Cardano

Hydra

Solana

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-faces-potential-short-term-decline-due-to-bitcoin-weakness/" data-wpel-link="internal">Cardano Faces Potential Short-Term Decline Due to Bitcoin Weakness</a><br></p>
<p style="text-align: justify"><strong>Cardano</strong> (ADA) price entered a consolidation phase as Bitcoin weakened. This situation suggests ADA might experience a short-term decline. The 2.5% low inflation rate shows Cardano’s stable growth compared to other Blockchain projects. However, can this data prevent a potential drop in ADA’s price?</p> 
<h2 style="text-align: justify" id="will-upgrades-and-inflation-rates-push-ada-coin-to-1">Will Upgrades and Inflation Rates Push ADA Coin to $1?</h2> 
<p style="text-align: justify">Cardano’s inflation rate remains lower than other chains like <a href="https://en.coin-turk.com/solanas-unstoppable-rise-what-investors-can-expect/" data-wpel-link="internal">Solana</a> and Avalanche. This strengthens Cardano’s network stability. The Hydra upgrade in August and the upcoming Chang hard fork aim to increase the network’s scalability. However, it remains uncertain if these positive developments will push ADA above the $1 level.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-378869 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/cardano.png" alt="" width="1579" height="632"></p> 
<p style="text-align: justify">Cardano’s short-term price movements worry <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. ADA broke out of a rising wedge formation, typically seen as a bearish signal. <strong>ADA</strong> price is below the 50-day ($0.3457) and 200-day ($0.3788) exponential moving averages. This indicates a continuation of the short-term bearish trend.</p> 
<p style="text-align: justify">Critical support and resistance levels for Cardano are as follows:</p> 
<ul> 
 <li style="text-align: justify">Resistance 1: 50 EMA – $0.3457.</li> 
 <li style="text-align: justify">Resistance 2: 200 EMA – $0.3788.</li> 
 <li style="text-align: justify">Support: $0.28.</li> 
</ul> 
<p style="text-align: justify">Falling below this support level could lead to a sharper decline in ADA price, potentially pulling back to $0.24.</p> 
<h2 style="text-align: justify" id="market-data-and-on-chain-metrics-indicate-bearishness-for-ada-coin">Market Data and On-Chain Metrics Indicate Bearishness for ADA Coin</h2> 
<p style="text-align: justify">Cardano’s open interest across exchanges decreased by 2.99% in the last 24 hours. This shows investors are closing long positions in ADA and moving to short positions. Additionally, Cardano’s trading volume has reached a one-year low. This <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data reveals</a> decreased network activity and shaken investor confidence.</p> 
<p style="text-align: justify">However, ADA coin price might still recover. According to CoinGecko, Cardano’s trading volume increased by 47% in the last 24 hours, while its price dropped by 5.4% to $0.331. This volume-price discrepancy could indicate ADA’s recovery potential.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cardano-faces-potential-short-term-decline-due-to-bitcoin-weakness/" data-wpel-link="internal">Cardano Faces Potential Short-Term Decline Due to Bitcoin Weakness</a></h5>
<p>The post <a href="https://en.coin-turk.com/cardano-faces-potential-short-term-decline-due-to-bitcoin-weakness/" data-wpel-link="internal">Cardano Faces Potential Short-Term Decline Due to Bitcoin Weakness</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Cardano Faces Potential Short-Term Decline Due to Bitcoin Weakness

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