Cardano (ADA)CryptocurrencyNewsPrice Analysis

Cardano’s Price Correction Underway despite Solid Fundamentals

Cardano appears on a bearish road on Thursday. However, the altcoin seems prepared for uptrends, experiencing slight consolidation as the total market depicts sluggish price developments. While writing this article, ADA/USD trades near $2.50.

Although Cardano started retracing after the Alonzo update, the ‘smart’ contracts feature has attracted many blockchain users. Within the first 24 hours of the hard fork launch, the platform processes over 100 ‘smart contracts. Moreover, developers created the first DApp on the Cardano network successfully after the functionality went live.

Fundamentals Support Cardano

The increased interest in Cardano smart contracts functionality might support the token in the short term. Moreover, the 3rd ranked digital token might receive a boost from the PrimeXBT listing. Keep in mind that PrimeXBT is a renowned multi-asset trading platform. As the crypto industry witnesses increased interest from investors, PrimeCBT listed seven top cryptocurrencies, including ADA.

After the ‘smart’ contract feature, Cardano appears ready to launch its PancakeSwap version. Moreover, the network plans to integrate SundaeSwap, a decentralized protocol for its network’s native DEX, CardanoCube. SundaeSwap will make ADA accessible to investors, allowing them, trade, lend, swap, borrow and stake in a decentralized way.

📰 Also read:  Gold and Bitcoin Both Win if Donald Trump Defeats Kamala Harris, Says JP Morgan

However, market sentiments might see ADA acting under pressure in the sessions to come. Bennett Justin, a crypto trader, and analyst forecast a massive pullback in Cardano soon. He explains that the alt has to break above $2.55 to annul the anticipated correction. Without that, Bennett believes that ADA might drop towards $2.

Levels to Watch

On the ADA/USD’s 4H price chart, the 200 Exponential Moving Average and small timeframe Moving Averages and the MACD indicators and momentum depicts bullishness for now. However, the other timeframes indicate sellers’ interest.

At the moment, Cardano has its price hovering at the pivot level at $2.50. The alternative token has to overcome these price levels and maintain above it to suggest a bullish move. If the asset sees such actions, buyers will prepare for a resistance level at $2.99.

📰 Also read:  Bitcoin to Hit $90k If Trump Wins But Plummet to $50k if Harris Secures Victory, Says Bernstein

Do you have any views concerning the current ADA conditions? We are ready for your opinion. Leave a reply in the section below.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Bitcoin’s Path to $70K Faces Risk as Social Media Hype Grows

James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content