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ADA Rallied 7% on Positive Inflation Numbers, Here’s the Key Resistance (Cardano Price Analysis)

Cardano managed to rally by 7% together with the rest of the market once CPI figures showed inflation slowed in the US.

Key Support levels: $0.50, $0.45 

Key Resistance levels: $0.55, $0.66 

US inflation decreased in July to 8.5% compared to 9.1% in June. The market quickly rebounded as soon as these figures were published today. ADA’s price was also quick to react with a 7% rally on the daily chart. Now, the price is again approaching the key resistance at $0.55, and support still holds at $0.50.

ADAUSDT_2022-08-10_16-47-35
Chart by TradingView

Technical Indicators

Trading Volume: The buying volume today is strong, but the big question is if they can sustain it over the coming days.

RSI: The daily RSI managed to stay above 50 points, placing it on the bullish side. As long as this is maintained, ADA has a good chance to move higher.

MACD: The daily MACD remains bullish. However, buyers need to be more present in the market if they are to break the key resistance.

ADAUSDT_2022-08-10_16-48-04
Chart by TradingView

Bias

The bias for ADA is bullish. A clear break of the key resistance would confirm this bias.

Short-Term Prediction for ADA Price

ADA appears ready to make another attempt at breaking the $0.55 key resistance, which in the past month has been rejecting any bullish momentum. If the buyers can control the price action and break this level, then the cryptocurrency can rally towards its next target at $0.66.

The post ADA Rallied 7% on Positive Inflation Numbers, Here’s the Key Resistance (Cardano Price Analysis) appeared first on CryptoPotato.

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ADA at Critical Resistance Around $0.55, is a Rally Coming? (Cardano Price Analysis)

With the market turning green today, Cardano is also ready to make a significant move.

Key Support levels: $0.50, $0.45 

Key Resistance levels: $0.55, $0.66 

ADA’s price has returned to the key resistance of $0.55, and bearing in mind the bullish momentum across the market today, a breakout appears likely. Should it succeed in turning this level into support, then the next target for the cryptocurrency will be found at $0.66. The current support is at $0.50.

ADAUSDT_2022-08-08_14-28-11
Chart by TradingView

Technical Indicators

Trading Volume: Today’s volume is in green but remains timid. Buyers may wait for the breakout to jump in.

RSI: The daily RSI has made a higher high and is quickly approaching 70 points. If the price breaks above $0.55, then the RSI could reach overbought levels.

MACD: The momentum for daily MACD was renewed, and the histogram is making higher highs, and the moving averages are expanding. This is bullish.

ADAUSDT_2022-08-08_14-33-25
Chart by TradingView

Bias

The bias for ADA is bullish, and a test of the key resistance is approaching.

Short-Term Prediction for ADA Price

After more than a week, ADA returned to the key resistance of $0.55. For now, the momentum favors the bulls and the cryptocurrency seems to have a good chance to break above and rally towards the next target at $0.66.

The post ADA at Critical Resistance Around $0.55, is a Rally Coming? (Cardano Price Analysis) appeared first on CryptoPotato.

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Crypto Price Analysis August-5: Ethereum, Ripple, Cardano, Solana, and Ethereum Classic

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Ethereum Classic.

crypto_diagram_0508

Ethereum (ETH)

After a significant rally, Ethereum seems to have found a local top above $1700, which has so far acted as strong resistance. The price did not manage to move beyond this level and fell by 3.4% in the past seven days. The key support is found at $1,400.

Despite the ongoing pullback, Ethereum still managed a very strong performance since the bottom in June. Even if the price falls to the key support, the expectation is that buyers will return to the market and attempt a breakout beyond $1,700. The key support at $1,400 can act as a reversal point to trigger the next leg up for the cryptocurrency.

The indicators show some weakness right now on the daily timeframe, but the sellers are not very convincing. This shows that buyers may return in force again to take ETH above the current resistance and even towards $2,000.

ETHUSD_2022-08-05_09-44-53
Chart by TradingView

Ripple (XRP)

Ripple has not managed to break free from the key resistance at $0.38 despite several attempts. There was a massive wick on July 30th that went above this critical level, but the bears quickly pushed it back down. For this reason, the price action for XRP has remained relatively flat in the past seven days with only a 1.4% increase.

While the indicators remain bullish, the volume does not bring enough confidence that buyers will manage to break free from this range. With the approaching weekend, it is unlikely we will see a breakout unless the market leaders (BTC and ETH) attempt a significant rally.

Looking ahead, XRP fans will likely have to accept more sideways price action until a clean breakout takes place that will turn the key resistance at $0.38 into support. Until then, XRP may continue to move within this large channel between $0.38 and $0.30.

XRPUSDT_2022-08-05_09-50-48
Chart by TradingView

Cardano (ADA)

Cardano continues to struggle below the $0.55 resistance. Multiple attempts failed to produce a successful breakout, and this has kept the price relatively flat below the important level in the past seven days. The support levels remain at $0.50 and $0.45.

Looking at the price action, we can see that ADA did manage to make higher highs and higher lows which places the price in a clear uptrend. Therefore, another battle between bulls and bears in the days ahead at the key resistance seems likely.

While the volume is not great right now, buyers may attempt another breakout next week. The indicators such as the MACD and RSI remain bullish despite the most recent pullback. This could build up into a strong upward momentum if buyers remain interested.

ADAUSDT_2022-08-05_09-57-13
Chart by TradingView

Solana (SOL)

There is finally some good news for Solana. After suffering a market downturn due to the most recent exploit of some Solana-based wallets, the price managed to find support at $40 and avoid a breakdown below the ascending triangle. Nevertheless, in the past seven days, SOL still lost 6% of its valuation.

It is critical for the cryptocurrency to break above this ascending triangle as there are not that many days left for it to do so. Should it manage, then its price will likely enter a much-needed rally to bring back attention and buyers. Any breakdown from the key support of $44 will likely take Solana back to the support at $35.

Looking ahead, expect to see the volatility increase for Solana as it approaches the apex of this formation. By counting the number of days left within the triangle, we can see that SOL has around another week within the triangle before a major break becomes much likely happen.

SOLUSDT_2022-08-05_09-55-47
Chart by TradingView

Ethereum Classic (ETC)

With Ethereum expected to transition to Proof of Stake in September, there is a lot of speculation about what will happen to all those miners currently mining ETH. Vitalik, the founder of Ethereum, recently stated (July 21st) that one option could well be for them to move to Ethereum Classic.

After Vitalik’s statement, ETC’s price shot up from $25 and topped at $45. Soon after that, the cryptocurrency entered a pullback, and in the past seven days, ETC lost 10% of its valuation. Nevertheless, the price found good support at $34, which could act as a pivot towards the key resistance at $48.

Looking ahead, with the merge approaching for Ethereum, proof of work networks such as ETC are expected to perform quite well as attention moves to the alternatives. Moreover, ETC broke its massive downtrend set in May 2021. This is a major change in the price action and gives a strong bullish bias.

ETCUSDT_2022-08-05_10-15-39
Chart by TradingView
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Swiss Crypto Bank Sygnum Adds Support for Cardano (ADA) Staking 

Swiss-based digital asset bank Sygnum has added Cardano (ADA) to its bank-grade staking services for institutional clients. The bank’s customers can now earn rewards for staking ADA, the eighth largest cryptocurrency by market cap. 

According to a press release, Cardano has joined the list of other cryptocurrencies supported on Sygnum’s staking offerings, which currently consist of Ethereum (ETH), Internet Computer (ICP) and Tezos (XTZ).

Sygnum Adds Support for ADA Staking 

Commenting on the development, Thomas Brunner, Sygnum’s Head of Accounts & Custody, said:

“We are pleased to integrate Cardano and further expand our institutional-grade staking offering. With Cardano staking, our clients can access a unique asset which offers staking rewards and enables them to structure their digital asset portfolios in more diversified ways.”

Staking is the process of “locking” coins to validate transactions on blockchains based on a proof-of-stake (PoS) consensus algorithm or many of its variants. Users or “stakers” can delegate their tokens to staking pools to receive percentage yields for their contributions to the network. 

Investors to Retain Control Over Staked ADA

As per the release, Sygnum’s customers who stake ADA will retain complete control over their funds and can withdraw them anytime without penalties. 

“This new offering allows Sygnum’s clients to participate in our ecosystem, where they enjoy a risk-free staking experience without having to transfer the asset nor lock it. Additionally…You always have the power over your ADA,” Frederik Gregaard, the CEO of Cardano Foundation, said. 

Sygnum Hits $800 Million Valuation

Sygnum was launched in 2017 as the world’s first digital asset bank. Since then, the Swiss bank has been driving crypto adoption through its offerings. In July 2021, the organization became the first bank to support Ethereum 2.0 staking ahead of the network’s transition to a PoS consensus algorithm.

Earlier this year, Sygnum obtained regulatory approval to operate in Singapore. According to the report, the bank’s Singapore division received a license from the Monetary Authority of Singapore (MAS) to offer corporate finance advisory services, capital market products, and custodial services to investors in the country. 

In January, the bank reached an $800 million valuation after raising $90 million from Animoca Brands and other industry investors in a Series B funding round.

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After Another Rejection at $0.55 is ADA In Danger of Crashing Lower? (Cardano Price Analysis)

Despite a strong attempt by ADA to break free from the key resistance, the bears rejected the price, which did a pullback.

Key Support levels: $0.45, $0.38

Key Resistance levels: $0.55, $0.66 

Cardano has flirted with the key resistance at $0.55 three times in July, and each attempt was firmly defended by the sellers. The latest attempt on July 30th also failed to produce a breakout, and now the price is on its way to test the key support at $0.45.

ADAUSDT_2022-08-03_12-33-36
Chart by TradingView

Technical Indicators

Trading Volume: The volume was flat over the past three days, and the selling momentum appears to be fading. Bears lack conviction which could be interpreted as bullish.

RSI: The daily RSI has dropped to 50 points. So far, the buyers managed to stop this downtrend, and the RSI has found support at this key mid-point area.

MACD: The daily MACD is quickly losing its bullish momentum, but a bearish cross is still some days ahead. Until that happens, there is still hope for buyers to reverse the price action.

ADAUSDT_2022-08-03_12-33-24
Chart by TradingView

Bias

The bias for ADA is neutral.

Short-Term Prediction for ADA Price

Even though ADA’s price could not break above the key resistance at $0.55, the sellers don’t appear too committed, which could flip the bias back to bullish. Nevertheless, a re-test of the key support at $0.45 cannot be dismissed based on the current price action.

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Charles Hoskinson Anticipates No Further Delays in Cardano’s Vasil Hard Fork

Cardano’s Vasil upgrade has been delayed for several weeks to ensure a smooth transition for the end users.

But the Input Output Global (IOG) CEO, Charles Hoskinson, believes that things are moving in the right direction, steadily and systematically.

  • While addressing the pushback of the highly anticipated upgrade in a brief update, the Cardano founder explained,

“Originally, we’d planned to have the hard fork with 1.35.0 and a lot of testing, both internal and community were underway. A collection of bugs were found. Three separate bugs that resulted in three new versions of the software and now we have 1.35.3 which looks like it is going to be the version that will survive the hard fork and upgrade to Vasil.”

  • Unless any new issues crops up, Hoskinson said that he does not anticipate any further delays. The exec claimed that the latest upgrade was a little harder than expected.
  • He also revealed that some of the issues caught the devs by surprise because they occurred very late in the production pipeline. This resulted in extra delays as the team had to deploy an alternative path.
  • According to the original roadmap, Vasil hard fork was slated for May 2022, which was then rescheduled to June 29. Eventually, it was postponed until the last week of July.
  • But IOG’s Technical Manager, Kevin Hammon announced that the team once again fell behind the target citing several issues and bugs.
  • Vasil is touted as a “game-changer” for the Cardano network that aims to enhance speed and scalability while making it attractive for smart contracts and decentralized apps (DApps).
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Cardano’s Vasil Hard Fork Delayed Again

Cardano’s much-anticipated Vasil hard fork has been pushed to a few more weeks. The team is yet to specify a timeline.

  • In a monthly update, Kevin Hammon, Technical Manager of Input Output Global (IOG), said the devs are fixing, testing thoroughly, and not rushing to ensure no significant issues are left out as the network heads for the upgrade.

“The team is working very hard to deliver the benefits of Vasil hard fork to the community. The good news is that this week we have just had a new 1.35.2 release that fixes issues that stake pool operators, DApp developers, internal testing and others have identified. The goal is that it will flush out any issues as we go to the Vasil hard fork.”

  • Hammond also mentioned that the final testing and benchmarking are currently underway, and 1.35.2 will be released on testnet only.
  • IOG’s Vice President of Community & Ecosystem, Tim Harrison, believes the delay will ensure that API developers and exchanges are ready to progress through Vasil.
  • In terms of exchanges, the devs are targeting 80% integration by liquidity. For stake pool operators (SPOs), the devs need at least 75% updated to the final version of the node.
  • The Vasil upgrade essentially aims to ramp up performance and capability enhancements to Cardano and is touted as the most significant network upgrade since the deployment of staking via Shelley.
  • The node team released the brand new Cardano node version 1.35.0, which essentially serves as a foundation for Vasil.
  • IOG previously said that the expected timeline for Vasil’s mainnet deployment will be in the last week of July.
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Crypto Price Analysis July-29: Ethereum, Ripple, Cardano, Binance Coin, and Solana

This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.

img1_tas

Ethereum (ETH)

With the price just around $1,700, Ethereum has reached a key resistance after a 9.1% rally in the past seven days. Should buyers manage to push ETH above this key level, then it will have free reign until $2,000. The cryptocurrency has formed a clear uptrend with higher highs and higher lows in the past few weeks, and the bias is bullish.

ETH has been one of the strongest performers in the market since it bottomed at $880 (Binance) on Jun 18th. Since then, the price has doubled with a current local high at $1,793. This is an impressive achievement in less than two months!

The key support is found at $1,400, but if bulls manage to turn the current resistance into support, then a significant buying volume across the board could be in play. It is still uncertain if this will be the case at the time of this post therefore, a possible pullback at the key resistance level of $1,720 before another push higher from buyers is still possible.

ETHUSD_2022-07-29_12-43-25
Chart by TradingView

Ripple (XRP)

In July, XRP formed an uptrend which has slowly taken the price higher and higher after each pullback. Now, this cryptocurrency is just below the key resistance at $0.38 after a 2% increase in the past seven days. This is the second time the price arrives at this level after being rejected just over a week ago.

Ripple found good support above $0.30 and managed to get back to the key resistance. The question is if the bulls can break above. A clean breakout could take the price towards $0.50, which would bring back much-needed attention to XRP.

Looking ahead, the cryptocurrency could attempt to rally higher, but the market is at a crucial junction now. A pullback in the market leaders like BTC and ETH will likely not allow XRP to rally at this time. Nevertheless, the indicators remain bullish and the outlook is positive.

XRPUSDT_2022-07-29_12-52-41
Chart by TradingView

Cardano (ADA)

Despite a flat trend since May, ADA is giving some clear signals it may put an end to this price action and return to the uptrend soon. With an 8.5% price increase in the past seven days, it appears ready to test the key resistance at $0.55 and break above.

The support at $0.45 has held well and could be the push ADA needed to break the key resistance, which would then allow the price to rally all the way to $0.66, the next target should $0.55 fall. The indicators give a bullish bias, and the current volume favors bulls.

Looking ahead, expect to see ADA attempt a breakout from $0.55, which could embolden bulls to go straight to $0.66 next. Success there would mean Cardano can finally fully exit the flat trend established back in May. This would be extremely bullish if it happens.

ADAUSDT_2022-07-29_12-57-16
Chart by TradingView

Binance Coin (BNB)

Binance Coin managed to confirm the $200 level as support in early July, and ever since, the price has been rallying higher. In the past seven days, it increased by 9.7% and is now well on its way to reaching the resistance at $300.

This latest rally follows a clean break from the resistance at $267, which has turned into support at the time of this post. Buyers appear to have returned to the market, and if this momentum continues, BNB could reach overbought levels on the RSI indicator that is approaching 70 points on the daily timeframe.

In the next few days, expect BNB to test the key resistance at $300, where bears may return to make a stand and stop the current rally. The indicators for BNB continue to give a bullish bias which makes continuation likely, at the time of this post.

BNBUSDT_2022-07-29_13-03-17
Chart by TradingView

Solana (SOL)

Solana failed to break above $44 despite several attempts to date. Now, the price is back at this key resistance level after a sustained rally from the key support at $35.

The price has also formed a large ascending triangle (in blue) and is quickly approaching the end of this formation, which will make a breakout very likely. The question is if SOL can manage to move above the key resistance at $44 and allow the price to rally higher towards $59.

While this formation gives a bullish bias, Solana has been left behind compared to other cryptocurrencies like ETH. For example, while ETH has made a higher high, Solana has failed to produce it. This shows weakness. Nevertheless, a break above the triangle appears more probable in the current market.

SOLUSDT_2022-07-29_13-07-42
Chart by TradingView

 

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ADA Taps $0.50 But Here’s the Critical Level to Watch (Cardano Price Analysis)

After a nice relief rally yesterday, ADA managed to hit the $0.50 psychological level again.

Key Support levels: $0.45, $0.38

Key Resistance levels: $0.55, $0.66 

Cardano found good support at $0.45, and since then, the buyers took over the price action, which led helped the cryptocurrency reach $0.50 at the time of this post. However, the momentum has faded today, and bulls will have to break above the $0.55 resistance if they are to maintain the uptrend.

ADAUSDT_2022-07-28_14-31-37
Chart by TradingView

Technical Indicators

Trading Volume: Today’s volume is in red after a significant buy pressure yesterday. The bulls may try to regain control, but they have a hard task ahead.

RSI: The daily RSI has remained around 50 points in the past few days. This shows some indecisiveness in the market, placing the price in a flat trend within the key levels.

MACD: The daily MACD is bullish, but the histogram is losing momentum. A push above $0.55 is needed for the bulls to avoid a possible bearish cross in the future.

ADAUSDT_2022-07-28_14-32-03
Chart by TradingView

Bias

The bias for ADA is neutral as long as the price remains in a range.

Short-Term Prediction for ADA Price

Buyers managed to rescue ADA at the critical support of $0.45, but will they have the strength to break the resistance? If not, then the cryptocurrency could continue to range between the critical levels which were established in May. This consolidation period is becoming quite prolonged, and when the breakout happens, it will likely be very significant.

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Weekend Watch: Ethereum Taps $1,600, Cardano Spikes 5%

The weekend comes with little-to-no substantial movements from the crypto market, with bitcoin sitting once again below $23,000. Most altcoins are also calm, with ADA being among the few exceptions following a 5% daily increase.

Bitcoin Stalls at $23K

The past seven days went quite well for the primary cryptocurrency. The asset had recovered from the previous week’s drop below $19,000 and entered Monday at around $22,000.

The bulls kept control over the market and pushed BTC even further north. This culminated in a price surge to just over $24,000 on Wednesday. That became bitcoin’s highest price tag in over a month.

However, the landscape changed once it became known that Tesla had sold the majority of its BTC holdings in Q2 due to the COVID-19 lockdowns in China. Bitcoin reacted quickly and dipped by over $2,000 in hours.

Nevertheless, it bounced off and neared $23,000, where it spent most of yesterday’s trading day and sits there now as well. As such, its market cap is still way below $450 billion, and its dominance over the alts is at 41.6%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ADA Leads the Way

Unlike the previous weekend, which saw impressive price performances from most altcoins, this time, the situation looks quite different, with most sitting quietly.

Ethereum continues with its recent gains following a minor daily increase. As such, the second-largest digital asset has reclaimed $1,600.

Ripple, Dogecoin, and MATIC are also slightly in the green. Cardano is the most notable gainer from the larger-cap alts with a 5% daily increase. As a result, ADA trades just over $0.5.

In contrast, BNB, Solana, Dogecoin, Shiba Inu, and Avalanche are in the red.

Most of the lower- and mid-caps are also quite stagnant on a daily scale. As such, it’s no wonder that the cumulative market cap of all crypto assets has remained calm at around $1.050 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto