Cardano

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cardano-faces-resistance-struggles" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cardano Faces Resistance Struggles</a><br></p>
<p style="text-align: justify">Cardano (ADA) is currently struggling to break through key resistance levels despite recent network upgrades. The latest Chang hard fork upgrade has not resulted in the expected price movements. While Bitcoin (BTC) volatility on August 14 briefly dragged ADA’s price down, a swift recovery followed. However, spot trading <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> still positions ADA in a downtrend, compounded by a stagnant user base.</p>
<h2 id="cardano-s-relative-strength-against-bitcoin">Cardano’s Relative Strength Against Bitcoin</h2>
<p style="text-align: justify">In the past day, ADA’s price dipped by 1.1% to $0.337 but showed a 3.8% increase against Bitcoin. This trend is consistent with the market, similar to <a href="https://en.bitcoinhaber.net/xrp-jumps-past-0-60-mark" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP</a>‘s 2.8% and Solana’s 4.3% gains against BTC. Despite this, the overall sentiment around Cardano remains cautious.</p>
<p style="text-align: justify">Network data and investor behavior indicate a challenging period for Cardano. Despite the excitement surrounding the Chang hard fork, the number of active wallet addresses has remained static at 4.45 million over the past year, pointing to a lack of growth. In contrast, <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">long-term investors</a> hold 40% of ADA’s total supply, reflecting strong confidence in the network.</p>
<h2 id="what-are-the-expectations-for-ada-s-price">What Are the Expectations for ADA’s Price?</h2>
<p style="text-align: justify">Investor sentiment, as highlighted by Coinglass Liquidation Map data, leans negative. On August 14, liquidation leverage for long positions totaled $2.28 million, while short positions amounted to $3.05 million. This discrepancy suggests a market expectation of further price declines for ADA.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<ul>
 <li>Cardano’s price may fall to the $0.3 level, a critical psychological support.</li>
 <li>Long-term holders owning 40% of ADA indicate strong network confidence.</li>
 <li>Negative market sentiment is prevalent, with higher short position liquidations.</li>
 <li>Technical indicators, such as the MACD, support the ongoing downtrend.</li>
</ul>
<p style="text-align: justify">ADA is expected to test the $0.3 level, which could serve as a crucial support point. Holding this level might offer a recovery opportunity. However, technical indicators like the MACD remain in the negative zone, signaling continued downward momentum.</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-resistance-struggles" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cardano Faces Resistance Struggles</a></h5>

Cardano Faces Resistance Struggles

Table of Contents

BH NEWS

Other articles published on Aug 15, 2024

Social tech helping to revive horse racing

NEBRA launches its zero-knowledge proof aggregator on Ethereum

Bitcoin Price Crashes Below $57K as Total Liquidations Exceed $200 Million

Mortal Kombat co-creator hints at new Kameo fighters, including Chucky and Invincible

Grass Token Airdrop Eligibility Will Be Determined Through Epoch 7 Snapshot

Ethereum ETFs Attract Inflows as Key Trendline Holds, $46M ETH Moved by Jump Trading

Join our free newsletter for daily crypto updates!