Cardano

Hydra

Solana

Bitcoin

Coin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cardano-faces-potential-price-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cardano Faces Potential Price Drop</a><br></p>
<p style="text-align: justify">Cardano (ADA) price has entered a consolidation phase as Bitcoin shows signs of weakness, suggesting that ADA might experience a short-term decline. Despite a low inflation rate of 2.5% indicating stable growth compared to other blockchain projects, questions arise about whether this can prevent a potential drop in ADA’s price.</p>
<h2 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 those of other chains like <a href="https://en.bitcoinhaber.net/solana-boosts-liquid-staking-rate" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a> and Avalanche, bolstering the network’s stability. Recent upgrades such as the Hydra update in August and the upcoming Chang hard fork aim to enhance the network’s scalability. However, it is still uncertain if these positive developments will elevate ADA above the $1 mark.</p>
<p style="text-align: justify">Short-term price movements have raised concerns among <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>. ADA has broken out of a rising wedge formation, traditionally seen as a bearish indicator. Currently, the ADA price is below the 50-day ($0.3457) and 200-day ($0.3788) exponential moving averages, suggesting a continuation of the short-term bearish trend.</p>
<h2 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 has decreased by 2.99% in the last 24 hours, indicating that investors are shifting from long to short positions. Additionally, Cardano’s trading volume has hit a one-year low, reflecting decreased network activity and shaken investor confidence.</p>
<p style="text-align: justify">Yet, there is still room for recovery. According to CoinGecko, Cardano’s trading volume surged by 47% in the last 24 hours, even as its price fell by 5.4% to $0.331. This volume-price discrepancy could signify a potential recovery for ADA.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<ul>
 <li style="text-align: justify">The 50-day exponential moving average at $0.3457 serves as the first resistance level.</li>
 <li style="text-align: justify">The 200-day exponential moving average at $0.3788 acts as the second resistance level.</li>
 <li style="text-align: justify">The crucial support level is at $0.28, and falling below this could trigger a sharper decline to $0.24.</li>
</ul>
<p style="text-align: justify">Given these insights, investors should closely monitor these key levels and market <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> to inform their trading strategies and manage risk effectively.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/cardano-faces-potential-price-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cardano Faces Potential Price Drop</a></h5>

Cardano Faces Potential Price Drop

Table of Contents

BH NEWS

Other articles published on Aug 12, 2024

Superstate Integrates Chainlink to Boost Transparency of USTB Tokenized Fund

Ronin Network Halts Operations After Whitehat Suspected $11.3M Exploit

Why Web3 gaming needs a Steam-like platform for growth

XRP Whale Moves 54 Million Tokens to Bitstamp, Selloff Incoming?

SEC Sends Letters to Venture Capital Firms About Uniswap Issues

Kamala Harris Tops Trump in Polymarket’s Presidential Odds

Join our free newsletter for daily crypto updates!