Cardano Price: Will There Be a bullish Price Reversal at $0.98?

Cardano Price: Will There Be a bullish Price Reversal at $0.98?

ADA Price Analysis – July 20

When the sellers increase their pressure, the support level of $0.98 will be penetrated and the support levels of $0.83 and $0.73 may be tested. Inability to break down the $0.98 by the bears may lead to an increase in price to resistance levels at $1.11, $1.31 and $1.46.

ADA/USD Market

Key Levels:

Resistance levels: $1.11, $1.31, $1.46

Support levels: $0.98, $0.83, $0.73

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. The bears refuses to let Cardano go. In other words sellers are in control of the Cardano market. The bearish momentum started a couple of weeks ago at the resistance level of $1.46. The bearish momentum decreases the price to $1.11 price level. The declination continues with the formation of more bearish candles which indicate the sellers’ pressure. Cardano price is testing $0.98 after penetrated the former support level of $1.11.

ADAUSD Daily chart, July 20

Cardano is trading below the 9 periods EMA and 21 periods EMA after broken down the dynamic support levels. When the sellers increase their pressure, the support level of $0.98 will be penetrated and the support levels of $0.83 and $0.73 may be tested. Inability to break down the $0.98 by the bears may lead to an increase in price to resistance levels at $1.11, $1.31 and $1.46. The technical indicator relative Strength Index period 14 is at 30 levels with the signal line pointing downside which indicates further price reduction.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on 4-hour chart. Cardano started a bearish movement last three weeks. The bears intensifies their momentum and the price follows the bearish command. The former support level of $1.31 has turned to resistance.  The bearish momentum pushes the price down to the support level at $0.98.

ADAUSD 4 hour chart, July 20

The price is trading below the 9 periods EMA and 21 periods EMA while the two EMAs are separated from each other. The relative strength index period 14 is at 20 levels and the signal line pointing down to indicate sell.

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Cardano Network Welcomes Alonzo Testnet Upgrade

Cardano Network Welcomes Alonzo Testnet Upgrade

The long-awaited Alonzo testnet (termed Alonzo White) went through on the Cardano (ADA) network on Wednesday. IOHK, Cardano’s host company, announced via Twitter yesterday. The announcement noted that:

“We’ll monitor the new network closely over the next 24 hours while continuing to do further QA work on the node tonight. We’ll then review any feedback/results tomorrow and start addressing any required fixes. We expect several updates as we add features to Alonzo White.”

Analysts assume that everything is running smoothly, considering that there have been no additional updates or information since the initial release.

Meanwhile, the Cardano team previously announced the rollout strategy for Alonzo. The rollout, which came in phases, consisted of a color-coded series of testnets; Alonzo Blue to Alonzo Black.

The first phase of the rollout, Alonzo Blue, occurred at the end of May. Alonzo White is the second phase, which commenced on Wednesday with a successful hard fork. The next in line for rollout is Alonzo Purple.

Speculations draw that the Alonzo Purple rollout could occur in August. This upgrade will launch the network into the Goguen era.

Emurgo, a founding entity of the Cardano protocol, asserted that the Alonzo upgrade brings several benefits to the ecosystem, including Smart Contract compatibility integration.

Key Cardano Levels to Watch — July 16

ADA has come under intense bearish pressure in the early hours of Friday, as the cryptocurrency market remains under the control of bears. The fifth-largest cryptocurrency currently trades below the critical $1.2 pivot line, bringing the $1.15 support into view.

ADAUSD – 4-Hour Chart

The cryptocurrency needs to climb back into the $1.2 – $1.4 pivot area over the coming hours or risk falling below the $1.15 support.

Nonetheless, the current market bias is overwhelmingly bearish at the moment, making subsequent declines in the short-term very likely.

Meanwhile, our resistance levels are $1.2000, $1.3000, and $1.4000, and our support levels are $1.1500, $1.1300, and $1.1100.

Total Market Capitalization: $1.28 trillion

Cardano Market Capitalization: $37.6 billion

Cardano Dominance: 2.95%

Market Rank: #5

 

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Cardano to Onboard At Least 50 banks and 10 Fortune 500 Firms by 2026

Cardano to Onboard At Least 50 banks and 10 Fortune 500 Firms by 2026

Cardano has announced that some of its shorter-term goals include onboarding about 50 banks to use its native cryptocurrency (ADA). The CEO of the Cardano Foundation, Frederik Gregaard, revealed that three Fortune 500 companies could begin to use the token within the next three years and that this number could increase to ten by 2026.

Gregaard commented on the matter at an online presentation, where he highlighted the importance of large organizations adopting the native digital asset.

If the Foundation succeeds with this plan, ADA holders will have the option of converting their tokens into an assortment of fiat currencies or other coins via the Cardano blockchain.

That said, the plan for the next few years includes bolstering the on-chain activity of users and the number of active wallets to diminish the need for people to contract third parties to interact with blockchain projects on their behalf.

Cardano plans to Onboard 10 Fortune 500 Companies by 2026

Additionally, the Cardano Foundation plans to onboard about three large Fortune 500 companies into its ecosystem. Gregaard noted that in addition to introducing the institutions to the multiple benefits of blockchain, the Foundation also wants them to adopt and use ADA.

The Foundation revealed that in the next five years, it expects the entire blockchain to be self-sustained and operated by the community. Coincidentally, the actualization of this projected ecosystem operational level falls within the same period with the arrival of the Voltaire era. At that point, the Cardano blockchain expects to host over one billion users. This massive user base will help Cardano service at least an entire nation.

Meanwhile, the Foundation noted that the number of Fortune 500 companies holding and using ADA should have increased to about ten by 2026.

To fulfill this plan, the Foundation has initiated a two-tier plan that involves improving the demand for the blockchain and the coin while providing an “excellent and decentralized” product.

 

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Cardano Records $30 Billion in Staked Value Ahead of Mainnet Launch

Cardano Records $30 Billion in Staked Value Ahead of Mainnet Launch

At press time, over $30 billion worth of Cardano (ADA) has gotten staked to the network ahead of the milestone transition in the network. With this, one could predict that the network is in the process of laying the groundwork for broader network adoption and more price appreciation for the cryptocurrency.

Cardano staking allows users to earn passive income in ADA without the usual hassle of locking up one’s assets for a certain period, as is prevalent with other staking platforms.

According to PoolTool, a Cardano-based staking statistics platform, a whopping 71.7% of the total circulating supply of ADA (worth roughly $31 billion) has gotten staked across 2,665 active pools.

This amount of staked coins has earned Cardano the number one spot in terms of staked value. Ethereum holds the second spot with a distant $12.2 billion in staked value. Other runner-ups in the top five listings include Solana, Polkadot, and Aldorand.

That said, investors are increasingly bullish on ADA as they anticipate full Smart Contract implementation later this year. This upgrade should put Cardano in competition with crypto giants like Ethereum, Solana, and Chainlink.

Input-Output Hong Kong (IOHK), the host company of Cardano, launched the Alonzo test net in May, which opened the network up for the highly lucrative Smart Contract compatibility. This feature should get fully unlocked with Cardano’s mainnet launch in August.

Key Cardano Levels to Watch — July 2

As the broader market adopts a bearish bias, Cardano has entered consolidation mode between $1.4000 and $1.3000. However, the fifth-largest cryptocurrency is simultaneously trading within a bullish wedge.

ADAUSD – 4-Hour Chart

That said, we expect a resumption of a bullish momentum over the coming hours as we enter the weekend. The immediate bullish target is the $1.4000 critical resistance. However, a break below the $1.3000 support could foment a correction to the $1.2000 level.

Meanwhile, our resistance levels are $1.4000, $1.4450, and $1.5000, and our support levels are $1.3000, $1.2000, and $1.1000.

Total Market Capitalization: $1.33 trillion

Cardano Market Capitalization: $41.6 billion

Cardano Dominance: 3%

Market Rank: #5

 

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Cardano Price Bounces Up at $0.98 Level, Targeting $1.46

Cardano Price Bounces Up at $0.98 Level, Targeting $1.46

ADA Price Analysis – June 29

Should the buyers increase their momentum, the resistance level of $1.46 will be penetrated and the resistance levels of $1.64 and $1.87 may be tested. Inability to break up the $1.46 by the bulls may lead to a decrease in price to support levels at $1.11, $0.98 and $0.83.

ADA/USD Market

Key Levels:

Resistance levels: $1.46, $1.64, $1.87

Support levels: $1.11, $0.98, $0.83

ADA/USD Long-term Trend: Bullish

Cardano is bullish on daily chart. The sellers were in control of the Cardano market past two weeks. The bearish momentum has pushed the coin to find support at $0.98 price level. The price action has formed a morning star chart pattern at just mentioned support levels. The bullish momentum has been triggered and the price is increasing towards $1.46 resistance level.

Cardano daily chart, June 29

Cardano is trying to cross the two EMAs upside but currently trading between the 9 periods EMA and 21 periods EMA to establish a bullish trend. Should the buyers increase their momentum, the resistance level of $1.46 will be penetrated and the resistance levels of $1.64 and $1.87 may be tested. Inability to break up the $1.46 by the bulls may lead to a decrease in price to support levels at $1.11, $0.98 and $0.83. The technical indicator relative Strength Index period 14 is at 50 levels with the signal line pointing upside which indicates further price increase.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bullish movement on 4-hour chart. The bears push down Cardano to test the support level at $0.98. The bulls reacted against the price decrease with the formation of bullish engulfing candle. The price started increasing and the resistance level of $1.31 is broken upside. Further price increase envisaged as the price is above $1.31 level.

Cardano 4 hours chart, June 29

The price is trading above the 9 periods EMA and 21 periods EMA while the two EMAs are separating from each other. The relative strength index period 14 is at 60 levels and the signal line pointing up to indicate buy signal.

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Cardano Market Analysis: Market Rebounds as Bitcoin Surges

Cardano Market Analysis: Market Rebounds as Bitcoin Surges

Cardano (ADA) is up by over 11% over the past 24 hours and currently trades at $1.5800 in the mid-Monday session. This bull run is the largest one so far since the start of June.

The recent market rally pushed Cardano’s market cap above the $49 billion price point. Regardless the market cap is still miles away from its highest point of $71.5 billion set in May. Also, the cryptocurrency trades down by -36.2% from its all-time high of $2.46 set on May 16.

Meanwhile, despite the current bull market, Cardano is still down by over 8% over the past seven days. At press time, the fifth-largest cryptocurrency has a 24-hour volume of $2.60 billion, which represents 2.63% of the total trading volume in the crypto market.

In other news, Bitcoin (BTC) has cleared the $40k barrier and is up by 13.6% over the past 24 hours, following a goodish tweet from Elon Musk. This surge in BTC is responsible for the broader bullish sentiment seen in the market today.

Bitcoin currently has a market cap of $750 billion and commands 44% of the total market capitalization.

Ethereum has also regained bullish momentum and is up by 9.4% over the past 24 hours, with a market cap of $290 billion, and dominates 17% of the total market capitalization.

Key Cardano Levels to Watch — June 14

Cardano posted a healthy rebound from the $1.4000 support yesterday thanks to the broader bullish sentiment in the market and reached a high of $1.5813. However, the cryptocurrency fell, once again, to the $1.5000 area, where dip-buyers took charge and sent ADA to a new daily high at $1.5856.

ADAUSD – Hourly Chart

That said, we expect to see a bullish continuation over the coming hours and days to the $1.7000 resistance and higher points. Bearish moves from its current price point should get support from the $1.5467 support line, where our 200 SMA resides.

Meanwhile, our resistance levels are $1.7000, $1.8300, and $1.9500, and our support levels are $1.5000, $1.4000, and $1.3108.

Total Market Capitalization: $1.73 trillion

Cardano Market Capitalization: $50.2 billion

Cardano Dominance: 2.89%

Market Rank: #5

 

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Cardano Price May Retest $1.87 Resistance Level

Cardano Price May Retest $1.87 Resistance Level

ADA Price Analysis – May 11

When the bulls increase their momentum, the resistance level of $1.87 will be penetrated and the price may increase to the resistance level of $2.08 which may extend to $2.45 level. Should the sellers interrupt the bulls’ pressure and gain enough momentum, ADA/USD may decline to $1.64, $1.46 and $1.23.

ADA/USD Market

Key Levels:

Resistance levels: $1.87, $2.08, $2.45

Support levels: $1.64, $1.46, $1.23

ADA/USD Long-term Trend: Bullish

Cardano is bullish on daily chart. Cardano followed the bullish pattern (Head and Shoulder) formed two weeks ago. The price soared to the resistance level at $1.87 after it breaks up the former resistance levels of $1.46 and $1.64. On May 10, the coin pulls back at the resistance level of $1.87 to retest the $1.64 level. Today, the bulls are dominating the market, which means the price may increase further.

ADAUSD Daily chart, <May 11

Cardano continue its trading above the 9 periods EMA and 21 periods EMA at a distance to the EMAs. When the bulls increase their momentum, the resistance level of $1.87 will be penetrated and the price may increase to the resistance level of $2.08 which may extend to $2.45 level. Should the sellers interrupt the bulls’ pressure and gain enough momentum, ADA/USD may decline to $1.64, $1.46 and $1.23. The technical indicator Relative Strength Index period 14 is at 75 levels with the signal line pointing upside which indicates a bullish signal.

ADA/USD Medium-term Trend: Bullish

Cardano is on the bullish movement on 4-hour chart. ADA approaches the high level of $1.87 last week. The breakup of the level is prevented by the pressure of the bears. The price pulled back to retest the support level of $1.46. The bulls defends the $1.46 level and the price is currently increasing towards the $1.87 for second touch.

ADAUSD 4-hour chart, May 11

The price is trading above the 9 periods EMA and 21 periods EMA while the two EMAs are close to each other indicating low market volatility. The relative strength index period 14 is at 60 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 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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