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Tag: cardano

  • 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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  • Cardano Founder Courts OpenAI’s Sam Altman, What Does He Want To Build?

    Cardano Founder Courts OpenAI’s Sam Altman, What Does He Want To Build?

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    OpenAI recently announced a shocking leadership change with Sam Altman being ousted as CEO. After five years of being at the helm of taking OpenAI from a $0 to $80 billion valuation, the AI company is now at a crossroads with Altman departing and former Chief Technology Officer (CTO), Mira Murati taking over as interim CEO. 

    Altman hasn’t provided specifics of his next actions; however, he has posted on social media that he “will have more to say about what’s next later.” In light of this, Charles Hoskinson, the creator of Cardano, sees a window of opportunity. Hoskinson gave the former CEO a bold proposal on social media platform X to join hands in establishing a decentralized language learning model in partnership with the Cardano blockchain. 

    Hoskinson Wants To Build A Decentralized Language Learning Model

    Charles Hoskinson has a vision for AI that embraces decentralization and openness. As the founder of Cardano and a former co-founder of Ethereum, Hoskinson knows a thing or two about building decentralized networks. Hoskinson’s vision of a decentralized language learning model is ambitious, but promising. 

    On the other end, if there’s anyone who knows anything about language learning models, it is definitely Sam Altman. The former CEO is known for being one of the architects of the language models that power ChatGPT, which has gained widespread adoption since its launch in November 2022.

    Bitcoin (BTC) is currently trading at $36.680. Chart: TradingView.com

    If Altman takes Hoskinson up on his offer, it could mark a turning point in how AI models like ChatGPT are built and how they serve users. A decentralized LLM would essentially be available to everyone and resistant to censorship, tampering, and monopolization by governments and large corporations, which is one of the concerns being raised regarding existing LLMs. 

    Aftermath Of Sam Altman’s Removal As CEO

    Altmann’s removal as CEO sent ripples around the AI and crypto industries. Greg Brockman, president and one of the co-founders of OpenAI, also announced his departure from the company. 

    As one would expect, WorldCoin reacted negatively to the news. According to data from Coinmarketcap, Worldcoin (WLD) dropped by 12.75% in the hours following the news of the CEO’s removal. However, the crypto has since recovered and is now trading at $2.38. 

    According to OpenAI’s announcement, the decision to fire Altman was made by the board of directors, as they’ve lost confidence in his ability to continue his duties as CEO due to his lack of transparency in his communications. However, rumors are that OpenAI investors are looking to reinstate Altmann into his job as CEO.

    Cardano ADA is trading at $0.375 at the time of writing. According to a crypto analyst, ADA could spike to the $0.78 mark if it is able to break out of the current falling wedge pattern.

    Featured image from Pexels

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    Scott Matherson

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  • Crypto Analyst Projects $7 Trillion Market Cap For Altcoins – Here’s When

    Crypto Analyst Projects $7 Trillion Market Cap For Altcoins – Here’s When

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    The altcoins market has been on a tear over the past few weeks, thanks to the resurgence of the premier cryptocurrency, Bitcoin, and the shifting climate of the general crypto market. Although the recent momentum of the altcoin market seems to be waning, there is still broad optimism amongst many investors and analysts.

    Mags, a popular crypto analyst on the X (formerly Twitter) platform, has offered insight into the current landscape of the crypto assets class and its future prospects as the bull market seemingly approaches.

    Altcoins To Go Parabolic Again?

    In a post on X, Mags put forward a bold forecast for the altcoins market capitalization and expects the value of most cryptocurrencies to go parabolic in the coming years. The crypto analyst’s bullish argument revolves around the Moving Average Convergence/Divergence (MACD) indicator on the monthly timeframe of the altcoin chart. On the highlighted chart, the monthly MACD is on the verge of making a bullish cross. 

    From a historical standpoint, the crypto analyst cited that a similar bullish cross occurred on the Moving Average Convergence/Divergence indicator in 2020. Following this cross, the altcoins market cap skyrocketed by more than 2,000% from $85 billion to $1.73 trillion. If this MACD cross forms again, Mags expects a similar bull run for the altcoins market.

    In what seemed like a more realistic stance, the crypto analyst postulated a surge to a $7 trillion market cap by 2025, even if the altcoins experience only half of the 2020 growth. This represents a roughly 1,000% rally from the current altcoin market cap of $637 billion.

    According to data provided by CoinGecko, the total cryptocurrency market capitalization stands at $1.429 trillion, with Bitcoin maintaining its place as the largest cryptocurrency (market cap of more than 700 billion).

    Bitcoin Reclaims Dominance In Crypto Market

    According to a recent report by Santiment, Bitcoin seems to be back to dominating the altcoins after a good run in the past month. The on-chain analytics platform highlighted that most cryptocurrencies have been witnessing a price correction at the tail end of the week.

    Many of the tokens in the altcoin class, including recent top performers like Solana, Cardano, and Avalanche, appear to be slowing down. Nevertheless, Santiment said that swift price rebounds could occur “if the crowd begins to get worried and show FUD (fear, uncertainty, and doubt).”

    Cryptocurrency market cap excluding Bitcoin on the daily timeframe | Source: TOTAL2 chart on TradingView

    Featured image from Shutterstock, chart from TradingView

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    Opeyemi Sule

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  • 10 common crypto scams and how to avoid them – MoneySense

    10 common crypto scams and how to avoid them – MoneySense

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    In just the first half of this year, investment scams conned Canadians out of $161 million—most of it lost to cryptocurrency scams, according to the Canadian Anti-Fraud Centre (CAFC). “Crypto investments are the top type of investment scams reported to CAFC,” says Jeff Horncastle, the organization’s acting client and communications outreach officer. He adds that fewer than 5% of scams are reported, so the actual numbers are likely much higher.

    Scammers often find victims on social media

    Cryptocurrency scams are often intertwined with other types of scams—and the criminals behind them cast a wide net. “Unfortunately, everyone is targeted,” Horncastle says.

    Con artists frequently find potential marks on social media. According to an analysis by TradingPlatforms based on FTC data, nearly one-third of social media crypto fraud happens on Instagram, and one-quarter on Facebook. 

    “In some cases, the scam starts as a romance scam and quickly turns into an ‘investment opportunity,’” says Horncastle. “Because suspects have gained the victim’s trust, it can lead to a high-dollar loss for the victim.”

    10 types of crypto scams

    There are many types of scams to watch out for, and unfortunately, as investors get savvier, the cons evolve and become trickier to spot. To protect yourself, always know where your money is going, understand the crypto advertising rules in Canada, and only use trusted and compliant crypto trading service providers. (As a starting point, see MoneySense’s picks for the top crypto platforms in Canada, which are all registered with Canadian securities regulators.) An exhaustive list of crypto scams is likely impossible, but to protect yourself, here are 10 to watch out for.

    1. Pump-and-dump, or rug pull

    In a “pump and dump” or “rug pull” scheme, promoters of a cryptocurrency hype it up to boost demand, and when the price soars, they sell all their coins for a quick profit. Because they sell in large volumes, other investors get nervous and sell their coins, too. As panic sets in and the selling spreads, the coin’s value plunges. The promoters get rich and small investors are left “holding the bag,” faced with huge losses. 

    A notorious example of an alleged crypto pump-and-dump scheme is a coin called Squid Game. Launched in October 2021, it rode the popularity of the Netflix series of the same name—despite having no affiliation. Less than two weeks later, Squid Game’s crypto developers suddenly sold their holdings when the coin’s price hit $2,800, making themselves $3.3 million richer (all figures in U.S. currency). Today, one Squid coin is worth about a tenth of a penny.

    The pump-and-dump scam is not unique to crypto, of course. It’s what high-flying stockbroker Jordan Belfort—the subject of the Hollywood film The Wolf of Wall Street, starring Leonardo DiCaprio—engaged in during the 1990s. His firm was accused of artificially inflating the price of penny stocks before selling their shares to make lots of fast money—costing investors up to $200 million. In the early 2000s, Belfort served 22 months in federal prison for securities fraud. He’s now marketing himself as an investment guru. 

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    Aditya Nain

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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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  • ADA: Signs Point To Cardano Rally Ahead

    ADA: Signs Point To Cardano Rally Ahead

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    FOR UPDATE…

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

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

    Cardano: Rallying To New Heights

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

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

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

    Fostering A Thriving Ecosystem

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

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

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

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

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

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

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

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

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

    Featured image from Shutterstock

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    Christian Encila

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  • Cardano and Polkadot Become Partner Chains: Key Insights

    Cardano and Polkadot Become Partner Chains: Key Insights

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

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

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

    The Cardano Vision Of A Connected Blockchain World

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

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

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

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

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

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

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

    At press time, ADA traded at $0.354.

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

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

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    Jake Simmons

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

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

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

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

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

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

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

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

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

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

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

    Cardano ADA ADAUSDT

     A New Way To Fund Projects On Cardano

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

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

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

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

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

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

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

    Cover image from Unsplash, chart from Tradingview

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    Reynaldo Marquez

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  • Cardano grows 36% in the past two weeks, 6th in gainers

    Cardano grows 36% in the past two weeks, 6th in gainers

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    Cardano continues to report growth this week, currently sitting at number 6 for top gainers in today’s CoinMarketCap report.

    Santiment shows that the surge that has occurred this week comes alongside Cardano address activity and whale transactions being at the highest they have been in more than three months.

    Double digit growth

    The Nov. 2 post on X from Santiment, the behavior analytics platform for cryptocurrencies, Cardano, was reported to have grown 9% on Nov. 2 and 4.24% on Nov. 3, totalling 36% over the previous two weeks.

    Top Crypto Gainers and Losers Today | Source: CoinMarketCap

    At the same time, Cardano address activity has grown 23% in the past three weeks, reflecting growth in the platform’s usage and adoption, while whale activity has grown 32% in the same time period.

    CoinMarketCap reports that Cardano currently sits at $0.3208 at the time of writing. 

    A partner chain announcement

    Growth comes at the same time as the announcement from the Cardano Summit 2023, in which the founder & CEO shares a new framework that will allow developers to build their own partner chains.


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    Sarah Jansen

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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 Founder Forecasts ‘Tens Of Millions’ Of Users

    Cardano Founder Forecasts ‘Tens Of Millions’ Of Users

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    In a recent exchange on X (formerly Twitter), Charles Hoskinson, founder of Cardano, commented on criticisms and misunderstandings arising within the ADA community. In response to a user’s exasperation over apparent internal criticisms, Hoskinson robustly defended IOG’s strategy and commitment to growth.

    Cardano Founder Promises Growth

    “I seem to notice a lot of this lately. Nami, Midnight, etc. Lots of amazing people are building and bringing new users, capabilities, and experiences into the ecosystem. IOG is a builder. We aren’t different from any DApp company in Cardano,” Hoskinson responded. He expressed his confusion over the criticism IOG faces when deploying significant capital into the ADA ecosystem, particularly when the team is “always open, direct, and transparent about plans and projects.”

    This statement comes after recent acquisitions and launches by IOG, which some community members view with suspicion. He addressed these concerns about IOG’s recent actions, stating: “We have products and services and are here to bring millions into the ecosystem. I don’t understand why when we start doing that and deploy millions in capital, some are actively hostile.”

    Hoskinson also expressed frustration over misunderstandings regarding IOG’s transparency about its plans. He specifically mentioned CIP 1694, which he suggests has been misinterpreted by some as an attempt to establish a power hierarchy. The Cardano founder vehemently denied this, indicating that it aims to do the “exact opposite.”

    He also emphasized the critical role of the recent acquisitions, stating, “Lace is here to be the best wallet in the entire cryptocurrency space and expose all Bitcoin and Ethereum users over time to the Cardano ecosystem. So when we buy Nami to help accelerate a great simple user experience, this is bad for Cardano? Really? Midnight which makes Cardano the leader in data confidentiality tech is somehow abandoning Cardano!?”

    In his subsequent message, Hoskinson provided a more detailed roadmap for the platform’s user growth. “Midnight will bring tens of millions of users into the Cardano ecosystem, Lace will keep them, intersect gives them a place to talk to each other, CIP 1694 gives them a voice in the future. Yes this is exactly what is happening,” he added.

    The Latest Advancements

    Only yesterday, the much-anticipated Cardano Midnight protocol onboarded the first group of pioneers to its devnet. Input Output Global (IOG) tweeted about this milestone, unveiling that they have cherry-picked the first batch for the Midnight devnet.

    Midnight aims to provide a data-protection side-chain designed to facilitate the creation of secure and regulation-compliant smart contracts and decentralized applications (dApps). Furthermore, the Midnight protocol will introduce its token – DUST. The devnet’s initial phase is expected to encompass as many as 100 development teams.

    In another significant move that underscores IOG’s ambition to expand and strengthen the Cardano ecosystem, Nami, a leading independent wallet known for ADA transactions, has been acquired by Input Output Global (IOG), as per announcement yesterday. Since its inception over two years ago, Nami has been a favorite among ADA users. Its acquisition denotes a strategic step by IOG to enhance its suite of products and services within the Cardano sphere.

    At press time, ADA traded at $0.304.

    ADA price breaks above the 200D EMA, 1-day chart | Source: ADAUSD on TradingView.com

    Featured image from Metaschool, chart from TradingView.com

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    Jake Simmons

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  • Cardano Experiences Decline In Q3 Activity – The Root Cause

    Cardano Experiences Decline In Q3 Activity – The Root Cause

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

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

    The Impact Of Stagnant Metrics

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

    Source: Messari

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

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

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

    Cardano’s Chart Signals Optimism

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

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

    Source: Messari

    Potential Price Direction

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

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

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

    Featured image from Shutterstock

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    Christian Encila

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

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

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

    Grayscale Announces Cardano Indices

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

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

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

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

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

    What Happens With Institutional Adoption?

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

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

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

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

    Featured image from Medium, chart from Tradingview.com

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    Scott Matherson

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  • Cardano Passes Crucial Update As ADA Price Preps For 65% Rally

    Cardano Passes Crucial Update As ADA Price Preps For 65% Rally

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    The Cardano ecosystem is ringing in significant transformations with the Cardano Foundation’s announcement of a pivotal modification to its staking parameters. After a stake pool operator (SPO) poll and thorough deliberations by the Parameters Committee, the foundation decided to update the network to enhance both its competitiveness and user experience.

    The Cardando Foundation stated via X (formerly Twitter): “As a result of the Stake Pool Operator [SPO]-Poll and a subsequent evaluation by the Parameters Committee, the Cardano Foundation has successfully submitted a transaction on the Cardano mainnet to lower the minPoolCost parameter from 340 to 170 ADA.”

    This development has been welcomed with a mix of anticipation and strategy from different sections of the Cardano community. Cardano staking pool “Stake with Pride” was quick to pivot in line with the new parameters, remarking:

    The Cardano min Pool Cost fee has been dropped to 170 ADA from 340. SPOs can drop their fees starting epoch 445 on October 27th. They further pledged to optimize their policies with the recent modifications, firmly anchoring their “minPoolCost to 170 permanently, and Margin to 0% temporarily, as market dynamics are assessed.

    The minPoolCost parameter, as explained in a Cardano Foundation blog post from September 13, had twofold objectives since its inception with the Shelley launch in 2020. The primary two goals were to act as a defense against Sybil attacks and to guarantee pool operators a floor income to sustain their server operations.

    The Cardano Foundation elaborated, “By potentially halving minPoolCost we don’t enforce but allow the operators to reduce their ‘floor’ income.” The strategic change is anticipated to shift market dynamics favorably for smaller pool operators, providing them with a more level playing field.

    Cardano (ADA) Price Poised For A 65% Rally?

    The Cardano price has seen a strong uptrend in the past few hours, in line with the overall crypto market. At the time of writing, ADA was trading at $0.282, up 6.5% over the past 24 hours. The 1-day chart of ADA shows that ADA was able to break out of its 6-month downtrend (black line) this past Sunday. On April 15, ADA marked its high for the year at over $0.46, since then the Cardano price has been on the decline.

    As a result of the breakout momentum, ADA was able to overcome the important 0.236 Fibonacci retracement level at $0.277. Remarkably, the price has already withstood a retest and established it as new support on the lower time frames. Should ADA manage a daily close above this price level today, the outlook for the Cardano price could turn further bullish.

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

    As then, ADA would have to face arguably the most important resistance at the moment, the 200-day exponential moving average (EMA, blue line), at $0.299. The price indicator is often referred to as the “bull line”. Accordingly, a breach could maneuver ADA back into bullish territory. ADA last failed to complete a daily close above the 200-day EMA in mid-July.

    If a breakout into bullish territory succeeds, the next targets would be the Fibonacci retracement level of 0.382 at $0.313, 0.5 at $0.341, 0.618 at $0.370, and 0.786 at $0.411. The pinnacle target remains the annual peak of $0.463, suggesting a prospective ascent of 65% from its present value.

    In this context, it is important to mention that ADA has underperformed compared to other altcoins so far this year. For example: While Solana (SOL) is currently trading just below its high for the year and Ether (ETH) is only 15% away from a new high for the year, ADA is still 39% below this level.

    On the one hand, this shows the existing potential, and on the other hand, it shows that ADA has not been one of traders’ favorite altcoins so far in 2023. Whether a rise above the 200-day EMA can change this remains to be seen.

    Featured image from Shutterstock, chart from TradingView.com

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    Jake Simmons

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  • Cardano’s Ada Token Just Reached Its Highest Since Mid-February—What’s Next For The Digital Asset?

    Cardano’s Ada Token Just Reached Its Highest Since Mid-February—What’s Next For The Digital Asset?

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    Cardano’s ada token has enjoyed some bullish activity lately, reaching its highest in over a month today.

    The digital currency climbed to as much as $1.10 around 12:30 p.m. EDT, CoinDesk data shows.

    At this point, it was trading at its loftiest value since February 16, additional CoinDesk figures show.

    Since then, the cryptocurrency has pulled back slightly, but it has retained most of its recent gains by trading at $1.07 at the time of this writing.

    [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

    Following ada’s latest price fluctuations, several market experts weighed in, pointing out key fundamentals affecting the digital asset’s price and important technical levels that traders should watch.

    Ben McMillan, CIO at IDX Digital Assets, emphasized some important developments that have coincided with ada’s recent upside.

    “After a long time in the making, Cardano has finally seen a massive uptick in projects being developed on its blockchain,” he stated.

    “It’s also worth noting that Cardano has the highest allocation in Grayscale’s new ‘Smart Contract Platform Ex-Ethereum Fund,’” said McMillan, referring to the investment vehicle announced yesterday.

    The fund will focus on digital assets tied to blockchain platforms, other than Ethereum, that leverage smart contracts.

    However, he noted that “this recent bounce is on relatively low volume and is coming after Cardano started the year at over $1.50 (and peaked at over $3 in 2021).”

    “So this looks to be a combination of technical bounce from oversold levels on the back of encouraging developments regarding the longer-term outlook.”

    “The key will be if it can hold the psychological $1 level from here on,” McMillan concluded.

    William Noble, the chief technical analyst of research platform Token Metrics, also chimed in, emphasizing some important technical levels.

    “Cardano is making a long term bottom similar to the one it made in January of 2021. If Cardano holds above a support at 1.03, then ADA can easily travel to the next resistance point at 1.17,” he stated.

    “Cardano seems to be shifting from base building to trending. If ADA continues to rally, 1.45 may be the next big-picture objective.”

    “ADA maximalists would need to see ADA above that level in order to discuss an upside target above $3.”

    Ben Armstrong, founder of BitBoy Crypto, also offered technical analysis, highlighting different levels.

    “After finding support at .78 ADA/USD has risen almost 40% breaching the strong psychological resistance of 1.00,” he stated.

    “ADA is finding resistance at 1.08 which is also a golden pocket from the lows of march 2020.”

    Armstrong noted that if the digital asset can break through this accumulation of selling interest, it will probably encounter its next area of major resistance at $1.56.

    However, should it fall back, it will encounter “key support at the .702 Fibonacci level coming in at .93.”

    Mark Elenowitz, co-founder of Ethereum-powered exchange Upstream, spoke to key variables affecting ada’s price action and commented on the digital currency’s outlook.

    “Cardano’s breakout today is reflective of bullish glimmers in the crypto market,” he stated.

    “Cardano also has a base of supporters who are especially devoted to the project and therefore willing to risk significant amounts of capital to it,” said Elenowitz.

    “The biggest factor driving this price movement is that Cardano just saw a big influx of tokens into staking pools,” he stated.

    “Once traders saw this influx they appeared to have started buying in relatively large numbers. Naturally, the price surged and might continue to do so if this apparent micro rally continues.”

    “That being said, there is always the question about the use cases available on the Cardano Network – after all, it’s been slow to implement smart-contract utility and so questions abound about whether it can keep up with such competitors as Solana, Avalanche and Terra,” Elenowitz noted.

    “If Cardano Network doesn’t experience much demand because of a relative lack of utility, then it’s safe to say that price action for $ADA could easily go south – and quickly,” he warned.

    Elenowitz identified some important technical levels that traders should watch.

    “Cardano went up nearly $0.5 during its last big breakout, before crashing back down, and the current move upwards seems equally strong.”

    “So it’s not beyond the realm of possibility that it could continue moving upwards, perhaps anywhere from $1.25 to $1.30, before hitting major resistance,” he stated.

    “For the medium term, I think $ADA has strong support at $1 and is likely to hold there.”

    “But in this volatile market, it seems like anything above this level is unsustainable.”

    Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.

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    Charles Bovaird, Senior Contributor

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