{"id":434060,"date":"2023-08-15T15:21:56","date_gmt":"2023-08-15T15:21:56","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=434060"},"modified":"2023-08-15T15:27:37","modified_gmt":"2023-08-15T15:27:37","slug":"cardano-traders-accumulate-in-anticipation-of-ada-price-surge-beyond-1","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/cardano-traders-accumulate-in-anticipation-of-ada-price-surge-beyond-1","title":{"rendered":"Cardano Traders Accumulate in Anticipation of ADA Price Surge Beyond $1"},"content":{"rendered":"

ADA’s current price fluctuations might be dull for investors, but they allow them to accumulate before an impending bull market surge.<\/p>\n

Cardano’s current trajectory might not align with investors’ hopes, as it is within a confined price bracket of $0.25 to $0.45. While this may seem disheartening, this phase has the potential to serve as a pivotal juncture.<\/p>\n

During this period of apparent stagnation, the opportunity arises for individual retail investors and institutional players to amass the innovative smart contracts token at a competitive value. In the cryptocurrency world, these seemingly challenging moments can often be the catalysts that reshape the landscape and reward those with a patient and strategic perspective.<\/p>\n

ADA Price Persistently Declines: Analyzing the Ongoing Bleeding Trend<\/h2>\n

Despite a slight 0.1% dip to $0.2895, ADA remains steady with a trading volume of $112 million, backed by a robust market capitalization of $10 billion.<\/p>\n

After reaching $0.37 in July due to a court ruling that clarified XRP’s non-security status, a prevailing sense of despair settled over the market structure, marking a significant shift in sentiment. The decision triggered a depressed atmosphere, symbolic of the current state of affairs.<\/p>\n

In response to the Securities and Exchange Commission’s (SEC) assertion in June, which implicated ADA and 63 other cryptocurrencies, including Polygon<\/a> (MATIC) and Solana (SOL) as securities, a notable shift occurred. However, following the court’s favorable ruling for XRP, Cardano experienced a notable surge in its price.<\/p>\n

The value surged from its previous low of approximately $0.25 to reach impressive highs of $0.37. This dramatic price increase was driven by investors seeking opportunities to diversify their holdings, especially into tokens targeted by the SEC’s classification as illicit securities.<\/p>\n

Despite its efforts to recover, the crypto market’s deteriorating structure has hindered Cardano’s upward momentum, causing it to relinquish a significant portion of its gains and settle at approximately $0.2895 on Tuesday.<\/p>\n

The current positioning paints a bearish picture, with the asset trading below all three crucial moving averages. These indicators encompass the 200-day Exponential Moving Average (EMA) at $0.343 in purple, the 100-day EMA at $0.316 in blue, and the 50-day EMA at $0.303 in red. This arrangement strongly suggests a continuation of the downtrend, as the breach below these key levels signals a prevailing bearish sentiment in the market.<\/p>\n

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Source: Tradingview<\/figcaption><\/figure>\n

The emergence of a sell signal from the Moving Average Convergence Divergence (MACD) indicator underscores a prevailing bearish dominance. With the momentum indicator continuing its descent well below the mean line, a growing sentiment of selling takes shape, setting the stage for a potential sell-off. Amidst this scenario, ADA<\/a> is exposed to potential losses, with a critical focus on the support level at $0.25, which could become a pivotal juncture in determining its near-term trajectory.<\/p>\n

Trading the MACD involves monitoring the transition of the blue MACD line as it crosses beneath the red signal line, confirming a shift in market dynamics and signaling potential weakness in the market structure. This interplay guides traders in making informed decisions during evolving market conditions.<\/p>\n

The breach of the upper ascending trendline significantly impacted ADA’s price, triggering a sharp decline. Fortunately, the lower trendline provided crucial support, preventing further downfall. Sustaining Cardano’s position above this lower trendline is now of the utmost importance, as it could pave the way for a potential reversal in the prevailing trend.<\/p>\n

Conversely, a breach beneath this critical level might lead to a decline, possibly leading to losses reaching $0.25 and potentially extending to $0.20. Traders and investors should watch this pivotal juncture for clues about ADA’s future direction.<\/p>\n

Cardano’s Imminent Soar: The Rise Anticipated Following the Accumulation Phase<\/h2>\n

The current situation suggests a potential bullish trend remains plausible, as indicated by the chance of a sudden recovery surpassing the immediate resistance level of $0.3.<\/p>\n

Should the price consistently breach and maintain a position above the 50-day EMA, it could signify weakening selling pressure and a prospective shift in favor of the bulls. This could pave the way for a surge beyond $0.45, a significant obstacle presented by the July threshold, thereby reshaping the narrative in favor of potential gains.<\/p>\n

In line with insights from crypto analyst Ali, Cardano seems to be replicating its historical pattern of oscillation observed from 2018 to 2020, fluctuating between the price range of $0.10 and $0.028 over 665 days. This prolonged consolidation phase facilitated significant accumulation opportunities for investors.<\/p>\n

After this consolidation period, Cardano experienced an impressive bull run, surging by a remarkable 2,985%, highlighting the potential rewards that can follow patient accumulation phases in the crypto market.<\/p>\n

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In this article it’s says:<\/p>\n

“In short, most XRP transactions might still be securities transactions.”<\/p>\n

This is NOT true and constitutes total FUD. Even if Judge Torres agrees to certify the interlocutory appeal and stay the case (HUGE ASSUMPTIONS, especially the stay), it would… https:\/\/t.co\/o7VLWbszUo<\/a> pic.twitter.com\/5T0H57UC8A<\/a><\/p>\n

— John E Deaton (@JohnEDeaton1) August 11, 2023<\/a><\/p><\/blockquote>\n