Cardano (ADA) Reviews - Page 2

Cardano price drops to level that sparked a 65% ADA rally in March - Will history repeat? Cardano (ADA) price has been rebounding after falling to its worst levels since February 2021. Meanwhile, a technical fractal suggests that ADA's upside retracement could continue in the coming weeks. Can ADA price extend the recovery? ADA's price has started bouncing after testing the same support area that preceded a 65% bull run in March 2022. Specifically, ADA/USD witnessed a bullish rejection as its price fell below $0.75 on Feb. 24, a move that followed a short period of sideways consolidation. It later broke out of the flat price range, rising to $1.24 on March 26, indicating a strong buying sentiment near the area around the $0.75-level (the red bar in the chart below). The March 2022 fractal also showed ADA's three-day relative strength index (RSI) treading near its oversold threshold of 30. The momentum indicator has returned to near the same level as ADA consolidates inside the flat range. As a result of this fractal, Cardano eyes a sharp rebound from $0.75 in May 2022, with its interim upside target around $1, a level that coincides with the upper trendline of ADA's prevailing descending channel pattern.

Cardano (ADA) attempted a relief rally on April 12 but the bulls could not clear the overhead hurdle at the psychological level at $1. This indicates that bears are attempting to flip the $1 level into resistance. If the price once again turns down from the overhead resistance and breaks below $0.91, the correction could resume. The ADA/USDT pair could then drop to $0.86 and later to the critical support at $0.74. The 20-day EMA ($1.04) is sloping down and the RSI is in the negative zone, suggesting advantage to bears. This negative view will be invalidated in the short term if the price turns up and breaks above the 20-day EMA. Such a move could open the doors for a possible rally to the overhead resistance at $1.26.

Cardano (ADA) is facing resistance at $1.26 as seen from the long wick on the candlestick on March 28 and 29. A minor positive is that the bulls have not given up much ground. The upsloping 20-day EMA ($1) and the RSI in the overbought territory indicate that the path of least resistance is to the upside. If buyers propel and sustain the price above $1.26, the ADA/USDT pair could rise to the 200-day SMA ($1.51) and thereafter rally to $1.60. Alternatively, if the price turns down from the current level and breaks below $1.15, the bears will try to pull the pair to the 20-day EMA. This is an important level to watch out for because a break and close below it could sink the pair to $0.74.

Crypto intelligence firm IntoTheBlock reports that the number of large transactions on the Cardano blockchain has increased by more than 50X this year. Large Transaction Volume (LTV) refers to aggregated volume from transactions denominated in Cardano’s native ADA token valued at more than $100,000. Since Jan. 1, LTV has increased from 1.35 billion ADA per day to 69 billion ADA (worth $81.4 billion) changing hands on Cardano on Mar. 28. That’s a 51-fold increase in about three months and marks one of the highest volume levels since mid-2018, according to IntoTheBlock. In a Mar. 29 tweet, the firm said that such high volume indicates “increasing institutional demand.”

Cardano (ADA) has been sustaining above the critical level at $1.00 for the past few days. This indicates that bulls who may have purchased at lower levels are not booking profits aggressively as they expect the recovery to continue. The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that bulls have the upper hand. If buyers push and sustain the price above $1.26, the bullish momentum may pick up and the ADA/USDT pair could rally to the next critical resistance at $1.60. Alternatively, if the price turns down from $1.26 but rebounds off $1.00, it will suggest that the pair may remain range-bound between the two levels for a few more days. The bears will have to sink and sustain the price below the moving averages to invalidate the bullish view. The 4-hour chart shows that the bears are aggressively defending the overhead resistance at $1.20, but a minor positive is that the bulls have not allowed the price to sustain below the 20-EMA. If the price rises from the current level, the bulls will again try to clear the hurdle at $1.20 and push the pair to $1.26. Alternatively, if the price turns down and breaks below the 20-EMA, it will suggest that the bullish momentum has weakened. The pair could then gradually decline toward the strong support at $1.00.

The bulls have sustained Cardano (ADA) above $0.82 in the past few days but are struggling to push the price to the breakdown level at $1. This indicates that demand dries up at higher levels. The longer the price sustains below the moving averages, the greater the possibility of a retest of the recent intraday low at $0.74. If this support cracks, the downtrend could resume and the ADA/USDT pair could plunge to $0.68. Contrary to this assumption, if the price rises and breaks above $1, it will suggest that the markets have rejected the lower levels. The pair could then rise to the resistance line of the descending channel. The bulls will have to push and sustain the price above the channel to indicate that the downtrend may have ended.

Cardano (ADA) continues to struggle to rebound off the strong support at $1. This indicates a lack of urgency among traders to accumulate at the current levels. If the bulls fail to push and sustain the price above the moving averages within the next few days, the possibility of a break below $1 may increase. If that happens, the ADA/USDT pair could resume its downtrend. The first support on the downside is $0.80. If this level cracks, the decline may extend to the support line of the channel. Conversely, a break and close above the 50-day SMA ($1.25) could result in a retest of the resistance line of the channel.

Cardano (ADA) rallied to the resistance line of the descending channel on Jan. 18 but the bulls could not push the price above the channel. This suggests that bears are defending the resistance line aggressively. The ADA/USDT pair has dipped to the moving averages, which could act as a strong support. The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating advantage to buyers. If the price rebounds off the current level, the bulls will again try to drive the price above the channel and the developing neckline of a possible inverse head and shoulders pattern. If that happens, the pair could start a new uptrend. This positive view will invalidate if the price breaks and sustains below the moving averages. Such a move could pull the pair down to $1.06.

Cardano (ADA) turned down from $1.59 on Dec. 27 and the price has dipped to the 20-day EMA ($1.39). If the price rebounds off the current level, the bulls will attempt to push the price to the resistance line of the descending channel. The flattish 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. A break and close above the channel will indicate that the downtrend could be over. The bulls will then try to push the price toward the strong overhead resistance at $2.47. On the other hand, if the price sustains below the 20-day EMA, it will suggest that bears continue to sell on rallies. The ADA/USDT pair could then drop to the strong support zone at $1.18. If this support cracks, the pair could decline to $1.

Cardano’s ADA price eyes 30% rally with a potential ‘triple bottom’ setup. The only glitch in the bullish setup, for now, remains the Federal Reserve’s taper acceleration plans. Cardano (ADA) may rally by nearly 30% in the coming days as it forms a classic bullish reversal pattern. Dubbed “triple bottom,” the pattern typically occurs at the end of a downtrend and consists of three consecutive lows printed roughly atop the same level. This means triple bottoms indicate sellers’ inability to break below a specific support level on three back-to-back attempts, which ultimately paves the way for buyers to take over. In a perfect scenario, the return of buyers to the market allows the instrument to retrace sharply toward a higher level, called the “neckline,” that connects the highs of the previous two rebounds. The move follows up with another breakout, this time taking the price higher by as much as the distance between the pattern’s bottom and neckline. So far, ADA’s price has been able to paint the triple bottom halfway, now rebounding after forming the third low.

The long tail on the Nov. 16 and 17 candlestick shows that bulls attempted to defend the strong support at $1.87. However, the failure to sustain Cardano (ADA) above $1.87 may have prompted aggressive selling from traders on Nov. 18. The bulls are currently trying to push the price back above $1.87. If they manage to sustain the price above this level, it could trap the aggressive bears. That could start a strong recovery, which may reach the downtrend line. Contrary to this assumption, if the price turns down from the current level or the 20-day EMA ($1.99), it will suggest that sentiment remains negative and traders are selling on rallies. The bears will then try to pull the pair below $1.70, extending the decline to $1.50.

Cardano (ADA) turned down sharply on Nov. 16 and broke below the critical support at $1.87 but a minor positive is that bulls did not allow the price to close below it. The long tail on the candlestick indicates that buyers are attempting to defend the support. The bulls are attempting to push the price back above $1.87 on Nov. 17 but higher levels may attract selling. Both moving averages have started to turn down and the RSI has dipped into the negative zone, indicating that bears are in command. If the price turns down from the current level or the 20-day EMA, the bears will try to sink the ADA/USDT pair below $1.75. If they manage to do that, the pair could drop to $1.50. The first sign of strength will be a break and close above the downtrend line.

Cardano (ADA) has been trading below the 20-day EMA ($2.06) for the past three days but the bears have not been able to capitalize on this and pull the price to the strong support at $1.87. The flattish 20-day EMA and the RSI just below the midpoint suggest a range-bound action in the near term. If bulls propel the price above the downtrend line, it will suggest that the bears may be losing their grip. The ADA/USDT pair could then rise to the overhead resistance at $2.47 where the bears may again mount a stiff resistance. Alternatively, if the price turns down from the current level, the pair could drop to $1.87. The bears will have to pull the price below this support to signal the start of a downtrend.

The bulls have successfully defended the strong support at $1.87 for the past few days but they are struggling to push Cardano (ADA) above the 20-day EMA ($2.07). This indicates a lack of demand at higher levels. The bears will now try to sink the price below the support zone at $1.87 to $1.80. If that happens, the ADA/USDT pair could drop to $1.58. The downsloping moving averages and the RSI in the negative zone indicate that bears are in control. Contrary to this assumption, if the price rises from the current level and breaks above the moving averages, it will indicate strong accumulation at $1.87. The pair could then rally to the overhead resistance at $2.47.

Cardano (ADA) broke and closed below the support line of the symmetrical triangle on Oct. 12. This suggests that the uncertainty of the past few days has resolved in favor of the bears. The bulls will try to push the price back above the 20-day EMA ($2.21) but if they fail, the ADA/USDT pair could drop to $1.87. This is a critical level to monitor because if it breaks down, the decline may extend to $1.63. The 20-day EMA has started to turn down and the RSI has dropped below 44, indicating advantage to bears. This negative perspective will be invalidated if bulls push and sustain the pair above the resistance line of the triangle.

The bulls pushed Cardano (ADA) above the moving averages on Sept. 25 but they could not clear the hurdle at $2.47. This suggests that bears have not given up and are selling on rallies to overhead resistance levels. The ADA/USDT pair has turned down and the bears will now try to sink the price to the critical support at $1.94. This is an important level for the bulls to defend because if it cracks, the pair could start a downtrend. On the contrary, if the price turns up from the current level or rebounds off $1.94, the bulls will again try to propel the pair above $2.47. If they manage to do that, it will indicate that the correction could be over. The pair could then rally to $2.97.

Cardano (ADA) is in a strong corrective phase but the bulls are attempting to arrest the decline at the strong support at $1.94, where they are likely to run into a wall at the 20-day EMA ($2.38). The moving averages are close to completing a bearish crossover and the RSI is in the negative territory, suggesting that bears have the upper hand. If the price turns down from the 20-day EMA, the bears may again challenge the $1.94 support. A break and close below this level could open the doors for a further fall to $1.60. The bulls will have to push and sustain the price above the 20-day EMA to indicate the start of a sustained recovery. The ADA/USDT pair could then rise to $2.60 and later to $2.80.

One third-party explorer puts the number of time-locked Cardano smart contracts over 2,000. More than 200 smart contracts have been listed on the Cardano blockchain explorer following the Alonzo upgrade on Monday — but there’s a catch. As of now, the 200 smart contracts listed are in timelock and cannot be used by developers until they’re released. The Vercel App currently puts the number of smart contracts readying to be launched at more than 2,200. Smart contracts have been a long-anticipated feature on Cardano since its launch in 2017, and the functionality was finally enabled with the recent Alonzo hard fork. Charles Hoskinson, founder of Cardano and IOHK, said on Friday that the decentralized finance (DeFi) space is “up for grabs” now that Cardano supports smart contracts. Hoskinson said that the winners of what he called the “second wave” of DeFi were going to have liquidity and interoperability, the ability to move multi-chain and cost predictability. “We need governance, we need certification, we need insurance, we need regulation on these things, metadata identity… at the same time, you need to decentralize,” he said, adding: “The way we constructed Cardano was for that second wave.” There are several notable projects that have smart contracts in timelock or are planning on launching soon, such as GREED, a rewards token redistributing Cardano’s ADA back to holders; Liqwid, an open-source and non-custodial liquidity protocol for interest rate curves; SingularityNET, a platform that lets anyone create, share and monetize artificial intelligence services at scale; and Cardax, the first decentralized exchange on Cardano. Cardano will be Ethereum Virtual Machine-backwards-compatible and is hoping to attract DeFi developers who wish to save money on transaction fees. ADA’s price saw a huge 170% price run-up since mid-July, but it’s currently about 20% down from its all-time high of $3.09 at the start of the month. ADA is currently trading around $2.42.

The bears have thwarted several attempts by the bulls to push Cardano (ADA) above the $2.97 to $3.10 overhead resistance zone. The negative divergence on the RSI also indicates that the bullish momentum is slowing down. The ADA/USDT pair could drop to the 20-day EMA ($2.65), which is likely to act as a strong support. If the price rebounds off this level, the bulls will again try to propel the pair above the overhead zone. If they succeed, the pair could start its journey toward $3.50. On the other hand, if the price breaks below the 20-day EMA, the pair may drop to $2.47. A bounce off this level could keep the pair range-bound between $2.47 and $3.10 for a few days. A break below $2.47 will signal a possible change in trend.

Cardano (ADA) is currently consolidating between $2.97 and $2.47. The price had dropped to the breakout level at $2.47 on Aug. 26, but the sharp rebound off it on Aug. 27 shows that bulls have flipped the level into support. A consolidation near the all-time high is a positive sign as it shows that traders continue to buy on dips. Both moving averages are sloping up and the RSI is near the overbought territory, indicating that the path of least resistance is to the upside. If buyers drive and sustain the price above the psychological barrier at $3, the ADA/USDT pair could resume its uptrend. The next target objective on the upside is $3.50. Contrary to this assumption, if the price turns down from the $2.97-to-$3 resistance zone, the pair may extend its stay inside the range for a few more days. A break and close below $2.47 will suggest that the bullish momentum has weakened. The RSI on the four-hour chart has formed a negative divergence, indicating that the upward momentum may be slowing down. If bears pull and sustain the price below the 50-day simple moving average, the pair may drop to $2.47. A strong bounce off this support could keep the pair range-bound between $2.47 and $2.97 for some time. The bears will have to sink the price below the $2.47-to-$2.31 support zone to gain the upper hand. Alternatively, the uptrend may resume if bulls drive and sustain the price above $2.97.