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Cardano (ADA) Might Be Worth Keeping Eye on, Here's Reason
Cardano (ADA), the 10th largest cryptocurrency by market capitalization, might be worth keeping an eye on, with a metric suggesting that it might be significantly undervalued.
A key indicator pointing to ADA's undervaluation is the "percentage of supply in profit" metric. The percentage of supply in profit is calculated by comparing the acquisition price of each unit of crypto against its current price and then evaluating what ratio of supply is currently in profit.
When an asset has a high supply-to-profit ratio, it usually indicates that the majority of holders purchased the asset at lower prices. These ratios can skyrocket during bull markets, for instance, from October 2023 to March 2024, and a surge is frequently correlated with overbought indicators. However, the supply-in-profit percentage indicator is best used with other metrics, such as whale accumulation and MVRV.
On-chain analytics firm Santiment, in a recent tweet, shared the supply-in-profit percentages for major cryptocurrencies Bitcoin, Ethereum, XRP, Cardano, Dogecoin and Chainlink as 89.9%, 84%, 77%, 51.9%, 76.7% and 78.2%, respectively.
🤑 The percentage of supply in profit is calculated by comparing the acquisition price of each unit of #crypto against its current price, followed by determining what ratio of the supply is currently in profit.Typically, when an asset is seeing a high ratio of supply in profit,… pic.twitter.com/oRzTABgznh
— Santiment (@santimentfeed) April 26, 2024
Santiment recommends keeping an eye on cryptocurrencies with lower-end supply in profits, as they can often indicate undervaluation compared to the rest of the markets. This might apply to Cardano, which is demonstrating a lower supply in percentage compared to other major cryptocurrencies.
card
The supply-in-profit percentage presented suggests that 51.9% of circulating ADA is "in profit." This could indicate an impending price comeback for Cardano.
At the time of writing, Cardano was down 3% in the last 24 hours to $0.453 and down 6.52% in the last seven days. Cardano is also well off its all-time high, down 85.38% from the ATH of $3.10 attained Sept. 2, 2021.
Recent analysis from on-chain analytics firm IntoTheBlock indicates that ADA "stands out" among other Layer 1 networks, with only 35% of holders in profit. Whether this is an opportunity or a warning sign remains unknown.
A key indicator pointing to ADA's undervaluation is the "percentage of supply in profit" metric. The percentage of supply in profit is calculated by comparing the acquisition price of each unit of crypto against its current price and then evaluating what ratio of supply is currently in profit.
When an asset has a high supply-to-profit ratio, it usually indicates that the majority of holders purchased the asset at lower prices. These ratios can skyrocket during bull markets, for instance, from October 2023 to March 2024, and a surge is frequently correlated with overbought indicators. However, the supply-in-profit percentage indicator is best used with other metrics, such as whale accumulation and MVRV.
On-chain analytics firm Santiment, in a recent tweet, shared the supply-in-profit percentages for major cryptocurrencies Bitcoin, Ethereum, XRP, Cardano, Dogecoin and Chainlink as 89.9%, 84%, 77%, 51.9%, 76.7% and 78.2%, respectively.
🤑 The percentage of supply in profit is calculated by comparing the acquisition price of each unit of #crypto against its current price, followed by determining what ratio of the supply is currently in profit.Typically, when an asset is seeing a high ratio of supply in profit,… pic.twitter.com/oRzTABgznh
— Santiment (@santimentfeed) April 26, 2024
Santiment recommends keeping an eye on cryptocurrencies with lower-end supply in profits, as they can often indicate undervaluation compared to the rest of the markets. This might apply to Cardano, which is demonstrating a lower supply in percentage compared to other major cryptocurrencies.
card
The supply-in-profit percentage presented suggests that 51.9% of circulating ADA is "in profit." This could indicate an impending price comeback for Cardano.
At the time of writing, Cardano was down 3% in the last 24 hours to $0.453 and down 6.52% in the last seven days. Cardano is also well off its all-time high, down 85.38% from the ATH of $3.10 attained Sept. 2, 2021.
Recent analysis from on-chain analytics firm IntoTheBlock indicates that ADA "stands out" among other Layer 1 networks, with only 35% of holders in profit. Whether this is an opportunity or a warning sign remains unknown.
Cardano Fans Await Chang Hard Fork: a Revolutionary Leap for ADA
The introduction of delegate representatives (DReps) aims to advocate for Cardano community interests through ADA delegation.
The Cardano Constitution Convention convenes in Buenos Aires to draft the inaugural Cardano Constitution, guiding decentralized governance principles.
A community-wide vote on the ratification of the Cardano Constitution could potentially shape the future direction of the blockchain.
Cardano (ADA) enthusiasts worldwide are eagerly awaiting the highly anticipated Chang hard fork, slated to take place in the second quarter of 2024.
At the heart of the Chang hard fork lies its pivotal role in kickstarting the process of establishing community-driven governance within the Cardano ecosystem throughout the year 2024. The hard fork is set to unfold in three distinct stages, each playing a crucial part in reshaping the governance landscape of the blockchain platform.
First and foremost, the introduction of delegate representatives (DReps) stands out as a groundbreaking initiative aimed at fostering greater community engagement. These elected representatives will be tasked with advocating for the interests of Cardano users, offering them the opportunity to delegate their ADA holdings and actively participate in governance decisions.
Following this initial phase, the spotlight will shift to the Cardano Constitution Convention, a landmark event set to take place in Buenos Aires. Here, governance representatives from workshops held across the globe will converge to collaboratively draft the inaugural version of the Cardano Constitution.
The culmination of these efforts will be marked by a community-wide vote on the ratification of the Cardano Constitution. If approved, this constitution will serve as the cornerstone of decentralized governance mechanisms, steering the future trajectory of the Cardano platform.
In addition to these significant governance milestones, the Chang hard fork will introduce two key upgrades: Chang Upgrade Number One and Chang Upgrade Number Two. These enhancements, as outlined in CIP-1694, will facilitate the implementation of crucial governance features, including decentralized voting mechanisms and treasury withdrawals.
Read also:
Texas GOP Aims to Enshrine Crypto in State’s Constitution
How To Make a Profit From the Upcoming Ethereum Fork
The Cardano Hard Fork Inches Even Closer
Cardano Preps to Launch Vasil Hard Fork, Is $3 Inevitable?
ETH Testnet Upgrade All Green for Shanghai Hard Fork
The post Cardano Fans Await Chang Hard Fork: A Revolutionary Leap for ADA appeared first on Crypto News Land.
The Cardano Constitution Convention convenes in Buenos Aires to draft the inaugural Cardano Constitution, guiding decentralized governance principles.
A community-wide vote on the ratification of the Cardano Constitution could potentially shape the future direction of the blockchain.
Cardano (ADA) enthusiasts worldwide are eagerly awaiting the highly anticipated Chang hard fork, slated to take place in the second quarter of 2024.
At the heart of the Chang hard fork lies its pivotal role in kickstarting the process of establishing community-driven governance within the Cardano ecosystem throughout the year 2024. The hard fork is set to unfold in three distinct stages, each playing a crucial part in reshaping the governance landscape of the blockchain platform.
First and foremost, the introduction of delegate representatives (DReps) stands out as a groundbreaking initiative aimed at fostering greater community engagement. These elected representatives will be tasked with advocating for the interests of Cardano users, offering them the opportunity to delegate their ADA holdings and actively participate in governance decisions.
Following this initial phase, the spotlight will shift to the Cardano Constitution Convention, a landmark event set to take place in Buenos Aires. Here, governance representatives from workshops held across the globe will converge to collaboratively draft the inaugural version of the Cardano Constitution.
The culmination of these efforts will be marked by a community-wide vote on the ratification of the Cardano Constitution. If approved, this constitution will serve as the cornerstone of decentralized governance mechanisms, steering the future trajectory of the Cardano platform.
In addition to these significant governance milestones, the Chang hard fork will introduce two key upgrades: Chang Upgrade Number One and Chang Upgrade Number Two. These enhancements, as outlined in CIP-1694, will facilitate the implementation of crucial governance features, including decentralized voting mechanisms and treasury withdrawals.
Read also:
Texas GOP Aims to Enshrine Crypto in State’s Constitution
How To Make a Profit From the Upcoming Ethereum Fork
The Cardano Hard Fork Inches Even Closer
Cardano Preps to Launch Vasil Hard Fork, Is $3 Inevitable?
ETH Testnet Upgrade All Green for Shanghai Hard Fork
The post Cardano Fans Await Chang Hard Fork: A Revolutionary Leap for ADA appeared first on Crypto News Land.
Cardano Could Be Preparing for a Bullish Turnaround Amid Promising On-chain Metrics: What’s Next ...
Despite Cardano’s mixed price performance this season, ADA enthusiasts remain hopeful about the token’s growth, believing its value is poised to soar in the coming weeks. The ADA ecosystem is on the verge of integrating a Chang Hard Fork, an update that could significantly influence Cardano’s current price trajectory. Additionally, bullish on-chain metrics might strengthen support levels, creating chances for a solid jump in ADA price.
Cardano Flashes Bullish On-Chain Metrics
Throughout April 2024, Cardano (ADA) investors have predominantly sold off their holdings at a loss, with only a handful of days seeing profits. Despite this, on-chain metrics remain optimistic for Cardano’s price, indicating potential buy signals.
The Global In/Out of the Money (GIOM) indicator, provided by the crypto intelligence tracker IntoTheBlock, categorizes addresses based on their current financial status—profiting (in the money), breaking even (at the money), or incurring losses (out of the money) based on the present price.
For Cardano, the GIOM reveals that only 37% of ADA wallet addresses are currently in a profitable position. Nearly 63% of the addresses are either underwater or facing unrealized losses. Generally, when a significant portion of wallets (a higher percentage of addresses) is facing losses, it is less likely that these holders will sell their ADA holdings.
With the current price of ADA at $0.4558, selling would mean a loss for 59% of the wallet addresses. This scenario decreases the chances of a sell-off, potentially making it an opportune moment for sidelined investors to buy the dip in anticipation of a recovery in the altcoin’s value.
Additionally, the large transaction metric from IntoTheBlock, which monitors transactions exceeding $100,000 on the Cardano blockchain, serves as an indicator of whale activity. This metric, when analyzed alongside the asset’s price, helps to track movements by large investors.
On April 26, the number of large transactions volume declined to $24.1 billion, marking a 10% decrease from the previous day. Concurrently, the price of ADA fell nearly 3% to $0.45. The decline in large transactions amid a price decline suggests that major wallet holders may be capitalizing on the lower prices to sell more ADA, creating a bearish sentiment on the chart.
Throughout April 2024, Cardano holders have primarily sold ADA tokens at a loss, apart from a few days when traders achieved net profits. The Network Realized Profit/Loss metric from Santiment assesses the net profit or loss (in USD value) of all coins transacted during a specific time frame. When paired with price data, this metric offers insights into overall market sentiment, capital inflows or outflows, and potential capitulation events.
This trend aligns with a capitulation phase in the altcoin market, suggesting that it might be a good time to consider buying Cardano.
What’s Next For ADA Price?
Cardano experienced a decline from the 20-day EMA (priced at $0.46) on April 27, falling to a key support level at $0.44. Though bears continue to intensify their selling pressure, buyers are strongly defending a drop below immediate Fib channels. As of writing, ADA price trades at $0.456, declining over 1.6% in the last 24 hours.
Should the price bounce back from $0.44 and surpass the 20-day EMA, this could imply that the correction has ended. Under this scenario, the ADA/USDT pair might climb towards the 50-day SMA (priced at $0.59) and potentially reach $0.68.
Conversely, if the price drops further and breaks below $0.44, it would suggest that the bears are still dominant. The pair could then decrease to the critical support at $0.40, and a fall below this point might signal a continuation of the downtrend.
Cardano Flashes Bullish On-Chain Metrics
Throughout April 2024, Cardano (ADA) investors have predominantly sold off their holdings at a loss, with only a handful of days seeing profits. Despite this, on-chain metrics remain optimistic for Cardano’s price, indicating potential buy signals.
The Global In/Out of the Money (GIOM) indicator, provided by the crypto intelligence tracker IntoTheBlock, categorizes addresses based on their current financial status—profiting (in the money), breaking even (at the money), or incurring losses (out of the money) based on the present price.
For Cardano, the GIOM reveals that only 37% of ADA wallet addresses are currently in a profitable position. Nearly 63% of the addresses are either underwater or facing unrealized losses. Generally, when a significant portion of wallets (a higher percentage of addresses) is facing losses, it is less likely that these holders will sell their ADA holdings.
With the current price of ADA at $0.4558, selling would mean a loss for 59% of the wallet addresses. This scenario decreases the chances of a sell-off, potentially making it an opportune moment for sidelined investors to buy the dip in anticipation of a recovery in the altcoin’s value.
Additionally, the large transaction metric from IntoTheBlock, which monitors transactions exceeding $100,000 on the Cardano blockchain, serves as an indicator of whale activity. This metric, when analyzed alongside the asset’s price, helps to track movements by large investors.
On April 26, the number of large transactions volume declined to $24.1 billion, marking a 10% decrease from the previous day. Concurrently, the price of ADA fell nearly 3% to $0.45. The decline in large transactions amid a price decline suggests that major wallet holders may be capitalizing on the lower prices to sell more ADA, creating a bearish sentiment on the chart.
Throughout April 2024, Cardano holders have primarily sold ADA tokens at a loss, apart from a few days when traders achieved net profits. The Network Realized Profit/Loss metric from Santiment assesses the net profit or loss (in USD value) of all coins transacted during a specific time frame. When paired with price data, this metric offers insights into overall market sentiment, capital inflows or outflows, and potential capitulation events.
This trend aligns with a capitulation phase in the altcoin market, suggesting that it might be a good time to consider buying Cardano.
What’s Next For ADA Price?
Cardano experienced a decline from the 20-day EMA (priced at $0.46) on April 27, falling to a key support level at $0.44. Though bears continue to intensify their selling pressure, buyers are strongly defending a drop below immediate Fib channels. As of writing, ADA price trades at $0.456, declining over 1.6% in the last 24 hours.
Should the price bounce back from $0.44 and surpass the 20-day EMA, this could imply that the correction has ended. Under this scenario, the ADA/USDT pair might climb towards the 50-day SMA (priced at $0.59) and potentially reach $0.68.
Conversely, if the price drops further and breaks below $0.44, it would suggest that the bears are still dominant. The pair could then decrease to the critical support at $0.40, and a fall below this point might signal a continuation of the downtrend.
Cardano (ADA) Veterans Declare Upcoming Chang Hard Fork Game-Changer
Prominent Cardano enthusiasts are abuzz with anticipation over the impending Chang hard fork, scheduled for the second quarter of 2024. Positioned as a game-changing moment in Cardano's journey toward decentralized governance, this milestone event marks the inception of minimum-viable community-run governance in the blockchain ecosystem.
Central to the Chang hard fork is its role in initiating the bootstrapping process for Cardano's governance throughout 2024, comprising three main stages.
card
The first stage involves the introduction of delegate representatives (DReps), who will serve as elected representatives entrusted with the task of advocating for the interests of the Cardano community. This novel approach to representation empowers users to delegate their ADA holdings, thereby fostering greater engagement and participation.
I hear the Chang hard fork is going to be an absolute game changer for #Cardano. 🔥 https://t.co/r35P28slMb
— Chris O (@TheOCcryptobro) April 26, 2024
Subsequently, the Cardano Constitution Convention will convene in Buenos Aires, bringing together governance representatives from workshops held worldwide. Together, they will collaborate to draft the inaugural version of the Cardano Constitution, laying the foundation for community-led governance principles.
Decentralized constitution
The culmination of this process will be marked by a community-wide vote on the ratification of the Cardano Constitution. Should it be ratified, the constitution will serve as the cornerstone of decentralized governance mechanisms, guiding the future direction of the Cardano blockchain.
card
In addition to these governance milestones, the Chang hard fork will introduce two significant upgrades: Chang Upgrade Number One and Chang Upgrade Number Two. These upgrades, outlined in CIP-1694, will facilitate the deployment of governance features, including decentralized voting mechanisms and treasury withdrawals.
Central to the Chang hard fork is its role in initiating the bootstrapping process for Cardano's governance throughout 2024, comprising three main stages.
card
The first stage involves the introduction of delegate representatives (DReps), who will serve as elected representatives entrusted with the task of advocating for the interests of the Cardano community. This novel approach to representation empowers users to delegate their ADA holdings, thereby fostering greater engagement and participation.
I hear the Chang hard fork is going to be an absolute game changer for #Cardano. 🔥 https://t.co/r35P28slMb
— Chris O (@TheOCcryptobro) April 26, 2024
Subsequently, the Cardano Constitution Convention will convene in Buenos Aires, bringing together governance representatives from workshops held worldwide. Together, they will collaborate to draft the inaugural version of the Cardano Constitution, laying the foundation for community-led governance principles.
Decentralized constitution
The culmination of this process will be marked by a community-wide vote on the ratification of the Cardano Constitution. Should it be ratified, the constitution will serve as the cornerstone of decentralized governance mechanisms, guiding the future direction of the Cardano blockchain.
card
In addition to these governance milestones, the Chang hard fork will introduce two significant upgrades: Chang Upgrade Number One and Chang Upgrade Number Two. These upgrades, outlined in CIP-1694, will facilitate the deployment of governance features, including decentralized voting mechanisms and treasury withdrawals.
Top 7 Crypto Coins That May Give Highest Returns In 2024
Top 5: Cardano
Cardano has swiftly captured the attention of the crypto community, emerging as a formidable blockchain platform with a reputation for academic rigour in its development approach. Since its inception, Cardano has distinguished itself through a research-driven design, with the Cardano Foundation boasting a strong commitment to peer-reviewed scientific research. Its native cryptocurrency, ADA, named after the 19th-century mathematician Ada Lovelace, has seen substantial growth, although, like all digital assets, it experiences market fluctuations. ADA aims to provide a more balanced and sustainable ecosystem for cryptocurrencies.
Cardano is praised for its pioneering proof-of-stake blockchain platform, named Ouroboros. Unlike the energy-intensive proof-of-work systems used by platforms like Bitcoin, Ouroboros is designed to be more energy-efficient and environmentally friendly, tackling some of the most pressing issues faced by older blockchain technologies. The platform has gained high recognition in both the crypto markets and among blockchain enthusiasts for its strong focus on scalability, interoperability, and sustainability—three main pillars that could drive the future of blockchain technology.
In the smart contracts and dApps sectors, Cardano is set to make significant strides with the Alonzo upgrade, introducing the ability to build smart contracts on its blockchain. This extended functionality is poised to propel ADA's utility and could lead to an influx of developers, further enriching the Cardano ecosystem. The anticipation of this upgrade has energised the crypto community, leading to increased speculation and investor interest in ADA's potential
#Cardano #bitcoin #solana
Top 5: Cardano
Cardano has swiftly captured the attention of the crypto community, emerging as a formidable blockchain platform with a reputation for academic rigour in its development approach. Since its inception, Cardano has distinguished itself through a research-driven design, with the Cardano Foundation boasting a strong commitment to peer-reviewed scientific research. Its native cryptocurrency, ADA, named after the 19th-century mathematician Ada Lovelace, has seen substantial growth, although, like all digital assets, it experiences market fluctuations. ADA aims to provide a more balanced and sustainable ecosystem for cryptocurrencies.
Cardano is praised for its pioneering proof-of-stake blockchain platform, named Ouroboros. Unlike the energy-intensive proof-of-work systems used by platforms like Bitcoin, Ouroboros is designed to be more energy-efficient and environmentally friendly, tackling some of the most pressing issues faced by older blockchain technologies. The platform has gained high recognition in both the crypto markets and among blockchain enthusiasts for its strong focus on scalability, interoperability, and sustainability—three main pillars that could drive the future of blockchain technology.
In the smart contracts and dApps sectors, Cardano is set to make significant strides with the Alonzo upgrade, introducing the ability to build smart contracts on its blockchain. This extended functionality is poised to propel ADA's utility and could lead to an influx of developers, further enriching the Cardano ecosystem. The anticipation of this upgrade has energised the crypto community, leading to increased speculation and investor interest in ADA's potential
#Cardano #bitcoin #solana
Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
Coinspeaker Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
Cardano (ADA), one of the leading blockchain projects known for its focus on sustainability, security, and scalability, has recently undergone several significant upgrades. As per its weekly community updates, these developments highlight Cardano’s commitment to innovation and its pursuit of becoming a robust platform for decentralized applications (dApps) and smart contracts.
Cardano (ADA) Upgrades Offers Unique Features
The Mithril and Hydra team collaborated on enhancing scalability through the latest upgrade. This upgrade involved compressing transactions using sub-Merkle trees based on transaction block ranges. The team also worked on scaling the signature and proof generation for the mainnet. Meanwhile, the team discovered the source of a problem causing improper memory release while signing large transactions, and they proceeded to develop a solution for it.
Secondly, the team developed a prototype for decentralized signer registration using a relay and Peer-to-Peer (P2P) network. Noteworthy, the ledger team has worked on updates to PlutusV3 to allow for CostModel specification. This is needed for guardrail scripts during the Conway era. Cardano has made strides in enhancing the governance and sustainability model.
Lastly, Voltaire implementation, Cardano’s governance system, enables ADA holders to participate in the decision-making process regarding protocol upgrades and treasury funding. As such, the Catalyst team has physically launched the 12th round of funding, led by the community, and the worldwide Catalyst working group effort.
However, the successful implementation of these upgrades positions Cardano as a formidable contender in the competitive cryptocurrency landscape, offering unique features that differentiate it from other blockchain projects.
Cardano’s Blockchain Technology Targets Global Industries
Cardano went from obscurity to extreme popularity during the 2021 bull run when the native ADA coin saw a 1000% rise in value over a few weeks. Everyone knows Cardano due to the massively popular and valuable token, however, it is much more than that. Built by Charles Hoskinson, one of the co-founders of Ethereum (ETH), Cardano (ADA) was designed on the principles of security, sustainability, and interoperability.
Since its launch in 2017, the blockchain has been following a 5 phase development plan, with each phase named after famous mathematicians, making its academic-centric approach much clearer. Notably, the blockchain has completed 4 out of 5 phases with the Voltaire phase set to begin this year, after which the network will be completely governed by the community and the constitution they draft.
Several industries have benefitted from Cardano’s blockchain. Cardano’s robust smart contracts and ample data storage capacity provide an efficient supply chain tracking solution, enhancement, visibility, transparency, and accountability. Also, smart contracts on Cardano allow transparency in crowdfunding, with companies only receiving their funds when they meet the conditions set by the backers.
Furthermore, Cardano’s smart contracts facilitate smoother international transactions, improving financial efficiency and liquidity without the complexities of multiple banks and wire transfer fees. It also simplifies the mortgage process, automating agreements and creating a seamless experience for buyers and owners.
next
Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
Cardano (ADA), one of the leading blockchain projects known for its focus on sustainability, security, and scalability, has recently undergone several significant upgrades. As per its weekly community updates, these developments highlight Cardano’s commitment to innovation and its pursuit of becoming a robust platform for decentralized applications (dApps) and smart contracts.
Cardano (ADA) Upgrades Offers Unique Features
The Mithril and Hydra team collaborated on enhancing scalability through the latest upgrade. This upgrade involved compressing transactions using sub-Merkle trees based on transaction block ranges. The team also worked on scaling the signature and proof generation for the mainnet. Meanwhile, the team discovered the source of a problem causing improper memory release while signing large transactions, and they proceeded to develop a solution for it.
Secondly, the team developed a prototype for decentralized signer registration using a relay and Peer-to-Peer (P2P) network. Noteworthy, the ledger team has worked on updates to PlutusV3 to allow for CostModel specification. This is needed for guardrail scripts during the Conway era. Cardano has made strides in enhancing the governance and sustainability model.
Lastly, Voltaire implementation, Cardano’s governance system, enables ADA holders to participate in the decision-making process regarding protocol upgrades and treasury funding. As such, the Catalyst team has physically launched the 12th round of funding, led by the community, and the worldwide Catalyst working group effort.
However, the successful implementation of these upgrades positions Cardano as a formidable contender in the competitive cryptocurrency landscape, offering unique features that differentiate it from other blockchain projects.
Cardano’s Blockchain Technology Targets Global Industries
Cardano went from obscurity to extreme popularity during the 2021 bull run when the native ADA coin saw a 1000% rise in value over a few weeks. Everyone knows Cardano due to the massively popular and valuable token, however, it is much more than that. Built by Charles Hoskinson, one of the co-founders of Ethereum (ETH), Cardano (ADA) was designed on the principles of security, sustainability, and interoperability.
Since its launch in 2017, the blockchain has been following a 5 phase development plan, with each phase named after famous mathematicians, making its academic-centric approach much clearer. Notably, the blockchain has completed 4 out of 5 phases with the Voltaire phase set to begin this year, after which the network will be completely governed by the community and the constitution they draft.
Several industries have benefitted from Cardano’s blockchain. Cardano’s robust smart contracts and ample data storage capacity provide an efficient supply chain tracking solution, enhancement, visibility, transparency, and accountability. Also, smart contracts on Cardano allow transparency in crowdfunding, with companies only receiving their funds when they meet the conditions set by the backers.
Furthermore, Cardano’s smart contracts facilitate smoother international transactions, improving financial efficiency and liquidity without the complexities of multiple banks and wire transfer fees. It also simplifies the mortgage process, automating agreements and creating a seamless experience for buyers and owners.
next
Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
Cardano Prepares for Significant Breakthrough with Ouroboros Genesis Upgrade
According to U.Today, Cardano is on the verge of a significant breakthrough with the upcoming Ouroboros Genesis upgrade. This is a crucial step in Cardano's quest to achieve full peer-to-peer (P2P) node operations, a goal that has been diligently pursued by its community and developers. P2P networking is essential for the long-term decentralization, security, and resilience of blockchain, enabling participants to communicate, synchronize data, and reach consensus.
The transition from the current hybrid model to full P2P networking for Cardano has been gradual, but the process is already in progress. In March 2023, Dynamic P2P automated the peer selection process. The node v.1.35.6 update enhanced communication between distributed nodes, simplified the operation of the relay and block-producing nodes, and removed the need for static configurations and manual input from stake pool operators.
The final step towards full P2P node operations is expected to come with the forthcoming Ouroboros Genesis release. According to Cardano builder Input Output Global, the next and final step on the path to full P2P node operations is anticipated to come with the impending Ouroboros Genesis release.
Ouroboros Genesis will be deployed as part of the Chang upgrade, which is expected to occur this summer. This will allow nodes to self-bootstrap from the live Cardano network. Currently, initial network entry requires synchronizing with a secure, trusted validator, usually a trusted fellow stake pool operator or another entity. Once synchronized, nodes use Ouroboros Praos to operate in a decentralized manner.
Ouroboros Genesis is expected to further simplify the process when using Cardano-node's P2P capabilities, making the process entirely autonomous and eliminating the need for human interaction. Moreover, the transition to full P2P node operations is expected to enhance the scalability and throughput of the Cardano network, enabling it to support a broader range of applications and use cases.
The transition from the current hybrid model to full P2P networking for Cardano has been gradual, but the process is already in progress. In March 2023, Dynamic P2P automated the peer selection process. The node v.1.35.6 update enhanced communication between distributed nodes, simplified the operation of the relay and block-producing nodes, and removed the need for static configurations and manual input from stake pool operators.
The final step towards full P2P node operations is expected to come with the forthcoming Ouroboros Genesis release. According to Cardano builder Input Output Global, the next and final step on the path to full P2P node operations is anticipated to come with the impending Ouroboros Genesis release.
Ouroboros Genesis will be deployed as part of the Chang upgrade, which is expected to occur this summer. This will allow nodes to self-bootstrap from the live Cardano network. Currently, initial network entry requires synchronizing with a secure, trusted validator, usually a trusted fellow stake pool operator or another entity. Once synchronized, nodes use Ouroboros Praos to operate in a decentralized manner.
Ouroboros Genesis is expected to further simplify the process when using Cardano-node's P2P capabilities, making the process entirely autonomous and eliminating the need for human interaction. Moreover, the transition to full P2P node operations is expected to enhance the scalability and throughput of the Cardano network, enabling it to support a broader range of applications and use cases.
Cardano’s Market Struggles: Understanding ADA’s Recent Downtrend
In the fast-paced world of cryptocurrency, Cardano (ADA) has been making headlines for all the wrong reasons lately. As the market experiences volatility, ADA finds itself grappling with a downward spiral, prompting questions about its future trajectory. Let’s delve into the intricacies of Cardano’s recent struggles and what it means for investors.·
For the full story, head over to TheCurrencyAnalytics.com.
For the full story, head over to TheCurrencyAnalytics.com.
ADA Close to Confirming Bearish Pattern Despite Cardano’s Efforts
Read CoinChapter.com on Google News
NOIDA (CoinChapter.com)— ADA price is on the brink of confirming a bearish technical pattern that could devour the Cardano token’s gains since Nov. 2023.
ADA price action over the past 30 days. Source: CoinStats
April has not been a good month for the Cardano token, with the ADA price dropping below $0.45 following the recent crypto market crash. Moreover, Forbes Research released a report in late March 2024 labeling Cardano a “billion-dollar zombie” project.
Per the report, Forbes categorized layer-1 blockchains with high valuations but “unproven and having little utility other than speculative crypto trading” as zombie projects. Moreover, the report noted that Cardano seemed to rely too much on the popularity of its creator, Charles Hoskinson.
Hoskinson himself seems to be the main attraction. He owns an 11,000-acre ranch in Wyoming, funds self-described alien hunters and recently opened an anti-aging and regenerative medicine center in the town of Gillette.
The report stated
ADA Close To Breaking Below Bearish Pattern
ADA price has formed a bearish technical setup called the ‘bear flag pattern.‘
The bear flag pattern appears on a cryptocurrency price chart when a brief, sharp countertrend movement—often referred to as the flag—follows a preceding downward trend. The formation typically signals a potential reversal of the countertrend.
ADA price formed a bearish pattern with a 32% downside target. Source: Tradingview.com
In a bearish continuation setup, volume levels may stabilize or decrease during consolidation. During the consolidation period of a bear flag setup, the market often trends upward in response to the initial price drop, triggering FUD.
Furthermore, the emotional response typically results in higher-than-average trading volumes as investors and traders re-enter the market to capitalize on or mitigate the price movement’s effects.
Traders calculate the bear flag pattern’s price target by subtracting the flagpole’s length from the breakout price level. As a result, ADA price might drop to $0.32, a 32% drop from the current price level.
ADA price is testing the pattern’s support line, and further bearish pressure could force the token to confirm the bearish setup. However, the Cardano token has lined up some bullish cues that could help it start a bull run.
On-Chain Data Could Help ADA Price Invalidate Pattern
IntoTheBlock’s Global In/Out of the Money (GIOM) indicator categorizes wallet addresses based on their profitability status at the current ADA price, classifying them into three groups: in the money (profiting), at the money (breaking even), and out of the money (losses).
Global In/Out of the Money (GIOM) indicator for ADA. Source: IntoTheBlock
36.28% of ADA holders are currently profiting, while nearly 59% are currently ‘out of the money’ or facing losses. This situation typically deters holders from selling, thereby reducing the likelihood of a price drop due to a mass sell-off.
For the undecided investors, this presents a strategic opportunity to buy into ADA at a lower price, anticipating a market recovery.
The analysis of large transactions on the Cardano blockchain further reinforces the bullish outlook. A notable surge in transactions over $100,000, recorded at 6,180 with a 15% increase on April 24, suggests active accumulation by ADA whales as the token’s price dipped below $0.47
The combination typically indicates strong buying interest during price dips, a common strategy among seasoned investors aiming to maximize returns.
The post ADA Close To Confirming Bearish Pattern Despite Cardano’s Efforts appeared first on CoinChapter.
NOIDA (CoinChapter.com)— ADA price is on the brink of confirming a bearish technical pattern that could devour the Cardano token’s gains since Nov. 2023.
ADA price action over the past 30 days. Source: CoinStats
April has not been a good month for the Cardano token, with the ADA price dropping below $0.45 following the recent crypto market crash. Moreover, Forbes Research released a report in late March 2024 labeling Cardano a “billion-dollar zombie” project.
Per the report, Forbes categorized layer-1 blockchains with high valuations but “unproven and having little utility other than speculative crypto trading” as zombie projects. Moreover, the report noted that Cardano seemed to rely too much on the popularity of its creator, Charles Hoskinson.
Hoskinson himself seems to be the main attraction. He owns an 11,000-acre ranch in Wyoming, funds self-described alien hunters and recently opened an anti-aging and regenerative medicine center in the town of Gillette.
The report stated
ADA Close To Breaking Below Bearish Pattern
ADA price has formed a bearish technical setup called the ‘bear flag pattern.‘
The bear flag pattern appears on a cryptocurrency price chart when a brief, sharp countertrend movement—often referred to as the flag—follows a preceding downward trend. The formation typically signals a potential reversal of the countertrend.
ADA price formed a bearish pattern with a 32% downside target. Source: Tradingview.com
In a bearish continuation setup, volume levels may stabilize or decrease during consolidation. During the consolidation period of a bear flag setup, the market often trends upward in response to the initial price drop, triggering FUD.
Furthermore, the emotional response typically results in higher-than-average trading volumes as investors and traders re-enter the market to capitalize on or mitigate the price movement’s effects.
Traders calculate the bear flag pattern’s price target by subtracting the flagpole’s length from the breakout price level. As a result, ADA price might drop to $0.32, a 32% drop from the current price level.
ADA price is testing the pattern’s support line, and further bearish pressure could force the token to confirm the bearish setup. However, the Cardano token has lined up some bullish cues that could help it start a bull run.
On-Chain Data Could Help ADA Price Invalidate Pattern
IntoTheBlock’s Global In/Out of the Money (GIOM) indicator categorizes wallet addresses based on their profitability status at the current ADA price, classifying them into three groups: in the money (profiting), at the money (breaking even), and out of the money (losses).
Global In/Out of the Money (GIOM) indicator for ADA. Source: IntoTheBlock
36.28% of ADA holders are currently profiting, while nearly 59% are currently ‘out of the money’ or facing losses. This situation typically deters holders from selling, thereby reducing the likelihood of a price drop due to a mass sell-off.
For the undecided investors, this presents a strategic opportunity to buy into ADA at a lower price, anticipating a market recovery.
The analysis of large transactions on the Cardano blockchain further reinforces the bullish outlook. A notable surge in transactions over $100,000, recorded at 6,180 with a 15% increase on April 24, suggests active accumulation by ADA whales as the token’s price dipped below $0.47
The combination typically indicates strong buying interest during price dips, a common strategy among seasoned investors aiming to maximize returns.
The post ADA Close To Confirming Bearish Pattern Despite Cardano’s Efforts appeared first on CoinChapter.
Cardano’s Upcoming Ouroboros Genesis Marks Shift Towards P2P Networking
A gradual shift is taking place in Cardano’s hybrid paradigm toward full P2P networking.
The highly awaited upgrade, the Ouroboros Genesis, has been teased by IOG.
The first-ever phase of Ouroboros Genesis is almost here, and with it, a massive improvement for Cardano. This shift is revolutionary since it incorporates P2P (peer-to-peer) activities in its entirety.
The decentralization, security, and resilience of the blockchain are all enhanced by peer-to-peer networking. The ability to transmit and synchronize data directly amongst participants eliminates the need for intermediaries. A gradual shift is taking place in Cardano’s hybrid paradigm toward full P2P networking. In recent months, it has achieved modest progress.
Beginning of a Series of Modifications
Moreover, automating peer selection procedures became possible with the launch of Cardano’s Dynamic P2P technology in March 2023. The upgrade to node v.1.35.6 had the same effect. As a result, it simplified the role of relay and block-producing nodes and improved communication across dispersed nodes. Instead, dynamic setups took their place, doing away with static ones and the need for stake pool operators’ (SPOs’) manual input.
The highly awaited upgrade, the Ouroboros Genesis, has been teased by IOG, the corporation that governs Cardano. Consequently, this is only the beginning of a series of modifications; the whole Chang upgrade is scheduled for the summer. During the genesis phase of the Cardano network, it allows a predetermined selection of nodes to function completely autonomously.
The Ouroboros Genesis is an upgrading block for Chang. Designed to simplify the process for newly-connected nodes, it streamlines the network setup process. Currently, in order for a node to join the network, it must first get a secure SPO from a validator. This process is then coordinated with another reliable SPO or organization. Since this integrates Ouroboros Genesis with the autonomous process, this kind of coordination is superfluous.
Highlighted Crypto News Today:
Decentralized Exchange ShibaSwap Moves to Shibarium, Offering New Innovations
The highly awaited upgrade, the Ouroboros Genesis, has been teased by IOG.
The first-ever phase of Ouroboros Genesis is almost here, and with it, a massive improvement for Cardano. This shift is revolutionary since it incorporates P2P (peer-to-peer) activities in its entirety.
The decentralization, security, and resilience of the blockchain are all enhanced by peer-to-peer networking. The ability to transmit and synchronize data directly amongst participants eliminates the need for intermediaries. A gradual shift is taking place in Cardano’s hybrid paradigm toward full P2P networking. In recent months, it has achieved modest progress.
Beginning of a Series of Modifications
Moreover, automating peer selection procedures became possible with the launch of Cardano’s Dynamic P2P technology in March 2023. The upgrade to node v.1.35.6 had the same effect. As a result, it simplified the role of relay and block-producing nodes and improved communication across dispersed nodes. Instead, dynamic setups took their place, doing away with static ones and the need for stake pool operators’ (SPOs’) manual input.
The highly awaited upgrade, the Ouroboros Genesis, has been teased by IOG, the corporation that governs Cardano. Consequently, this is only the beginning of a series of modifications; the whole Chang upgrade is scheduled for the summer. During the genesis phase of the Cardano network, it allows a predetermined selection of nodes to function completely autonomously.
The Ouroboros Genesis is an upgrading block for Chang. Designed to simplify the process for newly-connected nodes, it streamlines the network setup process. Currently, in order for a node to join the network, it must first get a secure SPO from a validator. This process is then coordinated with another reliable SPO or organization. Since this integrates Ouroboros Genesis with the autonomous process, this kind of coordination is superfluous.
Highlighted Crypto News Today:
Decentralized Exchange ShibaSwap Moves to Shibarium, Offering New Innovations
Forget the Crypto Boom, Enter the "Zombie" Coins: Forbes Calls Out XRP, ADA, LTC in $2.4 Trillion Market
With a massive crypto market, not every token is thriving. Forbes identifies 20 "zombie blockchains" like Ripple ($XRP ), Cardano ($ADA ), and Litecoin ($LTC ) that keep high prices despite lacking real-world use.
These "undead" tokens see continuous trading but offer little to no user benefit. Many survive on speculation and past funding, not on fulfilling their purpose.
For instance, Ripple's #xrp aimed to challenge SWIFT payments but mainly relies on speculative trading, not actual network usage.
Analysts say XRP's market value of $36 billion is "essentially worthless" compared to its lack of utility.
Similar concerns surround Litecoin, #bitcoin Cash, and others – their value hinges more on speculation than actual use.
"Ethereum killers" like #Cardano (ADA) are another concern. Despite advancements, they struggle with user adoption and developer interest.
#Forbes also highlights the lack of accountability in these blockchain projects. This makes it difficult to assess their health, raising questions about "zombie coins" like Ethereum Classic, which still trades despite security breaches.
With a massive crypto market, not every token is thriving. Forbes identifies 20 "zombie blockchains" like Ripple ($XRP ), Cardano ($ADA ), and Litecoin ($LTC ) that keep high prices despite lacking real-world use.
These "undead" tokens see continuous trading but offer little to no user benefit. Many survive on speculation and past funding, not on fulfilling their purpose.
For instance, Ripple's #xrp aimed to challenge SWIFT payments but mainly relies on speculative trading, not actual network usage.
Analysts say XRP's market value of $36 billion is "essentially worthless" compared to its lack of utility.
Similar concerns surround Litecoin, #bitcoin Cash, and others – their value hinges more on speculation than actual use.
"Ethereum killers" like #Cardano (ADA) are another concern. Despite advancements, they struggle with user adoption and developer interest.
#Forbes also highlights the lack of accountability in these blockchain projects. This makes it difficult to assess their health, raising questions about "zombie coins" like Ethereum Classic, which still trades despite security breaches.
Analyzing Cryptocurrency Undervaluation: Supply in Profit Metrics
A recent tweet from on-chain analytics firm Santiment sheds light on the significance of the “percentage of supply in profit” metric for evaluating cryptocurrency undervaluation, particularly focusing on Cardano (ADA). Understanding Supply in Profit Metrics The percentage of supply in profit is calculated by comparing the acquisition price of each unit of cryptocurrency against its …
Continue reading "Analyzing Cryptocurrency Undervaluation: Supply in Profit Metrics"
The post Analyzing Cryptocurrency Undervaluation: Supply in Profit Metrics appeared first on Cryptoknowmics-Crypto News and Media Platform.
Continue reading "Analyzing Cryptocurrency Undervaluation: Supply in Profit Metrics"
The post Analyzing Cryptocurrency Undervaluation: Supply in Profit Metrics appeared first on Cryptoknowmics-Crypto News and Media Platform.
Cardano (ADA) Emerges As Ethereum’s Top Competitor in Development Momentum
Since the beginning of the year, Cardano’s Plutus Scripts, including Version 1 and Version 2, have witnessed a remarkable increase of 171.45%. This surge in development activity signifies a growing ecosystem with promising potential.
One of the most significant milestones for Cardano was overtaking Ethereum in terms of average daily developer activity on GitHub back in December 2023.·
For the full story, head over to TheCurrencyAnalytics.com.
One of the most significant milestones for Cardano was overtaking Ethereum in terms of average daily developer activity on GitHub back in December 2023.·
For the full story, head over to TheCurrencyAnalytics.com.
Forbes Calls XRP and Cardano (ADA) Crypto Zombies: Community Disagrees
Forbes has labeled several top-tier cryptocurrencies, including XRP and ADA, as "crypto zombies" in a recent research article. The term refers to layer-1 blockchains with major market valuation but limited utility beyond speculative trading.
Forbes points to Ripple Labs, the company behind XRP, as a prime example of a crypto zombie. Despite XRP's active daily trading volume, Forbes argues that its use extends no further than market speculation.
XRP/USDT Chart by TradingView
Ethereum Classic (ETC) also ended up on the list for having a significant market value while generating relatively low fees on its network. The "true Ethereum" was created back in 2016 when, as the result of a hard fork stemming from the DAO incident, Ethereum Classic (ETC) emerged as a continuation of the original Ethereum blockchain.
Forbes also casts doubt on Algorand, once touted as an "Ethereum killer" for its high transaction capacity, citing a low income from blockchain transaction fees due to the lack of utility.
card
One way or another, the mention of Cardano was the biggest surprise. Forbes' article refers to the project as trading on the popularity of its founder, Charles Hoskinson. It notes a problem regarding Hoskinson's educational claims.
However, supporters of Cardano argue that its ecosystem is active and thriving, delivering value and utility that extends beyond mere speculation. They point to the network’s inflows and the ongoing development activities as evidence of its vitality and relevance.
Forbes' statements may sound harsh to those who consider themselves a part of the aforementioned communities. However, the view and opinion of the researcher may not always align with reality and is only a part of a personal outlook. Some of the mentioned projects indeed have issues with utility, while others represent vibrant ecosystems with strong cases.
Forbes points to Ripple Labs, the company behind XRP, as a prime example of a crypto zombie. Despite XRP's active daily trading volume, Forbes argues that its use extends no further than market speculation.
XRP/USDT Chart by TradingView
Ethereum Classic (ETC) also ended up on the list for having a significant market value while generating relatively low fees on its network. The "true Ethereum" was created back in 2016 when, as the result of a hard fork stemming from the DAO incident, Ethereum Classic (ETC) emerged as a continuation of the original Ethereum blockchain.
Forbes also casts doubt on Algorand, once touted as an "Ethereum killer" for its high transaction capacity, citing a low income from blockchain transaction fees due to the lack of utility.
card
One way or another, the mention of Cardano was the biggest surprise. Forbes' article refers to the project as trading on the popularity of its founder, Charles Hoskinson. It notes a problem regarding Hoskinson's educational claims.
However, supporters of Cardano argue that its ecosystem is active and thriving, delivering value and utility that extends beyond mere speculation. They point to the network’s inflows and the ongoing development activities as evidence of its vitality and relevance.
Forbes' statements may sound harsh to those who consider themselves a part of the aforementioned communities. However, the view and opinion of the researcher may not always align with reality and is only a part of a personal outlook. Some of the mentioned projects indeed have issues with utility, while others represent vibrant ecosystems with strong cases.
Cardano’s ADA Faces Market Downturn Amid Whales’ Reluctance to Invest
ADA’s ranking drops to 10th by market cap amid a significant price decrease.
Only 35% of ADA holders are currently in profit, contrasting with BTC and ETH.
ADA’s on-chain activity declines, reflecting reduced engagement amidst the price drop.
Cardano (ADA), a layer-1 blockchain network, is facing a challenging period as its price continues to drop and its market ranking declines. Notably, ADA is now ranked as the tenth largest cryptocurrency by market cap, following a huge decrease in value. In the last month alone, ADA’s price has fallen by 28%, and it has seen a nearly 22% drop year-to-date, according to CoinMarketCap.
Moreover, recent data from IntoTheBlock shared on X reveals that only about 35% of ADA holders are currently in profit. This contrasts starkly with other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), where 86% and 81% of holders, respectively, are seeing profits. The situation has led to increased scrutiny of Cardano’s near-term demand potential as more investors are facing losses.
The chart below shows the percentage of holders in profit on several top layer 1 networks 👇Bitcoin remains king, with $TRX being a close second. $DOGE and $ETH also have the vast majority of holders in profit. $ADA stands out with only 35% of holders in profit. But is this… pic.twitter.com/x9YwfuNIN4
— IntoTheBlock (@intotheblock) April 24, 2024
ADA’s market performance has also influenced its position relative to other cryptocurrencies. Over the past month, it has been surpassed in market valuation by Dogecoin (DOGE) and Toncoin (TON). Furthermore, the network has seen its average unrealized loss widen to 15.71%, indicating that if holders were to sell their ADA at current prices, they would incur an average loss of 15.71%.
A significant drop in on-chain activity accompanies the downturn in ADA’s market value. According to Santiment data, daily active addresses on the Cardano network have decreased from over 70,000 during its price peak to about 30,000 currently. This decline in activity reflects the reduced engagement and transaction volumes on the network.
Source (Santiment)
Despite the current market conditions, ADA’s recovery remains possible. Historical data suggests that ADA could enter a super cycle in 2025, potentially reaching new all-time high levels, following a pattern observed a year after the 2020 Bitcoin halving.
Source (Santiment)
However, investor sentiment remains tepid as data from Santiment shows that whale cohorts have been net sellers, reducing their holdings consistently over the last 2-3 months. This lack of significant buying activity during the price dip raises questions about the depth of investor interest in ADA at lower prices.
ADA/USD Price Action
On the 4-hour chart, the ADA token is under the influence of a bearish sentiment, indicating potential further price declines. Since reaching a crucial level on April 12, ADA has seen a significant drop of 32.15%, as depicted by the price range tool. Presently, ADA’s price hovers around the 38.20% Fibonacci retracement level.
ADA/USD 4-Hour Chart (Source: Tradingview )
Should ADA manage to close above this point, it may signal an upward trajectory, potentially challenging the 50% Fibonacci level and even surpassing resistance levels favored by bulls. Conversely, should ADA continue its bearish momentum and close below the 38.20% Fibonacci level, it could signal a continuation of downward movement, possibly retesting the support level below it. A successful breach of this support level could lead ADA prices further downwards, aligning with bearish targets.
The post Cardano’s ADA Faces Market Downturn Amid Whales’ Reluctance to Invest appeared first on Coin Edition.
Only 35% of ADA holders are currently in profit, contrasting with BTC and ETH.
ADA’s on-chain activity declines, reflecting reduced engagement amidst the price drop.
Cardano (ADA), a layer-1 blockchain network, is facing a challenging period as its price continues to drop and its market ranking declines. Notably, ADA is now ranked as the tenth largest cryptocurrency by market cap, following a huge decrease in value. In the last month alone, ADA’s price has fallen by 28%, and it has seen a nearly 22% drop year-to-date, according to CoinMarketCap.
Moreover, recent data from IntoTheBlock shared on X reveals that only about 35% of ADA holders are currently in profit. This contrasts starkly with other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), where 86% and 81% of holders, respectively, are seeing profits. The situation has led to increased scrutiny of Cardano’s near-term demand potential as more investors are facing losses.
The chart below shows the percentage of holders in profit on several top layer 1 networks 👇Bitcoin remains king, with $TRX being a close second. $DOGE and $ETH also have the vast majority of holders in profit. $ADA stands out with only 35% of holders in profit. But is this… pic.twitter.com/x9YwfuNIN4
— IntoTheBlock (@intotheblock) April 24, 2024
ADA’s market performance has also influenced its position relative to other cryptocurrencies. Over the past month, it has been surpassed in market valuation by Dogecoin (DOGE) and Toncoin (TON). Furthermore, the network has seen its average unrealized loss widen to 15.71%, indicating that if holders were to sell their ADA at current prices, they would incur an average loss of 15.71%.
A significant drop in on-chain activity accompanies the downturn in ADA’s market value. According to Santiment data, daily active addresses on the Cardano network have decreased from over 70,000 during its price peak to about 30,000 currently. This decline in activity reflects the reduced engagement and transaction volumes on the network.
Source (Santiment)
Despite the current market conditions, ADA’s recovery remains possible. Historical data suggests that ADA could enter a super cycle in 2025, potentially reaching new all-time high levels, following a pattern observed a year after the 2020 Bitcoin halving.
Source (Santiment)
However, investor sentiment remains tepid as data from Santiment shows that whale cohorts have been net sellers, reducing their holdings consistently over the last 2-3 months. This lack of significant buying activity during the price dip raises questions about the depth of investor interest in ADA at lower prices.
ADA/USD Price Action
On the 4-hour chart, the ADA token is under the influence of a bearish sentiment, indicating potential further price declines. Since reaching a crucial level on April 12, ADA has seen a significant drop of 32.15%, as depicted by the price range tool. Presently, ADA’s price hovers around the 38.20% Fibonacci retracement level.
ADA/USD 4-Hour Chart (Source: Tradingview )
Should ADA manage to close above this point, it may signal an upward trajectory, potentially challenging the 50% Fibonacci level and even surpassing resistance levels favored by bulls. Conversely, should ADA continue its bearish momentum and close below the 38.20% Fibonacci level, it could signal a continuation of downward movement, possibly retesting the support level below it. A successful breach of this support level could lead ADA prices further downwards, aligning with bearish targets.
The post Cardano’s ADA Faces Market Downturn Amid Whales’ Reluctance to Invest appeared first on Coin Edition.
Cardano’s Crazy April Adventure: From Dip to Rebound!
Cardano (ADA) had substantial market swings in April 2024, including a sharp decline and subsequent rise, underscoring its erratic character.To improve peer-sharing and prepare for post-Conway era improvements, Cardano just updated to node version 8.9.2, demonstrating continuous network optimization and development.
In April 2024, Cardano (ADA) experienced a wild ride that included a precipitous drop and a promising rebound. The altcoin first had a 38% decline between April 1st and April 13th, from $0.65 to a year low of $0.40, its lowest price since December 2023.
Rebound During Crypto Recovery
The second part of April, though, has seen a noticeable improvement. At the time of the most recent check, ADA’s price on CMC was $0.4719, down 5.38% from the previous day but still on a positive bull trend of 6.47%.
This rebound is consistent with a more general upswing in the cryptocurrency market, especially in the wake of the Bitcoin halving event, which has historically generated bullish momentum in all directions.
Particularly intriguing have been the ADA market dynamics. Other well-known cryptocurrencies, such as Solana (SOL) and Ethereum (ETH), have also regained significant barrier levels, with SOL reaching $150 and ETH reaching $3,200.
Based on on-chain data from IntoTheBlock, which shows buy orders exceeding sell orders by 30 million ADA on prominent exchanges like Binance and Coinbase, Cardano looks ready for a similar breakout.
Due to the surplus demand, it is possible that ADA prices may soon correct upward, with a goal of stabilizing above $0.50 and perhaps even moving up to $0.60 as investors try to make up for their earlier-month losses.
Technology Updates: Improving Cardano’s Ecosystem
To add to the technological background, ETHNews previously reported that Cardano recently released node version 8.9.2, which enhances peer sharing and prepares for improvements once the Conway era ends.
This advancement in technology has the potential to improve the network’s usability and attractiveness, drawing additional users and investors into the Cardano ecosystem.
With a cautious degree of optimism, market sentiment for ADA is still present. The level of active Cardano buy and sell orders across ten well-known crypto exchanges is displayed in the aggregate exchange order books chart.
This suggests that the buying pressure may, in fact, cause bid prices to rise as traders compete to fill their orders as quickly as possible.
Should the forecasted events come to pass, ADA might provide a stable base of support over $0.50, offering a strong basis for further increases.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#Cardano #ADA
In April 2024, Cardano (ADA) experienced a wild ride that included a precipitous drop and a promising rebound. The altcoin first had a 38% decline between April 1st and April 13th, from $0.65 to a year low of $0.40, its lowest price since December 2023.
Rebound During Crypto Recovery
The second part of April, though, has seen a noticeable improvement. At the time of the most recent check, ADA’s price on CMC was $0.4719, down 5.38% from the previous day but still on a positive bull trend of 6.47%.
This rebound is consistent with a more general upswing in the cryptocurrency market, especially in the wake of the Bitcoin halving event, which has historically generated bullish momentum in all directions.
Particularly intriguing have been the ADA market dynamics. Other well-known cryptocurrencies, such as Solana (SOL) and Ethereum (ETH), have also regained significant barrier levels, with SOL reaching $150 and ETH reaching $3,200.
Based on on-chain data from IntoTheBlock, which shows buy orders exceeding sell orders by 30 million ADA on prominent exchanges like Binance and Coinbase, Cardano looks ready for a similar breakout.
Due to the surplus demand, it is possible that ADA prices may soon correct upward, with a goal of stabilizing above $0.50 and perhaps even moving up to $0.60 as investors try to make up for their earlier-month losses.
Technology Updates: Improving Cardano’s Ecosystem
To add to the technological background, ETHNews previously reported that Cardano recently released node version 8.9.2, which enhances peer sharing and prepares for improvements once the Conway era ends.
This advancement in technology has the potential to improve the network’s usability and attractiveness, drawing additional users and investors into the Cardano ecosystem.
With a cautious degree of optimism, market sentiment for ADA is still present. The level of active Cardano buy and sell orders across ten well-known crypto exchanges is displayed in the aggregate exchange order books chart.
This suggests that the buying pressure may, in fact, cause bid prices to rise as traders compete to fill their orders as quickly as possible.
Should the forecasted events come to pass, ADA might provide a stable base of support over $0.50, offering a strong basis for further increases.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#Cardano #ADA
Cryptocurrency Market Update: Cardano Faces Challenges, Solana Sees Reversal, Shiba Inu Eyes Come...
In the ever-evolving world of cryptocurrencies, recent movements in major assets like Cardano (ADA), Solana (SOL), and Shiba Inu (SHIB) have captured the attention of investors and enthusiasts alike. Let’s delve into the latest updates shaping these digital currencies.
Cardano Faces Uphill Battle:
Cardano, often hailed for its innovative blockchain technology, is currently grappling with a challenging phase.·
For the full story, head over to TheCurrencyAnalytics.com.
Cardano Faces Uphill Battle:
Cardano, often hailed for its innovative blockchain technology, is currently grappling with a challenging phase.·
For the full story, head over to TheCurrencyAnalytics.com.
