicator RSI is above 50 levels with the signal line pointing upside which indicates a bullish signal.

ADA/USD Medium-term Trend: bullish

Cardano is on the ranging mode in a 4-hour chart. The crypto is range-bound within the resistance level at $1.31 and the support level at $1.23; this scenario commenced on April 11 when the coin tested the resistance level of $1.31and the level hold the price. Many attempts were made by the bulls to break up the resistance level of $1.31 but the bears were defending the level.

ADAUSD 4 hour chart, April 13

The two EMAs are separated from each other and the price is hovering over the 9 periods EMA and 21 periods EMA as a sign of consolidation while the relative strength index period 14 is at above 50 levels and the signal line pointing down to indicate sell signal.

 

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Cardano Price Is Awaiting a Breakout

Cardano Price Is Awaiting a Breakout

ADA Price Analysis – April 06

Should the bulls are able to break up the price above $1.23 level, the resistance at $1.46 and $1.68 will be the target. Failure to break up the $1.23 level by the bulls may lead to the breakdown of $1.11 support level and the Cardano price may reduce to $0.98 and $0.83.

ADA/USD Market
Key Levels:

Resistance levels: $1.23, $1.46, $1.68

Support levels: $1.11, $0.98, $0.83

ADA/USD Long-term Trend: Ranging

ADA/USD is on the ranging movement on the daily chart outlook. Cardano was under the control of the bulls two weeks ago, the bears opposed the price increase and it was pushed down to $1.11 support level. The bears could not break down the $1.11 level. The bulls’ momentum is weak and could not break up the resistance level at $1.23. The price has been ranging withn the price levels of $1.23 and $1.11.

ADAUSD Daily chart, April 06

The two EMAs are close to each other and the crypto is trading over and around the 9 periods EMA and 21 periods EMA at moment as a sign of ranging movement. Should the bulls are able to break up the price above $1.23 level, the resistance at $1.46 and $1.68 will be the target. Failure to break up the $1.23 level by the bulls may lead to the breakdown of $1.11 support level and the Cardano price may reduce to $0.98 and $0.83. The relative strength index period 14 is flat at 50 levels to indicate ranging market signal.

ADA/USD Medium-term Trend: Ranging

On 4-hour chart, Cardano is ranging. Cardano could not continue to increase in price as the bears defends the resistance level of $1.23. The price tested the $1.11 level but unable to penetrate the level. The coin started ranging movement within $1.23 and $1.11.

ADAUSD 4-hour chart, April 06

The two EMAs are interlocked to each other which indicate that consolidation is in progress in Cardano market. The price is trading around and over the 9 periods EMA and 21 periods EMA as a sign of consolidation. However, the relative strength index period 14 is above 50 levels and the signal line is not exhibiting specific price direction.

 

 

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Cardano Price: Bullish Pressure at $1.23 Resistance Level, Price Increase Envisaged

Cardano Price: Bullish Pressure at $1.23 Resistance Level, Price Increase Envisaged

ADA Price Analysis – March 30

When the bulls are able to push up the price above $1.23 level, the resistance at $1.46 and $1.68 will be the target. Inability to break up the $1.23 level by the bulls may result to further price consolidation. The support levels below current price are found at $1.11, $0.98, and$0.83

ADA/USD Market
Key Levels:

Resistance levels: $1.23, $1.46, $1.68

Support levels: $1.11, $0.98, $0.83

ADA/USD Long-term Trend: Bullish

ADA/USD is bullish on the daily chart outlook. Last week, the price direction was towards south; that is, it was bearish. The price changed direction when the price hits a support level at $0.98. Daily strong bullish candles are produced and Cardano increases to $1.23 resistance level. Cardano price experience a partial breakout at the $1.23 level but has no pressure to sustain the breakout. The price is currently consolidating around $1.23 level.

ADAUSD Daily chart, March 30

The crypto is trading above the 9 periods EMA and 21 periods EMA at moment as a sign of bullish movement. When the bulls are able to push up the price above $1.23 level, the resistance at $1.46 and $1.68 will be the target. Inability to break up the $1.23 level by the bulls may result to further price consolidation. The support levels below current price are found at $1.11, $0.98, and$0.83. The relative strength index period 14 is flat at 50 levels to indicate ranging market signal.

ADA/USD Medium-term Trend: Bullish

Cardano is bullish on 4-hour chart. The coin bounces from the support level at $1.11 to the resistance level at $1.22. Cardano has being consolidating around $1.23 level. At the moment, the bulls are exerting pressure to break up $1.23 price level.

ADAUSD 4-hour chart, March 30

The two EMAs are close to each other which indicate low momentum in the Cardano market.  The price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish movement. However, the relative strength index period 14 is above 40 levels and the signal line pointing towards north as a bullish signal.

 

 

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Cardano is Recording Overwhelming Demand: Charles Hoskinson

Cardano is Recording Overwhelming Demand: Charles Hoskinson

Charles Hoskinson, the founder of Cardano (ADA), recently announced that the company is witnessing “overwhelming demand” despite it still being in the second phase of its Goguen upgrade.

Hoskinson noted that Cardano does not have the programmability facility at the moment, nor the smart contracts needed to meet the demand, but that didn’t stop companies from subscribing to it. Already, several applications are using Cardano’s metadata features.

The founder and CEO of Cardano noted that “at the moment our company has no more capacity to serve the flow that comes to Cardano.”

In a previous report, we quoted Hoskinson saying that over 100 companies could migrate from Ethereum to Cardano, despite Cardano’s current inability to cater to the clients.

The influx of clients spiked significantly following Cardano’s successful launch of the Mary hard fork at the start of this month. The upgrade effectively turned the company into a multi-asset network ecosystem.

Meanwhile, Charles Hoskinson is actively working with several African governments to attract millions of users to its database. IOHK, the host company behind Cardano, has collaborated with several African countries to get its citizens to create digital identities.

Hoskinson Comes with Proof for Critics
Hoskinson recently broadcasted a map of Cardano’s ecosystem via Twitter to shut critics who labeled the company a “ghost chain.”

Charles Hoskinson. Source: Google

Speaking about the DeFi ecosystem, the CEO noted that the company “has to listen to what people are saying,” referring to dApps that function as speculation vehicles alone, like NFTs, without providing any sustainable use cases for the cryptocurrency community.

He added that “most dApps are currently centralized by a small group of actors who control the changes in the protocols.”

Meanwhile, Cardano plans to provide complete decentralization for the protocol by enabling block-creation by pool operators by the end of this month.

 

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Cardano Price May Retrace to $1.23 Price Level Before Bearish Movement Continue

Cardano Price May Retrace to $1.23 Price Level Before Bearish Movement Continue

ADA Price Analysis – March 23

In case the buyers gain more momentum and the daily candle close above $1.23 level, ADA/USD may increase to $1.46 which may later test $1.46 level. In case the buyers were unable to penetrate the $1.23 level, then, price may decrease towards the support level at $1.11, $0.98 and $0.83.

ADA/USD Market
Key Levels:

Resistance levels: $1.23, $1.46, $1.68

Support levels: $1.11, $0.98, $0.83

ADA/USD Long-term Trend: Bearish

ADA/USD is bearish on the daily chart outlook. The price continue decreasing as the bears’ momentum keep on increasing. When the coin reached the high of $1.46 on February 27, the bulls’ pressure could not break up the level as it holds price. The bullish momentum became weak. The bears took over the market at the same level with the formation of bearish engulfing candle. Today, the coin is exhibiting a price retracement towards $1.23 resistance level.

ADAUSD daily chart, march 23

The crypto is trading between the 9 periods EMA and 21 periods EMA at moment as a sign of price retracement. The relative strength index period 14 is bending up at 40 levels to indicate buy signal. In case the buyers gain more momentum and the daily candle close above $1.23 level, ADA/USD may increase to $1.46 which may later test $1.46 level. In case the buyers were unable to penetrate the $1.23 level, then, price may decrease towards the support level at $1.11, $0.98 and $0.83.

ADA/USD Medium-term Trend: Bearish

Cardano is bearish on 4-hour chart. The Crypto tested the resistance level at $1.46 on March 18. The first time it tested the level was February 27. The mentioned level repeated the previous strong resistance capability by preventing ADAUSD penetrating the level. The coin started declining towards $1.11 price level.

ADAUSD 4-hour chart, March 23

The two EMAs are distance away from each other which indicate that bearish momentum is increasing. The price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. However, the relative strength index period 14 is above 30 levels and the signal line bending towards north as a bullish signal.

 

 

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Cardano Records Bullish Spike Following Coinbase Listing

Cardano Records Bullish Spike Following Coinbase Listing

Cardano (ADA) has come into the spotlight following Coinbase’s announcement that it plans on listing the cryptocurrency on its retail platform, which triggered a +30% spike in the cryptocurrency.

Before the news release, ADA had been trading in a sideways momentum for more than two weeks.

That said, the third-largest cryptocurrency will become one of the many beneficiaries of the “Coinbase Effect,” which has caused traders to be fiercely bullish about the prospects of ADA.

As many traders “buy the news,” reports have assured that ADA is not under any risk of a sharp decline, as it currently sits on a massive support barrier.

IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model illustrates that about 133k addresses had previously bought over 3.7 billion ADA at an average price of $1.15, which indicates that there is a healthy amount of interest to absorb the emergence of any downward pressure.

Meanwhile, the IOMAP indicates that about 95% of all ADA tokens currently in circulation got acquired at a lower price than their current market value.

What these figures tell is that most of the investors behind Cardano are “In the Money” and that it will take a huge sell-off to send the price lower.

ADAUSD – Hourly Chart

Key ADA Levels to Watch — March 18
ADA has regained a bullish bias following its decimation of the $1.1000 resistance, just like we projected. The cryptocurrency is now on the verge of toppling its all-time high at $1.4850 but has to clear the $1.4400 resistance.

That said, we expect to see a mild correction to the $1.4000 area, where a sharp rebound could occur due to a possible dip-buying influx.

Meanwhile, our resistance levels are at $1.4400, $1.4600, and $1.4850, and our key support levels are at $1.4000, $1.3000, and $1.2000.

Total Market Capitalization: $1.80 trillion

Cardano Market Capitalization: $46 billion

Cardano Dominance: 2.5%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.