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Cardano (ADA) Price Is Reversing Back To $0.058. Will Bullish Hammer Push It to New Heights?

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Cardano (ADA) Price Is Reversing Back To $0.058. Will Bullish Hammer Push It to New Heights?
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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After reaching the recent $0.09 new high, Cardano started disappointing us – it’s back to $0.06, and doesn’t seem to be growing again. Is there hope?

Should traders continue making stakes on ADA? Let’s overview both ADA/USD and ADA/BTC pairs in Cardano price predictions from tradingview users.

The double bottom might be forming

Watch whether the double bottom is forming

At present, ADA is at the 0.618 retracements. With the potential of BTC to retrace a bit further, the entry for ADA might be around the fib 0.786.

What about technical indicators?

On the Daily, 100 EMA is acting as support. The AMX indicator hinting more of the same direction. RSI indicating it can go further down with its current trajectory and momentum. This, unless we see a double bottom pattern forming, we should hold off buying ADA until fib 0.786 is reached.

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So, when to buy Cardano?

ADA is taking a reverse, don’t miss trading opportunities

Right now, when Cardano is making a reverse movement, it might be the high time to add up to your ADA reserves for further selling. So, what do we have here? User deSultanTM shares a few observations and trading tips:

  • Reversal Area: $0.06195 (failed), 0.6061, $0.05820,

  • Demand level $0.05162-$0.04878,

  • Big Support: $0.04406, $0.04090, $0.03775

Hopefully, the big support won’t be reached – it seems to be a too serious failure even for Cardano.

Bullish hammer is forming

The bullish hammer is forming

On the price chart from yukipa, we can see that ADA is creating a bullish hammer on the daily time frame on market structure support. The Hammer candlestick means bulls have managed to push bears out and push the price up – it’s a very good sign. We should be looking for long entries in LTF when the candle closes like this.

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ADA/BTC pair: The big spike is coming!

ADA/BTC is on the verge of a great breakout

This user has noticed the situation at ADA/BTC market. Daily RSI is showing that soon big spike up is coming. We are seeing big support at around 0,00001050. Price has been bouncing from this support 3 times and it's coming to it again. It would be logical to expect a bounce back to at least 0,00001900 from this point.

We have to wait till MACD will cross with daily RSI on about 15-17 level. All we need to do is just wait for confirmation on MACD. Of course its short time strategy (about 2 weeks or 1 month). Sell ADA around 0,000020 if MACD will be confirmed. Shelley will be released soon too so it may have a very positive impact on the price too.

Final words

When it comes to the ADA/USD market, the current period is definitely not the best one for Cardano: we should expect it break other bottom levels and test support. It’s not likely it will return its glorious level of $0.09 in the nearest future. Wait for further reversal, buy, and accumulate.

On the ADA/BTC market, more positive changes are coming. Keep an eye out on the trends and don’t miss the opportunity to make profits!

About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin

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  • Alex Dovbnya
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    John Griffin says that rapid price swings are possible because it can be manipulated by deep-pocketed whales who are not stronger than ever

Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin
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Contents

Economics professor John Griffin recently rang alarm bells over the impact of Bitcoin whales on the Bitcoin market. 

Griffin told Bloomberg that a few large players could easily push the BTC price down at a whim. 

"The problem with a few large players holding crypto is that when they sell they can easily push the price down, which makes the market susceptible to rapid swings."  

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Whales are getting more powerful 

According to data released by CoinMetrics, the number of orange coins controlled by deep-pocketed Bitcoin investors reached its highest point in four years in 2019. As of December, a whopping 42.1 percent of Bitcoin's total circulating supply is stored in wallets that hold between 1,000 and 1 mln BTC. 

While crypto exchanges are known to be the owners of the richest Bitcoin addresses, investor Aaron Brown warms some of the new whales on the block are family offices and affluent individuals who are not exactly keen Bitcoin believers who might be tempted to jump ship if things turn south. 

“I doubt they have infinite patience, and without significant growth in actual use, I would expect them to quietly withdraw to chase other promising technologies,” Brown said.

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Peter Schiff Says Bitcoin Is Running Out of Buyers to 'Keep Ponzi Going'

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Becrying Tether's impact on Bitcoin 

Speaking of those who don't believe in Bitcoin, Griffin probably takes the cake as one of the most prominent naysayers. Back in June 2018, together with his colleague Amin Shams, he published a paper that explores how Tether was allegedly responsible for propelling Bitcoin to new highs during the peak of the previous bull market in December 2018. 

At the beginning of November, the two academics came up with an even more shooking claim -- the historic ascent of Bitcoin to its current all-time high of $20,000 was the deed of a single whale on Bitfinex, the affiliated exchange of Tether.

Tether dismissed the updated study as a puff piece that was meant to back up a $1.4 trln lawsuit against the flagship stablecoin issuer. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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