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  • Crypto Analyst Predicts Dramatic Rise In Cardano (ADA) Price, Here’s The Target

    Crypto Analyst Predicts Dramatic Rise In Cardano (ADA) Price, Here’s The Target

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    Crypto analyst Guy Turner has predicted that Cardano (ADA) could experience a significant price surge soon enough. The analyst also gave an insight into what price levels the crypto token could hit when this happens. 

    Cardano To Rise To $1

    In a video posted on his YouTube channel, Turner mentioned that ADA could rally to as high as $1 as that is the next significant level of resistance. The analyst’s projection is based on the fact that ADA’s weekly chart suggests that the crypto token is in the process of painting a bull flag. 

    A rise to $1 doesn’t seem impressive to the analyst as he alluded to SOL’s price, which has seen incredible gains from its past lows. The crypto analyst highlighted Cardano’s fundamentals as one reason why it has continued to underperform. According to him, the supply of the token seems to be outweighing the demand for it.

    He also singled out Cardano’s founding entities, IOG, EMURGO, and the Cardano Foundation, for contributing to a lot of sell pressure for the crypto token. These organizations are said to be selling a huge chunk of their ADA holdings to fund their operations. The silver lining is that this supply and demand dynamics doesn’t look to have impacted ADA’s price too much, Turner said.

    Meanwhile, he sounded bullish on Cardano in the long term as he noted that the interest rates, which have had more impact on ADA’s price, are likely to keep declining. As such, the crypto analyst believes that the crypto token could continue to rally alongside the rest of the broader crypto market despite its poor fundamentals. 

    ADA price at $0.51 | Source: ADAUSD on Tradingview.com

    Will ADA Hit New All-Time Highs This Year?

    Turner further stated that whether or not ADA will hit new all-time highs this year will depend on its upcoming milestones. One of them happens to be the CIP 1694, a proposal that has been in focus in the Cardano ecosystem over the last year. Having been voted upon and passed, the CIP 1694 is set to be implemented with the Chang Hard Fork set to take place early this year.

    Another milestone, which Turner considers the most important of them all, is the likely introduction of Cardano’s first fiat-backed stablecoin this year. IOG is said to be working on their stablecoin project, which could be released soon enough. Mehen Stablecoin’s USDM, which Turner referenced in his video, is also billed to launch in the first quarter of this year. 

    Following the release of Turner’s video, Mehen provided further updates on the USDM launch. They stated that the stablecoin is currently at the final stage of the audit. Once that is done, they plan to announce a final launch date. 

    The introduction of Cardano fiat-backed stablecoin is an important milestone as it can further boost the DeFi landscape on the network. The crypto analyst highlighted that it is “very difficult” to grow decentralized applications (dApps) on the network without the help of liquid fiat stablecoins. 

    Featured image from FX Empire, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Machine Learning Algorithm Predicts When Cardano Price Will Hit New $6.5 ATH

    Machine Learning Algorithm Predicts When Cardano Price Will Hit New $6.5 ATH

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    The machine learning algorithm at CoinCodex has predicted when the Cardano price will reach a new all-time high. The coin which has been performing quite well in the last few weeks is still miles away from its current all-time high of $3.1. However, the machine learning algorithm has revealed when it will cross this level once more.

    Cardano Price Will Hit $6.5

    According to the CoinCodex machine learning algorithm, the Cardano price may be locked into years of performing below its 2021 all-time high prices before finally revisiting It around five years from now. Apparently, while the next few years will see the price jump another 200% from its current price, breaking above $3.1 will remain elusive.

    The year 2024 which is expected to be the start of another crypto bull market will reportedly see ADA only rise as high as $2.98, falling just short of its previous all-time high. Then in the years 2025 and 2026, its max performance is pegged even lower with $2.42 in 2025 and $0.8 in 2026.

    The year 2027 is expected to follow the same trend as 2026 with a min value of $0.5 and a maximum value of $0.86. However, in 2028, this is expected to completely change to the point where the ADA price will reach a brand-new all-time high.

    Cardano’s max price for the year 2028 is said to be $6.52 by the machine learning algorithm with a minimum price of $0.73. Then in the following year of 2029, it expects a minimum value of $1.1 and a max value of $4.99. Finally, the year 2030 is placed at a minimum of $0.65 and a maximum of $1.36.

    ADA price recovers from dip | Source: ADAUSD on Tradingview.com

    ADA Sees Bullishness Across The Board

    Contrary to the CoinCodex machine learning algorithm saying that the Cardano price will not reach a new all-time high until the year 2028, crypto analysts have come forward with their own bullish predictions. One analyst Psyclops expects the price to climb to $10 amid the rapid growth that is being recorded in the Cardano ecosystem.

    Another crypto analyst known as Crypto Crow says that they expect the price to reach $32. The time frame from this analyst is that they expect this to happen in the next bull market and since the next bull market is expected to take place between 2024 and 2025, it gives it a two-year timeframe.

    Finally, crypto analyst Dan Gambardello has predicted that the Cardano price will reach $11. His reasoning lies with the past performance of the digital asset which has performed very well in each bull market. Gambardello expects that if ADA sticks to historical performance, then the market cap of the altcoin will climb to $400 billion by the year 2025.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Best Owie

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  • Crypto Analyst Predicts Cardano (ADA) Price Will Rise 1700% To $11, Gives Reasons Why

    Crypto Analyst Predicts Cardano (ADA) Price Will Rise 1700% To $11, Gives Reasons Why

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    Popular crypto analyst Dan Gambardello recently dropped a very bullish prediction for the Cardano (ADA) price. This analyst claims ADA is poised to surge to $11 in the next extended bull cycle, an incredible 1700% gain from its current price level.

    Unlike many, the analyst didn’t just pull that prediction out of thin air. According to him, the prediction was solely based on ADA’s historical data and past actions.

    Prediction Based on Historical Price Analysis

    Cardano has had one of the best price gains among major altcoins this year. This price spike has brought in predictions from various analysts, with some predicting very bullish price points than others. According to a video shared by Gambardello, if history repeats itself, ADA could spike to a market cap of $400 billion by 2025.

    How did he come by this number? Well, data has shown that the price of Cardano (ADA) has always correlated with Ethereum’s (ETH) past actions. A weekly timeframe chart shared by the analyst in a video on social media platform X showed that the last bull run in 2021 which saw ADA reach its current all-time high of $3.10 was a mirror of ETH’s performance in 2017. During the bull run in 2021, ADA spiked to a total market cap of $93 billion, a 75% correlation with ETH’s $123 billion at the 2017 peak.

    It’s important to note that at this first stage, both Ethereum and Cardano weren’t well known for their DeFi capability. Now, it looks like ADA is getting ready to enter the 2021 Ethereum first DeFi bull cycle phase where it peaked at a market cap of $546 billion.

    Cardano’s blockchain has grown since the first stage, with the network now one of the fastest-growing in terms of DeFi and smart contracts. If this cycle is consistent with the previous one, a 75% performance of ETH’s market cap peak will put that of ADA at $409 billion by 2025. At this point, ADA could speculatively be at a 4% total crypto market dominance and peak over $11.

    ADA price at $0.65 | Source: ADAUSD On Tradingview.com

    Gambardello correctly predicted ADA’s all-time high of over $3 in June 2020, one year before the crypto reached this price point. The analyst also noted another scenario where the spike doesn’t mirror 75% of Ethereum’s DeFi cycle. According to him, a lesser market cap of $350 billion would put ADA at $10, way higher than its current all-time high.

    Current State Of Cardano

    ADA is currently on a 13.81% gain in the past 24 hours, boosted by a $1.5 billion increase in whale transactions. The crypto shot through to $0.6776, registering a new yearly high. At the time of writing, ADA is trading at $0.6527, a 73% increase from its December open of $0.376.

    According to another social media post by Dan Gambardello, Cardano is now at a decision point between a continued increase to $0.75 and a retrace to $0.41.

    Featured image from Medium, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Crypto Analyst Predicts Cardano Price Will Rise 6000% To $33, Here’s The Timeline

    Crypto Analyst Predicts Cardano Price Will Rise 6000% To $33, Here’s The Timeline

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    Crypto analyst Tyler Strejilevich has speculated what could be another tremendous bullish run for Cardano (ADA). Cardano has already done a 132% gain for its holders since the beginning of the year, but according to a discovery by this analyst, the token might just be getting started. In fact, if Strejilevich is right, ADA could skyrocket by an incredible 6000% from today’s price to $33 in the next year.

    Crypto Analyst Tyler Strejilevich Spots Bullish Signal For Cardano

    Crypto analyst Tyler Strejilevich made his discovery known in a post on the social media platform X. In the post, he noted how ADA is currently at a similar crossroads which it found itself in July 2020. 

    Using his analysis of the ADA price chart he shared, Strejilevich noted how the token is now at a bullish cross on moving averages on the weekly timeframe. The last time this happened, ADA went on to form many consecutive bullish candles, going from $0.041 to its current all-time high of $3.09 in 66 weeks. 

    A repeat would see Cardano reaching $33 by January 2025. A less optimistic prediction by Changelly puts a $1 prediction by the end of 2025. 

    The bullish crossover is yet to happen, and the token still has a few weeks to see how this would play out. Of course, in the volatile world of cryptocurrencies, there’s no guarantee the price will move as predicted. Nevertheless, Cardano is poised for a major rally that could extend into the coming year. 

    ADA price continues to show strength | Source: ADAUSD on Tradingview.com

    Current Bullish Performance Of ADA

    Network activity, increase in DeFi TVL, and other factors point to Cardano continuing on its current bull run. It’s important to note that the last time Cardano went on this 6000% price gain, its blockchain network was still behind on smart contract functionality. However, the network has changed since then, with Cardano now one of the fastest-growing blockchains in terms of smart contracts. 

    Cardano is currently trading at $0.5754, up by 48.43% in a 7-day timeframe amidst a larger crypto market green week. The crypto briefly touched the $0.6 level on December 9, reaching $0.6323 for the first time this year. It has now formed a minor support at $0.53 and is on its way to revisiting $0.6.

    On the other hand, the total crypto market cap has dropped by 5.75% in the past 24 hours, as Bitcoin inflows slowed down. According to a chart shared by crypto analyst Ali Martinez, Bitcoin miners have sold around 1,000 BTC worth $44 million since Friday. At the time of writing, Bitcoin is down by 0.5% in the past 24 hours and 6% from its yearly high of $44,500.

    Featured image from Crypto News, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Cardano: AI Chatbot Starts Beta, ADA Price Eyes 22% Uptick

    Cardano: AI Chatbot Starts Beta, ADA Price Eyes 22% Uptick

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    CardanoGPT has officially announced the beta launch of its AI-powered chatbot, Girolamo. This initiative marks a substantial advancement in the integration of artificial intelligence (AI) technologies with the Cardano blockchain ecosystem. Named after the influential Italian mathematician Girolamo Cardano, the chatbot intends to symbolize the fusion of historical intellectual legacy with contemporary technological innovation.

    Girolamo is engineered to provide a range of functionalities, including content generation, image generation, and image interpretation, which are tailored to accommodate diverse user inquiries. This suite of capabilities enables the chatbot to offer real-time, contextually aware responses, extending its utility beyond standard blockchain applications. The inclusion of image-related functionalities represents a significant technological stride, enhancing the interactive experience and broadening the scope of its applicability.

    To participate in the beta testing phase of Girolamo, users are required to hold a minimum of 5000 CGI tokens, as outlined by CardanoGPT. Access to the chatbot is facilitated through the CardanoGPT Discord server, where users undergo a wallet verification process. Upon successful verification, users are granted the @cyborg role, enabling them to interact directly with Girolamo in the designated chat channel.

    CardanoGPT’s announcement emphasizes that Girolamo is still in its beta phase, suggesting ongoing development and potential enhancements. This phase is critical for assessing the chatbot’s performance, user experience, and overall functionality within the Cardano ecosystem. The company has highlighted its commitment to continuous innovation and development, aiming to maintain a leading position in the convergence of AI and blockchain technology.

    Cardano Price Poised For 22% Surge?

    ADA has seen a strong upward trend since breaking out of the downward trend (black line) on October 21, which has caused the price to rise by over 60%. For the past two weeks, however, the rally has come to a standstill. The price is in a consolidation after the ADA was rejected at the 0.786 Fibonacci retracement level at $0.411.

    However, the AI narrative and potential hype in this market segment could be significantly bullish for the Cardano price once the launch of Girolamo is on the horizon. AI tokens have seen some sharp price movements over the past few months, driven by news around the progress of OpenAI and other companies.

    In the short term, the ADA price may need a retest of support at the 0.618 Fibonacci retracement level at $0.37 to herald the next upward move. Remarkably, the price level is of double importance as the 20-day exponential moving average is also at this price level.

    If this price level is defended in the next few days, it could be the precursor to the next move higher. The obvious target would be the yearly high at $0.463. Reaching this price would mean a 22% rally from the current price.

    ADA price consolidates below the 0.786 Fib, 1-day chart | Source: ADAUSD on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

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    Jake Simmons

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  • ADA: Signs Point To Cardano Rally Ahead

    ADA: Signs Point To Cardano Rally Ahead

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    FOR UPDATE…

    Cardano (ADA) has been making significant strides in the cryptocurrency market, reclaiming its position at the forefront of the altcoin buzz. The digital currency’s price rally has propelled it to a multi-month high, signaling a collective effort from both retail and whale investors. 

    At the time of writing, Cardano’s trading volume stands at an impressive $380,929, reflecting a remarkable 24.8% increase overnight. This surge in trading activity serves as a testament to the robust health of the Cardano market, underlining the active participation of all ecosystem stakeholders.

    Cardano: Rallying To New Heights

    The current price of ADA, as reported by CoinGecko, stands at $0.363147, with a 4.6% gain over the past 24 hours and a notable 19.4% surge over the past week. This bullish momentum has been a welcome development for Cardano enthusiasts. 

    Crossing the crucial resistance level at $0.37 is a remarkable milestone for the protocol, as the last time ADA tested this level was in early June. This achievement signifies the growing investor confidence in the project and its potential to reach new heights.

    ADA market cap currently at $12.257 billion. Chart: TradingView.com

    Fostering A Thriving Ecosystem

    While the price action of Cardano is undeniably positive, its success is further underscored by its expanding ecosystem. The crypto protocol has launched a series of products throughout the year, and their impact is becoming increasingly evident.

    Notably, one of the latest innovations, Midnight Protocol, is poised to play a pivotal role as a privacy tool, solidifying Cardano’s position within the Web3 space.

    Midnight Protocol, one of the most recent additions to Cardano’s ecosystem, is set to address privacy concerns that have become increasingly prominent in the world of blockchain and cryptocurrencies.

    With the rise of Web3 systems, privacy has become a paramount consideration, and Midnight Protocol aims to provide a solution. This innovative tool will enable users to interact with blockchain networks while preserving their data and transaction privacy. 

    By offering enhanced privacy features, Midnight Protocol is positioned to contribute to the broader adoption of Cardano within the decentralized web.

    Cardano’s recent price surge to a multi-month high serves as a testament to the platform’s growing popularity and support from both retail and institutional investors.

    The crossing of the $0.37 resistance level marks a significant achievement, and Cardano’s flourishing ecosystem, with the introduction of products like Midnight Protocol, adds even more value to the project. 

    As Cardano continues to evolve and expand, it remains a cryptocurrency to watch in the ever-changing landscape of blockchain technology and decentralized systems.

    (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 Shutterstock

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    Christian Encila

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  • Cardano and Polkadot Become Partner Chains: Key Insights

    Cardano and Polkadot Become Partner Chains: Key Insights

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    Cardano and Polkadot have announced a strategic partnership, marking a significant milestone in the evolution of blockchain interoperability and scalability. This collaboration between two of the leading blockchain platforms is set to have far-reaching implications for the Web3 space.

    Polkadot, in a recent tweet, emphasized the scope of this partnership: “Cardano will use Substrate, the foundation of the Polkadot SDK, to build out its ‘partner chain’ project — showcasing Substrate’s potential to expand across Web3, and its ease of use for other chains and ecosystems.”

    Input Output Global (IOG), the driving force behind ADA, expressed high regard for Substrate. In a statement, they referred to it as a “proven open-source modular framework,” and announced their intention to contribute a set of composable pallets to extend its reach. This move not only highlights IOG’s strategy but also underlines the shared ethos and technological admiration between the two entities.

    The Cardano Vision Of A Connected Blockchain World

    In an in-depth blog post, IOG articulated the vision behind the integration of partner chains within the ecosystem: “At this week’s Cardano Summit 2023, IOG founder & CEO Charles Hoskinson outlined a new framework that will offer new ways for developers and validators to utilize Cardano’s core strengths – and some exciting new technologies – to build their own optimized partner chains.”

    Explaining the rationale behind this initiative, Hoskinson said, “Partner chains will revolutionize how new blockchains are launched and operated by combining modular blockchain technology with Cardano’s proven security, liquidity, and reliability. Partner chains will gain these benefits without the lock-in of any network or technology stack.”

    Cardano’s design, which bifurcates the Cardano Settlement Layer (CSL) from the Cardano Computation Layer (CCL), has been a cornerstone of its architecture. “The CSL has proven to be robust and scalable, forming the ultimate cross-chain settlement layer. With partner chains, networks will have the power to build their own computation layer leveraging a modular framework and existing components, yet still leveraging the CSL for settlement across chains,” Hoskinson elaborated.

    Highlighting the synergy between the two platforms, Hoskinson further noted, “Taking this modular approach with Substrate will enable partner chains to implement any consensus protocol, satisfying Minotaur’s requirements to enable partner chains to leverage specific combinations of resources for their consensus. Hence, Substrate’s open-source code is highly complementary to Cardano’s stack and aligned with our common vision for a world of interoperable blockchains.”

    The first blockchain to implement this framework will be Midnight, an IOG data protection-focused blockchain. This approach allows for any consensus protocol’s implementation, in line with the Minotaur project’s requirements, enabling partner chains to customize resource combinations for their consensus protocols.

    The partnership is a strategic alignment of visions between Cardano and Polkadot for an interconnected blockchain world. It addresses key challenges in the blockchain space, including interoperability, security, tokenomics, and vendor lock-in.

    Security will be ensured by the Stake Pool Operators (SPOs), and the Minotaur multi-resource consensus protocol will enable participation from validators across various blockchain ecosystems. Babel fees are expected to resolve tokenomics challenges for new networks, facilitating compensation for SPOs in ADA. Additionally, trustless bridges are anticipated to connect partner chains to Cardano, enabling seamless interoperability.

    At press time, ADA traded at $0.354.

    ADA climbs above the 0.5 Fib, 1-day chart | Source: ADAUSD on TradingView.com

    Featured image from Shutterstock / Zipmex, chart from TradingView.com

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    Jake Simmons

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  • Cardano Summit 2023: Merging AI And Blockchain, Funding, And Day 2 Recap

    Cardano Summit 2023: Merging AI And Blockchain, Funding, And Day 2 Recap

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    In the financial center of Dubai, the Cardano Summit 2023 will gather some of the most prominent projects in the crypto space. During the three-day event, speakers, founders, and the community will voice views on the growing sector and the future of the network and blockchain technology as Cardano enters a critical stage in its development.

    Cardano Summit 2023 Hints At What’s Next For The Ecosystem

    The second day of the Cardano Summit 2023 was all about a debate on governance, community, funding, and bridging the Cardano ecosystem with new technologies, such as Artificial Intelligence. Governance and giving the community more power has been a key issue for IOG, Cardano’s leading developer.

    Two years ago, the Cardano ecosystem celebrated its full decentralization as stake pool operators took over block production. Now, the ecosystem continues to move in that direction by implementing capabilities that will help the community retain that power.

    Sebastian Zilliacus from Emurgo, a Cardano-based entity operating as their communication and educational arm, presented their vision to migrate social media platforms from centralized to decentralized environments.

    In that way, users would finally break free from the control of third parties and can truly “own their identities.” In addition, teams presented tokenization solutions that could allow everyone to own a piece of precious metal and other “real-world assets” and ways to support displaced people by providing them with financial support using staking pools.

    To break down these and other topics, including the union of blockchain and AI, funding, and the sentiment during the event, our team reached out to Sheraz Ahmed, Managing Partner at STORM, to get his unique insight.

    Ahmed was the master of ceremonies on the Innovation Stage. He has attended the last three Cardano Summits while helping with the ecosystem in different endeavors, including Emurgo and its marketing and educational efforts. This is what he told us about AI and Blockchain:

    (…) blockchain as a data management system can benefit from having AI integrated within it. I think that’s a really important part. I think it also kind of has the ability that blockchain and that we can use blockchain as an underlying for AI. So I think the two go really well together as a well-attended panel.

    Cardano ADA ADAUSDT

     A New Way To Fund Projects On Cardano

    On the other hand, the community was looking forward to the debate around funding and financial support. As Ahmed explained, funding in the Cardano ecosystem mostly takes place via Project Catalyst, which has seen some delays during the Bear Market.

    In that sense, the debate focused on incentivizing Venture Capitalist firms and external funding to onboard the Cardano ecosystem. Ahmed said:

    (…) cutting off funding can be cutting off the oxygen out of startups. And so they are looking at other ways of kind of funding. Charles Hodkinson gave an interesting analogy to this where he was like, well, the treasury at the Foundation Foundation, the CARDENA as a whole is kind of like a big reservoir of water.

    That catalyst is just the pipe is the only pipe at the moment to be able to release all of this kind of treasury that they have to support the community. And that through SIP 1694, which is the Air Voltaire, which will be the new governance mechanism to allow for things to operate a bit more autonomously, will allow for the community to be able to distribute treasury in a much more facilitated manner. And so I think a lot of community excited about that because it means that the flood gates are open or will be open and it will allow for projects, the community and other things to be funded in a better way.

    Once again, the Cardano ecosystem seems to be preparing for the next cycle from different angles by supporting developers today, incentivizing more developers to work on their blockchain, and keeping a strong community.

    These elements could play out for the Cardano ecosystem during the next Bull Cycle, allowing it to gain an advantage over Polkadot, Solana, and other networks. Ahmed concluded:

    We’ll just have to wait and see. And it depends on the wisdom of the community and where they decide to spend their resources (…). If they have a better distribution of funds and in a more long-term mindset where they’re not just spending the whole treasury in a year, two years, but they have a 10 to 20 year mindset, I think things can really happen. So that’s super exciting.

    Cover image from Unsplash, chart from Tradingview

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    Reynaldo Marquez

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  • Cardano Experiences Decline In Q3 Activity – The Root Cause

    Cardano Experiences Decline In Q3 Activity – The Root Cause

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    Cardano, one of the prominent blockchain networks, experienced a mixed bag of performance during the third quarter of the year, leaving investors and enthusiasts intrigued about its future trajectory. While certain metrics presented a less-than-stellar picture, there are emerging indicators that suggest the potential for a positive turnaround. 

    In this article, we look into Cardano’s Q3 performance, examining stagnant metrics, the impact they have had, and the potential price direction that could shape its future.

    The Impact Of Stagnant Metrics

    In the realm of cryptocurrencies, metrics play a crucial role in determining the health and vitality of a blockchain network. Cardano’s performance in Q3, as shown in Messari’s analysis, revealed some concerning trends, albeit not entirely bleak. The average transaction fee on the Cardano network, denominated in US dollars, saw a 29.9% decrease, dropping from $0.13 to $0.10, suggesting a reduction in the cost of network usage.

    Source: Messari

    One of the more significant concerns was the decline in daily active addresses. Between July and September, the average count of daily active addresses plummeted by 29%, from the 58,000 recorded during the year’s second quarter to 41,137. This decline raises questions about the network’s ability to maintain user engagement and activity levels.

    Fees denominated in Cardano’s native token, ADA, also fell by 3% quarter-over-quarter (QoQ), indicating that users may have been transacting with smaller amounts of ADA due to lower fees. Furthermore, the network’s revenue took a hit, falling by a substantial 30%, which could raise concerns about its overall financial stability.

    ADA market cap currently at $10.161 billion on the daily chart: TradingView.com

    Cardano’s Chart Signals Optimism

    Amidst the stagnant metrics and challenges faced in Q3, Cardano’s chart on TradingView paints a different narrative, hinting at the potential for an upward momentum. The Relative Strength Index (RSI) for Cardano is on an upward trajectory, approaching the overbought territory. While this might typically be seen as a signal for a potential pullback, it should be considered in the context of Cardano’s recent price performance and external factors.

    The moving averages on the chart provide further cause for optimism. After a period of sideways movement, the price appears to be making an effort to break above the long-term resistance trendline. This, combined with the formation of higher lows on the chart, creates a potentially bullish scenario, suggesting that Cardano may be gearing up for a significant price move.

    Source: Messari

    Potential Price Direction

    As of the most recent data from CoinGecko, Cardano (ADA) is trading at $0.290817. In the last 24 hours, the price experienced a dip of 3.8%, while over the past seven days, it saw a 2.8% rise. These short-term price movements indicate a level of volatility and uncertainty in the market.

    Cardano’s performance in Q3 had its fair share of challenges, with stagnant metrics and declining user engagement. However, the positive signals on the trading chart and the potential for an upward momentum suggest that Cardano may be poised for a price breakout. 

    (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 Shutterstock

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    Christian Encila

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  • Cardano Poised To Explode As Grayscale Makes A Major Play | Bitcoinist.com

    Cardano Poised To Explode As Grayscale Makes A Major Play | Bitcoinist.com

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    Cardano (ADA) has been slowly creeping into the mainstream and onto the radar of major players. This rising popularity of the cryptocurrency has led it to Grayscale, as the asset manager unveils a new way for institutional investors to gain exposure to Cardano.

    Grayscale Announces Cardano Indices

    On Tuesday, October 24, Grayscale Investments announced that it is bringing five new crypto indices to the crypto market. These five indices would allow institutional investors to gain some level of exposure to a number of assets in the industry without having to go through the hassle of actually buying the coins.

    Of the five indices that were announced, Cardano made the cut as one of the smart contract platforms that were being explored. This adds to the existing exposure already available to institutional investors through Grayscale Investments by way of the ‘Grayscale Smart Contract Platform Ex-Ethereum Fund’. This fund already sees Cardano maintain a 24% dominance, something that may be replicated in the new indices.

    Cardano community member Dan Gambardello took to his X (formerly Twitter) platform to share the news. Gambardello explained that this could be a major game-changer for the crypto especially with institutional investors being given a way to play. “We’re talking big money, big players, and big validation for ADA,” he said.

    Also, as Gambardello points out, the introduction of five new indices could suggest rising interest from large investors in cryptocurrencies other than Bitcoin. Gaining exposure to assets with lower market caps than the leading cryptocurrency could mean even larger profits for these institutional players, and Cardano could provide them with that opportunity.

    “It’s clear that the institutional wave is coming for more than just Bitcoin. Cardano as a blue chip crypto is poised to ride that wave!” Gambardello concluded.

    What Happens With Institutional Adoption?

    As already seen with Bitcoin, institutional investor adoption of a cryptocurrency can mean a massive rally for the asset. This is because the buying power of institutional investors is much higher than that of retail investors, and with trillions of dollars in the hands of institutions, even a small percentage of their investment portfolio going into an asset could cause it to explode.

    The recent Bitcoin rally above $35,000 following enthusiasm that the BlackRock Spot Bitcoin ETF might be approved soon is a perfect example of this. Market experts have said they expect upwards of $100 billion to flow into BTC if a Spot Bitcoin ETF is approved.

    This high-value injection could also be incredible for Cardano which is already being viewed as a serious investment by these large players. This can easily lead the ADA price back above $1 with the right set of circumstances.

    ADA price rejected at $0.28 | Source: ADAUSD on Tradingview.com

    Featured image from Medium, chart from Tradingview.com

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    Scott Matherson

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