Cardano (ADA) is currently flashing some significant signs of weakness after failing to surmount the crucial $0.10 region
It has been caught within a strong news-driven uptrend over the past several months, posting a majority of these gains over the past couple of weeks
It remains unclear as to whether or not a few positive developments that have taken place as of late will be enough to sustain the cryptocurrency’s intense uptrend
One analyst is expecting its price to rally slightly higher before hitting a crucial resistance region
He expects it to decline by 25% once this level is tapped
Cardano (ADA) has declined alongside the aggregated cryptocurrency market today.
Although being in a strong uptrend over the past few weeks – and even months – its buyers do not currently have enough support to shatter the resistance it faces at $0.10.
ADA’s intense uptrend has not been based on hype nor technical strength. It has rather come about primarily due to the release of the Shelley mainnet upgrade, as well as a few other news-related developments.
One analyst is now noting that the token may continue pushing higher in the near-term until it reaches its “daily supply” zone. From here, he expects it to decline by nearly 25% after facing a harsh rejection.
Cardano Flashes Signs of Weakness Despite Intense Multi-Week Rally
At the time of writing, Cardano is trading down 5% at its current price of $0.095. This marks a slight decline from a daily high of $0.101 that was set yesterday.
It has tried and failed on multiple occasions to surmount the intense selling pressure that exists around $0.10. It remains unclear as to whether or not it will be strong enough to break through this region anytime soon.
As Bitcoinist reported yesterday, analysts recently noted that the cryptocurrency has been flashing some high time frame bearish divergences, which could be a sign that the tides are starting to shift out of bulls’ favor.
“There are some HTF bear divs developing but I wouldn’t fade coins that showed multi-week strength,” one analyst cited in the report said.
Image Courtesy of Crypto Rangutang. Chart via TradingView.
Analyst: ADA Could Target Daily Supply Zone Before Plunging 25%
One possibility mused by another cryptocurrency analyst is that Cardano could continue climbing before it faces a rejection that sparks a meaningful trend shift into sellers’ favor.
He noted in a recent tweet that he is expecting ADA to rise just under 10% to its daily supply zone before seeing a sharp decline that causes it to plunge by nearly 25%.
“ADA – short scenario if it sets up. 1st target mid range,” he said while pointing to the chart seen below.
Image Courtesy of TraderXO. Chart via TradingView.
Bitcoin’s price action will also likely have some influence over that of Cardano.
Featured image from Shutterstock.
Charts from TradingView. origin »
Unlike in most cases, Bitcoin's latest hike did not have a universally positive effect on the prices of the market's many altcoins. While Cardano was one of the alts to post crucial gains on its chartThe post Cardano notes uptrend as IOTA, Decred remain stagnant appeared first on AMBCrypto.
Cardano’s ADA has been on a stable uptrend since bottoming mid-march. The digital asset has more than doubled since March 15 coming from under $0. 023 to as high as $0. 053. During this time, the project has undergone a couple of key developments that have boosted prices.
Despite an uptrend in the crypto market and major technical breakthroughs, Cardano (ADA) is failing to recover. Down by 97 percent from its record high, the price of ADA is struggling more than any other top cryptocurrency.
The latest altcoin technical analysis suggested that a correction was on the horizon following a market-wide surge. Now, it looks like the market is, in fact, retracing before there is a continuation of the bullish trend.
Crypto markets being driven by altcoins; Cardano, NEM and CRO Cranking, Bitcoin dominance diminishing. Market Wrap Crypto markets are still consolidating as we round off another week. Volume has crept up a little and a slow uptrend has formed over the past couple of days as major crypto assets hit resistance levels.
It would appear the bullish market momentum which materialized yesterday, has not relented as of yet. A bit of a surprising development, but a positive market development nonetheless. The Cardano price is still noting strong gains, following its recent 11% uptrend.
CoinSpeaker
Cardano Price Analysis: ADA/USD Trends of January 18–24, 2019
In case the bulls gather momentum and break up the supply zone of $0. 050 Cardano will resume its uptrend and may have its target at $0.
Cardano could be due for a huge reversal from its previous long-term slide as an inverse head and shoulders pattern has formed on its 4-hour time frame. Price has yet to break past the neckline resistance at the 0.
CoinSpeaker
Cardano Price Analysis: ADA/USD Trends of December 21–27, 2018
In case Cardano penetrates above the key supply zone of $0. 050, then the trend has changed to uptrend and have its high at $0.
Based on the current cryptocurrency market momentum, it is very difficult to predict how Bitcoin and other assets will evolve in the coming days and weeks. The current short-term predictions for Cardano seem to lean toward an uptrend, although it is equally important to acknowledge a further dip is not out of the question either.
CoinSpeaker
Cardano Price Analysis: ADA/USD Trends of November 16–22, 2018
Should the bulls push Cardano price up to break the supply zone of $0. 064 upside, the trend may change to uptrend but in case the bears defend this zone there will be downtrend continuation.
CoinSpeaker
Cardano Price Analysis: ADA/USD Trends of November 09–15, 2018
In case the demand zone of $0. 075 holds, Cardano price will resume its uptrend movement which may break the supply zone of $0.
It would appear most of the top cryptocurrencies – except for Bitcoin, Ethereum, and Litecoin – are going through a very positive spell right now. In the case of Cardano, its value has been on the rise for several hours now.
CoinSpeaker
Cardano Price Analysis: ADA/USD Trends of October 26–November 1, 2018
Should Cardano price fall to the demand zone of $0. 069, and the bulls defend this zone, ADA price will bounce to the north towards the supply zone of $0.
In case the demand zone of $0. 075 holds, the price will bounce to the north and break the strong supply zone of $0. 080, Cardano price will resume its uptrend movement towards the supply zone of $0.
The cryptocurrency markets are seemingly going through a small uptrend as of right now. Although it remains to be seen how long the momentum can last, the Cardano price notes some decent-sized gains.
Uptrend movement could be triggered in case the supply zone of $0. 11 is broken; a clear break and weekly close above the supply zone of $0. 11 would interrupt the bearish testing demand zone of $0.
Any indication of positive momentum maturing across the cryptocurrency markets will seemingly not happen anytime soon. With the Bitcoin price still in the red, altcoins will not see much of an uptrend today.
ADA has dropped 23. 8% in a week, nearing a key support zone between $0. 56 and $0. 51.
Declining whale transactions and network activity suggest investor caution, but a historical rebound patternThe post Cardano rejected at $1.
ADA price prediction looks bullish after retracing all the gains it made following the strategic reserve announcement.
The obstacles overhead were significant, and the sentiment across the markThe post ADA price prediction - Gemini, Trump, and why Cardano can surge this week 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.
ADA's historical price action and key technicals were aligning with its 2021 cycle.
If history rhymes, could another major breakout be on the horizon?
Ten days after Cardano’s [ADA] historThe post Cardano: Is ADA setting up a bear trap before a 2021-style breakout? 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.
Cardano needs a 1,960% surge to hit the $10 mark, mirroring its past exponential rallies. Can history repeat itself?
Active addresses have dropped significantly—will ADA’s network activity The post Can Cardano surge to $10? Key levels to watch out for appeared first on AMBCrypto.
Cardano's range formation since December has curtailed all price expansion
The $0. 78 support zone is likely to see a strong price bounce towards $0. 9 next week
Cardano [ADA] saw a 72% price The post Cardano's roadmap to $1.
