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  • ADA Price (Cardano) Breaking This Confluence Resistance Could Restart Rally

    ADA Price (Cardano) Breaking This Confluence Resistance Could Restart Rally

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    Cardano (ADA) is moving higher from the $0.350 support. ADA could rally if there is a clear move above the $0.388 and $0.395 resistance levels.

    • ADA price is moving higher above the $0.375 pivot level.
    • The price is trading above $0.380 and the 100 simple moving average (4 hours).
    • There is a key bullish trend line forming with support near $0.370 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
    • The pair could accelerate higher toward the $0.420 level or even $0.450.

    Cardano Price Rally Could Soon Restart

    After a steady increase, Cardano saw a downside correction from the $0.4090 zone. There was a drop below the $0.395 and $0.388 support levels, like Bitcoin and Ethereum.

    However, the bulls were active near the $0.350 support zone. A low was formed near $0.3494 and the price is now moving higher. There was a break above the $0.365 and $0.375 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $0.4090 swing high to the $0.3494 low.

    ADA is now trading above $0.375 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.370 on the 4-hour chart of the ADA/USD pair.

    Source: ADAUSD on TradingView.com

    On the upside, immediate resistance is near the $0.3880 zone or the 61.8% Fib retracement level of the downward move from the $0.4090 swing high to the $0.3494 low. The first resistance is near $0.395. The next key resistance might be $0.400. If there is a close above the $0.400 resistance, the price could extend its rally. In the stated case, the price could rise toward the $0.420 region. Any more gains might call for a move toward $0.450.

    Are Dips Supported in ADA?

    If Cardano’s price fails to climb above the $0.388 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.370 level and the trend line.

    The next major support is near the $0.365 level and the 100 hourly SMA. A downside break below the $0.365 level could open the doors for a test of $0.350. The next major support is near the $0.335 level.

    Technical Indicators

    4 hours MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.

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

    Major Support Levels – $0.370, $0.365, and $0.350.

    Major Resistance Levels – $0.388, $0.395, and $0.420.

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    Aayush Jindal

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  • Proposal To Reduce Cardano Treasury Tax Floated, How Will ADA Prices React?

    Proposal To Reduce Cardano Treasury Tax Floated, How Will ADA Prices React?

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    There is a proposal to reduce the Cardano treasury tax from the current 20% to the initial 5%. Taking to X, a user @SmaugPool, who claims to be a builder and developer on Cardano, said. However, the proposal must first be passed through the community for voting, the effective treasury tax currently stands at nearly 33%.

    Accordingly, based on the developer’s estimation, every month, approximately 30 million ADA is added to the treasury, pushing the total to around 1.39 billion as of November 7. 

    ADA in Cardano Treasury | Source: Smaug Pool on X

    Proposal To Reduce The Cardano Treasury Rate Floated

    The Cardano treasury is a source of funding for the development and maintenance of the broader ecosystem. Additionally, funds accrued can support community-led projects via initiatives like Project Catalyst. The Cardano Foundation, a non-profit organization, manages the treasury.

    The Protocol Change Proposal (PCP) to drop the treasury rate by 25% to 5% was laid out by Earn Coin Pool, a stake pool operator (SPO) on Cardano, in late October. Usually, the PCP can be floated to change one of the many parameters underpinning the Cardano network, including the treasury rate. Even so, since the blockchain is public, the PCP must be approved before implementation.

    The PCP aims to change the treasury tax rate to 5% or lower the rate. At the same time, the proposal seeks to understand factors used to determine the “tau” parameter and the frequency at which it can be changed. 

    This proposal might encourage more SPOs to deploy. Cardano is a proof-of-stake blockchain that depends on SPOs to verify and secure the network. 

    More SPOs Expected, But Will ADA Prices Rally?

    These entities run specialized software that verifies transactions and adds them to the longest blockchain. They are rewarded for their work with ADA either through the fixed fee set by the pool at 340 ADA or an additional variable fee, which is a percentage of the block rewards that the pool earns. 

    There are over 3,100 SPOs who can be randomly assigned to validate a block of transactions and receive block rewards. Notably, in Cardano, anyone can become an SPO since there is no minimum stake requirement.

    Presently, the Cardano treasury tax is at 20%, meaning that 20% of all transaction fees are deposited into the treasury. The remainder, 80%, is distributed to SPOs who validated transactions in a given epoch. 

    So far, in Epoch 446, there are over 1.39 billion ADA in the Cardano treasury, which continues to rise as the network processes more transactions. From Epoch 443 to 431, the treasury added 5 million ADA every epoch.

    Cardano price trending upwards on the daily chart | Source: ADAUSDT on Binance, TradingView
    Cardano price trending upwards on the daily chart | Source: ADAUSDT on Binance, TradingView

    ADA is firm when writing, trading around July 2023 highs but below $0.40. Even though the uptrend remains, only time will tell if ADA’s demand will increase if the community votes to reduce the treasury rate, encouraging more users to transact on-chain.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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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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  • ADA Price Prediction – 10% Surge In Two Days, Bulls Aim For $0.35

    ADA Price Prediction – 10% Surge In Two Days, Bulls Aim For $0.35

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    Cardano (ADA) started a fresh increase above the $0.30 resistance. ADA is outperforming Bitcoin and might aim for a move toward the $0.35 resistance.

    • ADA price regained strength for a move above the $0.265 and $0.280 levels against the US dollar.
    • The price is trading above $0.30 and the 100 simple moving average (4 hours).
    • There is a key bullish trend line forming with support near $0.3050 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
    • The pair must stay above the $0.308 support to start a fresh increase in the near term.

    Cardano Price Regains Strength

    After a couple of swing moves, Cardano was able to gain strength for a move above the $0.28 resistance. It rallied above the $0.30 resistance to move further into a positive zone. It is up over 10% in two days, outperforming Bitcoin and Ethereum.

    A new multi-week high is formed near $0.3295 and the price is now consolidating gains. There was a minor correction below the 23.6% Fib retracement level of the upward move from the $0.2847 swing low to the $0.3295 high.

    ADA is now trading above $0.30 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.3050 on the 4-hour chart of the ADA/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.2847 swing low to the $0.3295 high.

    Source: ADAUSD on TradingView.com

    On the upside, immediate resistance is near the $0.3280 zone. The first resistance is near $0.332. The next key resistance might be $0.350. If there is a close above the $0.350 resistance, the price could extend its rally. In the stated case, the price could rise toward the $0.385 resistance zone.

    Are Dips Supported in ADA?

    If Cardano’s price fails to climb above the $0.328 resistance level, it could continue to move down. Immediate support on the downside is near the $0.310 level.

    The next major support is near the $0.308 level and the trend line. A downside break below the $0.308 level could open the doors for a sharp fresh decline toward $0.285. The next major support is near the $0.274 level.

    Technical Indicators

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

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

    Major Support Levels – $0.310, $0.308, and $0.285.

    Major Resistance Levels – $0.328, $0.332, and $0.350.

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    Aayush Jindal

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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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