Peter Brandt’s Cryptic Message on Cardano Stirs Market Anxiety

By Newton Gitonga – May 14, 2024

Amidst a broader crypto market pullback spearheaded by Bitcoin’s wavering momentum, Cardano (ADA) is showcasing signs of vulnerability, sparking apprehension among investors.

Since reaching a peak of $0.80 in mid-March, ADA has experienced a significant decline of approximately 45%, sliding into a consolidation phase over the past four weeks. Despite steadfast support from bulls, hovering around the $0.44-$0.45 mark, indications suggest the potential for further downward movement.

Market sentiment was notably stirred by a cryptic tweet from seasoned analyst Peter Brandt on Sunday. While refraining from commenting, Brandt shared a chart depicting ADA’s previous support breach in late April, following a prolonged period above the $0.56 support level.

Brandt’s analysis highlighted looming selling pressure, with ADA now teetering near critical support thresholds at around $0.45. A breach below the latter could signal a deeper descent, echoing Brandt’s cautionary tone.

Echoing Brandt’s concerns, other analysts pointed out bearish indicators, with one trader citing a potential breakdown if ADA fails to rectify a bearish RSI divergence and reclaim key levels.

Conversely, some maintain an optimistic outlook, drawing parallels between Cardano’s trajectory and that of Ethereum in previous cycles. Analyst Dan Gambardello, commenting on Saturday, drew comparisons between Cardano’s current downturn and Ethereum’s past performance, suggesting a cyclical pattern that could lead to future resurgence.

Analyst Javon Marks also expressed bullish sentiments, buoyed by ADA’s recent price surge. Marks projected potential gains of up to 15X, underlining ADA’s substantial progress since breaking through resistance levels.

“Prices of ADA have demonstrated significant advancement, surging by approximately +222% towards its initial target at $2.7709,” Marks told his 38,000 followers on X.

He further speculated that the recent pullback might fortify ADA’s position for further upward movement. Marks elaborated on the potential: “With this breakout holding, another +462% upside could be in the cards to reach this target. However, based on the precedent set by previous breakouts, prices could potentially soar even higher. The $7.80 level could become a reality, marking an over 1,500% increase from current levels.”

Similarly, analyst Ali Martinz recently offered a historical perspective, drawing parallels between Cardano’s current trajectory and past bullish cycles. Martinz’s analysis suggested that ADA’s recent price correction may be a precursor to a parabolic bull run, hinting at substantial upside potential.

ADA was trading at $0.43 at press time, reflecting a 2.32% drop over the past 24 hours.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

The One Reason Why Cardano Bulls Are Seriously Banking On $3 ADA Explosion Despite Price Downturn

By Newton Gitonga – March 29, 2024

Cardano (ADA) has been experiencing a prolonged period of stagnation, hovering just above the $0.65 support level, while other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) witnessed significant surges.

Despite this apparent setback, ADA proponents remain undeterred, expressing optimism about an imminent rally that could potentially propel the coin to the coveted $3 mark.

In a Saturday post, a vocal ADA supporter known as “Crybaby” reflected on the current market sentiment, drawing parallels to previous market cycles. He highlighted the scepticism and doubt among ADA holders as other cryptocurrencies surged, reminiscent of a similar scenario. However, ‘Crybaby’ remained steadfast in his belief in ADA’s potential, emphasizing the resilience of the ADA community and predicting a substantial price surge shortly.

“With the recent hype of BOME and SOL price hike. Exponentially increasing of trash talk towards $ADA. I can see that the teleportation portal on Cardano is about to be ready. Real soon. Be ready with your space suit. We’re about to be chilling with zero gravity soon.” Wrote the investor, echoing the sentiments of other ADA supporters.

Elsewhere, renowned crypto analyst Ali Martinez further echoed this sentiment, pointing out similarities between the current ADA price action and historical patterns observed from 2018 to 2021. Notably, Martinez suggested that ADA could consolidate within the $0.55 to $0.80 range before experiencing a surge to $1.70.

Moreover, the growth of the Cardano ecosystem has served as an additional catalyst for optimism among ADA supporters. Addressing concerns about scaling Cardano, Charles Hoskinson, the founder of Cardano, reassured the community in a recent video, emphasizing the robustness and scalability of the Cardano network. With over 2,300 days of uninterrupted uptime and a commitment to decentralized principles, Cardano appears well-positioned to overcome scaling challenges and drive further adoption.

While skeptics may question ADA’s ability to compete with other leading cryptocurrencies, proponents remain resolute in their belief in the project’s long-term potential. Despite the current price downturn, many ADA holders view this consolidation phase as a necessary precursor to a significant price rally.

ADA was trading at $0.65 at press time, reflecting a 0.11% drop in value over the past 24 hours. The daily chart shows ADA’s price has encountered significant resistance within the $0.76-$0.80 range. A breakthrough and sustained closure above $0.80 would signal a resurgence in bullish momentum for Cardano, potentially driving its price towards $0.90 and beyond.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

ADA at $10 Price In View As Cardano Surpasses Ethereum (ETH), Other Top Blockchains In Developer Activity

By Arnold Kirimi – March 24, 2024

Cardano (ADA) has emerged as a leader in developer activity, surpassing Ethereum (ETH) and other major blockchain networks. The surge in GitHub commits reflects Cardano’s commitment to innovation and growth, positioning it as a frontrunner in the competitive blockchain landscape.

GitHub commits are updates or modifications made to a project’s code on the GitHub platform using the Git version control system.

Each commit represents a specific change to the codebase, like adding features, fixing bugs, or enhancing performance. Commits include a message explaining the changes, aiding collaboration and progress tracking in software development.

Impressive GitHub Commit Numbers

IntoTheBlock reports that Cardano’s ADA is currently the cryptocurrency with the highest development activity and weekly engagements, surpassing major cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC). Following ADA, Avalanche (AVAX) takes the third spot, with Litecoin (LTC) ranking fourth.

Between March 11 and 17, Cardano recorded an impressive total of 978,780 commits on GitHub, showcasing its proactive approach to advancing its platform. In comparison, Ethereum, a leading blockchain platform, trailed behind with 407,170 commits during the same period.

This significant lead in GitHub activity underscores Cardano’s dedication to attracting developers and enhancing its ecosystem.

The rise of Cardano’s developer activity also sheds light on the broader trend of increasing engagement across layer-1 (L1) blockchain protocols. Avalanche (AVAX) recorded 315,770 commits, demonstrating a strong commitment to innovation and growth.

Similarly, Litecoin (LTC) and Tron (TRX) showed notable developer engagement, with 84,110 and 79,380 commits, respectively. Despite these efforts, these networks still lag behind Cardano in terms of overall developer activity.

Developer engagement is a critical metric for evaluating a blockchain protocol’s potential growth and evolution. High-commit counts indicate an active developer community working on decentralized applications (dApps) and improving the network’s capabilities.

This continuous development work is essential for enhancing the functionality and resilience of the blockchain network over time.

Cardano Price Performance vs. Developer Activity

ADA/USDT Price Chart: TradingView

Despite Cardano’s strong developer activity, its price performance has not mirrored this success. ADA has been trading below the $1 mark since April 2022 and is currently priced at $0.63, reflecting a 0.18% surge in the past 24 hours. Despite the positive GitHub commit data, ADA has experienced a decrease of 20.66% over the past week.

However, several analysts have recently expressed optimism about the asset, forecasting a new record high in the coming days. For instance, X user Ali Charts drew parallels between the coin’s current performance and its past bull cycle, suggesting a potential “parabolic” surge to reach as high as $10.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Arnold Kirimi and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley