Cardano Price: Can Bears’ Momentum Break Down $1.87 Support Level?

26 October 2021 | Updated: 26 October 2021

ADA Price Analysis – October 26

An increase in the momentum of the bulls will bring a breakout at $2.30 level which will increase the price to $2.68 and $3.0. In the same manner, an increase in the bears’ momentum will break down the support level of $1.87 which will decrease the price to $1.64 and $1.46 levels.

ADA/USD Market

Key Levels:

Resistance levels: $2.30, $2.68, $3.0

Support levels: $1.87, $1.64, $1.46

ADA/USD Long-term Trend: Ranging

Cardano is bearish in the long term outlook. Two weeks ago, the coin was under the control of the sellers. The price dropped from the resistance level of $3.0 and decline to the support level of $1.87 where the bulls opposed the bearish movement with the formation of strong bullish engulfing candle. The price increases to retest the resistance level of $2.30 but could not break it up. Then, the price commences a ranging movement within $2.30 and $1.87 levels.

ADAUSD Daily chart, October 26

The price is trading around the two EMAs with the 9 periods EMA closely placed beside the 21 periods EMA as an indication of ranging market. Breakout is iminent in the Cardano market. An increase in the momentum of the bulls will bring a breakout at $2.30 level which will increase the price to $2.68 and $3.0. In the same manner, an increase in the bears’ momentum will break down the support level of $1.87 which will decrease the price to $1.64 and $1.46 levels.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement in the 4-hour chart. The price started a ranging movement within the resistance level of $2.30 and support level of $1.87 when bears lose their momentum at the support level of $1.87 and the bulls’ pressure is weak to break up the resistance level of $2.30.

ADAUSD 4-hour chart, September 26

The 9 periods EMA is interlocked with the 21 periods EMA and ADA price is hovering over the two EMAs. The Relative Strength Index period 14 is at 50 levels displaying no specific direction.

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Cardano Price: Indecision Moment as Bears’ and Bulls’ Pressure at Equilibrium

19 October 2021 | Updated: 19 October 2021

ADA Price Analysis – October 19

A breakout at $2.30 resistance level may push the coin to $2.68 and $3.0. On the other hand, a breakout at the support level of $1.87 may reduce the price to $1.64 and $1.46 levels. However, the relative strength index is at 40 levels pointing down to indicate sell signal.

ADA/USD Market

Key Levels:

Resistance levels: $2.30, $2.68, $3.0

Support levels: $1.87, $1.64, $1.46

ADA/USD Long-term Trend: Ranging

Cardano is on the ranging movement in the long term outlook. The crypto reduced to $1.87 support level and the sellers’ momentum failed. The bulls have not enough pressure to push up the coin above the resistance level of $2.30. This scenario led to ranging movement within $2.30 resistance level and $1.87 support level.

ADAUSD Daily chart, October 19

The 9 periods EMA is interlocked with the 21 periods EMA while the price is hovering over the two EMAs. Ranging movement may continue until there is a breakout at south or north. A breakout at $2.30 resistance level may push the coin to $2.68 and $3.0. On the other hand, a breakout at the support level of $1.87 may reduce the price to $1.64 and $1.46 levels. However, the relative strength index is at 40 levels pointing down to indicate sell signal.

ADA/USD Medium-term Trend: Ranging

Cardano was ranging in the 4-hour chart last week. The price is range-bound within the resistance level of $2.30 and Support level of $1.87, this might be due to weakness in the bulls’ and the bears’ momentum. Low volatility may continue in the Cardano market until there is a breakout.

ADAUSD 4-hour chart< October 19

The 9 periods EMA weaves around the 21 periods EMA and ADA price is trading around the two EMAs. The Relative Strength Index period 14 is at 40 levels pointing down to indicate a sell signal.

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Cardano Price: Bears’ Pressure Increase, $1.87 May Be Penetrated

12 October 2021 | Updated: 12 October 2021

ADA Price Analysis – October 12

In case the support level of $1.87 is retested, it may be penetrated, and expose the price to $1.64 and $1.46. In case the bulls’ momentum becomes stronger and the resistance level of $2.30 is penetrated, then, $2.68 and $3.0 may be tested.

ADA/USD Market

Key Levels:

Resistance levels: $2.30, $2.68, $3.0

Support levels: $1.87, $1.64, $1.46

ADA/USD Long-term Trend: Bearish

Cardano is bearish in the long term outlook. Sellers have been in control of the crypto market for more than three weeks. Meanwhile, the buyers were opposing the sellers; the scenario leads to ranging market.  The price declined and turned the former support levels of $2.68 and $2.30 to resistance. The price is ranging within the $2.30 and $1.87 price levels.

ADAUSD Daily chart, October 12

The 9 periods EMA is crossing the 21 periods EMA while the price is trading below the two EMAs. Today, the coin starts the Cardano market with a daily bearish candle below the $2.30 price. Further decrease in the price of Cardano is envisaged. In case the support level of $1.87 is retested, it may be penetrated, and expose the price to $1.64 and $1.46. In case the bulls’ momentum becomes stronger and the resistance level of $2.30 is penetrated, then, $2.68 and $3.0 may be tested.

ADA/USD Medium-term Trend: Bearish

Cardano was bullish in the 4-hour chart last week. The price broke up the resistance level of $2.30 and it was heading towards the resistance level of $2.68 before it was interrupted by the bears. On September 21, the sellers opposed the bullish movement. The price reversed below the support level of $2.30 trending down towards $1.87 level.

ADAUSD 4-hour chart, October 12

The 9 periods EMA has crossed below the 21 periods EMA and ADA price is trading below the two EMAs. The Relative Strength Index period 14 is at 20 levels pointing down to indicate a sell signal.

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Cardano Price May Break Out at $2.30 Level and Target $2.68

5 October 2021 | Updated: 5 October 2021

ADA Price Analysis – October 05

A breakout at the resistance level of $2.30 will lead the price to $2.68 in which the upper level of $3.0 may be tested. In case the support level of $1.87 do not hold, pressure from the bears may reduce it towards $1.64 and $1.46 support levels.

ADA/USD Market

Key Levels:

Resistance levels: $2.30, $2.68, $3.0

Support levels: $1.87, $1.64, $1.46

ADA/USD Long-term Trend: Bearish

Cardano is bearish in the long term outlook. There was no significant movement in the Cardano market last week. The resistance and support levels of $2.30 and $1.87 holds respectively. The price is yet to gain enough volatility to break up the levels. This is what led to ranging of price within the mentioned levels up till the moment of writing this report. However, breakout is imminent.

ADAUSD Daily chart, October 05

At the moment, Cardano is trading within the 9 periods EMA and the 21 periods EMA while the two EMAs are close to each other as an indication of low volatility.  A breakout at the resistance level of $2.30 will lead the price to $2.68 in which the upper level of $3.0 may be tested. In case the support level of $1.87 do not hold, pressure from the bears may reduce it towards $1.64 and $1.46 support levels.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement. The Crypto tested the support level of $1.87 on September 24 and the bears’ momentum is not enough to break it down. It bounced and tested the resistance level of $2.30, the just mentioned level holds and the price continue a ranging movement within the $2.30 and $1.87 kevels.

ADAUSD 4-hour chart, October 05

Cardano is hovering around the two EMAs as 9 periods EMA is below the 21 periods EMA. The Relative Strength Index period 14 is at 50 levels pointing up to indicate a buy signal. The price is awaiting a breakout.

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Cardano Price Is Heading Towards Support Level of $1.87

28 September 2021 | Updated: 28 September 2021

ADA Price Analysis – September 28

A decrease in the price of Cardano is envisaged; the support level of $1.87 may be retested, penetrated, and expose the price to $1.64 and $1.46. In case the bearish momentum becomes weak at the $1.87 price level, consolidation may commence.

ADA/USD Market

Key Levels:

Resistance levels: $2.30, $2.68, $3.0

Support levels: $1.87, $1.64, $1.46

ADA/USD Long-term Trend: Bearish

Cardano is bearish in the long term outlook. The crypto was under the sellers’ pressure for the last two weeks. The pressure of the bears was able to push down the price to break down the barrier at $2.68 and the price reached the support zone at $2.30. The just mentioned level could not hold and the bearish momentum extends to the support level of $1.87. The price pulled back and retest the $2.30 level. At the moment, it seems the bears are returning in to the Cardano market.

ADAUSD daily chart, September 28

Today, the coin starts the Cardano market with a daily bearish candle below the $2.30 price. The 9 periods EMA is below the 21 periods EMA while the price is trading below the two EMAs. A decrease in the price of Cardano is envisaged; the support level of $1.87 may be retested, penetrated, and expose the price to $1.64 and $1.46. In case the bearish momentum becomes weak at the $1.87 price level, consolidation may commence. Nevertheless, the resistance levels above the current price level are $2.30, $2.68, and $3.0.

ADA/USD Medium-term Trend: Bullish

Last week, Cardano was bearish in the 4-hour chart. On September 23, the support level at $2.30 opposed the bearish movement. The price carried out a retracement towards the $2.68 level. Sellers gathered more pressure and breaks down $2.30 level, declined towards the support level of $1.87.

Cardano 4-hour chart, September 28

The 9 periods EMA has crossed below the 21 periods EMA and ADA price is trading below the two EMAs. The Relative Strength Index period 14 is at 40 levels pointing down to indicate a sell signal. The price may decrease further.

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Cardano to Partner with Chainlink for Better Smart Contract Functionality

27 September 2021 | Updated: 27 September 2021

IOHK has announced a partnership with decentralized blockchain oracle network Chainlink in its ongoing Cardano (ADA) Summit 2021.

Based on the announcement, the partnership will allow Cardano to integrate Chainlink’s oracles in supporting developers as they begin building Smart Contracts (SC) for decentralized finance (DeFi) applications. This comes after the Alonzo Mainnet upgrade on September 12.

Commenting on the new development, Head of Blockchain Partnerships at Chainlink Labs Niki Ariyasinghe noted that the oracle network possesses a “tremendous amount of respect for the Cardano ecosystem,” especially the project’s technical team and the collaborative nature of the ADA community.

The Chainlink executive added that he believes the partnership is perfectly timed considering the recent launch of Smart Contracts compatibility, while Chainlink facilitates the movement of tamper-proof data from off-chain sources to on-chain SC. Ariyasinghe stated that:

“A lot of this comes down to timing. Cardano obviously has had an extended period where it had different drops of upgrades, and the most recent is Alonzo – really about enabling smart contracts. So for us, this is really like the right time to engage with the Cardano ecosystem.”

Finally, Ariyasinghe asserted that the integration could allow hundreds of billions of dollars of value to get secured on the Cardano Protocol, especially regarding the DeFi industry.

Key Cardano Levels to Watch — September 27

ADA continues to trade on a sideways bias despite the renewed upbeat sentiment across the broader market. The third-largest cryptocurrency remains restrained under the $2.300 resistance line amid mild inflows of trading volume (both bullish and bearish).

ADAUSD – 4-Hour Chart

This sideways action probably comes as a result of the ongoing battle between bears and bulls, with the former wanting to keep the cryptocurrency along the descending tripwire and the latter striving to climb back above the critical $2.470 mark.

Until we see a break into the $2.400 — $2.350 pivot zone, ADA will likely remain in its range-bound status between $2.300 — $2.200.

Meanwhile, our resistance levels are $2.300, $2350, and $2.400, and our support levels are $2.200, $2.100, and $2.000.

Total Market Capitalization: $1.95 trillion

Cardano Market Capitalization: $71.6 billion

Cardano Dominance: 3.67%

Market Rank: #3

 

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Cardano (ADA/USD) Price Penetrates $2.3 Support Level, Targeting $1.8

21 September 2021 | Updated: 21 September 2021

ADA Price Analysis – September 21

Further increase in the bears’ momentum may break down $1.8 level, price may reduce further to $1.6 and $1.4 support levels. Bullish movement may commence towards the resistance levels at $2.3 and $2.6 and $3.0 provided $1.8 hold.

ADA/USD Market

Key Levels:

Resistance levels: $2.3, $2.6, $3.0

Support levels: $1.8, $1.6, $1.4

ADA/USD Long-term Trend: Bearish

On the daily chart, ADA/USD is bearish. Cardano was on the ranging movement last week within $3.0 and $2.6 levels. The bears eventually prevailed as the massive bearish daily candle emerges and broke down the support level at $2.6 and the price declines further. The support level of $2.3 could not hold the price, it is currently heading towards the support level of $1.8.

ADAUSD Daily chart, September 21

Cardano has crossed the two EMAs downside and it is trading below the 9 periods EMA and the 21 periods EMA, as an evidence of a downward trend. Further increase in the bears’ momentum may break down $1.8 level, price may reduce further to $1.6 and $1.4 support levels. Bullish movement may commence towards the resistance levels at $2.3 and $2.6 and $3.0 provided $1.8 hold. The technical indicator Relative Strength Indicator is below 40 levels with the signal line pointing downside which indicate sell signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement in the 4-hour chart. The bears took over the Cardano market after long period of ranging movement. The support level of $2.6 could not hold the price when the bears gained momentum, the price decreases and break down the support level of $2.3 and exposes cardano to $1.8 price level. Further price declination envisaged.

ADAUSD 4 hour chart, September 21

The price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. The relative strength index period 14 is above 30 levels and the signal line exhibiting buy signal which may be a pullback.

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Cardano CEO Slams Token Burning, Equates It to Stealing Food

20 September 2021 | Updated: 20 September 2021

The founder and CEO of Cardano (ADA), Charles Hoskinson, has spoken strongly against the sweeping idea of deflationary economics in the cryptocurrency industry. Mr. Hoskinson made his opposing stance known in a recent AMA (ask me anything) session on YouTube, comparing the practice of token burn to stealing food. He noted that the activity reflects human greed and ignorance, explaining that:

“We are so glad that you can tell us that we gotta destroy other people’s money so that you can make a little extra money and then sell the ADA and move on to something else.

The token burn or deflationary tokenomics proposes to remove a certain amount of tokens from the circulating supply making the existing tokens more valuable. Ethereum ($ETH) became the latest to join on the deflationary token bandwagon post-London Hardfork, and it has already burnt over $1 billion worth of Ether since Eip-1559 implementation. Apart from $ETH, Binance also burns its BNB supply on a quarterly basis.”

Hoskinson has the habit of being crude in his criticisms and does not mince words despite the barrage of criticism and trolling he gets. Nonetheless, the CEO previously encouraged developers to create a “Proof-of-Burn” that allows users to upload their ADA and destroy it permanently. That said, he noted that those interested are free to partake but at no one else’s cost.

Key Cardano Levels to Watch — September 20

Along with most of the cryptocurrency market on Monday, ADA has come under renewed bearish pressure, as the fourth-largest cryptocurrency fell by -10% below the critical $2.300 support. Cardano consistently recorded lower high asking or descending trendline over the weekend.

ADAUSD – 4-Hour Chart

That said, bears appear to have posted a slowdown at the $2.100 level. It is not clear whether this came due to bullish reemergence or bearish repositioning for further declines. Buyers need to exercise patience to see if ADA resurfaces above $2.200 in the coming hours, which could restore a modest bullish outlook.

Meanwhile, our resistance levels are $2.200, $2300, and $2.350, and our support levels are $2.100, $2.000, and $1.950.

Total Market Capitalization: $1.98 trillion

Cardano Market Capitalization: $67.8 billion

Cardano Dominance: 3.4%

Market Rank: #4

 

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Cardano Records Over 2,000 Smart Contract Application in Four Days

17 September 2021 | Updated: 17 September 2021

Following the recent Alonzo Mainnet upgrade, Smart Contracts (SC) compatibility has become a reality for Cardano (ADA) developers. The upgrade allows developers to create decentralized applications (dApps) and decentralized finance (DeFi) services.

With the recent creation of new SC projects, the network could witness a massive influx of new dApps. Reports show that the network recorded over 100 Smart Contact projects in the first 24 hours after the upgrade. This impressive performance has only grown exponentially over the past few days. At press time, the total SC count on the network stands at a whopping 2,280 projects.

While most of the SC projects are “time-locked,” which means that developers are saving a spot ahead of the release of their decentralized applications, it shows that many developers are excited to launch SC projects on the Cardano ecosystem.

The timelock contract allows developers to secure a spot on the network for a stated period, thereby allowing them to focus on developing their SC projects.

Although there have been no immediate effects of this development on ADA, Cardano’s native token, there is no doubt that it will have a long-term and lasting impact on the price of the cryptocurrency.

Key Cardano Levels to Watch — September 17

Following a prolonged consolidation between $2.420 and $2.350 since Monday, Cardano finally posted a sharp leg-up towards the $2.600 resistance on Wednesday. However, this goodish uptick got repelled by the resistance level, which sent it spiraling down back into the consolidation zone. This bearish momentum comes amid a widespread market consolidation.

ADAUSD – 4-Hour Chart

We expect to see a continued decline to the $2.350 base, where a bullish rebound could occur again. A sustained fall below this zone could precipitate a swift retest of the $2 psychological mark, making this zone a critical defense post for bulls in the near term.

Meanwhile, our resistance levels are $2.420, $2471, and $2.600, and our support levels are $2.350, $2.300, and $2.200.

Total Market Capitalization: $2.13 trillion

Cardano Market Capitalization: $75.8 billion

Cardano Dominance: 3.56%

Market Rank: #3

 

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Cardano (ADA/USD) Price: Support Level of $2.3 May Be Penetrated as Bears Exert More Pressure

14 September 2021 | Updated: 14 September 2021

ADA Price Analysis – September 14

In case bears could not break down $2.3 level, price may reverse and confront the barriers at $2.6, $3.0 and $3.3 resistance levels. Bearish movement may continue towards the support levels at $1.8 and $1.6 provided $2.3 does not hold.

ADA/USD Market

Key Levels:

Resistance levels: $2.6, $3.0, $3.3

Support levels: $2.3, $1.8, $1.6

ADA/USD Long-term Trend: Bearish

On the daily chart, ADA/USD is ranging. The bulls lose momentum when they pushed the coin to the significant resistance level of $3.0 on 27 August. The price consolidated for few days before it pulled back to retest the support level of $2.6. The just mentioned level could not hold the price, it declined further to test the support level of $2.3. The just mentioned resistance and support levels hold the price and the coin commences another ranging movement within the levels. However, it seems bears are intensify their pressure.

Cardano daily chart, September 14

Cardano is trading below the 9 periods EMA and the 21 periods EMA, the former EMA is crossing the later to establish downward trend. In case bears could not break down $2.3 level, price may reverse and confront the barriers at $2.6, $3.0 and $3.3 resistance levels. Bearish movement may continue towards the support levels at $1.8 and $1.6 provided $2.3 does not hold. The technical indicator Relative Strength Indicator is at 50 levels with the signal line pointing downside which indicate sell signal.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement on the 4-hour chart. The bears exerted more pressure last week and it penetrated the $2.6 downside to test $2.3. The crypto commences another ranging movement within the resistance level of $2.6 and support level of $2.3. The coin tested the resistance level of $2.6 twice. The bulls’ pressure became weak, also the bears’ pressure is not strong enough to break down the support level of $2.3 level.

Cardano 4 hour chart, September 14

The price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. The relative strength index period 14 is at 40 levels and the signal line exhibiting sell signal.

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