Posted on

Cardano (ADA) Approaches The $0.3 Resistance: What Lies Ahead?

The journey of Cardano (ADA) toward reclaiming the $0.3 price level seems to be growing more challenging in the days ahead, as the cryptocurrency grapples with persistent bearish pressure.

After successfully managing to hold the line at $0.3 during the latter part of July, the digital asset encountered a setback in early August when this crucial support level split, potentially paving the way for further price declines.

The $0.3 mark not only signifies a March low but also acted as a pivotal resistance point during the months of June and July. This level demonstrated its resilience by transforming into a support level in late July and early August. Nevertheless, the breach experienced in early August did not immediately send ADA into a downward spiral. 

However, recent price analysis reveals a concerning development: a retest of this level followed by a price rejection has formed a bearish order block (OB) on the daily chart.

Founder’s Jab At Ethereum Adds Intrigue Amidst ADA Struggles

Meanwhile, Charles Hoskinson, the visionary founder of Cardano, has thrown shade at Ethereum, a primary rival in the cryptocurrency landscape.

Hoskinson’s remarks were sparked by a video clip in which Ethereum developer Justin Drake commented on staking, likening it to sausage-making and suggesting that understanding the intricate process could lead to disillusionment.

Hoskinson’s use of the colloquialism underscores his perspective on Ethereum’s staking mechanism. Some interpreted his comment as a candid critique of the opacity surrounding Ethereum’s staking process, hinting at potential undesirable aspects hidden beneath the surface.

Ethereum’s own founder, Vitalik Buterin, has previously expressed reservations about staking Ether due to security and operational complexities, providing a backdrop to Hoskinson’s dig.

Cardano Market Performance

At present, ADA is trading at approximately $0.290, according to CoinGecko data. Over the last 24 hours, the cryptocurrency has remained flat, while its value has decreased by a measly 0.5% over the past seven days. 

As the broader cryptocurrency market continues to navigate through volatility, Cardano’s ability to regain its foothold at the $0.3 level remains a pivotal factor in determining its short-term trajectory.

Cardano’s struggle to recapture this price level amidst ongoing bearish pressure is a matter of growing concern. The recent breach of this crucial support level, coupled with a bearish order block formation, underscores the challenges ahead.

In addition, Hoskinson’s subtle critique of Ethereum’s staking process adds an intriguing layer to ADA’s narrative, as the cryptocurrency community keenly watches its path forward in a dynamic and evolving landscape.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Analytics Insight 

Posted on

Cardano Founder Urges Priority On Election To Avoid Further Chaos In Crypto

The U.S. Congress Democratic committee members are preparing to endorse the Securities and Exchange Commission’s (SEC) stringent regulation of digital assets in their efforts to assert control over the crypto industry.

A new memo pointing towards a hearing on digital assets regulation circulated among the Democrat committee, sparking reactions among top crypto leaders.

In a May 14 tweet, Cardano founder Charles Hoskinson condemned the memo, urging Americans to consider it a top priority issue in the next presidential election. Hoskinson advised US citizens to become single-issue voters and support pro-digital asset candidates in the next election cycle.

Democrat Lawmakers And Their Anti-Crypto Position

The Cardano founder believes the memo suggests the US Democrats and the government are planning a major crackdown on digital assets.

Cardano Co-founder Urges To Prioritize The Next Election To Stop Crypto Regulatory Madness

In his tweet, Charles Hoskinson noted that the only way to prevent the government’s “regulatory madness on crypto is to prioritize it during the elections.” He urged crypto enthusiasts to vote for candidates who support pro-digital asset legislation.

His message comes in response to Eleanor Terrett’s tweet. According to Terrett, the memo urged Democrats of the House Committee on Financial Services to stick behind the SEC during the hearing.

This move implies that the SEC could gain full authority over digital asset oversight, expanding its “regulation by enforcement policy” on digital assets. 

The memo further noted that nearly all cryptocurrencies are securities, and the problem of crypto regulation isn’t its ambiguity but “mass noncompliance.” 

In addition, the memo called attention to Republican committee members advocating to slash the budget to financial regulators.

Also, the notice suggested that such Republicans are not “interested in protecting investor interests.” It recommended that the Democrats focus on approving a clean debt ceiling bill “instead of supporting pro-crypto legislation.”

The memo’s content sparked reactions among the crypto community, with over 900,000 people commenting on Eleanor Terrett’s tweet. Several crypto experts and industry leaders expressed concerns regarding the potential regulatory direction.

A respondent Jeff Beach frowned at the meme, noting that the move could drive the innovation away from the US.

Are There Still Pro-Digital Asset Democrat Lawmakers In The U.S?

Although most US Democrats are anti-crypto, the nascent industry still found a supporter among them. In March 2022, a prominent Democrat Senator, Ron Wyden, expressed his support for the industry. 

The Senator told his colleagues to be careful while regulating cryptocurrencies, noting that crypto innovations have presented several opportunities for settling payments.

As a former pioneer of the US internet regulation, Wyden likened crypto to the early days of the internet. At the time, the government established legal protections to guard online platforms against lawsuits for public content published on them.

The Senator emphasized the need for legal protections similar to Section 230 of the Communication Decency Act for digital asset platforms.

Featured image from Pexels and chart from Tradingview

Posted on

Here’s Why $80 Billion Was Wiped Off The Crypto Market

Over the last 24 hours, a substantial amount has been wiped off the crypto market. Billions of dollars were taken off the market cap as cryptocurrencies such as bitcoin lost about 10% of their value in the same time period. Following this, Charles Hoskinson, founder of the Cardano network, has shared his thoughts on what caused the market to crash.

Inflation Is The Culprit

Taking to Twitter, Cardano founder Charles Hoskinson explained that the high inflation rate was the reason behind the market crash. It is no secret that the inflation rate of the United States has been climbing in the last couple of months, and the most recent CPI data report saw another increase in inflation, triggering panic across the financial markets.

On the headline inflation, there was only about a 0.1% increase according to the CPI data, while core inflation rose 0.6%. However, despite these numbers not being ‘large’ compared to previous inflation growth rates, it showed that inflation was not slowing down. With the year-over-year inflation rate now sitting at 8.3%, it triggered a massive sell-off in the market. 

Hoskison shared a report from CNBC that showed that the crypto market was not the only one hit in the sell-offs that accompanied the release of the CPI data. The DOW had fallen 1,200 points in a single day, which was the largest single-day drop recorded in the last two years.

Market cap drops to $951 billion | Source: Crypto Total Market Cap on TradingView.com

Hoskinson’s statements on the topic of inflation were, “I remember attending a dinner party in Abu Dhabi and sitting next to a famous economist who told me inflation had nothing to do with printing massive sums of money. The people in charge are a delusional cult. You get the bill.”

The crypto market has lost a total of $80 billion in the last 24 hours, which has brought the total market cap below $1 trillion once more. Now, the market looks toward the FOMC meeting that is planned to happen at the start of next week. The decision will also have a significant impact on the market. But before then, the Ethereum Merge presents another event that could have an impact on the market.

Bitcoin’s strong correlation with the stock market is also having an impact on the market. This means that for there to be a recovery in the crypto market, a recovery in the stock market would help it along. However, with the inflation rates remaining so high, recovery may remain far off until there is more positive news.

Featured image from Forkast, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Posted on

Cardano (ADA) Could Slide Back To $0.40 – But $0.68 Still Doable

Cardano (ADA) price looks bullish as it does a U-turn on Monday following negative economic spikes from China getting crypto traders all worried.

In addition, many major corporations are exiting Russia, including McDonald’s. All of these factors contribute to heightened risk sentiment making it entirely difficult for major cryptocurrencies to elevate in price than usual.

This could also mean bad news for ADA; risking a 32% correction. The negative sentiment has been growing enormously which also signal a downward trend in the next quarters.

As of this writing, the crypto is trading at $0.560514 on Coingecko, Wednesday, down 10% in the last seven days.

Suggested Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On

ADA Heading For A Nosedive Below $0.40

Tail risks pad up incessantly and it doesn’t seem to end which could mean ADA investors might head for the exit anytime soon.

ADA price is heading for a nosedive right below the $0.47 price point or at the low end of the distribution zone which could even reach $0.38.

On the brighter side, with the developments happening in the global economics and to the Cardano community, the first trading day of the week has shown promise of recovery. In fact, ADA price could possibly go towards $0.687 and move up to $0.915.

ADA total market cap at $18.09 billion on the daily chart | Source: TradingView.com

Even though Cardano suffered a massive drop during the past week, it managed to recover and reach $0.613 on May 16. Meanwhile, Cardano is currently shaking it off after its gains of 4%.

Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano?

It went through a three-day bounce right there as shown over the weekend. The whale activity was seen for Cardano which signaled a deviation in price direction.

Cardano TVL is at around $174.74 million. Now, it may seem like the increase is totally insignificant but it’s a winning jump since it has been steadily declining from its peak TVL of $434.74 million in the first quarter or March 28.

The difference between cardano and the other alts. They pay to do stuff like this. The Cardano Community just does it themselves out of love for the ecosystem and philosophy. We got marketing. It's three million strong and growing. https://t.co/cRdnmGZPZz

— Charles Hoskinson (@IOHK_Charles) May 16, 2022

Cardano Flag On Mount Everest Summit

Charles Hoskinson, Cardano Founder, is loud and proud to have reached the Mount Everest summit. He was ecstatic about the raving support of the community. His remark saying “we got marketing,” definitely speaks volumes of his optimism despite the downward trend that ADA has displayed the previous days.

The Cardano CEO is proud to have a strong and dedicated community comprised of 3 million members and still growing. The native tokens of Cardano also went up to 4.7 million.

Moreover, Cardano has also managed to get $20 million more in funding since Mary 13. Its TVL has jumped from 18 million a few days ago to $137 million on May 16 – that is a 6% change of TVL in a matter of 24 hours.

Featured image from Coinbase, chart from TradingView.com

Posted on

How Long Will The CryptoWinter Last? Cardano Founder Provides Answers

It is evident that the market has now officially welcomed a cryptowinter. The market prices of various digital assets show this. However, as is expected, investors in the space are wondering how long this cryptowinter is expected to last. Goin by previous markets, it could be that the market is in for the long haul but Cardano founder Charles Hoskinson has provided his thoughts on how long he believes the bear will stay.

Prepare For Months Of Cryptowiner

With the price of major cryptocurrencies such as Bitcoin and Cardano down, speculations abound about when the bottom of the market will be reached. Mostly, the negative sentiment that has washed across investors in the space has not done much to help things as the prices continue to decline as a result. Nevertheless, this has not stopped some from trying to pinpoint when the market will reach its inevitable bottom.

Related Reading | Bitcoin Funding Rates Remain Unmoved Despite Plunge To $30,000

Addressing the market in a new twee, Cardano founder Charles Hoskinson has presented what he believes will happen to the market. The tweet that he starts out by welcoming those who this was their first cryptowinter also went further to put a timeframe on it. For the Ethereum co-founder, he believes that this downtrend will continue for weeks to months. 

“If this is your first cryptowinter, then welcome,” said Hoskinson. “Been through many since 2011 and they always hit like a cold ice bath. We are in the panicked blood in the street phase. It clears in weeks to months as a bottom is found. Then a long climb up the ladder.”

ADA Continues To Suffer

Of all the digital assets suffering through cryptowinter, Cardano (ADA) has been one of the hardest-hit coins. The digital asset which had made its all-time high of $3.10 last year off the back of the launch of smart contract capability has shed most of that value by May of 2022. Data from Messari shows that the digital asset is currently down 85.39% from its all-time high.

ADA trading 85% below ATH | Source: ADAUSD on TradingView.com

Once bears had pulled the cryptocurrency below the $0.5, it seems all hope was lost for it to ever recover back to the coveted $1 level. What this had meant was the asset was now trading significantly below its 50-day moving average, an important indicator for short-term movement.

Related Reading | Bitcoin Selloff Provides Boost To Miner Fee Revenues

In the longer term, ADA continues to perform poorly. Sentiment has now skewed completely in favor of selling, making this a seller’s market. ADA investors have not been spared the bloodbath either as it is now one of the worst-performing in terms of profit, with more than 70% of investors holding bags of losses.

The digital asset is trading at $0.454 at the time of this writing.

Featured image from Cointribune, chart from TradingView.com

Posted on

New Wallets Surge On Cardano, What’s Behind This?

The Cardano network is no stranger to accelerated growth but every now and then, there is a spike that causes the market to take a pause. This has been the case with the number of new wallets added on a daily basis which had reached a high of 7,600 new wallets added in a single day. While this is going on, speculations abound as to why the network is now seeing this rate of accelerated growth compared to when the market was still in a bull trend.

More Adoption Coming

The adoption of the Cardano network has been one of the reasons behind this increased interest in the blockchain. More users are coming to know Cardano as a major contender in the decentralized finance (DeFi) space, thus prompting them to start using the network. The result of this was not only had daily new addresses hit 7,600 in a single day, there had been more than 200,000 new addresses added to the network in the space of a month.

Related Reading | The Young Turks Embarrass Themselves Trying To Discuss Crypto Regulation

One solid reason behind this has been the adoption of the network for its NFT capabilities. Now, like with much else, the Cardano network offers cheaper and faster transactions compared to its biggest competitor, Ethereum. This has led some prominent figures to choose the network as the platform to launch their NFT projects. One of these is legendary rapper Snoop Dogg who announced that he would be launching an NFT collection on the blockchain.

ADA price falls below $1 | Source: ADAUSD on TradingView.com

No doubt the entrance of such a prominent figure into the Cardano space has spurred interest from followers of the superstar, who would want to take advantage of the network the rapper is using. Blockchain Insights also draws this same conclusion, tying the increased interest in the network to the rapper’s NFT launch. 

Today 7687 new ADA wallets per day.

Hard to be certain what caused this massive spike of new ADA wallets per day but we will take a guess and attribut this to @The_ClayMates and @SnoopDogg partnership. https://t.co/MWDH2hCgeO pic.twitter.com/vWwZa7O4k6

— Cardano Blockchain Insights (@InsightsCardano) April 18, 2022

More People Building On Cardano

The Cardano DeFi space is still very young compared to its competitors but that has not meant that the network has staggered in its growth. IOHK, the developer behind Cardano, in a recent report, revealed that there are almost 900 projects that are currently being built on the Cardano network, and what’s more, this number is growing by the day.

Related Reading | Conquering Terrain: Terra’s Stablecoin UST Is Now Crypto’s Third Biggest

This accelerated rate at which developers are building on the blockchain shows interest from different parties. These projects which are set to launch on the blockchain will no doubt make it one of the top contenders in the future.

Cardano founder Charles Hoskinson has said that the network is “just getting started” in response to a tweet that shared the milestone of more than 100,000 wallets added in a month. The founder also recently proposed building a decentralized social media platform that would compete with Twitter on the Cardano blockchain, as well as other leading blockchains in the space.

Featured image from CoinFunda, chart from TradingView.com