spot_imgspot_imgspot_img

Should Cardano (ADA) Investors Be Worried?

  • ADA Coin’s price has dipped below $0.24 for the first time since June 10th.
  • Although the price has rebounded from the $0.24 support, it needs to close above $0.2748.
  • Despite on-chain readings not indicating a definite decline, negativity surrounding BTC could lead to further drops in the coming days.

The price of ADA Coin, one of the largest PoS networks, has been on a steady decline this year. With fluctuations in Bitcoin’s price, could this lead ADA Coin to a new low? We examine the current ADA Coin price predictions based on on-chain and technical indicators.

Analysis of Cardano (ADA) Chart

Cardano ADA USDT Binance 1 Week
Cardano ADA USDT Binance 1 Week

ADA Coin was under seller control even before BTC’s decline due to its closing below $0.3. The price rebounded from the $0.24 support during the drop on August 17th, a similar support test it underwent during the SEC hit on June 10th. However, it is currently finding buyers from a point close to the bottom due to its inability to surpass $0.35 and the general market sentiment turning negative again.

To recover, it needs to close above $0.2748. If successful, the price could reclaim the $0.3 support. However, in a negative scenario, it could drop to its early 2021 price of $0.2 or below.

ADA Coin Reviews

Cardano’s price had a tough week as it dropped to double digits. This price drop can primarily be attributed to the bearish trend in the market, but a few other factors may have played a role. One such factor is the melting of network activities. Santiment’s chart revealed a drop in development activity over the past week, the reason for which was revealed in ADA’s weekly development report.

Interestingly, despite a decrease in ADA’s development activity, network activity remained high. This is evident from the stable number of daily active addresses. The price drop led to an increase in negative sentiment around the token in the market. Cardano’s popularity also decreased as social volume dropped. However, the bearish trend could soon end as ADA Coin’s Open Interest has dropped in the past few days.

The red Binance funding rate also indicates a possible change in the ongoing price trend. ADA’s MACD shows a downward dominance in the market. Also, the CMF is negative. With the expected BTC volatility in the coming week, investors could face larger losses.

Conclusion

While ADA Coin’s price has been on a downward trend, there are indicators that suggest a possible recovery. However, with the market’s current volatility, especially surrounding Bitcoin, investors should proceed with caution. The coming week will be crucial in determining ADA Coin’s price trajectory.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Eyes $300,000 Amid Institutional Adoption: Analysts Forecast Major Corrections Ahead

In this article, we explore the ambitious Bitcoin price predictions by Michael van de Poppe and Max Keiser, the role of institutional investors, and the expected market corrections. Get insights into what lies ahead for the world's leading cryptocurrency.

Grayscale Hits Historic Low in Bitcoin ETF Outflows as Market Confidence Soars

This article delves into Grayscale Investments' recent performance, the surge in spot Bitcoin ETFs, and overall market sentiment, offering insights into the future trajectory of crypto investments.

Shiba Inu’s SHIB Token Burns Increase: Is SHIB Price Ready to Surge?

Burn rates in the SHIB token of the popular memecoin project Shiba Inu have increased in the last 24 hours: What is the latest situation for the SHIB price?

SEC Prepares to Approve Options for Spot Bitcoin ETFs

Will the U.S. Securities and Exchange Commission (SEC) approve options trading for BITB and GBTC spot Bitcoin ETFs?

What Happens If Bitcoin Crashes? Renowned Author Robert Kiyosaki Explains!

Entrepreneur and renowned author Kiyosaki shared his thoughts on the potential collapse of Bitcoin within the community.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.