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No staggering gains for Cardano [ADA], token cools off below $2.4

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After market-wide correction last week, Cardano [ADA] sliced through a key support area. Since then the sellers have overhauled price action. The last couple of days have been interesting for the entire ecosystem. The successful hard fork of the highly anticipated Alonzo, often heralded as a critical change that would enable the Cardano network to contest with Ethereum, however, failed to translate into profits. FUDs and criticism made their way shortly thereafter.

The volatility in the market appeared to have picked up even as the crypto-asset was stuck in consolidation. Troubling signs emerged for the Cardano market and some analysts are worried that the correction could deepen.

Cardano [ADA] slipped by 1.73% over the past 24-hours and was trading at $2.38. At the time of writing, the crypto-asset registered a market cap of $76.64 billion and a 24-hour trading volume of $3.55 billion.

Cardano [ADA] Daily Price Chart:

ADA1 4

The daily trading volume has been moderate and has significantly backed the uptrend. After the September 7 sell-off, the ADA price candles successfully bounced back from the 50 DMA [Pink] while the 100 [Blue] and 200 [Yellow] DMAs hovered lower. The upsloping 50 DMA appeared to be relentless and the candlesticks need to stay ahead of it in order to avoid setbacks. As depicted by the long wicks of September 11 and 12, every higher level faced serious profit-booking sessions as downside pressure intensified.

ADA2 1

The red closing bars of Awesome Oscillator [AO] depicted that bearish momentum has engulfed the ADA market. The Klinger Oscillator [KO] also aligned with the bears while the daily Relative Strength Index [RSI] fall below the 50-median line further validated that sellers have an upper hand in ADA’s price structure.

According to the above charts, the technicals for Cardano does not look promising. Meanwhile, the resistance levels for the crypto-asset were at $2.6 and $2.9 while the support levels remained untested at $2.2, $1.9, and $1.7 respectively.

Cardano [ADA] Stumbles Under Bear’s Might as Market Bleeds Red

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After an extended bullish run, the cryptocurrency market seems to have hit a red wall. Prices across the board fell rapidly as almost all the major altcoins followed Bitcoin’s footsteps. IOHK’s Cardano, which had been enjoying a stellar September fell into the bear trap with millions wiped off its total market cap.

Cardano’s latest fall came at a time when users were expecting it to cross the $3 mark. At press time, ADA was trading for $2.34 with a reduced market cap of $74.04 billion. An 11 percent price drop lowered the cryptocurrency’s daily trading volume to $11.3 billion. This trading volume was enough to let it maintain its third rank on the cryptocurrency charts.

Cardano 1 hour:

ada 1 hr

Cardano’s price action over the past 24-hours has been representative of the entire cryptocurrency market. The bear’s takeover caused immediate price supports to crumble with Cardano’s settling near the $2.2 mark. The price capitulation period still seems to be unclear as the red candles had overtaken their green counterparts.

Relative Strength Index: Cardano’s hourly RSI struggled to break away from the oversold zone as the graph slowed on its ascent. The low hold meant that more and more users were selling their ADA rather than hodl it.

Chaikin Money Flow: The CMF in the short term was surprisingly bullish with a k shaped curve forming upwards. This indicated the strong capital flow into the Cardano market.

Bollinger bands: The sudden price drop created a massive Bollinger cloud, the likes of which have been unseen for weeks. Both the upper and lower Bollinger bands converged towards one another after an exciting 12 hours.

Cardano 1 day:

ada 1 d

Cardano’s price crunch was visible in full view on the long-term chart with strong red candles dominating the past week. After hitting all-time highs towards the end of August, Cardano’s current bearish predicament was evidence of a market reigning in its assets.

Chaikin Money Flow: In the long term, the CMF had fallen from its perch above the zero line. If the cryptocurrency continues on the same path, Cardano would soon crash below it for the first time since July.

Relative Strength Index: The panic caused by the bear run was enough for a large number of investors to sell their assets. A strong RSI would contribute to a confidence boost in the ADA ecosystem.

Bollinger bands: The Bollinger bands fell into a parallel restricted movement with a large cloud mouth. Cardano’s movement in bearish lands may cause the cloud to open up and be unable to contain the red candles

Cardano [ADA] Bleeds Red as Altcoins Face-Off With Bear

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The cryptocurrency market’s slowdown over the past few days has resulted in millions being wiped off in terms of market caps and trading volumes. Bitcoin’s lack of movement may be a reason why other coins are taking a turn in the bear pit. Cardano [ADA] was one of the altcoins in the tumble, falling in double-digit numbers over the past week.

IOHK’s cryptocurrency, hailed as a successor to trading currencies, fell across the board after a stagnant price hold. At press time, ADA was trading for $1.17 with a total market cap of $37.52 billion. The 5th placed cryptocurrency was well ahead of its nearest competitor XRP in terms of trading volume and market cap.

Cardano 1 hour:

ada 1 hr

Cardano’s hourly performance took quite the tumble as the cryptocurrency fell from highs as much as $1.302. The current immediate support was calculated to be $1.152 after which the price bounced to its current value of $1.171.

According to the Parabolic SAR, ADA was coming out of its bearish slump as the markers stayed below the price candles. Continued buying pressure will be indicated by a prolonged bottom hold by the markers.

The cryptocurrency’s RSI indicator sharply fell below the zero line as more users sold their ADA holdings. Since the start of the month, Cardano has found it difficult to maintain its RSI graph above the zero line for long periods of time. Cardano’s CMF crashed to one of its lowest points of the month with chances for a small revival in the near future.

Cardano 1 day:

ada 1 day

Daily performance was slightly different from earlier as Cardano found it difficult to escape the bearish rut. Cardano’s long-term resistance was at $1.17 with the Parabolic SAR markers holding above the price candles since the middle of May.

Cardano’s long-term RSI moved parallel to the oversold zone while hitting one of the lowest levels this year. The CMF skirted on the zero line as the capital influx and the capital leaving the market canceled each other out. Experts believe that continued developments would restore the faith in investors and in turn generate traction for the cryptocurrency.

Cardano [ADA] reemerges from shallows as the crypto market tries to keep bear at bay

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The cryptocurrency market’s bleed over the past few days caused several alarm bells to go off as investors struggled to cope with the price crunch. Billions in the market cap were slashed in the last 48 hours as Bitcoin triggered the fall for the rest of its compatriots.

Altcoins such as Ethereum, XRP, and Cardano all had their 2021 gains removed during the bear crunch after which the prices stabilized. At press time, Cardano was trading for $1.26 with a total market cap of $4-.145 billion. The 20 percent drop in weekly movement brought down the daily trading volume to $6.41 billion.

Despite the crunch, many coins have recovered on the charts today. Over the last 24-hours, Cardano climbed by over 13 percent, a performance far superior than most of its peers in the top 10 crypto club.

Cardano 1 hour:
ada1 hr

Cardano holders heaved a sigh of relief over the previous 24 hours as the cryptocurrency settled back to its earlier price groove. As ADA settled at $1.25, the immediate support had been lowered to $1.008. The current resistance in the short term clocked in at $1.45.

The upper and lower Bollinger bands converged towards the candles, a sign of an imminent price breakout. The size of the Bollinger cloud signified the range of fluctuations that had occurred over the previous 48 hours. According to the Relative Strength Index, Cardano was holding strong in the overbought zone after it crashed below the oversold line on June 22.

The Chaikin Money Flow indicator blinked green for ADA as the graph climbed in a linear fashion. This meant that the capital influx into the Cardano market was more than the capital leaving the market.

Cardano 1 day:
cardano 1 d

The daily charts painted the picture of a cryptocurrency stabilizing after a tumultuous start to the week. Cardano’s long term support at $0.81 was untouched in the recent bear run as the price took a turn for the better.

Cardano’s daily Bollinger bands diverged from each other after its pipeline hold on the charts during the price stabilization. The parallel movement by the bands corelated to the lack of major price movements at the start of the month.

Long term RSI indicated a bullish run after the formation of a u-turn on the chart. Analysts stated that the change may be due to more investors flooding the market. The CMF, on the other hand, sharply fell towards the bottom of the zero line.

Proponents of the market have reassured investors that bear runs where natural and that it is a prevlanet phenomenon across all mainstream trading ecosystems. Despite the losses, one phrase echoes strongly in the cryptocurrency space: “buy the dip”.

Cardano [ADA] sees over 5% rise despite dwindling buying pressure

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Even as hints of decoupling emerged, the prices of Bitcoin [BTC] and the altcoin troop along with Cardano [ADA] jumped as the week dawned and were trading with gains. ADA remained in the spotlight as Goguen phase development continued which had translated into positive price movement, Despite the latest upward price movement, the fifth-largest crypto-asset was still down by 10.74% over the past week.

Meanwhile, the crypto market was riddled with stale price action over the past couple of weeks, and Cardano was among the few assets that had averted a major crisis.

Over the past 24-hours, Cardano [ADA] appreciated by 5.18% which pushed its price to $1.53. At the time of writing, the digital asset registered a market cap of billion and a 24-hour trading volume of billion.

Cardano [ADA] Daily Price Chart:

ADA

The volatility in the market has taken a considerable hit as Cardano [ADA] continued trading within a tight range for a month. The upsloping moving averages gave stiff competition to the price candles. While the 50 DMA [Pink] continued to resist an uptrend, the 100 DMA [Yellow] supported the crypto from downward price action. Hence, ADA needs to move above the 50 DMA to lock a bullish trend in the near term.

The low volume may, however, impede the much-needed growth to break the rangebound movement by ADA.

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The MACD was in a bearish territory depicting a phase of low buying demand in the coin market. A similar trend was also depicted by the RSI which struggled to make headway above the 50-median line suggesting heightened sell pressure in the market. The Chaikin Money Flow [CMF], on the other hand, stayed above the half-line depicting a constant inflow of capital into the ADA market.

The above charts projected increasing bearish pressure in Cardano’s price action. If the candles fail to rise above the 50 DMA, the bulls will try to sink the price to immediate support levels of $1.31, and $1.02 respectively. The overhead resistance points remained untouched $1.84, and $2.304 respectively.

Bitcoin(BTC), Bitcoin Cash(BCH), Cardano(ADA) Technical Analysis on 4th August 2020

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After the prices faced a sudden decimation on the 1st of August, the dominant bullish trend had suddenly become a little uncertain for major digital assets, Top coins such as Bitcoin, Bitcoin Cash, and Cardano were feeling the turbulence at these coins pictured different returns over the past 24-hours.

Bitcoin

Bitcoin(BTC)

After reaching $12,000 on 1st August, Bitcoin appeared to consolidated between $11,444 and $11043 over the past 48-hours. Heading towards the support at $11,043, Bitcoin exhibited a declination of 0.68 percent over the past day. BTC’s market capitalization crossed $200 billion, which is positive, and the trading volume over the past day was also around $23 billion.

Upon analyzing three of the indicators, the trend was divided between the markers. Parabolic SAR was bullish for Bitcoin as the dotted lines approached under the candlesticks. Relative Strength Index was initially dropping but a buying pressure seems to be back up again in the charts.

Finally, MACD was bearish for the token as the orange marker trailed the blue marker in the charts.

Bitcoin Cash

Bitcoin cash(BCH)

Bitcoin’s forked coin Bitcoin Cash appeared to mirror a similar image to Bitcoin as the asset struggle to rise above its recent losses. With the support at $278, the price at the moment was around $287, far below the $325 point reached on 1st August. BCH had a market cap of $5.27 billion at press time.

Bollinger Bands indicated that turbulence should be expected as diverging bands suggest high volatility in the charts.

Chaikin Money Flow or CMF exhibited more money coming in for BCH than going out but it was barely above the zero-line in the industry.

Aroon Indicator was positive but in the hindsight, it may undergo a trend reversal, which will end up with the bears taking over the valuation.

Cardano

cardano(ADA)

Finally, one of the top performers in 2020, Cardano appeared to be more bullish than Bitcoin and Bitcoin Cash as the asset registered a growth of 3.51 percent in the charts. Cardano could be heading towards $0.15 again, after witnessing more than 500 percent throughout the year. With a market capitalization clocking in at $3.68 billion, the asset also had an extremely impressive trading volume of $1.36 billion.

Bollinger Bands were diverging for ADA’s market suggesting that volatility will be high in the near future.

Chaikin Money Flow or CMF deflected from the zero-line at the time of writing, implying that new capital has been injected over the past day.

However, Awesome Oscillator indicated a neutral trend with bullish momentum slightly dropping down for the 8th largest digital asset.

ETH, ADA, and EOS – Biggest Losers in the Past 24-Hrs

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On 1st May, the crypto market flipped the switch. Bitcoin [BTC] that was traded in the $7.7k range in April, is now trading in the range of $8.7k. The king of cryptocurrencies even touched the $9k range but couldn’t break the $10k resistance on 1st May. 

With the Bitcoin weekend bull, altcoins showed a green trail. At the time of press, altcoins such as XRP [XRP], Stellar [XLM], and Ethereum Classic [ETC] show a pump of 8.40%, 11.48%, and 12.73% respectively. Nevertheless, coins such as Ethereum, Cardano, and EOS have seen a fall of 6.33%, 7.55%, and 6.92% – making them the biggest losers in the top 15 in 24 hours. 

Ethereum 

In the past couple of days, Ethereum has been above $225 reaching $25 billion [market cap] the coin in less than three days lost $3 billion as it slipped back to low $200s showing signs of leaving the $200 support level. 

 

It looks like Ethereum has managed to recover from its intraday lows but still hangs at the edge with low uptrend momentum.  

Additionally, technical analysis of ETHUSD indicates a correction that will help to enter for long.

Professional traders comment:-

“The correction that began today will cool the market and provide the best levels of medium-term entry over the air. When MA25 goes above MA99, an uptrend will be confirmed and the BTBT strategy will open a long position with a leverage of 1: 3. Now, according to our BTBT trading strategy, there are no open positions.” – Source

“Some overhead resistance on short timeframes, but I expect a small move for +5% gain in less than 24 hours. It could go higher, but I expect it to at least stop to think at these resistance levels. A breakdown below the local low will invalidate this setup. Let’s see what happens.” – Source

Cardano [ADA]

The lack of momentum has bolstered the resistance of breaking $0.055 for ADA. The coin experienced a bearish trendline yesterday and follows the same trend today. With a major support level being $0.045, ADA is currently being traded at $0.47. 

MACD shows a bearish divergence since the signal line crosses over the MACD line indicating a lack of trading stability. The RSI stands below 45 but above 30; unless there’s an immediate uptrend the coin will experience heavy selling pressure.

#ADA

Cardano has had an eventful month with Charles Hoskinson stepping closer to the community and Shelly’s first block being produced – it seems like the technology will stabilize the sentiments around the coin despite the bears. 

EOS

EOS has slipped from being in the top 5, hardly making it into the top 10 on CMC in the past weeks. 

Technicals indicate that EOS is in a correction after its jump from $2.75 to $3.10. Irrespective of the buyers trying to break above the resistance the price dropped beneath the 100-days EMA.

#EOS

Nevertheless, despite the on-going downtrend the coin has managed to stay above its support level $2.70 and is currently trading at $2.75. 

RSI stands at 52.06 and shows a possible outcome of a bullish divergence. 

Disclaimer note: This article is not a piece of investment advice. 

Cardano’s 1st Shelly Block has been produced!

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On 27th April, the founder of Cardano and Redditors celebrated the first block of Shelly that was produced earlier on 25th April 2020.

Recently, IOHK announced the release of Daedalus 1.0 an ADA wallet made after 1.5 years of hard work. The team yesterday exclaimed its success when Hoskinson said that it had received an “overwhelming response”. 

Just a day later, today the community celebrates Shelly’s first block. The Shelly phase of Cardano starts with users delegating their stakes – the key ingredient to produce new blocks in a Proof-of-Stake protocol. 

As Cardano’s plan is to move to a completely decentralized network, Shelly plays as a stepping stone to make history in terms of decentralized financial systems leveraged by blockchain.

Redditor, u/rawriclark posted on r/Cardano, stating how the genesis block of Shelly had been produced.

 

#cardano #shelly #genesisblock

The same was tweeted by Charles Hoskinson with the comment “Meanwhile in Cardano land, a Wizard arrives precisely when he means to!”. 

Right now Shelly is in its Testnet phase and Mainnet is expected to roll out by Q2 of 2020. Usually, incentivization and staking structures are planned for the Mainnet phase of a project, in the case of Cardano the Testnet itself allows ADA holders to participate in the network to earn ADAs through delegating their stake or by operating a stake pool. According to Cardano, this enables them to “test something earlier testnets couldn’t: real behavior – and real behavior requires real rewards”. 

Considering the Shelly phase is all about decentralization, the team has made it a point to be as careful and secure as they can be to keep the network from malicious plays.

As of now, large blockchain projects are controlled by less than 10 mining pools, making them vulnerable and exposed to attacks. With an incentive structure designed to achieve an equilibrium of around 1000 pools, Cardano could be 50-100 times more decentralized than the existing blockchain networks by the end of the Shelly era. 

Cardano claimed how Shelly can make the network 100% decentralized. Using a blockchain delegation certificate, operators can transfer their participation rights to stakeholder pool operators when they are offline.

The Shelly phase opens doors for a decentralized cryptocurrency ecosystem, much like Bitcoin, but faster in terms of synchronization and more effective client support among other benefits.