Buy
Sell
Name Symbol Market Market Cap ($) Algorithm
Ethereum ETHUSD Crypto 193,888,261,711 Ethash
  Price Change Price Change % Current Price Bid Price Offer
  32.01 2.03% 1,606.41 1,606.52 1,606.70
High Price Low Price Open Price Prev. Close 52 Week Range
1,619.70 1,566.61 1,571.91 1,574.40 880.00 - 3,581.60
Exchange Last Trade Size Trade Price Currency
GDAX 11:35:01 0.00000751 1,606.48 USD
Price x Volume Volume Base Symbol Related Pairs
175,330,438.06 109,739.52 ETH ETHEUR ETHGBP ETHBTC

Cardano Price Misses Fireworks On Its Birthday, How Far Will ADA Fall?

28/09/2022 1:53pm

NEWSBTC


The Cardano price has followed the general sentiment across the market and traded to the downside over the past week. The cryptocurrency lost its spot as one of the valuables in the crypto top 10 by market capitalization and could be poised to see further losses. Related Reading: Ep01- Dr. Ruja – Companion Guide For BBC’s “The Missing Cryptoqueen” Podcast At the time of writing, the Cardano price trades at $0.43 with a 6% loss and 2% loss over the last 24 hours and 7 days, respectively. As ADA trades to the downside, some major cryptocurrencies have been able to score profits and are showing strength against the general market sentiment. Charles Hoskinson Celebrates, While The Cardano Price Stalls The Cardano price weakness is more evident as the cryptocurrency failed to react to recent events that were prompting bullish expectations for market participants. First, is the Ethereum “Merge”, the event that completed its transition to Proof-of-Stake (PoS). “The Merge” failed to provide bullish momentum for PoS cryptocurrencies, such as Cardano. In step, Proof-of-Work (PoW), such as Ravencoin (RVN) and Ethereum Classic (ETC), benefited from the anticipated post-Merge rally. In addition, the Cardano network was preparing to deploy a major update on its mainnet via a Hard Fork Combinator (HFC) event called “Vasil”. One of its most important milestones since the implementation of smart contract capabilities with HFC “Alonzo”, the recent upgrade was overlooked by market participants. Across social media, the Cardano community celebrated the network’s fifth birthday. Its inventor Charles Hoskinson posted a celebration video via Twitter, but again this event failed to provide bullish momentum for ADA’s price action. Hoskinson said the following on the network’s growth since its inception: There are over 3,228 smart contracts to our knowledge that have been deployed on Cardano, and as of September 15, 2022, 50 million transactions. Where we regularly are in the top three to top five of transaction volume on a daily basis and usually are number one for GitHub commits (…) Who Is Contributing With The Selling Pressure For The Cardano Price? The Cardano price has been stuck in its current levels forming a channel with a bottom at $0.43 and a top at $0.51. This channel was created in late August, and if bulls can defend these levels, ADA’s price might enjoy a late birthday rally and aim for $0.51 or beyond if the momentum allows it. However, with the crypto market showing weakness and with current macro conditions proving unfavorable for risk-on assets, ADA might break out of this channel and trend lower. In order to prevent this scenario, the Cardano price must stay above $0.41. Related Reading: Fantom Surprises With 5% Rally In Last 24 Hours – More Gains Ahead? Data from Material Indicators shows that investors with selling orders of $1,000 to $10,000 have been dumping ADA over the past weeks. In addition, the Cardano price has seen low buying pressure from other investors. This status quo must change to support the price and aim for $0.51.

1 Year Ethereum Chart

1 Year Ethereum Chart

1 Month Ethereum Chart

1 Month Ethereum Chart
Your Recent History
COIN
ETHUSD
Ethereum
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20230129 11:35:10