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At the time of writing today, July 3, Cardano (ADA) displays price volatility with a drop of over 4% in its trading volume. The bears seem to have returned to drop the price while the bulls battle to hold onto recent gains.
ADA is among the top ten crypto projects worldwide, ranked number 7 on the list. The asset enjoyed a relative price increase in 2023 after the persistent bear market of 2022. Its price action towards the end of June signaled a bullish rally for the token.
However, the current regulatory pressure on the crypto market has created an unpleasant scenario. ADA is now delisted on some crypto exchanges but still retains most of its gains from June 2023 despite today’s price pullback.
Meanwhile, ADA has been enjoying a positive adoption cycle recently, with its projects moving to Africa and other remote areas.
Cardano Stuck At the $0.29 Price Level As Bears Fight Back
Cardano traded at $0.36 on June 1, 2023, increasing to $0.37 on June 2. It lost some of its price gains on June 5, dropping to $0.35, with a further decline to $0.32 between June 7-8.
A return to $0.29 for the first time on June 9 proved that its price form had dipped into a bearish trend. It experienced further price volatility with highs and lows in-between until June 20, when the bulls began their recovery charge, driving it to $0.2703.
It attained $0.29 on June 22 and retraced slightly to $0.28 on June 26 before reclaiming the $0.29 price level on July 1, starting the month positively despite shedding its early price gains in June.
However, its trading volume is down today as the bears attempt to force further retracement in its price.
Cardano Price Prediction: Bears Reclaim Control Over Market Today
ADA is trading in a sideway trend today. The small candle formed shows limited price action in the market for the asset, evident from a drop in its trading volume.
The coin is also trading below its 50-day and 200-day Simple Moving Averages (SMA), with bearish sentiment in the short and long term. It implies that the bears have returned to the market to halt the uptrend from June 29 to July 1.
Also, its Relative Strength Index (RSI) is 48.42 in the neutral zone between the oversold region of 30 and the overbought region of 70.
The RSI is moving sideways, reflecting the current sideways trend on the daily chart. Also, ADA’s Moving Average Convergence/Divergence (MACD) is negative, a bullish signal. Its Histogram bars are fading off, suggesting a trend reversal for the token.
However, despite the current bullish outlook, the MACD is still above its signal line, hinting at a possible rally for the token. ADA will likely recover long-term if the bulls mount another rally.
ADA Support And Resistance Levels
ADA has found vital support at the $0.287 price level. Its recent rally began from the $0.267 support level as it recorded higher highs in its price.
However, it is currently under pressure from the bears at the $0.298 price level, intent on limiting its price action. A break above this level will help ADA rally to reclaim the $0.323 price level.
The indicators suggest the bears are intent on keeping their price. As such, the coin will likely continue declining until it returns to the $0.287 support level in the short term.
Factors Affecting ADA’s Price
Several factors could combine to affect the price of a cryptocurrency in the market. They include macroeconomic factors such as inflation and the laws of supply and demand.
Also, crypto regulations, the fear and greed index, investors’ sentiment, utility, and recent innovations could influence an asset’s price. Cardano is widely regarded as a developers’ hub and always promotes a community-centered approach.
Here are the recent innovations that could likely be pushing its price gains despite the current slump in its trading volume.
Recent Trends In Cardano’s Network That Are Likely Influencing Its Price
Revolut Delisting Cardano, Polygon, And Solana In The US
A crypto-friendly bank, Revolut revealed plans to delist Cardano (ADA) alongside Solana (SOL) and Polygon (MATIC).
Delisting SOL implies that their users in the United States cannot purchase these three tokens and, therefore, must liquidate their holdings before September 18, 2023.
The move is likely connected to the recent increase in regulatory pressure in the US, with major exchanges such as Binance and Coinbase facing lawsuits for trading some tokens labeled as securities.
It also reflects the fear factor in the market as Robinhood and eToro also recently ceased trading these tokens.
However, according to the announcement, there are no plans to delist them from other markets apart from the US based on rising regulatory pressure.
Charles Hoskinson Reacts to Vitalik Buterin’s Comments Promoting Cardano
Cardano’s Founder, Charles Hoskinson, expressed surprise at comments credited to Ethereum’s co-founder Vitalik Buterin on his stance about ETH staking.
According to Buterin, he only takes a small portion of ETH based on safety and security concerns. He believes that for safety, the wallet used must be multi-signature wallets which are quite difficult to set up.
Hoskinson reacting to Buterin’s comments, stated that he was at a loss for words. Furthermore, he revealed that his ADA holding is staked.
He noted that staking is a normal process in a properly designed Proof-of-Stake (PoS) protocol. According to Hoskinson, this stance promotes the fact that Cardano is a reliable Proof-of-Stake protocol.
Cardano’s Report On Global CIP-1694 Workshops
The CIP-1694 is Cardano’s project-centered on-chain governance. Based on its importance Cardano launched a series of workshops engaging its community on governance.
These workshops will occur between May and July 2023, backed by their global workshop grant fund. Presently, several workshops are ongoing in various locations in Cardano’s ecosystem.
These workshops feature virtual and in-person events for networking within the community and an understanding of on-chain governance. These events and programs give Cardano exposure in the crypto community which can affect its price positively.
Cardano’s Making Strides In Africa
Cardano’s Swahili Learn to Learn project funded the Lido Nation to support its Swahili language education program.
The program is richly equipped with 75 learning modules and questions for the participants. Swahili is a majority language in South East Africa, a target area for Cardano worldwide adoption.
The Swahili-speaking users that registered for the program connected their Cardano wallets to participate in daily quizzes for rewards. At its conclusion, some participants received up to $25 as a reward for learning.
According to a recent report on this innovative African project, Kenya emerged as the most successful location for the Cardano Africa project, with 432 participants registered.
It implies that Cardano is closer to achieving its cardinal goal of promoting its tokens and adoption into relatively new territories such as Africa. Eventually, it could positively influence Cardano’s price.
While ADA experiences price volatility due to various factors, investors can take advantage of presale tokens with future potential.
Launchpad XYZ (LPX)
Launchpad, XYZ is an innovative AI-powered platform that provides traders with the necessary tools and insights to place successful trades.
It is a decentralized ecosystem for launching projects and fundraising where investors can easily connect. It utilizes the revolutionary Web3 concept to launch the next wave of crypto innovation based on blockchain technology.
Presales Show Massive Investors’ Interest In Crypto Community
Launchpad’s presales continue to attract more interest from investors based on its utility and relevance to the future. Early investors stand a chance to benefit from a guaranteed price increase once the LPX token lists on exchanges.
Currently, the presales have realized over $1.08 million, close to its goal of approximately $1.55 million for the presale. Each LPX token is worth $0.0445 and will increase to $0.046 by the next stage.
Once it lists on exchanges, the value will move to $0.0565, thus rewarding early investors, another reason for the current upturn in the number of investors.
It aims to provide a reliable platform for projects and entrepreneurs for funding and networking opportunities within the crypto ecosystem. Launchpad investors support innovative projects while potentially reaping benefits from these projects.
Why Delve Into Launchpad
Launchpad XYZ promotes the broader trends that are profitable in the crypto space. One such is the increasing demand for alternative channels for investment, such as Decentralized Finance (DeFi).
The project gives its users a decentralized and reliable platform for their fundraising campaigns. Therefore, it empowers investors to participate in potentially successful crypto projects such as $PEPE that rewarded its early investors.
Launchpad XYZ tokens can be acquired using ETH, USDT, or direct bank deposit. The project’s sentimental analysis will provide traders with the much-needed edge in a market controlled mainly by institutional traders.
Also, it provides learning opportunities for its users to become better acquainted with the Web3 ecosystem providing access to news and trends. With an exciting roadmap and detailed framework in its whitepaper, it remains one of the hottest crypto prospects 2023.
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