Cardano (ADA) Eyes 20% Price Surge Funding Rate Suggests Increasing Demand

Cardano is trading at a crucial supply level that could spark a significant rally to new highs. After last weeks interest rate cut, optimism has surged among analysts and investors, with many anticipating strong upward momentum for the altcoin.  This positive sentiment is reflected in spot trading and the futures market, where key data from [...]

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Cardano (ADA) Reclaims Top 10 Crypto Spot, Analysts Set New Targets

Cardano (ADA) has seen a remarkable performance over the week, surging over 10% and reentering the top ten cryptocurrencies by market capitalization list. Its recent price action has fueled a bullish sentiment among investors and market watchers, who believe the token might be near a rally toward $1. Related Reading: BNB Falters At $600, Paving The Way For A Deeper Pullback Cardano Breaks Out To Reclaim Top 10 Spot Cardanos price has steadily declined after the March highs, registering a 42% drop in the last six months. During the Q1 rally, the token hit its highest price since 2022, reaching the $0.774 price range. Since then, ADA has nosedived to pre-rally levels, disappointing some investors and market watchers. The crypto community has repeatedly slammed the project for a lack of appeal to the broader public. Additionally, many have criticized ADAs underwhelming price action. However, the tokens recent rally has sparked a bullish sentiment among some community members. Despite the early September market shakeouts, the cryptocurrency has registered a 10% surge from its monthly opening, seeing green numbers in the weekly and biweekly timeframes. Technical analyst Crypto Yapper noted Cardanos recent performance. The analyst highlighted that ADA displayed a multi-month descending broadening wedge structure on its chart with multiple touch points on the top side and on the lower side. Inside this structure, the cryptocurrency displayed a smaller falling wedge pattern with its upper trendline being tested again on Monday. The analyst stated that the $0.35 was the first crucial resistance level for the token. Claiming this key zone and breaking out of the falling wedge pattern could create more bullish action and move the price toward the upper line of the bigger bullish structure. On Monday, Cardanos token reclaimed the $0.36 range, a level not seen in nearly a month. The surge sent ADAs price toward the $0.37 resistance level, turning the $0.375 price range into a support zone on Tuesday morning. The recent performance also pushed Cardano back to the top ten cryptocurrencies list after ADAs market capitalization surged 6%, surpassing Tron (TRX) in the last 24 hours. Analysts See New Price Targets For ADA Today, Crypto Yapper noted that ADA broke above resistance as the cryptocurrency was creating a higher high on the daily chart. This performance indicates a huge trend reversal for Cardano. However, he pointed out that to break above the descending broadening wedge, the token must reclaim its second key resistance level at $0.39. If successful, the breakout could target the structures higher price range of $0.52. Related Reading: Bitcoin (BTC) On Track For Strongest September Performance, Is $90,000 Next? Other analysts also highlighted ADAs performance and breakout, suggesting that the cryptocurrency has the potential for a 170% surge. Dan Gambardello pointed out, “Cardano just went through a phenomenal throwback to a colossal triangle pattern. To the analyst, If crypto is about to enter a green October, I anticipate ADA will reclaim $1 with haste. ADA is trading at $0.378, a 6.2% and 12.2% surge in the daily and weekly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com

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Crypto Analyst Identifies Cardano Buy Signal And Parabolic Rally To Send ADA Price To $5

As the altcoin season approaches, Cardano (ADA) is gaining momentum, having recorded more than a 14% increase in the past week, according to CoinMarketCap. Notably, a crypto analyst has identified a strong buy signal for ADA, suggesting that it could potentially set off a parabolic rally that might drive the price of Cardano to new [...]

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Analyst Predicts 8,500% Rally For Cardano To Reach $31 As Indicators Turn Bullish

Since March, Cardano (ADA) has experienced recurring periods of significant price declines. However, crypto pundit Dan Gambardello, a popular analyst on the Crypto Capital Ventures YouTube channel, predicts a potential bullish reversal based on an analysis of the weekly and daily charts. Key Technical Indicators Support Bullish Outlook According to the analyst in a recent video, ADA is poised for a significant breakout, potentially reaching around $31, representing a remarkable 8,500% increase from current levels. The analyst highlighted that the market has experienced “180 days of downside” since March, creating favorable conditions for this anticipated surge.  Related Reading: Bitcoin Final Cycle Pump Puts Price As High As $200,000 He further suggested that ADA could break its current cycle of lower highs and lower lows, citing key technical indicators, particularly the MACD (Moving Average Convergence Divergence) on the weekly chart, which is showing signs of a bullish crossover. “The macro momentum of Cardano is signaling its readiness to bottom,” he said, emphasizing the upward momentum of the MACD histogram since May. However, he cautioned that ADA has yet to decisively move above the 20-day and 50-day moving averages. He warned that while testing key levels, the move could fail, advising patience until more price action confirms a true breakout. While some analysts view Dan Gamberdello projections as overly optimistic, crypto analyst Sssebi has offered a more conservative forecast.   He forecasts a rally of 20x to 30x for Cardano over the next year. Sssebi noted that Cardano current position mirrors its state during the last cycle, indicating a major rally may be imminent. He predicts that Cardano could hit a minimum price of $5 by 2025, with a possible peak of $10 during the height of the bull market. Cautious Outlook For Cardano However, not all analysts are as bullish. Trader “Lingrid” has adopted a more cautious perspective regarding Cardano (ADA), predicting a short-term pullback for the cryptocurrency. In a recent post, he noted that “ADAUSDT appears bearish on the daily timeframe,” forecasting a potential decline to $0.325 and suggesting that ADA may remain within the consolidation zone between $0.30 and $0.34 for an extended period. Related Reading: Uptober Is Just Around The Corner: Heres Where Bitcoin Price Is Headed This negative outlook is further reinforced by the bearish on-chain metric. According to Coinglass, ADAs Long/Short ratio currently stands at 0.926, indicating a prevailing bearish sentiment among traders. Furthermore, its future open interest has declined by 3.8% in the last 24 hours and has been steadily falling. This suggests that traders are either liquidating their positions or hesitant to establish new ones. At press time, ADA was trading near the $0.352 level and had experienced a modest price decline of 0.8% in the last 24 hours. During the same period, its trading volume had dropped by 18%, indicating lower participation from traders amid selling pressure. Featured image created with Dall.E, chart from Tradingview.com

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Bullish Analyst Sees Cardano (ADA) Rising 13% As Key Indicator Signals Buy

In a notable divergence from the broader cryptocurrency market, Cardano (ADA) has faced challenges in capitalizing on the recent bullish sentiment triggered by the Federal Reserve’s decision to reduce interest rates by 0.50% earlier this week.  While major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have seen gains exceeding 5% in the same timeframe, ADA [...]

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Cardano (ADA) Enters Stage 3 That Will Trigger 4,500% Rally To $15

Cardano (ADA) is finally at stage three of this current market cycle, with analysts foreseeing a massive 4,500% price rally to $15. This projected price increase is set to offer dedicated investors and holders a small window of opportunity to make gains from the popular altcoin.  Cardano (ADA) Set Sights On $15 Price Surge Crypto [...]

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Cardano Price Prediction: The Roadmap To New All-Time Highs

Crypto analyst Dan Gambardello has highlighted the Cardano (ADA) roadmap to a new all-time high (ATH). The analyst also suggested that Cardano was halfway to reaching a new high, noting what part of its cycle the coin was currently at.   Cardano Is In Stage 3 Of Its Cycle Gambardello remarked in an X (formerly Twitter) [...]

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Analysts Kick Against Cardano Recovery, Says ADA Price Is Destined For 33% Crash

The overall bearish sentiment for Cardano (ADA) continues to rise as analysts now foresee a massive 33% price crash for the altcoin. This pessimistic projection comes as ADA struggles to gain traction in the market, with its value remaining stagnant or steadily dropping to lower levels.  Cardano (ADA) Crash Incoming Compared to other prominent altcoins [...]

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Cardano (ADA) Whales Securing Gains After 10% Upswing: Whats Next?

Cardano has surged over 10%,  breaking a key resistance level, and is now testing higher prices. Despite the bullish momentum, on-chain data reveals that long-term holders are beginning to take profits. The ratio of daily on-chain transactions in profit to loss has turned positive, suggesting that many investors are capitalizing on recent gains. Related Reading: Injective (INJ) Breaks $18 Resistance: Investors Expect Higher Prices As the market continues to evolve, ADA strives to maintain its uptrend, buoyed by positive sentiment and growing optimism for further price recovery. However, this profit-taking activity indicates that some investors are cautiously locking in gains, potentially leading to short-term price volatility. With high expectations for a continued rally in the coming weeks, investors are closely watching ADA’s performance to see if it can sustain its momentum. The next few days will be critical for confirming whether Cardano can hold above these levels and push toward new highs. Cardano Long-Term Holders Selling Cardano is testing local supply levels after a significant surge, with investors becoming cautious in their short-term strategies.  Yesterday, the ratio of daily on-chain transactions in profit to loss reached 1.53, meaning that for every ADA transaction resulting in a loss, 1.53 transactions have generated profits. This metric highlights that many investors are taking advantage of the recent price gains, leading to some long-term holders selling their coins for profit. Data from Santiment supports this view, showing a slight decline in Cardanos Mean Coin Age and Mean Dollar Invested Age on September 11. These metrics track long-term holders’ behavior, reflecting the average age of ADA coins and the amount invested over time. A drop in these metrics suggests that holders who purchased ADA at lower prices are now taking profits, decreasing the average age of the coins in their possession. Despite this selling pressure, ADA still has the potential to maintain its bullish momentum if market conditions continue to push. Cardano could target higher prices, but the cautious behavior from seasoned investors signals that the rally might face resistance soon. Related Reading: Is Chainlink (LINK) $12 Breakout Imminent? Data Reveals A Rising Open Interest The coming days will be crucial for ADA, as it needs to hold above its current levels to confirm a continued uptrend. If buyers regain control and demand increases, Cardano could break through key resistance levels and aim for new highs.  ADA Price Action Details ADA trades at $0.3565 after testing a key resistance at $0.36. The price has closed above the 4-hour 200 exponential moving average (EMA) at $0.3490. This is a significant indicator of short-term strength that ADA had respected as resistance since early August. This successful reclaim of the 4H 200 EMA is crucial for maintaining the uptrend. If ADA manages to retest this EMA and hold it as support, it would confirm a short-term bullish trend. Breaking and holding above this level suggests that ADA could continue to push upward. Investors and analysts see the next target as being in the $0.38 to $0.40 range. Related Reading: Cardano (ADA) Rally Brewing? On-Chain Metrics Suggest Investors Optimism However, if ADA loses this support level, the price could drop to lower demand zones, possibly retreating to around $0.33. This would signal a weakening current momentum and potentially spark further selling pressure. Featured image from Dall-E, chart from TradingView

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ADA At A Crossroads: Approaching $0.3389 Support With Potential For A Deeper Decline

Cardano (ADA) is approaching a crucial support level at $0.3389, a point that could determine its next major price movement. As the cryptocurrency nears this significant threshold, the question arises: will it hold firm, or will a break below signal a deeper decline? This pivotal moment could set the stage for significant shifts in ADA’s price trajectory. This article aims to analyze ADA’s current price dynamics as it approaches the $0.3389 support level. We will examine the significance of this support threshold and assess the potential impact of a breach on ADAs price trajectory. By exploring technical indicators, recent market trends, and possible scenarios, we seek to provide a comprehensive outlook on whether ADA is poised for a deeper decline or if the support level will hold firm. As of the time of writing, ADA is trading around $0.3488, marking a 2.25% decline, with a market capitalization of over $12 billion and a trading volume exceeding $272 million. In the past 24 hours, ADAs market cap has decreased by 2.23%, and its trading volume has dropped by 1.55% Decoding ADA Behavior: Key Insights From Current Trends On the 4-hour chart, ADA has dropped below the 100-day Simple Moving Average (SMA) and is currently consolidating just above the $0.3389 mark. This positioning suggests a bearish trend, with the potential for further declines if the cryptocurrency breaks below this key support level. Additionally, on the 4-hour chart, the Relative Strength Index (RSI) has slipped below the 50% mark, currently resting at 41%, highlighting a growing bearish momentum and suggesting that selling pressure could intensify. On the daily chart, ADA is exhibiting notable negative movement below the 100-day SMA, with multiple bearish candlesticks forming as it nears the $0.3389 mark. This bearish trend indicates strong selling pressure and negative market sentiment, raising the likelihood of a breakout below this key level. Finally, the 1-day RSI reveals that ADA remains under significant bearish pressure, with the indicator trending below 50%. Sitting at 40%, the falling signal line highlights sustained bearish dominance and increasing pessimism surrounding the cryptocurrency. Critical Juncture: Will ADAs $0.3389 Support Hold Or Signal A Deeper Drop? If ADA maintains support at the $0.3389 support level, it could start to rise toward the $0.4233 resistance level. If the price successfully breaches this resistance, it may continue its rally toward the next resistance point at $0.5229 and possibly other levels beyond. However, should the $0.3389 mark fail to hold and the price break below this level, the cryptocurrency may continue to move downward toward the $0.2388 range. Once this level is breached, the crypto asset may experience more price drops toward other support marks below. Featured image from Adobe Stock, chart from Tradingview.com

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Cardano (ADA) Q2 Digest: Major Double-Digit Decrease Across Four Vital Metrics

According to a recent report by data intelligence firm Messari, Cardano and its native token, ADA, experienced a notable decline in the second quarter (Q2) of 2024, reflecting the broader downturn affecting the cryptocurrency market. Key performance indicators also showed significant decreases in various metrics. Price Plunge, Market Cap Dips To $14 Billion According to [...]

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Crypto Analyst Says Cardano (ADA) Is Set For 1,000% Rally To $4.29, Heres Why

Cardano (ADA) has been stuck in a challenging position for the past few years, struggling with stagnant price growth despite being one of the most popular altcoins in the space. A crypto analyst has offered insights into why Cardano has underperformed while also maintaining an optimistic outlook and predicting a 1,000% rally to new highs [...]

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Analyst Predicts 2,200% Explosion Will Send Cardano To $8, Heres When

Cardano has gotten a lot of bullish predictions lately, especially in relation to the much-anticipated Chang upgrade. The upgrade is one of the most important upgrades for the network in a while, and this has triggered a wave of optimism among supporters. Amid this, another bullish prediction has been presented by crypto analyst Alan Santana, who predicts a significant rally for the altcoins price that would send it to new all-time high prices. Where Cardano Is In This Cycle In the last three years, the Cardano price has seen various waves of bullish and bearish cycles, and unfortunately, the bears look to have won out. This began after the ADA price hit its current all-time high price of $3.10 in 2021, and since then, it has been mainly down-only. While this would usually scare off investors, crypto analyst Alan Santana points it out in his bullish analysis. Related Reading: The Shiba Inu Shibarium Suffers 97.6% Crash In Active Accounts, Whats Going On? According to the crypto analyst, the period when the Cardano price hit a new all-time high and 2023 when the price began moving upward, it showed that the altcoin was in a bear market. However, this was followed by a consolidation phase, which lasted from the beginning of 2023 to the end of 2023. Once the consolidation period was done, the ADA price began to see an upside at the start of 2024. This saw its price go from as low as $0.24 to as high as $0.79. This phase, Santana refers to as the initial bullish breakout. Now, the reason this phase is important is it is what the analyst refers to as the entree or appetizer before the major bull-market. This means that is the analyst is right, then this initial breakout is only a preview of whats to come. The decline that followed the local peak of $0.79 has been a source of worry for Cardano investors as the altcoin lost around 50% of its value since then. However, the crypto analyst calls this a minor correction which wouldnt matter much when the bull cycle rolls around. How High Can The ADA Price Go? From the analysis, Santana seems to expect the Cardano price to bottom somewhere around $0.22. Soon after, a bounce is expected to follow the decline, pushing the price even higher. From here, the targets come in, both for the short and long term. Related Reading: This Triangle Pattern Triggered In 2021 Suggests XRP Price Will Surge 5,000% To $32 Short-term targets include a 284.5% increase to $1.36, and a 475.39% increase to $2. Over the long term though, the crypto analyst expects much more explosive rallies for the ADA price. Two in particular stand out: One is a 1,272.18% increase to a new all-time high of $4.8. While the most notable rally is a 2,200% increase that would put the price at $8. Featured image created with Dall.E, chart from Tradingview.com

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Cardano Investors React To 14% ADA Price Surge To $0.37

On-chain data has provided insights into how Cardano (ADA) investors will likely react to the crypto token’s recent price surge. Cardano has been one of the leading gainers in the crypto market in the last seven days, with a price gain of over 14% during this period.  Related Reading: Cardano Chang Upgrade Launch: ADA Sees 52% Explosion In Major Metric Cardano Could Face Significant Selling Pressure Cardano could face significant selling pressure from investors who recently entered the money following the crypto tokens price surge. Data from the on-chain analytics platform Santiment shows that over an additional 12% of Cardanos supply is now in profits, which could pave the way for the holders of these tokens to secure their profits, especially considering Cardanos unstable price action so far in this market cycle.  Despite its recent price gains, Cardano has been one of the most underperforming coins since the start of the year and boasts a year-to-date (YTD) loss of over 35%. As such, Cardano holders are likely to be more compelled to secure their profits rather than hold on to the belief that this recent price surge is a bullish reversal rather than a relief bounce.  The recent transaction pattern among these Cardano holders also suggests that they are losing confidence in the crypto token and are likely to secure their profits as soon as possible. Data from the market intelligence platform IntoTheBlock shows that the average holding time of coins transacted in the last thirty days has been 5 months, indicating that Cardano holders are paper-handing their tokens.  Meanwhile, further data from IntoTheBlock shows how many addresses could offload their tokens if these Cardano holders begin to secure profits. 481,370 ADA addresses bought the crypto token between the price range of $0.3 and $0.35. This set of investors could be the first to begin securing profits, considering that they could easily fall out of the money if Cardanos recent price surge is simply a relief bounce. A Guide For ADA Investors Crypto analyst Trend Rider recently provided a guide for Cardano holders, which he stated they could use as a master plan to stay calm and tune out the noise. This guide came in the form of a chart that showed key levels holders should watch out for and use in making a well-thought-out investment decision.  The analyst stated that the range between $0.22 and $0.31 is a liquidation zone, which presents a strong buying area for those who want to add to their positions. He further stated that the main barrier zone for Cardano is between $0.42 and $0.55, noting that this area is ideal for taking profits.  He added that Cardano could enjoy a quick rally to $0.75 if it breaks above this main barrier zone. The analyst claimed $0.75 is the final boss resistance, a prime spot to take profits.Those with greater conviction in Cardano might want to hold the crypto token for much longer if it hits $0.75. Trend Rider stated that a break above $0.75 means the crypto token is entering bull market territory.  At the time of writing, ADA has been trading at around $0.379, which is up almost 4% in the last 24 hours, according to data from CoinMarketCap. Related Reading: Cardano Price Poised To Hit $2.88, Following Solanas Fractal: Crypto Analyst Cover image from Dall-E, chart from Tradingview

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Cardano Chang Upgrade Launch: ADA Sees 52% Explosion In Major Metric

The excitement continues to build within the Cardano (ADA) community as the highly anticipated Chang hard fork gets ready to launch. Ahead of the upcoming upgrade, ADA, the native token of the Cardano ecosystem, has exploded by over 52% in this key metric.  Cardano Releases Date For Chang Upgrade Intersect, a member-based organization for the Cardano ecosystem, took to X (formerly Twitter) on August 20 to provide comprehensive details and updates on the Chang hard fork. The organization has unveiled key dates for the Chang upgrade launch, highlighting that the majority of preparations are already finalized. Related Reading: Ethereum Metrics Turn Positive: Can This Drive A New ATH Above $5,000? According to Intersect, the Chang hard fork group held a meeting recently to review and discuss the progress of the projects desired thresholds and to gather valuable feedback from the Cardano community. With most of the preparations complete, they have proposed the first set of dates for the hard fork on the production mainnet.  The target date for the Chang #1 hard fork is set for Tuesday, August 27. However, a final decision on whether or not to proceed with this date will be made on Friday, August 23. The official date has been decided based on the readiness of certain key metrics, which have shown steady progress over the past weeks.  Intersect disclosed that the Chang hard fork group has verified and confirmed that the key components and tooling for the upgrade are set. This includes readiness of the Stake Pool Operator (SPO), exchange liquidity, and updates from Decentralized Applications (DApps). The team has affirmed that all components have exceeded expectations.  Furthermore, intersect noted that the formal process for initiating the hard fork will begin with a four-day lead time to conclude all necessary governance actions and approvals. In the case of a change of dates, the Chang hard fork team has revealed that the next appropriate window for the upgrade would be on September 3, 2024.  However, for now, all current indications suggest that August 27 is the most viable date for the Chang hard fork launch. In preparation, pre-production will be a hard fork on August 22.  ADA Surges Over 52% In A Key Metric  On August 21, Cardanos native token, ADA, witnessed an unprecedented rise in overall trading volume. Coinglass reports that the cryptocurrency jumped over 54% at the time, underscoring the rising trading activity and interest from investors.  This unexpected volume increase could be signaling a shift in Cardanos price dynamics. Over the past months, the price of ADA has been on a seemingly never ending consolidation phase. However with its surging volume, the cryptocurrency may be indicating a potential end to its price stagnation.  Related Reading: Historical Data Suggests Bitcoin Could Rise 1,000%, Heres Why Although ADAs volume rose above 54% previously, the cryptocurrencys current trading volume is up by 36.21%, at around $428.88 million, according to Coinglass. ADAs open interest is also witnessing a slight upward momentum, increasing by 4.66%.  Including the upcoming Chang upgrade, these positive changes in the cryptocurrencys metrics could be fueling Cardanos recent price increase in the last 24 hours. CoinMarketCap data shows that ADAs price has jumped 4.74% and is presently trading at $0.368.  Featured image created with Dall.E, chart from Tradingview.com

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Cardano Rises 8% As Hoskinson Reveals Launch Date For Highly Anticipated Chang Fork

Cardano (ADA) has seen a strong rally over the past week, up nearly 15% amid a broader recovery in the cryptocurrency market. The price spike also comes on the heels of Wednesday’s announcement of the final launch date for the blockchain’s much-anticipated Chang hard fork upgrade. The Chang hard fork, described as a significant evolution [...]

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Cardano Kicked Out Of Top 10 Crypto By Market Cap, Whats Going On?

In an unexpected twist of events, Cardano (ADA) has officially been ousted from the top 10 cryptocurrencies by market capitalization. The popular altcoin has also been usurped by Tron (TRX), marking a significant shift in the crypto market.  Cardanos Fall From Grace  According to reports from CoinMarketCap, Cardano has dropped out of the top 10 [...]

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Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA

Cardano (ADA) is currently competing with Ethereum in terms of large transaction volume. This is undoubtedly a positive development for the ADA ecosystem, especially since it indicates a wave of accumulation among the tokens large holders.  Cardano Matches Ethereum In Large Transaction Volume Data from the market intelligence platform IntoTheBlock shows that Cardano is witnessing a similar large transaction volume as Ethereum. In the last 24 hours, Cardano recorded a large transaction volume of $6.7 billion, while Ethereum witnessed a large transaction volume of $6.71 billion.  Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday? This development suggests that Cardano whales have been active these past few days as they look to add more tokens to their positions, especially with the market currently on a dip and as these investors anticipate the much-awaited price rally from ADA. Further data from IntoTheBlock confirms this, as there has been an over 15% increase in large holders net flow over the last seven days.  Data from the on-chain analytics platform Santiment also shows that Cardano whales have added to their positions. These investors, wallets holding between 100,000 and 10 million ADA tokens, collectively bought 120 million ADA tokens between July 17 and August 1. These wallets now hold over 5.69 billion ADA tokens.  An increase in whale activity presents a bullish outlook for the Cardano ecosystem. These investors could influence market prices, and these purchases could spark a significant surge in ADAs price. This will provide a much-needed boost for Cardano, seeing how the crypto token has underperformed since the start of the year.  Cardano has a year-to-date (YTD) loss of over 35% and is one of the most shorted altcoins, thanks to this unimpressive price action. However, Santiment has suggested that a massive turnaround for the crypto token cannot be ruled out since Cardano being heavily shorted increases the chances of liquidations leading to pumps. The on-chain analytics platform claimed these liquidations could act as rocket fuel for a price rally for Cardano. What Will Eventually Spark That ADA Rally? Cardano has failed to enjoy any significant rally despite several bullish developments in its ecosystem this year. The most recent bullish fundamental was the news that the US Securities and Exchange Commission (SEC) no longer considers ADA a security following the amendment of its complaint against Binance.  Related Reading: Crypto Analyst Says Dogecoin Price Will Rise Over 7,200% To Reach $10, Heres Why Meanwhile, the Chang Hard Fork is underway as Cardano transitions to the Voltaire era and ushers in its most advanced governance system. It is worth mentioning that ADAs price maintained a tepid price movement following the release of node validator software, version 9.1.0, which incorporates the Chang Hard Fork. As such, Cardanos price action begs the question of what needs to happen for the crypto token to finally witness that much-anticipated price rally and catch up with the rest of the major cap tokens in terms of YTD gains.  At the time of writing, Cardano is trading at around $0.38, down in the last 24 hours, according to data from CoinMarketCap.  Featured image created with Dall.E, chart from Tradingview.com

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Cardano Eyes $0.3389: Can Bulls Sustain ADA Above This Critical Level?

Cardano (ADA) is approaching a critical juncture as it eyes a retest of the key $0.3389 support level. In recent trading sessions, ADA‘s price has previously risen above this level and is currently dropping for a second retest thereby raising concerns among investors and traders.   A successful defense of the $0.3389 support could signal a potential reversal and renewed bullish momentum, while a breach below this level may open the door to further declines. This article aims to analyze the significance of the $0.3389 support level for Cardano and whether bullish momentum can hold ADA above this key threshold by examining technical indicators and market sentiment. With a market capitalization of over $12 billion and a trading volume of over $240 million, ADAs price was down by 0.69% trading at around $0.3462 at the time of writing. Over the past 24 hours, its market cap has decreased by 0.68%, while its trading volume has fallen by 26.44%. Current Technical Indicators: What They Reveal About Cardano On the 4-hour chart, Cardano is trading below the 100-day Simple Moving Average (SMA) and is currently experiencing a bearish trend toward the $0.3389 mark. Given this bearish sentiment, it is likely that the bears could continue to exert control and push the price toward this critical level. A 4-hour Composite Trend Oscillator analysis reveals that both the signal line and the SMA line of the indicator have successfully climbed above the zero line and are now approaching the overbought zone This suggests that the current drop could be temporary and that the bulls may reclaim control at the $0.3389 mark. On the 1-day chart, Cardano is still trading below the 100-day SMA and it is attempting a bearish move toward the $0.3389, which means that the bears are currently in control and could potentially push the price lower. Lastly, on the 1-day chart, both the signal line and the SMA line of the composite trend oscillator have dropped below the zero line into the oversold zone. This indicates that ADA’s price could reverse upon reaching the $0.3389 mark. Analysis: Potential Outcomes If $0.3389 Support Holds Or Fails An analysis of potential outcomes indicates that if the price of Cardano reaches the $0.3389 support mark and this key level holds, it could start to rise toward the $0.4233 resistance level. If the price successfully breaches this resistance, it may continue to test higher levels. However, should the $0.3389 mark fail to hold and the price break below this level, the digital asset may continue to move downward toward the $0.2388 range. If this level is breached, the crypto asset may experience more price drops toward other support marks below. Featured image from Adobe Stock, chart from Tradingview.com

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Cardano (ADA) Founder Claps Back At Dead Coin Comments, Issues Reminder To The Community

Cardano Founder Charles Hoskinson responded to Ben Armstrongs comments about ADA status as a dead coin. Hoskinsons reply sparked a conversation about the state of the crypto industry and whats valued in projects. Cardano And Polkadot Labeled Dead Coins On Wednesday, crypto influencer Ben Armstrong, known as BitBoy Crypto, shared his thoughts on Cardano (ADA) [...]

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