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Cardano Price Will Surge to $0.1 if Support Holds up

The current cryptocurrency market momentum seems rather promising, all things considered. For Cardano holders, it appears bigger changes might be on the horizon moving forward. The current ADA price looks rather healthy, primarily because there is a 5% increase in value over the past 24 hours. A noteworthy trend, although reaching $0.1 is still very far away.

Cardano Price Momentum Seems Promising

After a rough couple of weeks, the Cardano price might finally go through a big rebound in the near future. More specifically, this altcoin has, like all other cryptocurrencies, been battered into oblivion due to unrelenting bearish pressure. Recovering most of those losses will not happen overnight by any means, but it would appear things are starting to head in the right direction.

Over the past 24 hours, the ADA value has noted a healthy 5% nudge. This is not necessarily the big gain speculators and traders are looking for right now, although all good things come from small beginnings. Combined with the 3.5% increase in the ADA/BTC ratio, this may very well be the beginning of an extended uptrend affecting all of the major cryptocurrencies on the market today.

These are very interesting times for Cardano as a project. The community recently celebrated the main net anniversary, which saw a lot of social media buzz being generated regarding Cardano. Especially Asian holders and enthusiasts showed an initial interest in this event, which confirms Cardano has built up a strong following in that part of the world.

It would appear the Edge team is looking to integrate the missing three top 30 cryptocurrencies on the market. To date, this popular cryptocurrency wallet – formerly known as Airbitz – lacks support for Cardano, Stellar, and EOS. Twitter users can vote on the coin of their choosing to be added, although it remains to be seen if this vote will yield any surprising results. So far, it seems ADA is in the lead, although Stellar is not too far behind.

On the technical side of the spectrum, things are coming together nicely for Cardano as well. CRYPTO FREAK indicates the momentum favors this altcoin, primarily because the support held according to plan. As such, it seems ADA might continue to rise for some time to come, depending on whether or not the altcoin can find stability near the current levels.

As is always the case in the cryptocurrency world, a lot will hinge on how the Bitcoin price evolves over the next few hours. So far, things look alright. For Cardano, its overall trading volume is still a bit low, although the numbers will likely increase over the coming hours and days. A positive trend is brewing, but only time will tell if it can weather the bearish storm successfully.

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Crypto Trade Volume Doubles Overnight, Have The Bears Run Out Of Steam?

After a seemingly endless cycle of non-action, the crypto market finally saw a spark of life on Monday, as fears of a Tether ‘bank run’ hit newfound highs, while confusion strong-handed investors into making moves. In the span of just a few hours, exchanges recorded billions of dollars volume, quickly pushing this market off its year-to-date lows from a volume standpoint. Crypto Trading Volumes Surge To 1 Month High As reported by NewsBTC previously, crypto investors were in for a treat in the wee hours of Monday morning, as digital assets saw an unexpected influx (and a large one at that) of buying pressure, pushing Bitcoin above $7,000 for the first time in months. Following some quick internet sleuthing, many traders determined that Bitcoin’s strong surge to the upside could be boiled down to a single factor. This factor, of course, as widely reported, was the fears of Bitfinex’s insolvency spreading like wildfire through this market, resulting in a capital flight of cryptocurrencies from Bitfinex to other leading crypto exchanges. At one point, the now-infamous ‘Bitfinex premium’ somehow surpassed $1,000, as Bitcoin surged above $7,600 due to thin order books on the aforementioned exchange. On the other hand, on well-regulated platforms like Gemini and Coinbase, which offer insurance for their client’s crypto holdings, Bitcoin only traded at a relatively measly $6,600, which was the “true” price of the digital asset. Bitfinex Premium $1000+ pic.twitter.com/bf9vWCSRCg — Bitfinex'ed (@Bitfinexed) October 15, 2018 Volumes on Bitfinex quickly surged, as users rushed to liquidate their U.S. credit for crypto assets to subsequently withdraw their holdings to a wallet of someone or some organization they could trust. Due to the well-read belief that Tether goes hand-in-hand with Bitfinex, traders also rushed to sell their USDT holdings, as many claimed that the Tether Foundation didn’t have the reserves to back all issued stablecoins. At one point, Tether tokens fell under $0.91 on Kraken, alluding to the fact that a copious amount of USDT had just been dumped by a multitude of wary traders. The rise of Bitfinex’s insolvency rumors, coupled with growing fears about the legitimacy of Tether, happened to manufacture a perfect storm, so to speak, resulting in a period of market uncertainty, confusion, and even panic in some fringe cases. And although the collective value of all crypto assets saw a $20 billion bump, many investors claimed that this obviously wasn’t the breakout that bulls have been clamoring for. Still, what went under the radar of many investors is that volumes saw an unprecedented surge in correlation with thousands of traders choosing to sell their USDT and withdraw their funds from Bitfinex, which was a sign some analysts have been waiting for. Preceding this move, which saw nearly every single crypto asset move well into the green, NewsBTC’s very own Joseph Young, claimed that while nearly every important indicator is calling for growth, volume was still mysteriously absent. Bitcoin and crypto market waiting for 1 thing 1. Final shakeout 2. Positive developments (Bakkt, Custody, Banks) 3. Months of stability Bitcoin at $6,200 ~ $6,800 range since August 9 4. Lower highs since January bottoming out with record low volatility 5. Volume — Joseph Young (@iamjosephyoung) October 15, 2018 But now, with Bitcoin volumes doubling from $3 billion to a monthly high at $7 billion, per data compiled by CoinMarketCap, Joseph added that the prospects of this market are starting to look “great,” likely indicating that he saw this surge of volume as something to keep watching. The volume of Bitcoin has more than doubled in the last 24 hours. $2 billion to $5.64 billion on CoinCap$3 billion to $7 billion on Coinmarketcap Real price of BTC is around $6,400 (fiat exchanges). $6,150 to $6,400 with solid increase in volume is great. — Joseph Young (@iamjosephyoung) October 15, 2018 It wasn’t only Bitcoin that saw its volume return, as cryptocurrencies across the board all saw their time in the sunlight in the past 24 hours. To attest to this fact, per data compiled by CoinMarketCap, the total volume seen by crypto rose from $9 billion on Sunday to $22 billion, where this figure has held for the past few hours. Chart Courtesy of CoinMarketCap Assuming that volume has returned and that it’s here to stay, technicians will continue to eye Bitcoin’s $6,800 price level, which has long been a level of heavy resistance for the leading crypto asset. Fundstrat’s Robert Sluymer, for one, recently claimed that while now isn’t the time to increase your exposure to Bitcoin, a convincing move above “September’s real and relative highs,” which are both situated around the $6,800 level, may indicate that this market is finally undergoing a trend reversal. Keeping in mind that the arrival of substantial amounts of trading volume is often the gun that sets off the race, so to speak, many are starting to believe that a bull run could be in this market’s grasp. Featured Image from Shutterstock The post Crypto Trade Volume Doubles Overnight, Have The Bears Run Out Of Steam? appeared first on NewsBTC.

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