Cardano

Bitcoin ETF

Notable

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/YZDgrWLF-e1706038524183.png" class="attachment-full size-full wp-post-image" alt="ADA Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Cardano Price Prediction: The fear of <a href="https://coingape.com/grayscale-brings-new-twist-to-spot-bitcoin-etf-marketing-war/">spot Bitcoin ETF</a> being a Sell-the-news event is gradually strengthening for market participants, as BTC price recently lost the $40000 mark. The intensified supply pressure prolongs the correction phase in the majority of major coins, including <a href="https://coingape.com/top-analyst-predicts-cardano-price-to-climb-7-in-next-bull-run/">Cardano</a>. As a result, the ADA price dropped from $0.617 to $0.46 within two weeks, accounting for a 24.4% loss. Will the correction extend amid the current market sell-off? 
<h2 id="b-key-support-level-for-buyers-to-maintain-dominance-b">Key Support Level for Buyers to Maintain Dominance</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The confluence of major technical level $0.46 creates a strong support region.</li> 
 <li style="font-weight: 400;" aria-level="1">A double bottom pattern at 50% FIB level offers an opportunity for new recovery.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the ADA coin is $577 Million, indicating a 57% gain</li> 
</ul> 
<img decoding="async" src="https://s3.tradingview.com/snapshots/y/YZDgrWLF.png" alt="TradingView Chart">Amid the market uncertainty surrounding BTC ETF, the <a href="https://coingape.com/price/cardano/">Cardano price</a> has been under a correction trend since last month. The downfall tumbled the coin value from $0.677 to its current trading price of $0.46, registering a 31.2% loss. 
While supply pressure in the market persists, the ADA price is trying to sustain above the combined support of $0.46 and 50% Fibonacci retracement. The coin price still above this FIB level indicates the buyers have an opportunity to counterattack and regain higher ground. 
<blockquote>
 The daily candle today showcases a long-tail rejection, indicating the demand pressure is active at this support. If the candle closes above the aforementioned support it would indicate the buyers are accumulating this coin at market dip.
</blockquote> 
Data from the crypto analytics platform Santiment reveals that Cardano has surpassed several of its major counterparts in terms of development activities over the past month, as indicated by GitHub Commits. This surge in development efforts highlights Cardano’s unique strengths, with the project recording an impressive total of 332.9 commits. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9d1-200d-1f4bb.png" alt="🧑‍💻" class="wp-smiley" style="height: 1em; max-height: 1em;"> Here are <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a>'s top coins by development activity. Notable <a href="https://twitter.com/hashtag/github?src=hash&amp;ref_src=twsrc%5Etfw">#github</a> commits past 30d: 
 1 <a href="https://twitter.com/Cardano?ref_src=twsrc%5Etfw">@cardano</a> <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> T2 <a href="https://twitter.com/Polkadot?ref_src=twsrc%5Etfw">@polkadot</a> <a href="https://twitter.com/search?q=%24DOT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOT</a> T2 <a href="https://twitter.com/kusamanetwork?ref_src=twsrc%5Etfw">@kusamanetwork</a> <a href="https://twitter.com/search?q=%24KSM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$KSM</a> 4 <a href="https://twitter.com/optimismFNP?ref_src=twsrc%5Etfw">@optimismFNP</a> <a href="https://twitter.com/search?q=%24OP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$OP</a> 5 <a href="https://twitter.com/ethstatus?ref_src=twsrc%5Etfw">@ethstatus</a> <a href="https://twitter.com/search?q=%24SNT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SNT</a> 6 <a href="https://twitter.com/hedera?ref_src=twsrc%5Etfw">@hedera</a> <a href="https://twitter.com/search?q=%24HBAR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$HBAR</a> 7 <a href="https://twitter.com/cosmos?ref_src=twsrc%5Etfw">@cosmos</a> <a href="https://twitter.com/search?q=%24ATOM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ATOM</a> 8 <a href="https://twitter.com/dfinity?ref_src=twsrc%5Etfw">@dfinity</a> <a href="https://twitter.com/search?q=%24ICP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ICP</a> 9 <a href="https://twitter.com/chainlink?ref_src=twsrc%5Etfw">@chainlink</a> <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> 10 <a href="https://twitter.com/ethereum?ref_src=twsrc%5Etfw">@ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> <a href="https://t.co/zhN01674ag">pic.twitter.com/zhN01674ag</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1749542374240628814?ref_src=twsrc%5Etfw">January 22, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Thus, the renewed buying pressure will trigger a second bounce back from $0.46 support, encouraging the development of a bullish pattern. In theory, this chart pattern increases buyers’ accumulation at market downtrend a promotes a sustainable recovery 
Amid this positive outlook and surge in buying pressure, the <a href="https://coingape.com/cardano-price-tipped-for-growth-amid-whale-transactions-jump/">ADA</a> price could surge 30% to challenge the pattern’s neckline resistance at $0.61. A breakout above this barrier will offer confirmation of recovery. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">MACD: A bearish crossover between MACD and signal reflects no weakness in support as of now.</li> 
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: A downtick in the lower boundary of Bollinger band indicators reflects the sellers are aggressive in the current market.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/markets/which-large-cap-crypto-to-buy-today-january-23-bnb-eth-sol/">Which Large Cap Crypto To Buy Today January 23: BNB, ETH, SOL?</a></li> 
 <li><a href="https://coingape.com/jim-cramer-embraces-number-go-down-theme-as-bitcoin-drops-20-from-high/">Jim Cramer Embraces ‘Number Go Down’ Theme As Bitcoin Drops 20% From High</a></li> 
 <li><a href="https://coingape.com/5-reasons-why-bitcoin-btc-price-crashes-a-dip-to-32-7k-ahead/">5 Reasons Why Bitcoin (BTC) Price Crashes; A Dip To $32.7K Ahead?</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/cardano-price-prediction-as-pullback-ada-on-30/">Cardano Price Prediction as Strategic Pullback Support&nbsp;Sets $ADA on 30% Surge</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Cardano Price Prediction as Strategic Pullback Support Sets $ADA on 30% Surge

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