Despite Bitcoin’s stagnation, Cardano (ADA) has performed extremely well over recent weeks.
Data from crypto research firm Messari shows that the leading altcoin is up 150% since the start of the year. This is a much better performance than almost all top-50 cryptocurrencies, save for a few outliers in the DeFi space.
Cardano vs. other smart contract cryptocurrencies since the start of 2020. Chart from Messari
A full-time trader, however, thinks that ADA’s outperformance won’t last for long. He shared a chart indicating that the cryptocurrency has formed the same bearish signal last seen at Cardano’s 2019 peak.
Cardano’s Bullish Trend May Not Last For Long: Trader
A trader shared the image below on July 1st, noting that Cardano’s performance charted against Bitcoin is forming a bearish divergence. The analyst’s indicator is trending lower while prices trends higher, suggesting underlying weakness:
“The reason I’m building the ADA short here. If we invalidate the divergence I’m happy to step out the way. Until then I’ll continue to slowly build this position until the div confirms, at that point I can ramp up,” he commented on the chart.
The divergence that has formed is especially pertinent as it formed prior to ADA falling ~75% against Bitcoin from Q2 2019 to Q4 2019.
Cardano (ADA) analysis by full-time trader Cold Blooded Shiller (@ColdBloodShill on Twitter). Chart from TradingView.com
Buy the Rumor, Sell the News?
ADA’s extreme outperformance over recent weeks has largely been tied to the asset’s underlying fundamentals.
As of the time of this article’s writing, the underlying Cardano blockchain is going through what is known as its “Shelly” upgrade.
Shelly is a phase of the blockchain’s development that will increase its performance while optimizing for decentralization. This will be done through a Proof of Stake system. As the Cardano Foundation explains:
“Shelley will also see the introduction of a delegation and incentives scheme, a reward system to drive stake pools and community adoption… Come the end of the Shelley era, we expect Cardano to be 50-100 times more decentralized than other large blockchain networks.”
With ADA rallying off that implementation, the cryptocurrency could see a “sell the news” drop afterward. This is similar to what happened with Bakkt and Bitcoin in 2019 and the CME/CBOE futures rally in 2017.
Cardano’s Fate is Tied to Bitcoin
In some senses, the fate of ADA’s price trajectory is tied to that of Bitcoin. After all, Coin Metrics data shows that the two cryptocurrencies have a positive 180-day correlation of 0.84.
Fortunately for Cardano bulls, analysts are once again becoming optimistic about BTC.
As reported by Bitcoinist, Glassnode CTO Rafael Schultze Kraft observed that Bitcoin’s on-chain trends are stronger than they have been in months. He observed that the number of hourly new BTC addresses reached a two-year high while the hourly count of transactions reached a 10-month high.
There’s also the simple fact that more than 62% of all BTC hasn’t moved in a year.
“Bitcoin 1yr HODL new ATH!! We have reached a new all-time high, with 62% of bitcoin not moving on-chain for at least 1 year. Strong hands from hodl’ers! Such high levels of HODL’ing have been present at the start of previous Bitcoin bull runs,” on-chain analyst Philip Swift recently wrote in regards to the image below.
Bitcoin 1 year+ HODL Wave indicator from on-chain analyst Philip Swift (@PositiveCrypto on Twitter)
Featured Image from Shutterstock
Price tags: adausd, adabtc
Charts from TradingView.com
Cardano (ADA) Is Forming the Signal That Preceded a 75% Bear Market: Analyst origin »
ADA whale wallets now control 35.62% of the supply, but remain underwater.
Will whales hold their ground or start trimming to break even?
Cardano [ADA] isn’t getting much love from the whaThe post Is Cardano's $1 target a stretch? Why a breakdown could be near appeared first on AMBCrypto.
Cardano’s price is under pressure at $0.65, with key resistance at $0.66. If ADA fails to break this level, a decline to $0.60 is possible. Watch for a potential rebound if $0.66 holds.
The post Will Key ADA Holders Decide to Sell After Cardano’s Weak Showing? appeared first on BeInCrypto.
Cardano long bias remains strong as Spot Taker CVD stays bullish.
Liquidation clusters near $0. 72 and declining funding may trigger volatility on either side.
Cardano [ADA] continued to tradThe post Cardano: 4 signs of a break below $0.
Cardano (ADA), a blockchain built for scalability and eco-friendly transaction solutions, has recorded an 11. 2% increase by the month, pushing its price to $0. 762. Known for innovative developments such as the Hydra Layer-2 scaling solution and its growing ecosystem of decentralized applications, Cardano remains a key player in the crypto space.
Cardano showed a strong structural setup forming beneath the surface.
It’s notorious for forming bull flags with no follow-through as liquidity thins out.
Cardano [ADA] is back in the spotThe post Cardano traders, is it time to rotate into ADA's $0.
Cardano broke out of a descending channel, reclaiming the range formation from February.
Reduced activity coincided with the weekend, and could recover.
Cardano [ADA] broke out of a short-teThe post Cardano: As whale accumulation rises, will ADA see a potential surge? appeared first on AMBCrypto.
A YouTube video posted today reacts to a bold prediction about Cardano (ADA) price potentially reaching $10. The analyst compares the idea to a financial bungee jump from the Burj Khalifa, making it clear this isn’t just a casual forecast.
Cardano (ADA) has been a strong force in the cryptocurrency world for years. With its academic approach to blockchain development and focus on scalability and sustainability, it earned a reputation as one of the best cryptos to invest in for the long term.
Solana (SOL) and Cardano (ADA) are back in the headlines once more as Bitcoin’s surge back to $94,000 sparks fresh bullish momentum. Unsurprisingly, investors are hunting for the best altcoins to buy now, and both SOL and ADA are on their radar.
The Cardano price is trading above $0. 72 after pumping 11% last week. ADA holders can be fairly happy with this considering the pump is in line with other major altcoins such as ETH, XRP or DOGE.
Cardano's sentiment and technicals aligned as outflows signal investor confidence.
Retail engagement rises while whales reduce exposure, forming a bullish structural base.
Cardano [ADA] The post Cardano bulls aim $1.
Cardano price rose 11% as the broader cryptocurrency market flipped bullish. ADA rallied as Bitcoin broke above $94k and top alts jumped. The technical picture suggests bulls could eye $1 in the short term.
Cardano loses bullish momentum with a falling ADX and negative BBTrend, leaving ADA stuck between key support and resistance levels.
The post Cardano (ADA) Might Turn Bearish As Price Struggles to Breach $0.70 appeared first on BeInCrypto.
The Cardano price is trading around $0. 59 after yesterday’s rally following a 90-day tariff break was stopped today. Most altcoins actually retraced from local highs and ADA was no exception after dipping from $0.
Cardano rallied 8%, but fading BBTrend and DMI signals suggest caution as ADA teeters near key support and faces uncertain upside momentum.
The post Cardano (ADA) Price Eyes Recovery As Bulls Try To Gain Control appeared first on BeInCrypto.
As investors eagerly anticipate the next major upswing in the cryptocurrency market, one burning question among investors is: Which crypto should I buy to maximize my $500? For crypto enthusiasts, Ethereum (ETH) and Cardano (ADA) have always been key favorites and come with certain pros.
A bold new prediction for Cardano (ADA) is turning heads across the crypto space. Veteran trader CryptoELlTES took to X to say, “Cardano 12X coming soon! A project that stays true to its cycle.” Along with the post, they shared a detailed chart suggesting ADA’s price could see a massive 12x price surge from where […]
The post This Trader Makes a Shocking 12x Cardano (ADA) Price Prediction appeared first on CaptainAltcoin.
Following the slight gains, Cardano whales raised the amount accumulated to 190M ADA in a day.
Cardano’s price action continued to be in a tight range between $0.65 and $0.75 for the last tenThe post Cardano: Assessing impact of 190M whale action on ADA's price appeared first on AMBCrypto.
Cardano has strong technicals supporting its strength against high-cap rivals.
Is ADA’s current slump a setup for a breakout?
Cardano [ADA] remains resilient below $1, maintaining a 133% pThe post Cardano: The case for ADA leading over Solana, Ethereum in a market rebound appeared first on AMBCrypto.
Whales accumulated over 180 million ADA, signaling potential upward pressure on Cardano's price.
Cardano's price faced liquidation resistance around $0.75, with Open Interest and daily engagemeThe post Cardano stuck in a range—When will ADA's next big move happen? appeared first on AMBCrypto.
Cardano faced a critical test at $0. 80–$0. 66, with volatility keeping traders on edge.
Large transactions were declining, signaling reduced whale interest—Will ADA regain momentum?
CardaThe post Cardano struggles at $0.
After rallying to a cycle peak of $1. 15, Cardano (ADA) has harshly succumbed to market pressure. A recent double-digit loss in 24 hours saw its price hit a low of $0. 63. Despite the downturn, experts are exploring ADA’s possibility of closing the year with over 1000% gains.
Cardano (ADA) has long been a major player in the blockchain market, reaching an all-time high of $3. 10 due to its strong focus on scalability and smart contract technology. Currently trading at around $0.
The Cardano price pump will make ADA holders very happy today. We are looking at a 60% surge and ADA is now back above $1. This impressive jump has put Cardano ahead of both XRP and Solana in daily gains, catching many traders by surprise.
Cryptocurrencies witness significant declines today as bears tighten their grip. The notable selling momentum has deteriorated Cardano’s structure. ADA has been in a free fall despite recent buying activities from large-scale players.
Turning a small investment into life-changing gains is every crypto investor’s dream, and a new Cardano (ADA) alternative is making that a reality. While Cardano (ADA) is working toward reclaiming the $2.
Cardano continued to consolidate below $1, a structure that historically precedes breakout rallies.
Is this dormant liquidity coiling for a major move?
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Cardano (ADA) prices are oscillating below 10 cents Shelly is the Reward Era. Cardano is right on track, building towards Voltaire Shifting from Byron to Shelly, Cardano is firm on their roadmap.
Cardano (ADA) is up 7. 3 percent The path towards complete decentralization continues through Shelly TestNet Shelly TestNet is live. To the end, Charles Hoskinson is in Israel as he waits for feedback from the country’s developers.
ADA down 2. 1 percent Shelly TestNet set for June Focus is on Shelly and what it brings to Cardano: Decentralization. Test Net said to be this month. According to commentators, its success could either mean success or failure for IOHK and Charles Hoskinson.
Cardano price stable but bullish Development and consequent release of Cardano 1. 5 test-net positive Average volumes low, pumps must be accompanied by volumes above 210 million Project Shelly is on the horizon thanks to Cardano 1.
Latest Cardano News The good thing about Cardano is their regular update which in turn gives a clear picture on the development progress of Byron and Shelly. Days after Michael Person resigned and Paul Schmid given the task of leading the foundation and promoting their peer-reviewed platform and technology, ADA prices have been on a.
