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  • Analysts Caution Cardano (ADA) May Drop Further Before $1 Rebound After 12% Dip

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    Cardano (ADA) fell roughly 27% this week, slipping below the $0.66 support as risk-off flows hit crypto. Bitcoin’s slide toward $104,000 and softer altcoin liquidity magnified downside, and on-chain data shows large holders leaning defensive.

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    Whale Flows Split as ADA Loses Support

    Santiment-tracked wallets holding 1–10 million ADA offloaded about 40 million ADA over seven days, while broader whale distribution reportedly reached 350 million ADA, pressuring price. other big wallets accumulated 140–200 million ADA, creating a split tape that’s fueling choppy consolidation between $0.65–$0.70.

    Derivatives add to the cautious tone. Cardano’s open interest slipped 2.12% to $669.9 million, and long liquidations ($1.13 million) dwarfed shorts ($187,000), signaling bulls bore the brunt of the latest flush.

    On the 4-hour chart, ADA is carving a falling wedge, but confirmation requires a breakout above $0.74. Until then, momentum indicators remain mixed: RSI 37 (approaching oversold) while CMF 0.12–0.15 hints at returning spot inflows that have yet to overpower supply from large holders.

    Downside Risk First, Rebound Later

    Technicians flag a “risk-first” path: losing $0.66 puts $0.65 in play; failure there opens $0.62–$0.60, then $0.57 (channel/structure confluence). A deeper shakeout could probe $0.53 if broader crypto weakness persists.

    On the upside, ADA must reclaim $0.66 and then clear $0.74–$0.80 (50-day EMA cluster) to flip trend strength. Above that range, bulls target $0.86, with a psychological $1.00 retest feasible into Q4 if risk appetite and flows improve.

    Several analysts still eye a path toward $1.20–$1.60 on a confirmed breakout, but most caution the market may dip before it rips given leverage resets and uneven liquidity.

    ETF headlines (including the Oct. 23 Grayscale ADA ETF decision window), stablecoin and ETF net flows, and whether whale selling cools. A rotation back into altcoins typically follows BTC stabilization; conversely, renewed BTC downside would likely extend ADA’s consolidation near the lows.

    ADA's price trends to the downside on the daily chart. Source: ADAUSD on Tradingview

    Treasury, Staking, and Ecosystem Still Build

    Beyond price, Cardano’s community treasury has surpassed 1.6 billion ADA ($1 billion), funded by fees and staking rewards and governed via Project Catalyst, a war chest that supports tooling, DeFi, and infrastructure without VC overhang.

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    New staking access (e.g., eToro U.S.) and ongoing initiatives like Midnight and Leios continue to broaden the roadmap, even as TVL ($288 million) lags larger chains.

    Cover image from ChatGPT, ADAUSD on Tradingview

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    James Halver

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  • Cardano Is Not Dead: Analyst Confirms Breakout With New ADA Price Targets

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    The Cardano (ADA) price is still holding up quite nicely and has maintained support above $0.81. This level is now acting as the major level in the recovery, becoming even more important as the technicals pile up at this point. Highlighting the importance of holding this level, pseudonymous crypto analyst The Alchemist Trader shows what will happen as long as bulls continue to maintain their hold.

    The Foundation For The Cardano Price Rally

    In the analysis, the importance of holding $0.81 is shown by several major developments. The first of these is the fact that this level is the 0.618 Fibonacci retracement support. In addition, it is also the major support on the daily timeframe, helping to maintain the bullish momentum. Thus, the foundation of the Cardano price rally is built on the $0.81 support.

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    As The Alchemist Trader explains, the $0.81 level is pivotal for the ADA price right now. In the past, it has served as the demand zone for the altcoin, absorbing sell liquidity and holding up against pressure from the bears. Given this, the analyst believes that holding above this region reinforces the bullish narrative for Cardano despite other bearish factors such as declining volumes.

    Other bullish factors that have emerged are the fact that the ADA price has continued to put in higher lows and higher highs. Naturally, higher lows and higher highs mean an asset is maintaining its bullish trend, and Cardano is no different.

    With each correction reaching into the key support zone at $0.81 before bouncing, the analyst points out that this means that bulls are still in control. Such corrections are ‘healthy resets’ and do not signal exhaustion for the digital asset.

    Source: TradingView

    Where ADA Price Is Headed Is $0.81 Holds

    As long as the $0.81 region holds, then the ADA price does remain incredibly bullish. The first major push upward is expected to clear out the $1 resistance and move it into the $1.16 region. This is the spot that bulls will need to beat in order to actually validate the bull trend.

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    Once $1.16 is surmounted, then the resistance at $1.19 swims into view, and this is where the momentum must hold the most. This is because these are regions that align with the “previous resistance levels and Fibonacci extension objectives.” Thus, beating these will mean that the price can continue to rally.

    “A rotation toward $1.16 appears likely, and a breakout beyond that level could drive price action toward $1.19 in the short to mid-term,” the crypto analyst stated.

    Cardano ADA price chart from Tradingview.com
    ADA moves toward $2 | Source: ADAUSDT on Tradingview.com

    Featured image from Dall.E, chart from TradingView.com

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    Scott Matherson

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  • Cardano Founder Says Chainlink Quoted Them An ‘Absurd Price’, Here’s Why

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    Cardano’s founder, Charles Hoskinson, has clarified why the blockchain platform was excluded from a prominent US government initiative meant to publish official economic data on public blockchains. Blockchain networks like Ethereum, Solana, Avalanche, and Optimism made the cut; Cardano didn’t. Hoskinson revealed during a YouTube AMA that the reason wasn’t technical or regulatory, but it was grounded in economics. Specifically, he said the integration fee quoted by Oracle specialist Chainlink was absurd, which made Cardano’s participation really unfeasible.

    Chainlink’s Absurd Fee

    As one of the biggest blockchain ecosystems, Cardano’s inability to participate in the US government’s recent blockchain initiative to bring macroeconomic data onto the blockchain took many crypto participants by surprise. However, while speaking at a recent surprise AMA on his YouTube channel, Cardano founder Charles Hoskinson says the reason boils down to money. 

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    According to Hoskinson, the main reason was due to its pending partnership with Chainlink’s oracle integration, which is yet to be finalised because of the absurd fee charged by Chainlink. Hoskinson did not shy away from strong language: “They gave us an absurd number for integration. I said ‘f– it, we’ll handle it. We’ll figure it out,’” he said.

    Despite the frustration, he tempered his critique with respect. He described Chainlink co-founder Sergey Nazarov as “extremely smart” and “a very good businessman”, someone who “sees the future” and, in Hoskinson’s words, is “sitting on a golden egg”. 

    Chainlink’s oracle solutions are very important for connecting smart contracts to real-world data. As such, Hoskinson’s metaphor acknowledges Chainlink’s powerful position in the blockchain ecosystem. 

    How It Stalls Cardano’s DeFi Growth

    Without a cost-effective oracle integration, Cardano’s decentralized finance landscape has struggled to keep pace with other blockchain ecosystems. To put this into perspective, Ethereum’s integration with Chainlink has allowed large inflows into its DeFi ecosystem, with about $13.4 billion in Total Value Locked (TVL) added from between August 2 ($78.222 billion) and August 31 ($91.595 billion), according to data from DeFiLlama.

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    Meanwhile, Cardano’s TVL broke below $400 million in August, and daily active addresses have also fallen massively. At the time of writing, Cardano’s TVL is sitting at $367.91 million. The result is a disconnect between Cardano’s on-chain activity and ADA’s price action, which witnessed a steady increase in August alongside the rest of the crypto market.

    Nonetheless, Hoskinson is still optimistic. Talks with Chainlink are ongoing, and he’s determined to find common ground with Chainlink. He also revealed discussions with the team behind the USD1 stablecoin and hinted at potential collaboration with Aave, which he described as part of a bundle. If USD1 (already launched on Ethereum, BNB, and Tron) comes to Cardano, it could become the ecosystem’s largest stablecoin. Combine that with oracle access and lending support from Chainlink, and Cardano could strengthen its DeFi foundations significantly.

    At the time of writing, Cardano is trading at $0.8307, up by 1.1% in the past 24 hours.

    ADA trading at $0.83 on the 1D chart | Source: ADAUSDT on Tradingview.com

    Featured image from Adobe Stock, chart from Tradingview.com

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    Scott Matherson

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  • Cardano Is Not ‘Dead’: Crypto Analyst Predicts Surge To $5

    Cardano Is Not ‘Dead’: Crypto Analyst Predicts Surge To $5

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    According to the analysts on the Discover Crypto YouTube channel (with 1.4 million subscribers), Cardano might surge to $5. This prediction starkly contrasts with the pessimistic views currently circulating within the broader cryptocurrency community, challenging recent headlines that have questioned ADA’s future viability.

    Why Cardano Could Hit $5

    The analyst first addressed the negative sentiment surrounding Cardano, pointing out a series of bearish headlines from various crypto news outlets. He highlighted the contradiction between the public perception of Cardano as a “dead coin”t and the ongoing vigorous development activities within the Cardano ecosystem.

    “Despite what the mainstream media is portraying, the development activity on Cardano has been robust, ranking third among all cryptocurrencies,” the analyst asserted. This was further emphasized by recent data showing that developers continue to build and refine the platform, indicating a healthy and active development environment.

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    Focusing on the forthcoming Chang hard fork, the analyst described this event as a pivotal moment for Cardano. “The Chang hard fork represents the most significant milestone in Cardano’s history,” he noted. He added, “Maybe articles are out there trying to suppress the price right before the price goes parabolic and just rallies to the upside potentially even $5 this cycle.”

    From a technical analysis standpoint, the analyst introduced the “breaker block pattern,” a less common but noteworthy technical chart pattern often used by traders. The breaker block pattern occurs when a corrective price block is fully retraced after a strong directional market move.

    ADA/USDT, 1-month chart price analysis | Source: YouTube @Discover Crypto

    This pattern is considered bullish as it typically indicates that after a period of price consolidation or correction, the original bullish trend has regained strength and is likely to continue. “We’re observing a classic breaker block formation in ADA’s chart, which historically precedes significant price rallies,” explained the analyst.

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    Coupled with this pattern, the analyst pointed to a promising stochastic RSI crossover on the monthly chart—a technical indicator often used to predict changes in momentum. “The stochastic RSI is about to cross, and this is a very bullish sign historically. When this blue line passes the orange line, it sets up previous rallies, which we can clearly observe if we look back at the charts,” explained the analyst.

    The discussion also extended to market dynamics, specifically the order book data for ADA, which showed a predominance of buy orders over sell orders. “A glance at the order book reveals a significant inclination towards buying rather than selling, suggesting a strong market consensus leaning towards a bullish trajectory for ADA,” he commented.

    Coinbase depth chart ADA/USD
    Coinbase depth chart ADA/USD | Source: YouTube @Discover Crypto

    In conclusion, the analyst urged viewers to look beyond the negative headlines and focus on the substantial foundational improvements and strong technical indicators that support a bullish outlook for Cardano. “Ignore the detractors and the negative press. The data, the developments, and the technical indicators all align to suggest that ADA is poised for a significant upward movement, potentially reaching as high as $5 in this cycle,” he concluded.

    At press time, ADA traded at $0.3379.

    Cardano price
    Cardano price, 1-day chart | Source: ADAUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

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    Jake Simmons

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  • Cardano Eyes $0.3389: Can Bulls Sustain ADA Above This Critical Level?

    Cardano Eyes $0.3389: Can Bulls Sustain ADA Above This Critical Level?

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    Cardano (ADA) is approaching a critical juncture as it eyes a retest of the key $0.3389 support level. In recent trading sessions, ADA‘s price has previously risen above this level and is currently dropping for a second retest thereby raising concerns among investors and traders.  

    A successful defense of the $0.3389 support could signal a potential reversal and renewed bullish momentum, while a breach below this level may open the door to further declines. This article aims to analyze the significance of the $0.3389 support level for Cardano and whether bullish momentum can hold ADA above this key threshold by examining technical indicators and market sentiment.

    With a market capitalization of over $12 billion and a trading volume of over $240 million, ADA’s price was down by 0.69% trading at around $0.3462 at the time of writing. Over the past 24 hours, its market cap has decreased by 0.68%, while its trading volume has fallen by 26.44%.

    Current Technical Indicators: What They Reveal About Cardano

    On the 4-hour chart, Cardano is trading below the 100-day Simple Moving Average (SMA) and is currently experiencing a bearish trend toward the $0.3389 mark. Given this bearish sentiment, it is likely that the bears could continue to exert control and push the price toward this critical level.

    A 4-hour Composite Trend Oscillator analysis reveals that both the signal line and the SMA line of the indicator have successfully climbed above the zero line and are now approaching the overbought zone This suggests that the current drop could be temporary and that the bulls may reclaim control at the $0.3389 mark.

    On the 1-day chart, Cardano is still trading below the 100-day SMA and it is attempting a bearish move toward the $0.3389, which means that the bears are currently in control and could potentially push the price lower.

    Cardano

    Lastly, on the 1-day chart, both the signal line and the SMA line of the composite trend oscillator have dropped below the zero line into the oversold zone. This indicates that ADA’s price could reverse upon reaching the $0.3389 mark.

    Analysis: Potential Outcomes If $0.3389 Support Holds Or Fails

    An analysis of potential outcomes indicates that if the price of Cardano reaches the $0.3389 support mark and this key level holds, it could start to rise toward the $0.4233 resistance level. If the price successfully breaches this resistance, it may continue to test higher levels.

    However, should the $0.3389 mark fail to hold and the price break below this level, the digital asset may continue to move downward toward the $0.2388 range. If this level is breached, the crypto asset may experience more price drops toward other support marks below.

    Cardano

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    Godspower Owie

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  • Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA

    Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA

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    Cardano (ADA) is currently competing with Ethereum in terms of large transaction volume. This is undoubtedly a positive development for the ADA ecosystem, especially since it indicates a wave of accumulation among the token’s large holders. 

    Cardano Matches Ethereum In Large Transaction Volume

    Data from the market intelligence platform IntoTheBlock shows that Cardano is witnessing a similar large transaction volume as Ethereum. In the last 24 hours, Cardano recorded a large transaction volume of $6.7 billion, while Ethereum witnessed a large transaction volume of $6.71 billion. 

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    This development suggests that Cardano whales have been active these past few days as they look to add more tokens to their positions, especially with the market currently on a dip and as these investors anticipate the much-awaited price rally from ADA. Further data from IntoTheBlock confirms this, as there has been an over 15% increase in large holders’ net flow over the last seven days. 

    Source: IntoTheBlock

    Data from the on-chain analytics platform Santiment also shows that Cardano whales have added to their positions. These investors, wallets holding between 100,000 and 10 million ADA tokens, collectively bought 120 million ADA tokens between July 17 and August 1. These wallets now hold over 5.69 billion ADA tokens. 

    An increase in whale activity presents a bullish outlook for the Cardano ecosystem. These investors could influence market prices, and these purchases could spark a significant surge in ADA’s price. This will provide a much-needed boost for Cardano, seeing how the crypto token has underperformed since the start of the year. 

    Cardano has a year-to-date (YTD) loss of over 35% and is one of the most shorted altcoins, thanks to this unimpressive price action. However, Santiment has suggested that a massive turnaround for the crypto token cannot be ruled out since Cardano being heavily shorted increases the “chances of liquidations leading to pumps.” The on-chain analytics platform claimed these liquidations could act as “rocket fuel” for a price rally for Cardano.

    Cardano 2
    Source: Santiment

    What Will Eventually Spark That ADA Rally?

    Cardano has failed to enjoy any significant rally despite several bullish developments in its ecosystem this year. The most recent bullish fundamental was the news that the US Securities and Exchange Commission (SEC) no longer considers ADA a security following the amendment of its complaint against Binance. 

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    Meanwhile, the Chang Hard Fork is underway as Cardano transitions to the Voltaire era and ushers in its most advanced governance system. It is worth mentioning that ADA’s price maintained a tepid price movement following the release of node validator software, version 9.1.0, which incorporates the Chang Hard Fork.

    As such, Cardano’s price action begs the question of what needs to happen for the crypto token to finally witness that much-anticipated price rally and catch up with the rest of the major cap tokens in terms of YTD gains. 

    At the time of writing, Cardano is trading at around $0.38, down in the last 24 hours, according to data from CoinMarketCap. 

    Cardano ADA price chart from A
    ADA price continues to struggle | Source: ADAUSDT on Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • Cardano Holds Strong After DDoS Attack: Market Outlook Turns Bullish For ADA

    Cardano Holds Strong After DDoS Attack: Market Outlook Turns Bullish For ADA

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    The Cardano network recently faced a distributed denial of service (DDoS) attack, a malicious attempt to disrupt its operations. However, the mechanisms and decentralized structure of Cardano effectively mitigated the attack, ensuring uninterrupted stability and operation. 

    This display of resilience has garnered praise from bullish investors and renewed confidence in the price appreciation prospects of Cardano’s native token, ADA.

    DDoS Attack Propels Bullish Sentiment

    Jaromir Tesar, an industry expert, highlighted that most services, including SundaeSwap, which processed many orders, continued to operate effectively during the attack. 

    The attacker incurred transaction fees, resulting in financial losses without causing significant disruption. According to Tesar, this incident demonstrates Cardano’s ability to withstand and thwart malicious activities, establishing it as a winner in terms of network resilience.

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    In an in-depth analysis of Cardano’s security, Tesar highlights the complexity of executing a DDoS attack on the network when compared to traditional client-server networks. 

    Cardano’s distributed structure includes numerous nodes, each with its own memory pool, making simultaneous attacks on multiple nodes challenging. Unlike centralized systems, where attacks are directed at a limited number of servers, Cardano’s design distributes the network load across its nodes, making it much more resilient.

    Within Cardano’s ecosystem, each block-producing node maintains a mem-pool, which acts as a waiting room for transactions before they are included in a block. Transactions are processed on a first-come, first-served basis, passing through relay nodes and diffusing to other block-producing nodes. 

    Lastly, Tesar noted in its analysis that the demand-driven protocol of Cardano allows nodes to manage their data rate, concurrency, and data volume, thereby preventing overwhelming resource consumption. This protocol protects both parties involved in transaction transfers, mitigating the risk of resource consumption attacks.

    Cardano Season Begins? 

    Dan Gambardello, founder of Crypto Capital Venture, highlighted the top-tier security measures and decentralized design of Cardano as key reasons for his bullish sentiment. 

    The ongoing attack showcased Cardano’s ability to handle such situations as intended. Interestingly, the attacker’s funds were exposed in the process and are now essentially being used to fund Cardano’s development, reinforcing the network’s resilience.

    As “Cardano season” begins, Gambardello said, with anticipation and excitement surrounding the network growing, the recent DDoS attack serves as a testament to the strength and reliability of the Cardano ecosystem. 

    Its security measures, decentralized architecture, rapid response from developers and users, and the exposure of attackers’ funds have added to the bullish sentiment surrounding Cardano’s prospects, Gambardello concluded. 

    ADA Price Analysis

    After experiencing a sharp correction that led to ADA’s price plummeting to a yearly low of $0.356 over the weekend, the cryptocurrency has regained the $0.392 level. 

    Currently, it is setting its sights on overcoming the $0.400 resistance, expecting a potential price increase to bridge the gap between its current value and the yearly high of $0.811 achieved in March.

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    Adding to the positive outlook for ADA’s price, technical analyst Ali Martinez recently identified a buy signal on ADA’s daily chart, indicated by the TD Sequential indicator. This signal anticipates a price rebound for the altcoin.

    Nevertheless, it is crucial for ADA to successfully surpass its current resistance at $0.400 to continue recovering from the losses incurred in recent months. The next significant resistance level on the daily chart is at $0.439.

    It remains to be seen if network developments and a general market recovery can lift the price of ADA to previously lost levels and start a new uptrend to surpass the $1 milestone.

    The 1-D chart shows ADA’s price downtrend recorded over the past months. Source: ADAUSD on TradingView.com

    Featured image from DALL-E, chart from TradingView.com

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    Ronaldo Marquez

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  • Crypto Analyst Sets $10 Price Target For Cardano As Volume Jumps 90%

    Crypto Analyst Sets $10 Price Target For Cardano As Volume Jumps 90%

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    The stars may be finally aligning for Cardano (ADA) and its holders, as the crypto token recently experienced a significant reversal and a jump in its trading volume. Interestingly, this development coincides with an ultra-bullish prediction that a crypto analyst made for the crypto token. 

    Crypto Analyst Predicts Cardano To Rise To $9

    Crypto analyst Altcoin Daily revealed in an X (formerly Twitter) post that $9 is their peak price target for Cardano in this bull run. The analyst joins other crypto analysts who have made ultra-bullish predictions for Cardano despite how low the crypto token is currently trading. Before now, Dan Gambardello, the founder of Crypto Capital Venture, had predicted that Cardano could rise to as high as $11 in this bull run.

    Related Reading: CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious?

    Meanwhile, crypto expert Jason Appleton predicted that Cardano will rise to as high as $32 in this bull run. Specifically, he mentioned that this will happen at the peak of this market cycle. Altcoin Daily’s prediction comes amidst Cardano’s 90% jump in trading volume. This suggests that more investors are accumulating the crypto token ahead of this parabolic rise. 

    Cardano’s price already reacted positively to this development, with the crypto token seeing a reversal from its downtrend. Crypto analyst Trend Rider suggested that this reversal might begin an upward trend for Cardano as he noted that the crypto token was currently holding its support level very well. 

    The analyst also revealed that the bears were currently trying to push the crypto token further down, but he claimed that they would get tired once Cardano could hold this support for 1 to 2 more weeks. Once that happens, Carano will bounce from its current price level, Trend Rider remarked. 

    Making A Bull Case For ADA

    Crypto analyst Ali Martinez recently made a bullish case for Cardano. He mentioned in an X post that the crypto token seems ready for a parabolic bull run. Martinez alluded to Cardano’s historical trend and explained why the 50% price drop the crypto token experienced this past month might be a good buying opportunity. 

    Martinez claimed that Cardano consolidated within a parallel channel in 2019, signaling an end to the bear market. Following that “stagnant phase,” ADA is said to have broken out of the channel with a 75% surge and then experienced a 56% correction, setting the stage for its 4,095% price gain in that bull run. 

    Related Reading: Bitcoin Whales Lose Interest, Is This A Precursor For A Crash To $50,000?

    Martinez further noted that a similar situation looks to be playing out again as Cardano has consolidated within a parallel channel, marking an end to the bear market. ADA then broke out of this channel with a 72% price surge following this period of stagnation. Now, Cardano has experienced a 50% price correction, just like in 2019, which Martinez remarked could be setting the stage for “an impressive bull run ahead.”

    ADA price is still below $0.5 | Source: ADAUSDT on Tradingview.com

    Featured image from Watcher Guru, chart from Tradingview.com

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    Scott Matherson

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  • Cardano Faces Make-Or-Break Price Level For Bullish Revival

    Cardano Faces Make-Or-Break Price Level For Bullish Revival

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    The Cardano (ADA) price is down 46% since its yearly high and is currently facing a make-or-break price level for a bullish reversal. Here’s what you need to know:

    Cardano Price Analysis: Daily Chart

    The daily ADA/USD chart is currently charting a path within a descending channel, which has defined the bearish trend since the beginning of March. On Monday, the ADA price peaked near $0.475, encountering substantial resistance at the channel’s upper boundary and from the critical 20-day Exponential Moving Average (EMA), which stands currently at $0.47.

    ADA price, 1-day chart | Source: ADAUSD on TradingView.com

    In the short-term, this resistance level is crucial as it coincides with historical price rejection points, confirming its significance. As of press time, ADA is trading at approximately $0.44.

    The convergence of the 20-day EMA ($0.47), 50-day EMA ($0.54), and 100-day EMA ($0.51) above the current price level illustrates a dense zone of resistance. The 200-day EMA at $0.52 reinforces this barrier, emphasizing a strong bearish momentum.

    The Relative Strength Index (RSI) on the daily chart is currently at 38, which does not venture into the oversold territory (below 30) but indicates a bearish momentum with potential for further decline unless a reversal occurs.

    For a bullish reversal, ADA needs a sustained break above the $0.47 mark (20-day EMA) with accompanying high volume to confirm the breakout from the descending channel and shift the market sentiment. Then, the cluster of EMAs becomes the central resistance zone.

    Crossing this band is of utmost importance in order to build up bullish momentum for a break above the yearly high of $0.81 from March. If not, the ADA price could trend towards the midline of the channel and drop below $0.40.

    In-Depth Weekly Chart Overview

    Transitioning to the weekly chart, the broader picture also underscores the bearish sentiment that has dominated ADA since it reached its peak at $3.17 in late 2021. The series of lower highs and lower lows is a textbook representation of a downtrend.

    Cardano price
    ADA price, 1-week chart | Source: ADAUSD on TradingView.com

    The price action currently remains suppressed below the long-term moving averages: the 20-week EMA at $0.52, 50-week EMA at $0.48, 100-week EMA at $0.51, and 200-week EMA at $0.52, all of which slope downwards, underscoring the persistent selling pressure in recent weeks.

    The Fibonacci retracement levels, drawn from the high of $3.17 to the low of $0.22, provide further insights. Currently, ADA trades near $0.44, which is above the major psychological and technical support at $0.40.

    The closest significant Fibonacci retracement level is the 0.236 level at $0.918, which ADA has struggled to surpass. A breach above this level could open the path toward higher Fibonacci levels at $1.348 (0.382) and $1.697 (0.5), which would require a significant shift in momentum and buying interest.

    Overall, for ADA to shift from its bearish constraints, attention should be focused on the daily resistance at roughly $0.47 (descending channel breakout). Overcoming this barrier would be pivotal for confirming a bullish reversal. Until this level is decisively broken with substantial volume, the outlook remains tilted towards bearish continuation.

    Featured image from Bitget, 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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    Jake Simmons

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  • Crypto Analyst Predicts Cardano Rally To $3 As Price Reaches ‘Ultimate Support Test’

    Crypto Analyst Predicts Cardano Rally To $3 As Price Reaches ‘Ultimate Support Test’

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    Crypto analyst Trend Rider has drawn Cardano (ADA) holders’ attention to the crypto token’s potential to experience a significant price rally soon enough. Based on Trend Rider’s analysis, Cardano could rise to as high as $3 when this happens. 

    Cardano To Rise To $3 If History Repeats Itself

    Trend Rider mentioned in an X (formerly Twitter) post that if history repeats itself, Cardano might be on the brink of its “ultimate support test” before it makes a parabolic move to the upside. He further suggested that the crypto token could soar to $3, considering the same happened in October 2020 when Cardano’s price dipped to $0.10 and skyrocketed to $3 afterwards.  

    The crypto analyst also revealed that Cardano was currently experiencing a bullish Relative Strength Index (RSI) crossover and retest, which could mean it was indeed gearing up for another parabolic move. This RSI crossover is an indicator that “perfectly predicts bull and bear markets for ADA.”

    Source: X

    Meanwhile, in an earlier X post, Trend Rider explained how crucial it was for Cardano to hold its current support level. According to him, ADA’s price is “right now at an extremely critical level, and if it fails to hold its current support zone, then it could fall quickly to $0.25.” However, if Cardano manages to hold above this support level, then this could be the “exact bottom right now” before it rises to $1, Trend Rider claimed. 

    Trend Rider further elaborated that Cardano’s next move will depend “entirely” on what Bitcoin does. He predicts that altcoins like Carano will experience a “monstrous bounce” if the flagship crypto rises above $65,000 after its current price dip. However, if Bitcoin’s price continues to dip, then it is “bear market mode,” Trend Rider added. 

    Cardano Won’t Be In The Red Forever 

    Crypto analyst Alan Santana has provided some form of optimism to ADA holders, stating that the crypto token won’t be red forever. He made this statement while acknowledging that Cardano has maintained a bearish outlook, having been in the red for seven weeks now. Despite that, he remains bullish on the crypto token’s future trajectory as he predicts that Cardano will experience a “big green” in the “latter part of 2024 and most of 2025.”

    Santana also noted that this was an excellent time to accumulate for those who intend to enjoy the “entire bullish wave.” For those looking to invest in ADA long-term, the crypto analyst highlighted the price range of $0.40 and $0.45 as a good “buy zone.” That is also the price area Santana had previously predicted Cardano could drop to in its bid to find support.

    At the time of writing, Cardano is trading at around $0.45, down almost 2% in the last 24 hours, according to data from CoinMarketCap. 

    Cardano price chart from Tradingview.com

    ADa price struggles to hold $0.45 | Source: ADAUSDT on Tradingview.com

    Featured image from The Daily Hodl, 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 Stats: ADA Soars 14% On Rising TVL, Market Cap

    Cardano Stats: ADA Soars 14% On Rising TVL, Market Cap

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    Cardano (ADA), the eighth-largest cryptocurrency by market cap, has defied the recent market downturn, experiencing a 14% price jump in the past week. This bullish momentum can be attributed to a combination of factors, including impressive ecosystem growth, strong technical analysis, and increasing investor confidence.

    Cardano TVL Skyrockets, Stablecoins Gain Traction

    The recent Messari Q4 2023 report paints a vibrant picture of Cardano’s ecosystem. The network saw a staggering 166% quarter-over-quarter (QoQ) increase in Total Value Locked (TVL), reaching a record-breaking $450 million. This translates to a remarkable 693% year-over-year (YoY) jump, showcasing the rapid expansion of Decentralized Finance (DeFi) activity on Cardano.

    The growth wasn’t just limited to overall TVL. Stablecoin adoption witnessed a significant 37% QoQ and 673% YoY surge, highlighting their growing role in the Cardano ecosystem. This increasing stability attracts more users and facilitates various DeFi activities like borrowing, lending, and trading.

    The report also credits established protocols like MinswapDEX and the newly launched Indigo Protocol with driving this expansion. Indigo, a synthetic derivatives exchange, emerged as the largest protocol by TVL, surpassing even Minswap. This diversity within the ecosystem presents exciting opportunities for future growth.

    Technicals Point To Continued Gains

    Beyond fundamentals, technical analysis suggests further upside potential for ADA. After a brief price correction, Cardano formed a bullish pennant pattern, typically indicating a continuation of the uptrend after a consolidation period. This technical formation aligns with the positive sentiment surrounding the project and adds another layer of confidence for investors.

    Cardano currently trading at $0.6273 on the daily chart: TradingView.com

    The recent price breakout from the pennant confirms this bullish outlook. With a market valuation of more than $21 billion, Cardano securely ranks among the 10 leading crypto assets. This impressive valuation reflects the widespread recognition of Cardano’s potential.

    ADA price action. Source: Coingecko

    Furthermore, the past 24 hours alone saw a 21% rally in trading volume, amounting to nearly $730 million. This surge in activity indicates continued strong interest from investors amidst the current upward price movements.

    ADA’s price fluctuated between $0.58 and $0.62 throughout the week, showcasing a stable ascending pattern and solidifying the gains. Crypto expert Dan Gambardello further fueled the excitement, suggesting that ADA has the potential to reach the coveted $1 milestone, exceeding expectations despite market volatility.

    Development Engine Roars: Hydra And Mithril Push Innovation

    Cardano’s strength isn’t limited to price and TVL. The network boasts a thriving developer community actively building the future of the ecosystem. The Cardano Hydra team is diligently working on version 0.15.0, focused on enhancing scalability and transaction throughput. Significant progress has been made on smoke testing and website publishing workflows, bringing Hydra closer to reality.

    Moreover, the Mithril team recently released the initial version of the Mithril client NPM package, marking another step towards secure and efficient smart contract development on Cardano. These ongoing advancements solidify Cardano’s commitment to innovation and position it well for future adoption.

    Featured image from Adobe Stock, chart from TradingView

    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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    Christian Encila

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  • Analyst Reveals Potential Trigger For A 32% Cardano (ADA) Rally

    Analyst Reveals Potential Trigger For A 32% Cardano (ADA) Rally

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    An analyst has explained that based on a pattern forming in the Cardano price, a 32% rally could take place, if a close above this level can happen.

    Cardano Has Been Forming A Descending Triangle Pattern Recently

    In a new post on X, analyst Ali has talked about a Descending Triangle forming in the daily price of Cardano. The “Descending Triangle” refers to a pattern in technical analysis (TA) that, as its name suggests, looks like a triangle with a downward slope.

    The pattern is made up of two lines, the first of which is a slopped line connecting lower highs in the price, while the second one is horizontal (that is, parallel to the time-axis) and joins together a series of lows.

    The upper line of the pattern provides resistance to the price, so it can be a likely point of reversal for it. Similarly, the lower line may provide support, so bottoms can be probable at it.

    A break out of either of these lines implies the continuation of the trend in that direction. This means that a breakout above the triangle can be bullish for the asset, while a drop under it can prove to be a bearish signal.

    Like this pattern, there is also another pattern in TA called the Ascending Triangle. This pattern works similarly, except for the fact that the two lines are switched around (that is, the slopped line is the bottom line and connects together higher lows).

    Now, here is the chart shared by Ali that shows the Descending Triangle pattern that has recently been forming for Cardano on its 1-day price:

    Looks like the price is currently making a retest of the upper line of the pattern | Source: @ali_charts on X

    From the graph, it’s visible that Cardano’s latest sharp upward surge means that cryptocurrency is now retesting the upper line of this Descending Triangle.

    If the historical pattern is anything to go by, a break above could be a positive sign for the price. “A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing $ADA up to $0.68!” notes the analyst. Ali has chosen a target 32% higher as the height of the Descending Triangle was equal to a price swing of 32% as well.

    Naturally, this bullish outlook would only be if a break can truly take place for the cryptocurrency. A rejection here is still a possibility, as it has already happened a few times over the course of this pattern’s duration.

    ADA Price

    The past 24 hours have been bullish for the cryptocurrency sector as a whole, but Cardano has clearly pulled ahead of the crowd as it has registered returns of almost 10%.

    Following this surge, the coin has managed to break above the $0.53 level. The asset now has to hold above this mark if the Descending Triangle break has to register.

    Cardano Price Chart

    The price of the coin has observed some sharp bullish momentum over the past day | Source: ADAUSD on TradingView

    Featured image from Shutterstock.com, charts 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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    Keshav Verma

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  • Cardano Activity Sees New Life That Could Send ADA Price Soaring, Here Are The Targets

    Cardano Activity Sees New Life That Could Send ADA Price Soaring, Here Are The Targets

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    Cardano (ADA) has been stuck in a price rut recently, but behind the scenes, activity on the Cardano blockchain is exploding. Transaction volumes and wallet addresses are all growing, showing that interest and adoption of the network are growing rapidly. All this activity has prompted analysis of how far the crypto can spike in the near future.

    Cardano On-Chain Activity Points To Future Price Growth

    Cardano’s growth in development activity in recent months has rivaled other cryptocurrencies, putting it on the map among developers. Metrics show that there are currently 1,322 projects under development. Similarly, Plutus V2 scripts recently reached 18,821, and Plutus V1 scripts also stand at 6,536 to make a total of 25,357, indicating the growth of smart contracts.

    Related Reading: Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure

    These scripts are essential for deploying smart contracts on the Cardano chain and have seen a 76% growth from 14,379 scripts recorded on January 1.

    At the same time, Cardano’s transaction count in the past two months has been something to boast about. The Cardano ADA network recently successfully completed 255,000 payments in 24 hours. Particularly, December and January saw Cardano process over 4 million transactions each month, showing the increasing network usage. 

    Active daily addresses have steadied above 30,000 since the beginning of the year, recently reaching 57,304 active addresses on February 4th. The total transaction count is now at 83.58 million. These metrics reflect the network’s ability to process a high number of transactions and its appeal to developers looking to build innovative crypto projects. 

    Price Targets Suggest ADA Could Reach $4 To $6 Long Term

    Despite the gloomy price action in the past month, these metrics point to Cardano price sentiment changing to a more favorable one. As a result, analysts predict a bullish turnaround, with one even putting a $4 to $6 price target by 2026. This represents a 730% and 1140% growth from the current price level.

    In a similar vein, crypto analyst Ali Martinez predicted a more bullish surge to $8 by January 2025, representing a 1558% surge from the current price level. Nevertheless, ADA has a lot of room to grow if Cardano can continue to attract developer and investor interest.

    At the time of writing, Cardano is trading at $0.4825, with 44% of addresses still making a profit and 51% of addresses currently at a loss. While short-term volatility is likely and the road ahead still has obstacles, the long-term price outlook for ADA looks bright, and Cardano appears well positioned for future success in a wider crypto market bull run. 

    Cardano price chart from Tradingview.com (ADA crypto analyst)

    ADA price falls to $0.48 | Source: ADAUSD on Tradingview.com

    Featured image from Crypto Daily, 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 Price Stagnant at $0.48, But Charts Point to Potential Upswing

    Cardano Price Stagnant at $0.48, But Charts Point to Potential Upswing

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    Cardano (ADA), the eighth-largest cryptocurrency, finds itself in a perplexing situation as it grapples with a battle between bullish and bearish forces, leaving investors deciphering mixed signals in a turbulent market.

    The optimism that briefly emerged on January 29th, as ADA’s market structure turned bullish, proved short-lived, unable to overcome the critical $0.50 support level, and remaining stuck in the $0.48 territory.

    Social media sentiment, often a precursor to price movements, has not provided solace either. Santiment’s “weighted social sentiment” metric has steadily declined over the past ten days, reflecting tepid investor confidence.

    Source: Coingecko

    ADA’s Metrics: Confusion Amidst Bullish Signals

    The confusion deepens when examining on-chain metrics. While the negative MVRV ratio suggests ADA might be undervalued, the sustained presence in negative territory raises concerns. Conversely, the increasing number of active addresses, signaling heightened network activity, offers a glimmer of hope for bullish investors.

    Complicating the outlook is the liquidation heatmap from Hyblock. Two prominent zones add complexity: the $0.45-$0.48 region, hosting an estimated $300 million in liquidation levels, and the $0.52-$0.54 zone, carrying similar selling pressure. A drop to the former could trigger buying activity as long positions close, while the latter’s fate hinges on Bitcoin’s (BTC) movement, given ADA’s tendency to follow its lead.

    ADA currently trading at $0.4809 on the daily chart: TradingView.com

    Industry experts remain divided on Cardano’s future. Santiment suggests that the increased bearish sentiment might hint at an impending price bounce, while others exercise caution, citing the lack of definitive follow-through after the initial bullish market structure shift.

    Source: Santiment

    Cardano Dips Amidst Stability: Mixed Signals

    Cardano (ADA) is currently navigating a bearish trend, experiencing a 2.93% decrease in the past 24 hours and declines of 1.13% and 10.33% over the past week and month respectively. Despite this dip, it maintains its position as the 8th largest cryptocurrency by market cap, suggesting some underlying stability.

    While the short-term technical picture appears bleak, longer-term indicators offer potential for cautious optimism. The increasing number of active addresses hints at growing network activity, a potential bullish sign.

    Additionally, the negative MVRV ratio, although concerning in its extended presence, could indicate undervaluation. However, this needs to be balanced against the crucial resistance zones identified around $0.54-$0.56, which could hinder upward momentum.

    Overall, ADA’s future trajectory remains uncertain. Further analysis would benefit from exploring the reasons behind the recent price decline, potential catalysts for recovery, and a deeper dive into long-term fundamentals like development progress and adoption rate.

    Featured image from Freepik, chart from TradingView

    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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    Christian Encila

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  • Cardano Heats Up: Transactions Break Past 4 Million

    Cardano Heats Up: Transactions Break Past 4 Million

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    Cardano, a blockchain platform known for its research-oriented strategy and eco-friendly Proof-of-Stake consensus, is experiencing substantial growth. Increased transaction volumes, a variety of project launches, and active development within its ecosystem underline this expansion.

    Cardano Transaction Boom

    December and January saw Cardano process over 4 million transactions, showcasing a significant increase in on-chain activity. This growth aligns with the platform’s ambition to become a scalable and sustainable blockchain for real-world applications.

    The blockchain platform isn’t just processing transactions; it’s attracting developers and projects. Eight new projects launched on Cardano in the past two months, and an additional 17 are currently under development. This brings the total to 157 already launched and 1,320 in progress, indicating a thriving and diverse ecosystem.

    Technology On The Move

    Cardano’s technological advancements are fueling its growth. The number of token policies on the platform surged, leading to the minting of 480,000 new native tokens. Additionally, Plutus scripts, enabling smart contracts on Cardano, saw substantial growth, with both V1 and V2 scripts experiencing significant increases.

    Project Catalyst, Cardano’s community-driven funding initiative, is fostering engagement and innovation. In its second week of voting for Fund11, nearly 5,000 wallets cast over 150,000 votes across 920 proposals seeking community funding. This active participation highlights the strong community backing for Cardano’s development.

    Cardano currently trading at $0.50 on the daily chart: TradingView.com

    ADA Price On The Rise

    Reflecting the overall positive sentiment, Cardano’s native token, ADA, experienced a price increase of 1.3% in the last 24 hours and 7.4% in the past week.

    While the report paints a positive picture, it’s crucial to acknowledge the broader context. Cardano faces competition from established players like Ethereum and emerging blockchains. Regulatory uncertainty surrounding cryptocurrencies remains a factor, and while touted as energy-efficient, Cardano’s environmental impact compared to other blockchains is still under debate.

    Cardano’s Eco-Friendly Footprint

    Charles Hoskinson created Cardano as a peer-reviewed blockchain, but what sets it apart is the Ouroboros proof-of-stake system. Compared to Bitcoin, Cardano can perform transactions with a far smaller environmental impact thanks to its energy-efficient methodology.

    According to CExplorer, Cardano’s annual energy consumption is a meager 2.602 GWh. It is therefore around 214,672 times more energy-efficient than Bitcoin.

    Cardano’s PoS system is scalable, flexible, and adaptable, making it a viable option for investors who are worried about how their cryptocurrency holdings may affect the environment.

    Overall, Cardano’s recent growth momentum suggests a promising future for the platform. However, navigating the competitive landscape, evolving regulations, and sustainability concerns will be key to securing its long-term success.

    Featured image from VistaCreate, chart from TradingView

    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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    Christian Encila

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  • How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

    How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

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    The Cardano Network is a decentralized proof-of-stake blockchain platform with smart contract support and uses its own native token ADA, just like the Ethereum blockchain. Cardano is often described as the Ethereum killer. However, Cardano also considers itself the updated version of Ethereum, which is currently the king of all altcoins, including ADA.

    Cardano (ADA) The Supposed Ethereum Killer

    It has been said that Cardano has anointed itself as a third-generation crypto platform which it regards to Ethereum as the second generation. Cardano has deemed itself fit to be a threat or competitor to Ethereum as they are both similar in so many ways, including the fact that Cardano (ADA) was created by one of the co-founders of Ethereum, Charles Hoskinson.

    As Ethereum is having a hard time with high gas fees issues and slow transaction times, Cardano is all set up to take their share and make a name for themselves in the NFT, DeFI, and Stablecoin market. Cardano aims to be scalable and low-cost for users compared to Ethereum, its major competitor. 

    It enables owners of their native token ADA to help operate the network and vote on changes to the software roles. A lot of developers now use the Cardano Blockchain for Smart contracts and building decentralized applications (dApps).

    Cardano Continues To Evolve: Hard Forked From Byron To Shelley 

    Cardano has been releasing its blockchain in stages with the aim of releasing better, cleaner, and more secure codes. They continued to evolve as the Cardano blockchain hard forked from Byron, a federated and static model, to Shelley, a more dynamic and decentralized model

    A hard fork means or is described as a radical change in the blockchain, but in the case of Cardano, The blockchain hard fork was unique because instead of the blockchain radical change, it ensured a smooth transition from the old protocol to a new protocol while saving the history of the previous blocks. This means the Cardano blockchain contains the Byron blocks and after a certain transaction period, it adds the Shelley blocks.

    Shelley was upgraded, and the Shelley protocol upgrade added a new feature that enabled different kinds of Smart contract use cases, which included the creation and transactions with multi-asset tokens. It also established support for the Voltaire voting mechanism. The Shelley protocol hard fork upgrade of March 2021 called “Mary” introduced native token and multi-asset support on the Cardano Blockchain. 

    Mary allows users to create their own tokens that run on the Cardano network natively, just like Cardano’s native token ADA. Similar to the ERC20 tokens that can be created and transacted on the Ethereum network, Native tokens will open up this same functionality to Cardano.

    How Does Cardano (ADA) Work?

    The Cardano (ADA) Blockchain is made up of two main components, which are the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL).

    The Cardano Computational Layer (CCL):

    The Cardano Computational Layer (CCL) consist of the Ouroboros consensus protocol and Proof of stake, which are the backbone of the Cardano blockchain. They help to run smart contracts, it also ensures compliance and security. Lastly, allow other key advanced features and functionalities such as identity recognition and blacklisting.

    The Cardano Settlement Layer (CSL):

    The Cardano Settlement Layer (CSL) serves as the accounting layer of the Cardano blockchain where its native token holders can send and receive their ADA immediately with minimal transaction fees.

    Blockchain Industry Issues Cardano Aims To Solve

    • To create a secure voting mechanism for token holders. 
    • To Separate accounting and computation layers. 
    • To create an infinitely scalable consensus mechanism. 
    • To use mathematics to provide a provably secure blockchain that is less susceptible to attacks. 

    Benefits And Advantages of Cardano (ADA) Blockchain

    Decentralization: The Cardano network is designed to promote decentralization, and the founder of ADA Charles Hoskinson, is confident that the network would be 50 to 100 times more decentralized than Bitcoin.

    High scalability: The recent Cardano Blockchain Vasil hard fork solves scalability issues as it introduced critical updates that streamline transaction processing, ultimately increasing the transactions per second (tps) Cardano’s blockchain can handle to significantly boost transaction processing speeds, unlike Ethereum.

    Multilayer security measures: Cardano has a multilayer architecture that separates the computation layer from the accounting layer and also the Ouroboros proof of stake algorithm reduces the surface attack and ensures good security without falling short on decentralization.

    Low gas fees: Unlike Ethereum, Cardano has low transaction or gas fees which makes it more appealing to users and developers.

    Environmentally friendly ecosystem: Cardano is designed to be accessible to all persons, no matter their level of skill, from novices to advanced users.

    Strong Community: A project is as strong as its community and Cardano has a strong community of active users, developers, researchers, and founders all work together to make the project a very good one.

    How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

    To see a full picture of the Cardano ecosystem, go to CardanoCube. CardanoCude has information on the applications on the Cardano Blockchain, ranging from DEXes to Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and Launchpads, in case you want to launch a project on the Cardano Blockchain. There are also Metaverse platforms, Gaming platforms, AI tools, Community & DAO, Developer Tools, Meme Coin, and so many more.

    To buy and sell tokens on the Cardano (ADA) network, you need to get a wallet. The official wallet created by the Cardano developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC secure wallet for the ADA cryptocurrency that downloads a full copy of the Cardano Blockchain, and it independently validates every transaction in its history, ensuring maximum security.

    How To Install, Set Up, and Use DAEDALUS Wallet

    Make sure you download the installation file from the DAEDALUS official website daedaluswallet.io. Once the website is open, click on “Download” and then choose your operating system: either macOS, Linux, or Windows. Start the downloading process by clicking on “Download DAEDALUS.”

    Daedalus wallet

    Install it, and once DAEDALUS is launched, you will need to configure the general settings and click on “Continue.” Read, and accept the terms and conditions. 

    Download Daedalus

    Please note that the blockchain must be completely synced before you can use your wallet.

    Syncing crypto

    To create a new wallet, click on the “Create” button, give your wallet a “Name,” and Create your “Spending password”. You will need your spending password later to make transactions. It will also Encrypt your wallet file in the dataless directory.

    Cardano crypto wallet

    After the setup, the “Recovery phase” page will pop up, and you will be given the 24-word secret phrase that you can use to recover your account in case your laptop is stolen or broken.

    Recovery phrase

    Ensure to write down your secret phrase and keep it in a safe place, after verifying your secret phrase your wallet is all set up.

    Cardano Daedalus

    Click on “Send” to send coins and Click on “Receive” to receive coins, select one of the automatic recipient addresses to receive your coins for other exchanges.

    setup crypto

    How To Use The Wallet Function On Minswap Instead Of Daedalus

    Minswap is a multi-pool decentralized exchange (DEX) on Cardano (ADA) where you can swap tokens with minimal time, cost, and maximum ease.

    Minswap

    The Minswap website is user-friendly and easy to trade on. Go to the website, click on “Trade,” then click on “Connect wallet.” 

    Connect wallet

    You might not see the DAEDALUS wallet there, so just create a “MinWallet” by clicking on it, then click on “New Wallet.” Copy your 24-word secret phrase down, write it down in a safe place, verify your secret phrase, create your MinWallet password, Now your MinWallet is ready to be used.

    Minswap Cardano wallet

    How To Buy ADA On Centralized Exchanges And Send To Your MinWallet

    You need some ADA tokens in your wallet to make your transactions. You can buy your ADA from centralized exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this case, we will use Binance.

    Once the ADA is purchased, copy your MinWallet address, go to Binance, buy your ADA, and then go to “Withdraw.” Paste the MinWallet address you copied in the box to input your address, and Cardano will be automatically filled as your transfer network. Input the amount of ADA you want to transfer, then click on the “Withdraw” button.

    fund wallet

    How To Trade Crypto Tokens On MinSwap

    To buy tokens, go to Coingecko and search for the token on the Cardano Blockchain Network you want to buy. Alternatively, you can go to the social media pages of the token you want to make sure you have the correct coin. Go back to MinSwap, click on the denominator token button, input the name of the token you want to buy, and select it.

    Crypto wallet Cardano

    Input the amount of ADA you want to swap for that token and swap it. If you want to sell, just switch their positions and swap.

    Checking Prices Of Cardano-Based Tokens

    Knowing how to check the price action of tokens when trading on blockchains such as Cardano is important for investors to make the best decisions. For the Cardano network, data trackers such as TapTools is the one-stop-shop for all things Cardano charts.

    Just go to TapTools, click the Search bar, and input the name of the token you want to check. In this case, we’re using SUNDAE.

    TapTools

    Choose the correct token and click on it, and TapTools will show you the price chart for that token. By using TapTools, you will be able to keep track of the price and follow how your token is doing, as shown below:

    TapTools Sundae

    Interestingly, TapTools also has its own inbuilt decentralized exchange (DEX) for those who want to do everything in the same place. All you have to do is connect your wallet similarly to connecting to MinSwap as illustrated above, pick the token you want to swap to, enter the amount of ADA you want to swap, and click “Swap”. The DEX is visible on the right-hand side when you open the chart of a token.

    Swap crypto Cardano

    TapTools Swap

    Conclusion 

    Trading on the Cardano (ADA) network is quick and seamless due to its fast transaction speeds and low fees. However, like with any crypto trading, it does carry its own risk, which could be a partial or total loss of capital.

    Featured image from Bitcoinsensus

    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 Defies Bear Market As Smart Contracts Count Sees 10,000 Explosion

    Cardano Defies Bear Market As Smart Contracts Count Sees 10,000 Explosion

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    The Cardano network continues to defy expectations and prove its doubters wrong. This time, the network has hit a new milestone, which suggests that users are indeed taking advantage of its smart contract functionality. 

    Cardano Sees Significant Increase In Smart Contract Usage

    Data from Cardano Blockchain Insights has revealed an increase in the usage of Cardano’s Plutus V1 and V2 scripts. As of January 22, 24,050 smart contracts had been executed using these Plutus scripts. This is impressive, considering that this figure stood at 14,379 at the beginning of this year.

    This recent increase can be traced back to January 9, when smart contract usage on the network really began to pick up. Specifically, the number of smart contracts executed on Cardano using the Plutus V2 scripts rose from 8,270 to 12,890 on that day. Since then, that figure has skyrocketed to 17,718. 

    As expected, the Plutus v2 script is more widely used than its V1 counterpart, considering that the former is a newer generation of Cardano’s smart contract scripting language. Cardano introduced Plutus V2 to reduce user costs and enhance script throughput effectively. Meanwhile, this development no doubt further proves naysayers wrong. 

    A recent report by crypto research firm K33 boldly asserted that there was no “proof of Cardano being used for anything.” K33 further suggested that a “group of bagholders” were the ones simply fabricating a majority of transactions on the network, and nothing meaningful was going on Cardano.

    ADA price at $0.47 | Source: ADAUSD on Tradingview.com

    Cardano’s Utility Good For ADA’s Price

    Dan Gambardello, the founder of Crypto Capital Venture, once highlighted how the Cardano network had improved since the last bull run. The network’s smart contract functionality was among the features he alluded to as undergoing a significant upgrade since then. Notably, these improvements form part of why he believes that ADA could rise to $11 in the next bull run.  

    These improvements have indeed contributed to the ecosystem’s resurgence. Last year, the network saw a significant rise in its DeFi activity, and although there has been a decline recently, things are expected to pick back up soon enough. The network’s development activity also looks to be paying off, as Gambardello recently revealed that there is now Social Finance (SocialFI) on Cardano.

    Members of the Cardano community will hope that a fiat-backed stablecoin can finally be introduced on the network. The introduction of a stablecoin is believed to be another factor that could help increase Cardano’s utility. This could also cause an inflow of new money into the ecosystem, something which could positively impact ADA’s price. 

    Featured image from FXStreet, 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 Climb 2,000% To Reach $11

    Crypto Analyst Predicts Cardano Price Will Climb 2,000% To Reach $11

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    Popular Crypto YouTuber Ben Armstrong has shared his bullish prediction for the Cardano (ADA) price. While giving his prediction, Armstrong also alluded to a recent ADA price prediction that crypto analyst Ali Martinez made. 

    Armstrong’s Bull Case For Cardano Is $11

    In a video posted on his YouTube channel, Ben Armstrong mentioned that his bull case prediction for ADA is $11. However, the crypto YouTuber didn’t share any analysis to back up his bullish sentiment. Instead, he only referred to an earlier ADA analysis that Martinez had shared as part of his prediction of ADA hitting $7. 

    In his analysis, Martinez highlighted how ADA was currently mirroring its “late 2020 behavior.” He further elaborated on how ADA could hit $7 if history were to repeat itself. According to him, if that were to happen, then ADA would resume an upward trend in April, while a pattern continuation will ultimately lead to the crypto token hitting that price level. 

    Meanwhile, Armstrong isn’t the only one who believes that the Cardano price could rise to as high as $11. Dan Gambardello, the founder of Crypto Capital Venture, had previously predicted that ADA would hit this price level at the peak of the next bull market. Unlike Armstrong, Gambardello provided deeper insights as to why he holds this belief. 

    He explained how Cardano has more functionalities now, unlike in the previous bull run. This includes the features that have allowed the DeFi landscape on the network to grow since 2021. The analyst also highlighted similarities between Ethereum and Cardano’s development while hinting that ADA could mirror the run that ETH enjoyed in the last bull run. 

    ADA Getting Ready For The Next Bull Run

    Gambardello, who once hinted that the next bull run was going to begin after the Bitcoin Halving, recently noted in an X (formerly Twitter) post that the bottoming out structure for Cardano was getting reading for this event. He highlighted how ADA cools off prior to the Halving event. According to him, this is “so bullish for ADA” as it possibly prepares for a move to the upside. 

    In the meantime, he hinted that ADA could experience a 30 to 40% move to the downside as it looks to consolidate with Bitcoin and the broader crypto market. Gambardello had previously mentioned that he wasn’t concerned by ADA’s price action and still wouldn’t be even if ADA were to drop below its current price level. 

    At the time of writing, ADA is trading at around $0.49, down over 3% in the last 24 hours, according to data from CoinMarketCap. 

    ADA price struggles at $0.49 | Source: ADAUSD on Tradingview.com

    Featured image from The Cryptonomist, 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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  • ADA Price Faces Key Hurdle, Can Cardano Surpass This To Start Fresh Rally?

    ADA Price Faces Key Hurdle, Can Cardano Surpass This To Start Fresh Rally?

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    Cardano (ADA) is attempting a recovery wave from the $0.4650 zone. ADA could start a fresh rally if there is a close above the $0.550 resistance.

    • ADA price is moving higher from the $0.4650 zone.
    • The price is trading below $0.570 and the 100 simple moving average (4 hours).
    • There is a key bearish trend line forming with resistance near $0.545 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
    • The pair could accelerate higher if there is a clear move above $0.545 and $0.550.

    Cardano Price Attempts Fresh Increase

    After a strong rally, Cardano faced sellers near the $0.675 zone. ADA started a fresh decline below the $0.620 and $0.600 support levels, unlike Bitcoin and Ethereum.

    There was a drop below the $0.550 support and the 100 simple moving average (4 hours). Finally, the price found support near the $0.4650 zone. The price is now attempting a fresh increase above the $0.500 resistance zone. The price tested the 23.3% Fib retracement level of the downward move from the $0.6768 swing high to the $0.4650 low.

    ADA is now trading below $0.570 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.545 on the 4-hour chart of the ADA/USD pair.

    On the upside, immediate resistance is near the $0.532 zone. The first resistance is near $0.545 and $0.550. The next key resistance might be $0.570 or the 50% Fib retracement level of the downward move from the $0.6768 swing high to the $0.4650 low.

    Source: ADAUSD on TradingView.com

    If there is a close above the $0.570 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.620 region. Any more gains might call for a move toward $0.650.

    Another Decline in ADA?

    If Cardano’s price fails to climb above the $0.545 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.500 level.

    The next major support is near the $0.465 level. A downside break below the $0.465 level could open the doors for a test of $0.432. The next major support is near the $0.420 level.

    Technical Indicators

    4 hours MACD – The MACD for ADA/USD is losing momentum in the bearish zone.

    4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

    Major Support Levels – $0.500, $0.465, and $0.432.

    Major Resistance Levels – $0.532, $0.545, and $0.570.

    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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    Aayush Jindal

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  • Cardano Drops 18% Despite 250% Surge In Development Activity

    Cardano Drops 18% Despite 250% Surge In Development Activity

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    Cardano (ADA) closed out 2023 with a rollercoaster ride, soaring towards $0.70 before plummeting back to $0.52 by the new year. While this sharp correction was anticipated, concerns linger about an ongoing bearish sentiment despite room for growth.

    Recovery won’t be a walk in the park. Currently trading at $0.52, Cardano faces an uphill battle. However, glimmers of hope remain.

    Cardano (ADA): Resilient Support Amid Development

    Notably, ADA hasn’t breached the crucial support level of the 200-day EMA, suggesting an underlying bullish bias for the long-term trend that began in mid-October.

    This technical indicator points towards potential for a rebound, although sustained upward momentum will require additional catalysts.

    Cardano’s 2024 started with a development bang, not a price boom. Development activity surged 250% in 30 days, showcasing a vibrant ecosystem buzzing with innovation.

    Unfortunately, this internal optimism hasn’t translated to external cheer. The bears remain firmly in control, driving ADA’s price down 18% in a week and 10% in 24 hours.

    At $0.52, ADA currently ranks 8th by market cap, but its chart is decidedly red. This disconnect between bustling development and bearish price action highlights the complex cocktail of factors influencing cryptocurrency markets.

    While a thriving ecosystem bodes well for the future, short-term sentiment reigns supreme, swayed by news, speculation, and overall market trends.

    ADA market cap currently at $18.47 billion. Chart: TradingView.com

    On the fundamental side, Cardano’s ecosystem continues to flourish. The recent Vasil hard fork and growing DeFi activity inject optimism, but external factors like broader market sentiment and regulatory uncertainties could throw wrenches in the recovery gears.

    Cardano’s Outlook: Navigating Uncertainty For Growth

    Cardano’s near-term outlook remains somewhat cloudy. While the recent dip was expected, complete bearish dominance seems unlikely.

    Technical indicators hint at a potential uptrend, but navigating choppy waters will require a confluence of positive catalysts and a watchful eye on the broader market.

    So, what’s next for Cardano? The recent development surge suggests a project on the move, but overcoming bear dominance requires more than just internal progress.

    Catalysts like positive news events or broader market recovery could be the wind beneath ADA’s wings. For now, investors face a classic crypto conundrum: weigh long-term potential against the immediate sting of a bearish market.

    Cardano finds itself at a crossroads in the early days of 2024, with the clash between internal development strides and external market dynamics shaping its narrative.

    Despite a remarkable surge in development activity, ADA’s price has faced a significant downturn, reflecting the intricate dance between optimism and market sentiment.

    Featured image from Shutterstock

    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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    Christian Encila

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