Cardano

2024

<div class="finbold">
 <p class="paragraph">The very beginning of 2024 was rocky for Cardano (ADA) as it, in the first two weeks of January, went through one significant rally and two major plunges. The ADA token has, however, started regaining momentum after January 20 and has spent much of February surging and gained 22.56% since January 23, going from $0.48 to $0.58.</p>
 <p class="paragraph">Indeed, Cardano has – notwithstanding the turmoil of the first three weeks of January – started truly snowballing in recent months, as best exemplified by the rapidly accelerating growth of smart contracts on its blockchain.&nbsp;</p>
 <p class="paragraph">In fact, after the number of smart contracts rose by 10,000 in 2023, Cardano added just as many in January and, in the first 10 days of February, it added an additional 5,000.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picked for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    All eyes on $125 as Solana prepares for takeoff <span class="self-center text-xs text-slate-500">21 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Short squeeze <a rel="noopener noreferrer nofollow" title="alert" href="https://thebittimes.com/tag/alert.html">alert</a> for next week: Two cryptocurrencies with pump potential <span class="self-center text-xs text-slate-500">53 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    ‘Face-ripping rally’ coming for XRP, say experts <span class="self-center text-xs text-slate-500">3 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    3 cryptocurrencies to buy under $1 for next week <span class="self-center text-xs text-slate-500">3 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <h2 class="wp-block-heading" id="h-ada-<a rel=" dofollow title="price" href="https://thebittimes.com/tag/price.html" rel="noopener noreferrer nofollow">price-<a rel="noopener noreferrer nofollow" title="chart" href="https://thebittimes.com/tag/chart.html">chart</a>"&gt;ADA <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> <a rel="noopener noreferrer nofollow" title="chart" href="https://thebittimes.com/tag/chart.html">chart</a></h2>
 <p class="paragraph">While the two drops from early and mid-January – which, admittedly, affected the entire crypto market – were significant enough to ensure Cardano is, in total, 6.49% down year-to-date, its recovery in the latest 30 days proved just as major.</p>
 <p class="paragraph">Indeed, in the last month of trading, ADA rose an impressive 22.56%, and, at press time, Cardano <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> stands at $0.58.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/lw4BN9NYqmbMf84Dv6ovI4UoL8l8ELagzGYnRwOB1jvZxC8RzpIkRmgzd61HSydGw2cs7BFJq5DQNruXvWvvoatYPf__8pFGB8lECxzU6cE8BGT8VIiL1-pVugfcsrghaMlkOCtdtb-MRR2zlEAFbi8" alt>
  <figcaption class="wp-element-caption">
   ADA YTD price chart. Source: FInbold
  </figcaption>
 </figure>
 <p class="paragraph">Despite the seemingly strong uptrend in recent weeks, the 24 hours leading up to February 23 saw a drop for Cardano price, and ADA is 3.19% in the red in the time frame.&nbsp;</p>
 <p class="paragraph">Additionally, according to one expert’s technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> (TA) of the token, it is bound for an even greater drop.</p>
 <h2 class="wp-block-heading" id="h-cardano-technical-analysis-sends-a-strong-sell-signal">Cardano technical analysis sends a strong sell signal</h2>
 <p class="paragraph">On Friday, February 23, the prominent crypto analyst Ali Martinez took to X to warn that the TD Sequential technical indicator, when applied to Cardano’s 3-day chart, signals that ADA is bound for a major sell-off and a significant price correction..</p>
 <p class="paragraph">“The TD Sequential indicator shows a sell signal on the #Cardano 3-day chart. It’s important to note that the last two times this indicator signaled bearish, $ADA experienced a price correction!”</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/9MC_pZHdO-DHoF9GFXOixKzUqjwq9fJtT46PCK5SbtNRVQfqfVrK0VDUSllgM7xV9F2WJcCEWm58da5KBv4wLQ3-GFtIea8cpf2FSiBVreGlIRdJl1xuyWVz9aiSyP1ssF9v05StZfpFmTM8fIN_29s" alt>
  <figcaption class="wp-element-caption">
   ADA TD Sequential gives a sell signal. Source: @ali_charts
  </figcaption>
 </figure>
 <p class="paragraph">TD Sequential is a pattern-seeking technical analysis tool developed by Tom DeMark in 1994 that seeks to identify whether an exciting trend shall continue or experience a reversal based on an asset’s past performance.</p>
 <p class="paragraph">Still, the true test of whether Cardano will indeed enter a correction or if it has gained enough momentum to say its upward course will become evident only as weekend trading progresses.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sell-off-alert-cardano-chart-hints-toward-imminent-ada-price-drop-tbt80624.html">https://thebittimes.com/sell-off-alert-cardano-chart-hints-toward-imminent-ada-price-drop-tbt80624.html</a></p>

Sell-off alert: Cardano chart hints toward imminent ADA price drop

Table of Contents

TheBitTimes

Other articles published on Feb 23, 2024

European Central Bank’s FUD Sparks Greater Bitcoin Bullish Sentiment

Stable Solutions: Tether’s Impact on the Evolution of Online Gambling

Rollbit Rival TG.Casino Goes Live On Web, Telegram Casino Betting Roars Past $250m

Openfort Revolutionizes Smart Wallet Technology with Polygon Integration

Dogecoin’s Technical Signal Sparks Hope: Eyes Set on $0.088 Resistance

Spot Bitcoin ETFs Draw Major Inflows While GBTC Suffers Outflows

Join our free newsletter for daily crypto updates!