Cryptocurrency

Cardano

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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/recent-developments-in-cryptocurrency-markets-and-price-predictions/" data-wpel-link="internal">Recent Developments in Cryptocurrency Markets and Price Predictions</a> 
Bitcoin price has returned to the $63,000 range, and new developments this week continue to worry <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a>. The SEC has issued a Wells Notice to Robinhood, spreading its weekly FUD into the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">markets</a>. The SEC has started an enforcement blitz on the <a href="https://en.coin-turk.com/ethereum-foundations-recent-eth-movement-raises-speculation/" data-wpel-link="internal">Ethereum</a> ecosystem, exchanges, and even self-custody wallets, which naturally concerns investors. 
<h2 style="text-align: justify" id="cardano-ada">Cardano (ADA)</h2> 
Hoskinson conducted a poll on his social media account on May 4, measuring the community’s interest in integrating Cardano with Bitcoin Cash. Believing it would contribute to a price increase, about 70% of investors responded positively. 
On May 6, the closely watched ADA/BTC pair rose by 1.54% to 729 satoshis. However, today, influenced by fluctuations in the BTC price, ADA Coin’s price dropped back below $0.45, weakening its <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> dominance. 
<h2 style="text-align: justify" id="ada-coin-price-prediction">ADA Coin Price Prediction</h2> 
ADA Coin bulls managed to bounce back from the support level at $0.455. Within 24 hours, the price rose above $0.47. This support level corresponds to the dip of the right shoulder in ADA’s inverse head-and-shoulders (IH&amp;S) formation, as shown below. A breakout in this formation occurs when the price rises above the neckline resistance. This leads to an expected rise equal to the maximum distance between the head’s dip and the neckline. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-348695 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/ada-coin-yukselis-hedefi.png" alt="" width="1657" height="812"> 
Accordingly, if ADA Coin price can maintain the support level at $0.455 and surpass the $0.476 neckline, we might see a new peak. The formation target points to $0.543 for ADA Coin by the end of May. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-348694 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/ada-coin-tahmini.png" alt="" width="1643" height="803"> 
What if the opposite scenario occurs and today’s losses lead to further declines? A pullback from the IH&amp;S neckline, as shown in the daily chart below, would trigger a head-and-shoulders formation. This would bring a significant risk of decline. The decreasing trend line and resistance warn of a pullback towards the trend line support. If the pessimistic scenario unfolds, the formation would need to complete at $0.351. This is precisely the target level for those expecting a decline by the end of May. 
BTC is currently lingering around the $63,000 region, and investors are rightly reducing their risks in altcoins. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/recent-developments-in-cryptocurrency-markets-and-price-predictions/" data-wpel-link="internal">Recent Developments in Cryptocurrency Markets and Price Predictions</a></h5>

Recent Developments in Cryptocurrency Markets and Price Predictions

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