Why is Cardano (ADA) price up today?

August 21, 2024 Coin Telegraph

Cardano (ADA) loses top 10 crypto spot as Tron sees growth

August 19, 2024 Coin Telegraph

Can Cardano whales stop ADA price from falling 20%?

August 8, 2023 Coin Telegraph

ADA price

The number of Cardano's richest investors holding ADA has surged to its highest level in almost a year.

The price of Cardano (ADA) risks falling by over 20% in August as it enters a breakdown stage of a classic technical pattern that could be offset by some promising fundamentals.

ADA price risks falling to June lows

Dubbed Bump-and-Run-Reversal (BARR), the pattern develops when excessive speculation drives the prices higher quickly, eventually leading to a "bull trap" situation. As it forms, the price trend undergoes three stages — Lead-in, Bump, and Run — as shown below.

*Bump-and-Run-Reversal illustration. Source: Warrior Trading*

The Lead-in stage sees the price trending upward in an orderly fashion — without any excess speculation. But the Bump stage witnesses a sharp advance in prices, followed by a complete wipeout of the spike.

In the Run stage, the price breaks below the support from the Lead-in trendline. Currently, Cardano appears to have entered the Run phase of its BARR pattern, as shown below.

*ADA/USD daily price chart. Source: TradingView*

If the pattern is confirmed, BARR's downside target is measured after subtracting the breakdown point at the support line from the pattern's maximum height. That brings ADA's price target near $0.22 in August or early September, down 20% from current levels.

Conversely, an ADA rebound can reach the 50-day exponential moving average (50-day EMA; the red wave in the chart below) near $0.30 in August, up 5% from the current prices.

Furthermore, flipping the wave into support could see a further run-up toward the 200-day EMA (the blue wave) near $0.34, up around 30% from current price levels.

Whales and sharks buy ADA price dips

On-chain fundamentals, however, could offset the bearish risks for Cardano.

Notably, whale and shark wallets holding between 100,000 and 1 million ADA have accumulated $116.1 million worth of Cardano since May 2023, raising their net holdings to the highest levels since September 2022.

*Cardano whales and shark accumulation in recent months. Source: Santiment*

This period of Cardano accumulation coincides with its 25% price decline caused by regulatory fears in the United States.

Simply put, ADA whales and sharks have bought the price dip, and are betting on future gains.

Cardano TVL, dapp transactions grow

Additionally, the ADA accumulation period happened alongside growth in Cardano's key network metrics in the second quarter. Namely, the total-value-locked (TVL) grew 9.7% quarter-on-quarter (QoQ), while average daily dapp transactions jumped 49% QoQ.

*Cardano TVL denominated in the U.S. dollar and ADA. Source: Messari*

Stablecoins fueled this TVL and dapp transactions, growing 34.9% QoQ — from $10.0 million in Q1 to $13.5 million in Q2. This growth in network activity should add to the upward pressure for ADA, which serves as a fee settlement and staking token in the Cardano ecosystem.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Why is Cardano price down today?

June 19, 2023 Coin Telegraph

ADA price

Cardano’s price is down today, continuing its decline for a fourth week in a row amid rate hike fears, an SEC crackdown and a recovering U.S. dollar.

The price of Cardano (ADA) is down over 3% on June 19 after dropping over 30% in the past two weeks. Is ADA’s price heading for its fourth red weekly candle in a row?

No respite for Cardano price bulls

On June 19, ADA’s price fell over 3% to daily lows of $0.257 as traders continued to assess Cardano’s mention in the list of crypto assets that the U.S. Securities and Exchange Commission considers “unregistered securities.”

In addition, Federal Reserve’s hawkish guidance last week didn’t help ADA price either, with another 50 basis points hike now likely in 2023. Higher rates typically decrease investors’ appetite for risk assets, such as Cardano.

Meanwhile, open interest in ADA-linked derivatives has dropped to around $111 million, the lowest since January 2021.

*ADA open interest performance. Source: Coinglass*

The past 24 hours have witnessed liquidations worth around $360,000, with long positions losing the most at $341,320. In other words, more bullish traders have closed their positions by selling ADA, which likely added to the downward pressure on June 19.

Furthermore, ADA’s intraday price decline on June 19 coincided with the 0.15% rise in the U.S. Dollar Index (DXY). These inverse moves may break their daily positive correlation coefficient in the coming days from the current yearly high of 0.82.

*DXY daily performance chart. Source: TradingView*

In other words, ADA may keep declining if the dollar rises in June, now that the latter has entered the rebound stage inside its prevailing symmetrical triangle pattern.

ADA bullish vs. bearish scenarios

Bullish Cardano traders showed resilience to the SEC crackdown two weeks ago, confirmed by a bullish rejection candlestick on June 5.

ADA’s price has risen more than 15% since but remains “oversold” with the daily relative strength index (RSI) below 30.

These technical indicators hint at a possible extended ADA consolidation or recovery period ahead.

Moreover, a descending triangle can come into play if this bullish scenario plays out. This up-move will present a target of $0.30 over the next few weeks, up 16.5% from the current price levels.

Conversely, a descending triangle breakdown scenario will likely result in a 12% decline toward $0.226 — a potentially significant area of support — in the next few weeks.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price analysis 5/10: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

May 10, 2023 Coin Telegraph

ADA price

Bitcoin and select cryptocurrencies are trying to start a rebound following the CPI data release but bulls may find it difficult to continue the recovery at higher levels.

The United States consumer price index rose 4.9% annually, which was slightly less than estimates of a 5% increase. The CPI’s monthly rise of 0.4% in April was in line with expectations.

Although inflation remains stubbornly higher than the Federal Reserve’s 2% target range, traders will take comfort from the slower pace of increase. That suggests the Fed rate hikes are having their effect and further rate hikes may not be necessary.

If the Fed pivots and starts to cut rates as the FedWatch Tool projects, that may be positive for risky assets such as equities and cryptocurrencies. Bitcoin (BTC) has responded positively to the CPI data and has risen above $28,000 on May 10.

*Daily cryptocurrency market performance. Source:* *Coin360*

While the downside looks limited, the bulls may not have it easy at higher levels because of the high risk of a recession and the possibility of the banking crisis erupting again. That may keep the price stuck inside a range, which may act as a base for the next leg of the rally when that happens.

What are the important support and resistance levels to watch out for on Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin broke below the moving averages on May 7 and nosedived to the support line of the symmetrical triangle pattern on May 8. The bulls are trying to defend this level with vigor but the recovery may face difficulties at higher levels.

*BTC/USDT daily chart. Source: TradingView*

The bears will try to aggressively defend the zone between the moving averages and the resistance line. If the price turns down and breaks below the support line, the BTC/USDT pair could descend to the breakout level of $25,250.

This is an important level to keep an eye on because if it cracks, the selling could intensify and BTC price can plunge to the psychologically important level of $20,000.

Conversely, if bulls thrust the price above the resistance line, it will suggest that the corrective phase may be over. The pair could first rally to $30,000 and then attempt an up-move to $32,400.

Ether price analysis

Ether (ETH) has been stuck between the 20-day EMA ($1,887) and the support line for the past two days but this tight-range trading is unlikely to continue for long.

*ETH/USDT daily chart. Source: TradingView*

If the price clears the hurdle at the moving averages, it will indicate strong buying at lower levels. The ETH/USDT pair will then try to climb to the psychological resistance at $2,000. The bears are expected to fiercely defend this level but if bulls overcome this barrier, ETH price may soar to $2,200.

Contrarily, if the price fails to sustain above the moving averages, it will suggest that bears are pouncing on every minor rally. A break below the support line could start a down move that may reach the 61.8% Fibonacci retracement level of $1,663.

BNB price analysis

BNB (BNB) broke below the triangle on May 7, indicating that the uncertainty resolved in favor of the bears.

*BNB/USDT daily chart. Source: TradingView*

The selling intensified on May 8 and the BNB/USDT pair started its journey toward psychological support at $300. This level may attract buying, which could start a recovery to the 20-day EMA ($322).

If the price turns down from this level, it will enhance the prospects of a break below $300. The next support is at $280.

If bulls want to prevent the decline, they will have to push BNB price back above the 20-day EMA. If they are successful, the pair may reach the overhead resistance at $338.

XRP price analysis

XRP (XRP) crashed below the $0.43 support on May 8 but the long tail on the candlestick shows strong buying at lower levels.

*XRP/USDT daily chart. Source: TradingView*

The XRP/USDT pair is witnessing a tough battle near the breakdown level of $0.43. The bears are trying to flip the level into resistance while the bulls are attempting to push the price above it.

If XRP price turns down from the current level and breaks below $0.40, the bearish momentum may pick up and the pair could drop to $0.36. This negative view will be invalidated in the short term if bulls kick the price above the resistance line.

Cardano price analysis

Cardano (ADA) plummeted below the $0.37 support on May 8, indicating that bears are trying to seize control.

*ADA/USDT daily chart. Source: TradingView*

The bulls are trying to stall the decline near the uptrend line but they are likely to face stiff resistance at the breakdown level of $0.37. If the price turns down from this level, it will suggest that the bears have flipped $0.37 into resistance.

That will enhance the prospects of a break below the uptrend line. The ADA/USDT pair may then start its decline to $0.33 and later to $0.30. The first sign of strength will be a break and close above the moving averages. That will open the doors for a rally to $0.42.

Dogecoin price analysis

Dogecoin (DOGE) continued its downward journey and touched the solid support at $0.07 on May 8. The bulls are trying to achieve a bounce off this level.

*DOGE/USDT daily chart. Source: TradingView*

The relief rally is likely to reach the downtrend line where the bears are expected to mount a strong defense. If the price turns down from this level, the bears will again try to sink the DOGE/USDT pair below the support at $0.07. If they succeed, the pair may plunge to $0.06, which is not major support. If this level gives way, the pair may collapse to $0.05.

Conversely, if buyers thrust the price above the downtrend line, it will signal the start of a stronger recovery. DOGE pric may then rise to the overhead resistance zone of $0.10 to $0.11.

Polygon price analysis

Polygon (MATIC) nosedived below the vital support at $0.94 on May 8, indicating that the bears are in command.

*MATIC/USDT daily chart. Source: TradingView*

The sharp fall of the past few days pulled the RSI into the oversold territory, suggesting that a recovery is possible. The sellers will try to pounce on any relief rally and keep the price below the $0.94 level. If they do that, the MATIC/USDT pair could start its journey toward the strong support at $0.69.

Contrarily, a break and close above the 20-day EMA ($0.98) will suggest that lower levels are attracting solid buying. That may trap several aggressive bears and propel MATIC price toward the resistance line.

Solana price analysis

Solana (SOL) turned down from the downtrend line on May 6 and fell to the strong support at $19.85 on May 8.

*SOL/USDT daily chart. Source: TradingView*

The bulls are trying to start a recovery but the rebound lacks conviction. If Solana price turns down from the current level and plunges below $19.85, the SOL/USDT pair may fall to $18.70. This level may again act as a strong support.

If bulls want to prevent a decline, they will have to quickly drive the price above the downtrend line. If they manage to do that, SOL price could rise to $24 and subsequently to the overhead resistance at $27.12.

Polkadot price analysis

The bulls are trying to protect the strong support at $5.15 as seen from the long tail on Polkadot’s (DOT) May 8 candlestick.

*DOT/USDT daily chart. Source: TradingView*

The recovery is likely to face stiff resistance at the 20-day EMA ($5.77) as the bears have been guarding this level with vigor. If the price turns down from the current level or the 20-day EMA, the bears will make another attempt to sink the DOT/USDT pair below $5.15. If they can pull it off, Polkadot price risks a drop to $4.50.

Contrarily, if the relief rally pierces the 20-day EMA, DOT price may rise to the 50-day SMA ($6.10) and later reach the downtrend line. A break and close above this level will suggest that the bulls are on a comeback.

Litecoin price analysis

Litecoin (LTC) rebounded off the crucial support at $75 on May 8, indicating that the bulls are trying to arrest the decline at this level.

*LTC/USDT daily chart. Source: TradingView*

The downsloping 20-day EMA ($86) and the RSI in the negative territory indicate that bears are in command. Any recovery attempt is likely to face selling at the 20-day EMA. If Litecoin price turns down from this level, it will increase the likelihood of a break below $75. If that happens, the LTC/USDT pair could tumble to $65.

Contrary to this assumption, if bulls drive LTC price above the 20-day EMA, it will suggest that bearish pressure is reducing. The pair may first recover to the 50-day SMA ($90) and thereafter dash toward $96.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price analysis 5/1: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

May 1, 2023 Coin Telegraph

ADA price

Bitcoin and most major altcoins are witnessing aggressive selling at higher levels, indicating that the bears are trying to make a comeback.

JPMorgan Chase emerged as the winner in the auction to acquire the deposits and a “substantial majority of assets” of the troubled bank First Republic. This marked the failure of the third regional bank in the United States since March and laid open the vulnerabilities in the legacy banking system.

Meanwhile, Bitcoin (BTC) has risen for four consecutive months from January through April, a feat it last achieved in 2013. Will the recovery extend in May?

Historical data does not give a clear advantage either to the bulls or the bears in May. The performance is split right in the middle with five positive and five negative monthly closes in May, according to Coinglass data.

The recovery in Bitcoin is facing a stiff hurdle above $30,000, indicating that the bulls are wary of buying at higher levels. That could be because of the upcoming Fed’s meeting on May 2 and 3, which is known to cause an increase in short-term volatility.

What are the levels that the bulls need to defend on Bitcoin and select altcoins if they want to keep the chances alive for the continuation of the up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.

S&P 500 index price analysis

The S&P 500 index (SPX) bounced off the 50-day simple moving average (4,035) on April 26 and has reached the overhead resistance of 4,200 on May 1.

The bears are expected to mount a strong defense in the zone between 4,200 and 4,325. If the price turns down from the overhead zone but does not fall below the moving averages, it will suggest that the sentiment is turning positive and traders are buying the dips.

That will increase the likelihood of a break above 4,325. If that happens, the index could accelerate toward 4,500 and then 4,650.

If bears want to gain the upper hand, they will have to quickly yank the price below the 50-day SMA. That could sink the index to the uptrend line.

U.S. dollar index price analysis

After trading between the 100.82 support and the 20-day exponential moving average (101.93) for the past few days, the U.S. dollar index (DXY) is trying to break out of the range.

The relative strength index (RSI) has been gradually rising toward the center, indicating that the selling pressure is reducing. If buyers sustain the price above the 20-day EMA, the index could rally to the 50-day SMA (103.05).

Such a move will suggest that the index may extend its stay inside the 100.82 to 106 range for a few more days.

If bears want to strengthen their position further, they will have to tug the price below 100.82. That will complete a bearish head and shoulders pattern, starting a possible downtrend toward 97.50.

Bitcoin price analysis

The long wick on Bitcoin’s April 30 candlestick shows that the bears are aggressively defending the overhead resistance at $30,000.

The price turned down and slumped on May 1 but a minor positive is that the bulls are fiercely protecting the 50-day SMA ($28,146). This suggests that the BTC/USDT pair may swing between $26,942 and $30,000 for a while.

Usually, a tight-range trading is followed by a range expansion. If the price continues lower and plunges below $26,942, the pair may decline to the crucial support at $25,250.

On the contrary, if the range expands above $30,000, the pair is likely to rise to $31,000 and thereafter to $32,400. A break above this level will signal a pick-up in momentum.

Ethereum price analysis

The bulls are struggling to push and sustain the price above the 20-day EMA ($1,896), indicating that the bears are trying to flip this level into resistance.

The 20-day EMA has started to turn down gradually and the RSI has dipped below 45, indicating that bears have a slight edge. If bears sink and sustain the price below $1,785, the ETH/USDT pair could drop to the 61.8% Fibonacci retracement level of $1,663.

Contrary to this assumption, if the price turns up from the current level, the bulls will again try to propel the pair above the psychological level of $2,000. If they succeed, the pair can rally to the stiff overhead resistance of $2,200.

BNB price analysis

BNB (BNB) rebounded off the 50-day SMA ($323) on April 30, indicating that the bulls continue to guard this level with full force.

The price action of the past few days has formed a symmetrical triangle pattern, indicating indecision among the buyers and sellers. The 20-day EMA ($328) is sloping up gradually and the RSI is just above the midpoint, indicating a minor advantage to the bulls.

If buyers drive the price above the triangle, it will signal the start of a new up-move. The BNB/USDT pair could then rally to the pattern target of $380 and subsequently to $400.

The bears are likely to have other plans. They will try to sink the pair below the support line of the triangle and deepen the correction to $280.

XRP price analysis

XRP’s (XRP) recovery hit a wall at the 20-day EMA ($0.47) on April 29, which suggests that the sentiment is negative and traders are selling on rallies.

The bears will try to pull the price to the strong support at $0.43. This is an important level to keep an eye on because if it cracks, the XRP/USDT pair may collapse to the next major support at $0.36.

The first sign of strength will be a break and close above the 20-day EMA. Such a move will suggest that the bears are losing their grip. That could open the doors for a possible rally to the resistance line. If bulls overcome this barrier, the pair could surge toward $0.56.

Cardano price analysis

Buyers are finding it difficult to push Cardano (ADA) above the neckline, indicating that the bears are fiercely protecting the level.

A minor positive in favor of the bulls is that they have not allowed the price to slip below the 50-day SMA ($0.38). The RSI is in the negative territory and the 20-day EMA ($0.40) is flattening out, indicating that bears are trying to gain the upper hand.

If ADA price plunges below $0.37, the selling could intensify and the ADA/USDT pair may descend to the next support at $0.33.

On the upside, the bulls will have to cross the obstacle at the neckline to set up a retest of $0.46. A break above this level will signal the start of a new uptrend.

Polygon price analysis

Polygon (MATIC) is facing selling by the bears on relief rallies while the bulls are trying to defend the support at $0.94.

This tight-range trading is unlikely to continue for long. The downsloping 20-day EMA ($1.03) and the RSI in the negative territory indicate that the path of least resistance is to the downside. If bears tug the price below $0.94, the MATIC/USDT pair could nosedive toward $0.69.

On the contrary, if the price turns up from the current level and breaks above the 20-day EMA, it will suggest the start of a stronger recovery. The pair may then rise to the resistance line where the bulls will again face stiff resistance from the bears.

Dogecoin price analysis

Dogecoin (DOGE) turned down from the 20-day EMA ($0.08) on April 30, indicating that the sentiment is negative and bears are using the rallies to sell.

The price has reached the support near $0.08. If this level gives way, it will suggest that bears have seized control. Sellers will then try to build upon their advantage and pull the DOGE/USDT pair to the next support at $0.07. The bulls are expected to defend the zone between $0.07 and $0.06 with all their might.

Contrarily, if the price bounces off the current level and rises above the 20-day EMA, it will suggest that the bulls are accumulating at lower levels. The upside momentum could pick up after buyers pierce the downtrend line. Dogecoin's price may then climb to $0.11.

Solana price analysis

Solana (SOL) turned down from $24 on April 30, indicating that bears are active at higher levels. The price has reached the 50-day SMA ($21.74), which is an important level to keep an eye on.

The short-term advantage will tilt in favor of the bears if they manage to sink the price below the 50-day SMA. The SOL/USDT pair could then slump to the strong support at $18.70. Buyers are likely to guard this level with force. If the price rebounds off $18.70, the bulls will again try to clear the hurdle at $24.

If they can pull it off, the pair will attempt a rally to $27.12. A downturn from this level may result in rangebound price action between $27.12 and $18.70 for some time. Alternatively, if the bulls catapult the price above $27.12, the next stop could be as high as $39.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Why is Cardano price up today?

March 22, 2023 Coin Telegraph

ADA price

Cardano whales are largely behind ADA's price rally in the last week, helped by Bitcoin's multi-month highs amid the banking crisis and Fed pivot hopes.

Cardano (ADA) rallied to its best price level in a month as cryptocurrency investors prepared for the Federal Reserve's looming interest rate decision.

Fed boosts appetite for cryptos like ADA

On March 22, ADA's price surged by as much as 4.58% to $0.388, its highest level since Feb. 24. This bucked the trend as the total crypto market capitalization underperformed the Cardano token, dropping 0.4% on the same day.

*ADA/USD versus crypto market cap daily performance chart. Source: TradingView*

All eyes are on the Fed meeting on March 22 as chairman Jerome Powell tries to balance his anti-inflation campaign versus a flurry of sudden banking collapses.

The U.S. central bank's intervention to safeguard regional banks with emergency lending measures and hopes that it would be less hawkish in the future has helped top-ranking crypto assets, including Cardano, rally in March.

ADA's price is up by a decent 4% month-to-date (MTD) versus top coin Bitcoin's (BTC) 20% gains in the same period.

Cardano network upgrade, whale activity

Cardano's performance in the past seven days, including March 22 mirrors Bitcoin's, with both rising by over 16%.

ADA's upside momentum coincides with the launch of Cardano's new network upgrade launch on March 17. Dubbed Dynamic peer-to-peer (P2P) networking, the new node version reportedly enables bidirectional usage of block-producing nodes and relay nodes, which may defend against failures or malicious behavior.

*ADA s price has rallied 20% since the Cardano's Dynamic P2P update. Source: TradingView*

Interestingly, ADA price gains in March appear to have been supported by Cardano whales, according to on-chain data provided by Santiment.

For instance, the percentage of Cardano tokens held by addresses holding 100 million-1 billion ADA has risen from 6.16% on March 1 to 7.56% on March 22.

On the other hand, the ADA supply held by the 10 million-100 million holder cohort has dropped from 41.32% to 39.67% in the same period.

*Cardano supply distribution among addresses holding 1K to 100M ADA. Source: Santiment*

This suggests that the 10 million-100 million ADA holders stepped up their buying in March and, as a result, entered the 100 million-1 billion cohort. Similarly, addresses holding anywhere between 1,000 to 10 million ADA tokens increased their supply in March.

What's ahead for ADA price?

From a technical perspective, ADA price eyes a pullback as it moves near its multi-month descending trendline resistance, as shown in the daily chart below.

In that case, the short-term price target for ADA/USD appears near its ascending trendline support (currently around $0.34), which has been capping its downside attempts since December 2022.

Conversely, a decisive close above the descending trendline resistance could have ADA test its support-turned-resistance area (purple) — the $0.41-0.44 range. This move could also confirm its inverse-head-and-shoulders (IH&S) pattern, as illustrated below.

*ADA/USD daily price chart featuring IH&S pattern. Source: TradingView*

An IH&S is a bullish reversal pattern, resolved when the price breaks above its neckline support level. As a rule of technical analysis, its upside target is measured after adding the distance between its lowest point and neckline level to the breakout point.

As a result, ADA's price could rally by almost 100% to $0.741 by June if the IH&S pattern plays out.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price analysis 3/15: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB

March 15, 2023 Coin Telegraph

ADA price

Credit Suisse has pulled the U.S. equities markets lower, but a positive sign is that Bitcoin and select altcoins are holding near their local highs.

The United States equities markets tumbled on March 15 after Saudi National Bank, Swiss Bank Credit Suisse’s largest investor, said it will not be able to provide any more funding to Credit Suisse due to regulatory limitations.

Investors are nervous because Credit Suisse, which has large U.S. and global operations, warned on March 14 that it had found “certain material weaknesses” in its financial reporting processes for 2021 and 2022. Shares of Credit Suisse plummeted to an all-time low on March 15.

After the events of the past few days, the S&P 500 has given back all its gains for the year and is trading flat. In comparison, Bitcoin (BTC) is holding on to a large part of its gains and is up nearly 47% in 2023.

Trezor Bitcoin analyst Josef Tětek believes the banking crisis could be positive for Bitcoin as it could emerge as a safe haven asset.

Capriole CEO and founder Charles Edwards said that Bitcoin has formed a “bump and run reversal pattern,” which has a target objective of $100,000 and higher. However, Edwards cautioned traders that the pattern could fail, hence it should not be used for building a trading or investment plan.

Could Bitcoin and the altcoins rise above their overhead resistance levels and start the next leg of the up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

The bulls propelled Bitcoin above the overhead resistance of $25,250 on March 14 but the long wick on the candlestick shows that bears are not ready to surrender without a fight. Strong selling pulled the price back below $25,250.

The 20-day exponential moving average ($23,012) has started to turn up and the relative strength index (RSI) is in the positive territory, indicating advantage to buyers.

If the bulls do not give up much ground from the current level, the possibility of a break and close above $25,250 increases. If that happens, the BTC/USDT pair will complete a bullish inverse head and shoulders (H&S) pattern. That will signal a potential trend change. The pair may then sprint toward $32,000.

If bears want to slow down the bullish momentum, they will have to quickly pull the price back below the moving averages.

Ether price analysis

Ether (ETH) soared above the overhead resistance at $1,743 on March 14 but the bulls could not sustain the higher levels. This suggests that the bears are trying to protect the level.

If the price consolidates between $1,743 and the 20-day EMA ($1,588), it will suggest that the sentiment has turned positive and traders are buying on dips. That will improve the prospects of a break and close above $1,743. The ETH/USDT pair is then well-positioned for a strong rally toward the psychological level of $2,000.

Contrary to this assumption, if the price turns down and breaks below the moving averages, it will indicate that the ETH/USDT pair may consolidate in a large range between $1,743 and $1,352 for some time.

BNB price analysis

BNB (BNB) turned down from the strong resistance near $318. This suggests that the bears are trying to defend the zone between $318 and $338.

A minor positive in favor of the buyers is that they have not allowed the price to break back below the 50-day simple moving average ($306). The shallow pullback shows that every minor dip is being purchased.

The bulls will make one more attempt to catapult the price above the overhead zone. If they do that, the BNB/USDT pair can soar toward $400. Contrarily, if the price breaks below the 50-day SMA, the pair may slide to the 20-day EMA ($296). A break below this level will signal advantage to bears.

XRP price analysis

XRP (XRP) turned down from the 50-day SMA ($0.38) and formed a Doji candlestick pattern on March 14, indicating indecision among the bulls and the bears.

The uncertainty resolved to the downside on March 15 and the price has slipped to the strong support at $0.36. If this level is taken out, the XRP/USDT pair could decline to the support line of the channel near $0.32.

On the other hand, if the price stays above $0.36, the bulls will again try to overcome the obstacle at the 50-day SMA and $0.40. If they can pull it off, the pair may pick up momentum and climb to $0.43.

Cardano price analysis

Cardano (ADA) accelerated on March 14 and reached the 50-day SMA ($0.36) but the long wick on the day’s candlestick shows that the bears are aggressively selling on rallies.

The bears have tugged the price back below the 20-day EMA ($0.34) on March 15, which has cleared the path for a possible retest of $0.30. Buyers are likely to protect this level with all their might because the next support is way lower at $0.27.

Alternatively, if the price rebounds from the current level or $0.30, it will suggest that traders are buying on dips. That may keep the ADA/USDT pair range-bound between the 50-day SMA and $0.50 for a few days.

Dogecoin price analysis

Dogecoin’s (DOGE) recovery has reached the downtrend line where the bears are mounting a strong resistance.

The downsloping 20-day EMA ($0.07) and the RSI in the negative territory indicate that bears are in control. Sellers are trying to yank the price below the immediate support at $0.07. If this support collapses, the DOGE/USDT pair may descend to $0.06.

On the contrary, if the price rebounds off the current level, it will suggest that lower levels are attracting buyers. The downtrend line remains the key level on the upside because a break above it could start a relief rally to $0.10.

Polygon price analysis

Polygon’s (MATIC) relief rally is facing stiff resistance at the 50-day SMA ($1.22). That has pulled the price below the 20-day EMA ($1.16) on March 15.

The MATIC/USDT pair could plummet to the strong support at $1.05. This is an important level to watch out for because if it cracks, the pair may retest the $0.94 support. A break below this level will open the gates for a potential drop to $0.69.

Another possibility is that the price rebounds off the $1.05 support. If that happens, the bulls will again try to drive the price above the 50-day SMA. If they succeed, the likelihood of a break above $1.30 increases.

Solana price analysis

The bears are trying to halt Solana’s (SOL) rally at the 50-day SMA ($22.40) but the bulls are trying to keep the price above the immediate support at $19.68.

This suggests that the bulls will again try to push the price to the downtrend line. This is a vital resistance to keep an eye on because a break and close above it will signal a potential trend change. There is a minor resistance at $28 but it is likely to be crossed. The SOL/USDT pair may then surge toward $39.

Instead, if the price continues lower and falls below $19.68, it will suggest that the bears have not yet given up. The pair may then slump to the strong support at $15.28.

Polkadot price analysis

Buyers tried to drive Polkadot (DOT) above the 50-day SMA ($6.42) on March 14 but the bears did not relent. This suggests that higher levels are attracting sellers.

Both moving averages have flattened out and the RSI is just below the midpoint indicating a status of equilibrium between the bulls and the bears. If the price breaks and sustains below the 20-day EMA ($6.07), the DOT/USDT pair may swing between the 50-day SMA and $5 for a few days.

If buyers kick the price above the 50-day SMA, the pair could pick up momentum and soar toward the neckline of the inverse H&S pattern. On the downside, the bears will have to sink the pair below $5 to indicate a comeback.

Shiba Inu price analysis

Shiba Inu (SHIB) is trading inside a descending channel pattern. The bulls tried to push the price above the channel but the bears held their ground.

*SHIB/USDT daily chart. Source: TradingView*

The bears will again try to pull the price below the psychological support at $0.000010. If they manage to do that, the SHIB/USDT pair could fall toward the support line of the channel. The bulls are likely to defend the $0.000008 to $0.000007 zone with all their might.

If the price rebounds off this level, it will suggest that the pair may consolidate inside the large range between $0.000018 and $0.000007 for some more time.

In the near term, a break above the 50-day SMA ($0.000012) will tilt the advantage in favor of the bulls. The pair could then attempt a rally to $0.000014 and then to $0.000016.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Cardano price chart paints ‘Burj Khalifa’ with 7-month losing streak — More losses ahead?

October 19, 2022 Coin Telegraph

ADA price

On-chain Cardano metrics show a decline in transactional activities on the network.

Cardano (ADA) price is in the process of painting its seventh red monthly candle in a row as the token fell to its lowest level since February 2021.

The trend saw ADA's price rising nearly 800% to $3.16 between February 2021 and September 2021, followed by a complete wipeout of those gains entering October 2022. Amusingly, the entire price action took the shape of the "Burj Khalifa," the world's tallest skyscraper in Dubai.

Ada Khalifa pic.twitter.com/KE2SxTO3bN
— Trader_J (@Trader_Jibon) October 19, 2022

ADA price eyes 35% price crash

The ADA price correction began primarily in the wake of a similar downtrend across the cryptocurrency market, led by the Federal Reserve's aggressive interest rate hikes to tame rising inflation.

Even an optimistic Cardano network upgrade dubbed Vasil was not enough to bring its buyers back to the market.

Notably, ADA's price has dropped by nearly 20% since the Vasil hard fork nearly a month ago — an update aimed at improving its network's scalability and smart contract capabilities.

Moreover, the ADA/USD pair also broke below a key support level that may lead to another major crash ahead in Q4.

The said support level at around $0.42 constitutes a descending triangle, a continuation pattern. In other words, ADA's potential to continue its prevailing downtrend becomes higher if it forms and breaks out of a descending triangle to the downside.

*ADA/USD three-day price chart featuring descending triangle breakdown. Source: TradingView*

Meanwhile, as a rule of technical analysis, a descending triangle breakdown during a downtrend typically pushes the price lower to a level at length equal to the pattern's maximum height. Therefore, ADA risks dropping toward $0.248, or by 35%, if the descending triangle breakdown plays out.

$ADA now losing the lights out level and going to the place where coins go when they die. Prob got a -50% in it from that breakdown level imo

And I'm by no means picking on it. I posted charts for almost several alts like this including $SOL and $ETH in Dec-Jan pic.twitter.com/Of0TNZfXKK
— Pentoshi (@Pentosh1) October 19, 2022

Conversely, a retest followed by a close above the triangle's lower trendline as resistance raises ADA's possibility to invalidate the bearish outlook. In doing so, it could trigger a descending channel setup forming simultaneously with the ascending triangle, as shown below.

*ADA/USD three-day price chart featuring descending channel pattern. Source: TradingView*

The descending channel setup sees ADA bouncing from its lower trendline to test the upper trendline near $0.45 as its immediate upside target. In other words, a 30% interim price rebound.

Macro risks remain

Overall, Cardano continues to tread ahead under macro risks, primarily after September's 8.2% inflation reading, which raised the possibility of the Fed continuing its rate hike spree for the remainder of 2022.

Risk assets across the board have witnessed a decline in individual investors' enthusiasm, which was instrumental in pushing thcryptocurrency prices higher in 2020 and 2021. For instance, Robinhood CEO Vlad Tenev noted:

"2020 and 2021, people were really interested in investing in stocks. There was widespread participation in the stock market. Now people are talking about gas prices and inflation.”

ADA, whose positive correlation coefficient with the U.S. benchmark S&P 500 has remained above $0.80 for most of 2022, also witnessed a sharp decline in its daily active addresses (DAA) since November 2021's market top.

Notably, its 30-day DAA average dropped to 165,000 on Oct. 19, its lowest level in two years, data from Santiment shows.

*Cardano 30-day DAA average. Source: Santiment*

On a brighter note, the number of Cardano addresses holding 100–1,000 ADA and 1,000–10,000 ADA tokens has increased during the bear cycle, hinting at potential accumulation by large investors, or so-called whales.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Cardano bulls run out of steam after Vasil hard fork — 40% ADA price crash in play

September 26, 2022 Coin Telegraph

ADA price

Most Cardano hard forks have preceded ADA price crashes, and Vasil looks no different.

Cardano's (ADA) long-awaited Vasil update went live on Sept. 22, which promises to make its blockchain more scalable and cheaper than before. However, this has failed to bring bullish momentum to the ADA market.

Sell-the-news hampers Cardano

ADA's price has dropped by approximately 9.5% since the update and was changing hands for $0.43 on Sept. 26. The ADA/USD pair's drop was accompanied by a rejection candlestick on its daily price chart, confirmed by a brief rally to $0.48 on the day of the fork and a sharp correction thereafter.

ADA bulls' muted reaction to the successful Vasil update is similar to what transpired across the Ether (ETH) market after Ethereum's Merge .

In other words, a buy the rumor, sell the news event, resembling most of Cardano's previous hard forks, which have a history of preceding ADA price crashes, as shown below.

*ADA/USD three-day price chart. Source: TradingView*

In addition, macro risks led by a very hawkish Federal Reserve also weighed down ADA's bullish expectations post-Vasil.

The U.S. central bank's decision to raise its benchmark rates by another 0.75% came within 48 hours before the Cardano update. ADA fell alongside risk-on assets in response, given its consistent positive correlation with stocks throughout 2022.

As of Sept. 26, the correlation coefficient between the Cardano token and the Nasdaq Composite was 0.83.

*ADA/USD and Nasdaq daily correlation coefficient. Source: TradingView*

ADA price eyes 40% crash

Meanwhile, ADA's technicals are painting a descending triangle pattern for a bearish outlook in the near term.

Theoretically, a descending triangle in a downtrend acts as a bearish continuation signal, meaning it resolves after the price breaks below its support trendline decisively. In doing so, the price falls by as much as the maximum triangle height.

*ADA/USD three-day price chart featuring descending triangle breakdown setup. Source: TradingView*

Therefore, a breakdown below ADA's triangle support of $0.41 could have its price crash toward $0.25. In other words, a 40% price decline by the end of 2022.

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ADA price eyes 40% crash

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