Cardano

Bitcoin

Toncoin

April

<p>The post <a href="https://coinpedia.org/price-analysis/peter-brandt-signals-possible-cardano-ada-selloff-before-bullish-rebound/" rel="noopener noreferrer nofollow">Peter Brandt Signals Possible Cardano (ADA) Selloff Before Bullish Rebound&nbsp;</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Bitcoin (BTC) dominance has gradually been eating away the altcoin market amid heightened demand from institutional investors. If the Hong Kong regulators approve spot Bitcoin ETFs on Monday as predicted, the flagship coin will most likely rally to a new ATH. As a result, Bitcoin dominance will continue in a rising trajectory, which is not the best indicator for anticipated altseason.</p>
<h2 class="wp-block-heading" id="h-cardano-on-chain-activity-dwindles-nbsp">Cardano On-chain Activity Dwindles&nbsp;</h2>
<p>Cardano (ADA) network, a veteran layer-one (L1) blockchain with dozens of web3 protocols that have locked around $378 million, has faced stiff competition from other smart contract-oriented chains. Worth noting that the Cardano network was recently outshined by the Telegram-backed Toncoin (TON) network and dethroned from the top ten most valuable digital assets.&nbsp;</p>
<p>The woes facing the Cardano network were recently exaggerated after Grayscale announced that it has removed ADA from its Grayscale Digital Large Cap Fund (GDLC) due to low trading volume.</p>
<p>According to the latest market data, Cardano had a daily average trading volume of about $403 million and a fully diluted valuation of around $25 billion.</p>
<h2 class="wp-block-heading" id="h-ada-price-faces-bearish-pressure">ADA Price Faces Bearish Pressure</h2>
<p>Cardano’s price has been trapped in a falling trend since the week began after reaching a psychological resistance level of around 77 cents. Trading around 56 cents on Friday during the New York session, the altcoin is at a crucial crossroads that will decide the trend for the next few weeks.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Chart of interest<br>If you are long <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ADA</a> Cardano, look out below <a href="https://t.co/kIuv2GadCS" rel="noopener noreferrer nofollow">pic.twitter.com/kIuv2GadCS</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1778788304416358720?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 12, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>According to a popular crypto analyst Peter Brandt, ADA price will likely continue to drop in the coming weeks after forming a head and shoulder (H&amp;S) pattern coupled with a double top. In the midterm, Brandt expects the ADA price to find support around 46 cents.</p>

Peter Brandt Signals Possible Cardano (ADA) Selloff Before Bullish Rebound

Mục lục

CoinPedia News

Các bài viết khác được xuất bản trên 12 thg 4, 2024

OpenAI Rolls Out Major GPT-4 Turbo Upgrade

Pioneering the New Crypto Era: Next-Gen Cryptos Reshaping the Digital Landscape

Bitcoin Nears $71K Breakout Point According to Pi Cycle Top Metric

Eyes On The Prize: Tether And Binance Coin Investors Are Now Betting Big On NUGX Appeal

Kelexo (KLXO) Stage 2 Ignites P2P Lending Frenzy: Ripple & Cardano Investors Rally for $0.05 Coin...

US Banks And Wall Street Giants Buy Bitcoin ETFs, SEC Filings Reveal

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!