Cardano

Resistance

Time

<ul class="list-ic vertical">
 <li><span>1</span> <a>Cardano is on track to continue its amazing rally after a break in its breakout.</a></li>
 <li><span>2</span> <a>The price is expected to break the resistance level and surge.</a></li>
</ul>
<p>Cardano is a blockchain platform that uses a special consensus mechanism proof-of-stake called Ouroboros. In P-O-S, the people who own some ADA coins can assist the network and get rewarded for it. Cardano is very flexible and sustainable and can support many Dapps, and they run on a separate layer of the network, so they do not slow down the transactions.</p>
<p>Moreover, Charles Hoskinson and Jeremy Wood (co-founders of Cardano) aimed to make Cardano highly secure, scalable, and sustainable. Cardano is developed and managed by three groups: the Cardano Foundation, Input Output Global, and Emurgo.</p>
<p>It is improving and evolving through different stages. The current stage is Basho, working around the network making it faster and more efficient. After the end of the Basho stage, the next stage is Voltaire, which would let the users vote on how to further improve Cardano.</p>
<p>ADA is a coin that powers Cardano. It is used to pay for the fees using the network and Dapps. It will also be used to give a voice to users in Cardano’s future, as users could vote on important decisions in the next Voltaire stage. In the next stage, ADA holders probably would have more control and influence over the direction of the project as well.</p>
<h2 class="wp-block-heading" id="strong-cardano-price-movement-since-launch-strong"><strong>Cardano Price Movement Since Launch</strong></h2>
<p>Cardano price has demonstrated a lot of changes in price over time, depending on the market scenarios and the demand for it. From December 2020 to August 2021, <a href="https://www.thecoinrepublic.com/2023/11/17/woo-network-price-prediction-2023-2028-when-will-woo-surpass-1/" target="_blank" rel="noopener noreferrer nofollow">Cardano’s</a> price surged dramatically, from $0.10 to $3.0.</p>
<p>Thereafter, from September 2021 to January 2023, ADA price plummeted sharply, from $3.0 to $0.25. One possible reason for this drop could be that many investors decided to cash out their profits as they sold their coins.</p>
<p>After January 2023, Cardano’s price stabilized at around $0.25, without much change. This showed that the market was balanced and calm, with no clear direction. This tightness continued for a longer period of time and became a consolidation zone in the rectangle Darvas box. As of now, the market is still respecting the darvas box, and is unable to break out of it.</p>
<p>On this weekly overview, ADA price indicates that the market is waiting for some new solid information or a breakout event that could affect cardano price in the future.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/HyurU1gCorbNVvDxxCy5bc-Ad7kumys9z9jIOLGi8-ryZ5vLsnmcxQev66J91l1C6h3XMIPwgzDaZZJR0z1FGlBwfDt0HyBhK9hpREaB-Zz1fGn7ppzHgmJbv8CqMaGfz5_dT-jkfpF7_ZLo4qtga5w" alt="Will Cardano Price (ADA) be Able to Hold the Recent Gains?">
  <figcaption class="wp-element-caption">
   Source: ADA/USD: BITFINEX .1.W. by TradingView
  </figcaption>
 </figure>
</div>
<h2 class="wp-block-heading" id="strong-ada-usd-in-1-d-time-frame-strong"><strong>ADA/USD in 1-D Time Frame</strong></h2>
<p>On analyzing the chart on a daily time frame, the price of the ADA/USD pair rose by 46.08% since the start of the year. It had a strong upward movement, but it met resistance at $0.40, which attracting more sellers. The price then moved sideways as the range tightened, until it broke out of it with another surge.</p>
<p>This rally on the ADA chart is likely to continue since it has formed a bullish pattern known as a declining wedge in the daily time frame. Bulls are expected to accumulate and break the resistance level and soar from the current level.</p>
<p>Moreover, ADA might surge strongly from the current level. The next possible target could be $0.40. On the contrary, if it fails and slips, then it could decline to $0.30.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/HYlc083OqgKH9Cm2c8Gtu3LBSTT_2n-tTlbfkiRmSaxxZHnHHK9BaWu8vENsKLO4vRlNRtWN8OmqduOv_DOqwCw9fAOPg1-7u_eiLvJz2ntmjAjo6xXeDsuD682C8EhHD7gx08Sm93TsBUpTjNzocHc" alt="Will Cardano Price (ADA) be Able to Hold the Recent Gains?">
  <figcaption class="wp-element-caption">
   Source: ADA/USD: BITFINEX.1.D. by TradingView
  </figcaption>
 </figure>
</div>
<h2 class="wp-block-heading" id="strong-30-day-market-value-to-realize-value-shows-price-is-likely-to-incline-strong"><strong>30-Day Market Value to Realize Value Shows Price is Likely to Incline.</strong></h2>
<p>This chart shows the relationship between the Cardano crypto price and the MVRV ratio in the last 30 days. This ratio is an indicator used to assess the average PnL of investors who purchased an asset in the last 30 days.</p>
<p>As the chart shows, the Cardano price and the MVRV ratio have a positive correlation, which demonstrates that they tend to move in the same direction.&nbsp;</p>
<p>When the price goes up, the MVRV ratio also goes up, which indicates that more investors are making money and may cash out. Similarly, when the price goes down, the ratio also goes down, which means that more investors are losing money. Furthermore, this may be indicating that the Cardano is in a consolidation phase, waiting for a catalyst or a trigger to move in either direction.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/5n2LT7NcWkPLNrlvSo_1nQCvm-YY4EGYsej7a7f1RWBLR-RzpF4UHx8SsmB5jWkghil14Xsm3BR2OwMTVz_pTMkN7_BCLz0ho8wvUYt-OUaI3txdss2GxiQNslwzLGSi0G6ZrBkhEiU2BsRIjqWNiiU" alt="">
  <figcaption class="wp-element-caption">
   Source: by santiment.com
  </figcaption>
 </figure>
</div>
<h4 class="wp-block-heading"><strong>Summary</strong></h4>
<p>The Santiment indicator chart of the Cardano shows, between its price and the MVRV ratio, that it has a positive correlation, which demonstrates that they tend to move in the same direction.</p>
<p>Furthermore, in the daily time frame, it seems like Cardano is ready to resume its amazing rally after a pause in its breakout. It has formed a bullish pattern called a falling wedge on the daily chart. This could signal that the bulls are gaining strength in Cardano and could push the price above the resistance level and higher from the current level.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p><strong>Support Levels</strong>: $0.30</p>
<p><strong>Resistance Levels</strong>: $0.40</p>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.</p>

Will Cardano Price (ADA) be Able to Hold the Recent Gains?

Table of Contents

Thecoinrepublic.com

Other articles published on Nov 18, 2023

Justin Sun gives new ultimatum to Poloniex hackers, offers $10m bounty

South Korea Pension Fund Faces Backlash for $19.9M Investment in Coinbase

Citigroup Layoffs: Employees Brace For Potential Layoffs and Management Changes

ChatGPT picks 3 low-fee ‘Ethereum killers’ to buy as ETH gas fees surge

Solana Rising Star in Gaming: A Deep Dive into Its Epic Games Store Presence

How to effectively trade the upcoming Solana rally

Join our free newsletter for daily crypto updates!