Cardano Rebounds Towards $2.5 To Reclaim 3rd Spot From Tether, How Long Can It Hold?

Cardano has begun another rally that has positioned it comfortably above $2. This recent change comes after the digital asset had taken a beating down over the past few weeks that has placed it in a continuous downtrend. Cardano was not isolated in this as the broader crypto market had seen numerous crashes and dips that dragged their value down. But as the trading day draws open on Friday, the crypto market has made significant recoveries that have pushed the market back into the green.

In the early hours of Friday, ADA price climbed about 8% to once again break the $2.2 resistance. The brutal September market saw the asset close out the month trading as low as $2.02, imposing significant sell pressure on the market. The asset remains neutral on the 50-day moving average and is down on both the 5 and 20-day moving averages.

Related Reading | EMURGO To Invest $100 Million In Cardano To Bolster DeFi Adoption

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Indicators point to a test of the $2.5 resistance point if current momentum keeps up. With the new month starting with a deviation from September trends, a balancing out can be expected while the price rediscovers a bounce point to kickstart another rally. As the market opens up for the first trading day of October, it will be a tug-of-war between bears and bulls as each side struggles to swing the price its way.

Cardano Shrugs Off Bears And Reclaims 3rd Position

Cardano which had traded lower than its new all-time for the better part of September had finally lost its footing as the third-largest cryptocurrency by market cap on Thursday. As the market suffered, Tether had bounced back up to the third position while BNB and ADA traded in the red. But this take-over was destined to be a short-lived one.

Related Reading | Charles Hoskinson To Launch Three-Time Grammy Nominee Paul Oakenfold’s Album On Cardano

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Hours after Tether had taken the third spot, the market had begun another recovery. Top coin Bitcoin had recorded a recovery of up to 10% and the altcoin market was quick to follow its lead. The market cap of ADA shot up along with its growing prices, bringing its total market cap back up above $70 billion. Pushing Tether back down.

Cardano price chart from

Cardano price chart from

ADA price falls from $2.24 | source: ADAUSD on

ADA recovery still remains threatened by bears until the asset finds its stronghold following the sharp increase in price. Maintaining its hold at the $2.2 trading range is crucial if the asset is to continue its ascent towards $2.5.

Cardano is trading at $2.21 at the time of writing, losing about 2% of its recovered value in the early morning. The market cap currently sits at $70 billion with a 24-hour trading volume of $2.8 billion.

Featured image from CoinCodex, chart from


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Why Cardano Bull Trend Isn’t Over And 91% Increase Is Imminent, deVere CEO Nigel Green

One look at the charts and any crypto investor will see Cardano is currently suffering. The digital asset is currently down with the rest of the market, which is suffering in the wake of the Evergrande situation in China. The market has been in a downtrend as the situation has evolved. Its biggest ties to the market being the fact that Tether allegedly owns some of the Evergrande bonds.

This has spilled over into the crypto market in a big way. Bitcoin fell to one-month lows with the news and as the altcoins have followed, Cardano has recorded receding prices also. Hitting lows that haven’t been seen since the rally began in August. Current indicators point to the market poised for further decline. But deVere CEO Nigel Green believes that while ADA may be down, it is definitely not out.

Cardano’s Streak Is Not Over Yet

Green explained his reasoning behind Cardano’s hot streak being far from over. The CEO cited the recent technological advancements in the project, namely the recent addition of smart contracts capability to the blockchain. Due to this, Green points out that the digital asset will be setting new all-time highs soon.

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Related Reading | Why The Hydra Layer 2 Solution Is Important To The Cardano Network

Talking to Insider, the CEO pointed out that Cardano currently has a reputation of being a “green” cryptocurrency. Along with a broader crypto market rally, Green sees the price of the digital asset hitting $4 by the end of 2021. Given the current price points of the asset, this would be a 91% increase to get to this point.

A major reason behind Green’s bullish stance on Cardano has to do with the applications of the network. The recent addition of smart contracts has now brought the booming decentralized finance (DeFi) market to Cardano. Once again increasing the use cases of the blockchain. The deVere CEO believes that its ability to solve problems is a major driving force.

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“Things you should be looking at are the purpose of the cryptocurrency, how long it has been in the market, market capitalization, and its underlying solutions. Cryptocurrencies that solve problems are likely to succeed more than those that do not. The longer a cryptocurrency has been in the market, the more trust it has attained, and cryptocurrencies that are developed on strong networks will stand longer,” Green told Insider.

Cardano (ADA) price chart from

Cardano (ADA) price chart from

ADA price falls to $2.11 | Source: ADAUSD on

Just As Bullish On Ethereum

Green’s bullish outlook does not fall solely on Cardano. The CEO also explained that he was just as bullish on Ethereum. Reasons for this were basically identical to the ones given for Cardano. Their vast use cases make both projects important to users and are thus poised to rally higher in the market. Investor interest has also grown in the project, which has made it more valuable than most projects in the market.

Related Reading | Cardano Founder Charles Hoskinson Says The Term Smart Contracts Needs To Be Changed

Ethereum, according to Green, is going to outperform bitcoin. Although the pioneer cryptocurrency will certainly return to its previous all-time high before the year ends, says the CEO. Giving bitcoin a price growth of 50% going further. Not surprisingly, given his stance, Green believes that Ethereum will trade higher than bitcoin in the next five years.

Featured image from Investors King, chart from


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Cardano Successfully Deploys Alonzo HFC, But Why Is Price Down?

On September 12th, 2021, Cardano successfully completed the final stage of its move to make the network compatible with smart contracts. The long-awaited Alonzo Hard Fork Combinator launch marked the beginning of a new era for Cardano. The developer behind the project, IOHK, took to Twitter to announce the successful upgrade.

The new upgrade has been successful so far, with over 50 smart contracts already deployed on the network, and counting. Alonzo’s Hard Fork Combinator (HFC) marks the end of the road for smart contracts capability. But also marks the beginning of a lot of work yet to be done. The community has so far welcomed the upgrade with open arms. Although one thing remains a problem, the price has not gone up in value. Why is this?

Related Reading | Cardano Network Upgrade And Hard Fork Gets Support From Binance

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Why ADA Price Is Down

Last week, NewsBTC reported on the possibility of the Cardano smart contracts deployment triggering a “sell the news” event. So far, this seems to have been the case, or what this Twitter user aptly describes as “buy the testnet, sell the mainnet.”  This does not mean that most users dumped their bags. In fact, a report from Cardano shows that at least 71% of ADA’s entire coin supply remains locked up in staking contracts, with the current total of staking wallets at approximately 825,755.

Cardano (ADA) price chart from

Cardano (ADA) price chart from

ADA price down following smart contracts launch | Source: ADAUSD on

A major reason that the price has not recorded any significant upward movement has to do with the fact that it will take a while before decentralized applications (DApps) are live on the network, as developers will need time to properly test and deploy their apps on Cardano. This means that it will take a while for traffic to pick up on the network. Triggering an increase in the price of the token as more users buy Cardano in order to carry out transactions on the network.

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ADA price will most likely trend around its current price point for the foreseeable future while developers work to launch their apps on the network. With the number of smart contracts being deployed on the network, there will be a large influx of DApps coming to the network, leading to a rise in decentralized exchanges and finance on the network.

Only The Beginning Of The Road For Cardano

While the upgrade is a big leap for Cardano, it is no doubt that there is still a lot of work left to be done. To truly be able to compete with already established networks like Solana and Ethereum, Cardano will have some bumps in the road. These will include some good and not-so-good DApps on the ecosystem, and great development teams and terrible ones alike.

Cardano has its work cut out for it given that the ecosystem is a permissionless, decentralized blockchain so it will have to deal with the good, the bad, and the ugly that comes with this.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Security is also a big issue that the network will have to deal with as decentralized applications debut on the network. Already, Cardano has issued a bug bounty in conjunction with HackerOne to find vulnerabilities in its network, offering up to $10,000 in bounty to hackers who report bugs. With all of the hacks recorded in the decentralized finance space recently, it is important that the network is as secure as can be for users to start trading on the network.

Currently, the price of ADA is trading below $2.5. The asset has recorded a price dip of 6.50% in the past 24 hours, leading to a $0.20 loss.

Featured image from Blockchain News, chart from


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Sell the news? ADA price drops 10% following Cardano’s long-awaited smart contracts rollout

The price of Cardano (ADA) fell on Sept. 13 in line with the other top cryptocurrencies despite the completion of its hard fork upgrade dubbed “Alonzo,” which introduces smart contract functionality.

The ADA/USD exchange rate dropped 10.67% to reach its intraday low of $2.3, partly due to profit-taking sentiment among traders following the pair’s 1,200%-plus price rally this year. Additionally, the intraday sell-off also surfaced in the period of an overall crypto market decline, with top tokens Bitcoin (BTC) and Ether (ETH) falling 4% and 6.97%, respectively.

Top 10 cryptocurrency tokens and their performance in the last 24 hours. Source: Messari

Cardano’s drop appeared when its core foundation rolled out a long-awaited smart contracts feature on its public blockchain for the first time. The launch expects to tap the booming decentralized finance (DeFi) and nonfungible token (NFT) sector as they grapple with slower and costlier transaction fees on the leading smart contracts platform, Ethereum.

As a result, anticipations for an extended upside boom in the ADA markets were high, with the Value Trend, a financial analyst at Seeking Alpha, expecting the Cardano native token to hit $10 should it flip Ethereum to become the leading smart contracts platform.

Overall, the belief helped ADA/USD deliver strong profits in the days approaching the Alonzo upgrade. On July 20, the pair was trading for as low as $1. Later, on Sept. 2, its value has risen to a record high of $3.16, a 200% rebound.

Bullish continuation signals persist

Bullish assets tend to consolidate sideways or lower following a strong move upside, majorly as some traders decide to secure their profits. At the same time, investors with a long-term bullish outlook buy the asset from weak hands to build long-term investment strategies.

The Cardano chart below hints at undergoing a similar consolidation phase after delivering a strong 200%-plus bull run. As a result, the probability of the ADA/USD exchange rate continuing its uptrend remains high.

ADA/USD daily price chart featuring Bull Flag formation. Source:

The rectangle pattern appears like a Bull Flag. And, as a general rule, the profit target for bulls in a Bull Flag scenario is the same as the length of the previous uptrend.

ADA/USD daily price chart featuring Bull Flag target. Source:

A break above the upper Bull Flag trendline (at $2.93) could put ADA/USD en route toward $4.5.

Additionally, the Cardano token would need to maintain its foothold above its 50-day exponential moving average (50-day EMA; the velvet wave) near $2.27 to keep its interim bullish bias intact. A drop below the Bull Flag support and 50-day EMA floor would risk sending ADA to $1.92, its support line from mid-August.

Related: Institutional exposure to altcoin products retests all-time high

Analysts shared deeper price targets, with a pseudonymous Twitterati spotting a “Double Bottom” scenario, adding that traders are selling the news.

Cerbul, another market analyst, said ADA’s ongoing plunge was not due to the “sell the news” sentiment, adding that more capital would flow into the Cardano ecosystem from the DeFi sector.

“Accumulate,” he said.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.