• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America

Cardano (ADA) Outlook Looks Bullish Despite Recent Drop, Here’s Why

Jake Simmons by Jake Simmons
1 month ago
in Cardano
Reading Time: 2 mins read

The crypto market-wide correction has also left its mark on the Cardano price. Nevertheless, ADA is holding up better than other altcoins. While Ethereum fell by 9.1% in the last seven days, Polygon (MATIC) by 11.1%, Cardano “only” fell by 7.6% in the same period.

In addition to recent strong fundamentals, a bullish chart pattern for ADA in the 1-day chart is also likely to play an important role. In this time frame, Cardano has formed a massive reverse head-and-shoulders pattern since last October, which came to fruition just before crypto prices collapsed.

The reversed head and shoulders price signals the end of a downtrend and is therefore a trend reversal formation. Ideally, the head and shoulders – as is currently the case with ADA – forms the conclusion of a long-term downtrend.

It occurs after a pronounced downtrend with three lows. The middle low is the highest and is called the head. The surrounding highs are called shoulders.

Investors usually enter a long position when the price rises above the neckline resistance, which can be considered a massively bullish sign. The current correction is bringing the ADA price back towards the neckline, although ADA had just broken out last week.

Related Reading: Cardano In Strong Demand Zone, Breaking Through Key Level Crucial

The move can therefore be seen as a bullish retest of the neckline. The level at $0.405 is the key price ADA bulls need to defend. Crypto analyst Ali Martinez pointed out the chart pattern lately and stated:

The recent correction looks like a bullish retest before ADA reaches the target of this inverse head & shoulders formation. Still, the 200EMA on the daily chart at $0.39 must hold ADA for the bullish outlook to remain valid.

Cardano reverse head and shoulders pattern
Cardano reverse head and shoulders pattern | Source: Twitter: @ali_charts

Fundamental Outlook For Cardano Equally Bullish

Ken Kodama, founder and CEO at Emurgo and co-founder of the Cardano project also shared a number of bullish reasons today that can be attributed to fundamentals. As Kodama explains, the Voltaire era and CIP-1694 are the biggest topics for Cardano right now.

One point where Cardano stands out is developer activity. In 2023, Cardano is a frontrunner for developer activity on GitHub. In recent years, Cardano has been the most actively developed blockchain network, according to Santiment, and is consistently in the top 3 from month to month, according to Kodama.

Related Reading: Cardano Racks Up Nearly 4% Gain Amid Short-Term Losses – Will Investors Hold Firm?

The ADA co-founder also highlights the recent Dynamic P2P Nodes upgrade, which allows Cardano stake pools to be more decentralized and improve connectivity to other nodes. Voltaire and CIP-1694 will provide the foundation for community-driven on-chain governance of Cardano. Regarding stablecoins, Kodama states:

Cardano native stablecoins are assets as they help with liquidity, allow for an on-chain safe haven, and a faster alternative to traditional payment processors. There are still questions about the use of stablecoins, but development continues and they are gaining traction.

Cardano’s DeFi space is also making great progress, as NewsBTC shared recently. Cardano’s DeFi has reached TVL all-time highs in recent months. “DEXs, and other DeFi products continue to build and attract users, building the overall #CardanoDeFi ecosystem,” concluded the Emurgo founder.

At press time, the ADA price was at $0.4023, fighting to accomplish a daily close above the neckline.

Cardano ADA price
ADA price, 1-day chart | Source: ADAUSD on TradingView.com
Featured image from Forbes, chart from TradingView.com
Tags: ADACardano
Tweet123Share196ShareSend
Jake Simmons

Jake Simmons

Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

Related Posts

Cardano

Is Cardano Poised for A Price Surge? A Look At Its Tight Consolidation

2 weeks ago
Cardano

Cardano Surpasses 500 Million ADA In TVL – How About Its Impact On Price?

2 weeks ago
Cardano

Cardano Price Rejected at $0.36, How Long Will The Correction Last?

3 weeks ago
Cardano ADA

Cardano (ADA) Bounces Back From The Red Zone, Will It Continue Minting Gains?

3 weeks ago
Cardano

Cardano May Sink To This Level As Bears Keep Gaining Leverage

3 weeks ago
Cardano

Cardano DeFi Steals The Show, Outperforms The Market With Explosive Transaction Growth

4 weeks ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    3 days ago
  • Willing to buy new crypto: Here are the best 10...

    3 days ago
  • Best Crypto Meme Coin Presales in 2023

    3 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • The Impressive growth of DigiToads (TOADS) is surprising...

    22 mins ago
  • Fantom (FTM) Finds Support, Would Avorak Trade Have Made...

    2 hours ago
  • Following the Footsteps of Giants: InQubeta (QUBE) Could...

    2 hours ago
  • Social Trading Phenomenon – How It Has Changed the...

    8 hours ago
  • Don’t get dumped on buying DOGE or SHIB, Avorak has...

    21 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.