Skip to main content

Cardano course could crash – ADA upswing has not yet helped

 


Cardano ( ADA ) can look forward to two pieces of good news in the last few days, because on the one hand the cryptocurrency has been listed on the popular trading platform Robinhood since August 31st and on the other hand Aada Finance has now become the first lending protocol on the smart settled on the contract platform.


The Cardano developer IOHK also sees "three important indicators reached" soon, which could give the starting signal for the long-awaited Vasil hard fork in September. Vasil is intended to drastically increase the scalability and throughput of the blockchain network.


In addition, the upgrade should provide more functionalities for smart contracts and improve work with decentralized apps (DApps) by adapting the Plutus Script, Cardano’s smart contract programming language, accordingly.

So far, however, this good news hasn't had a major impact on ADA's price action, as recent data shows.


Just a gentle breeze?

After all, the Cardano course was able to climb to a daily high of 0.462 US dollars on September 1st after a low of 0.424 US dollars the previous day. A respectable increase of almost 9%.


However, this rebound is supported by relatively low trading volume, suggesting there may not be enough tailwinds for a longer climb.

It should also be noted that the rebound was preceded by a steep 28.5% pullback. So the current jump could be due to so-called short covering, when traders have to close their short positions and buy in order to do so.


So the smaller soar is far from representing a new upward trend, because the price of ADA is also exposed to the pressure of the overall economic situation, which is forcing the entire crypto market into downward lockstep with the stock market.

The correlation between the Cardano course and the Nasdaq on September 1st is already an astounding 0.80 points.


Will there even be a crash?

From a technical analysis point of view, ADA has been forming since the 7th May a descending triangle in the daily chart.


A descending triangle forms when a price moves within a price range characterized by a falling upper trendline and a horizontal lower trendline. Typically, such a price pattern resolves with a dip below the lower trendline, with the subsequent dip roughly the magnitude of the triangle's maximum height.

Cardano is currently already at the lower trend line of the triangle and threatens to slip below it (see below). If so, a crash as low as $0.268 is conceivable if the regularity above is anything to go by. So that would be a massive 40% drop.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more