Market
Will Cardano Chang Hard Fork Delay Drive ADA Holders to Sell?
Cardano’s (ADA) price reclaimed $0.38 for the first time since August 2, which resulted from an 18% increase in the last seven days.
Interestingly, this price increase coincides with a disclosure that could drive ADA holders to sell off some of their holdings.
Cardano Holders Set to “Sell the News”
On Friday, August 23, Cardano founder Charles Hoskinson announced on X that the much-anticipated Chang hard fork had been postponed. According to Hoskinson, the development was necessary because some tier-1 centralized exchanges, including Binance, are not ready to upgrade.
“It looks like Binance and a few others need more time to get their houses in order, so the rocket is going to wait on the pad, another epoch for the weather to get better. Next Chang Hard Fork window, September 1,” Hoskinson added.
Following the announcement, IntoTheBlock data shows that ADA holders look prepared to sell off. BeInCrypto found out after examining the order books on the top 20 exchanges.
As shown below, market participants are ready to bid (buy) about 172 million coins. Meanwhile, on the other side of the divide, some participants are looking to sell over 200 million. At the token’s current price, this will amount to nearly $80 million. If the sale goes through, ADA’s price could briefly decline.
Read more: Who Is Charles Hoskinson, the Founder of Cardano?
The recent price surge has also impacted Cardano’s Market Value to Realized Value (MVRV) ratio, a metric that provides insights into holders’ profitability, buying behavior, and the potential for market tops or bottoms. On August 20, ADA’s 30-day MVRV ratio stood at 0.32%, signaling that the average holder was at a loss.
However, as of now, the ratio has climbed to 10.36%, meaning that if all holders sell at the current price, they would turn a profit. While this rise reflects a healthier market, it also puts ADA’s price at risk.
Historically, when the MVRV ratio reaches levels between 12.20% and 18.35%, holders tend to realize profits, leading to a price pullback. If ADA’s value approaches $0.40, a retracement could occur, potentially erasing some of the recent gains.
However, a pseudonymous analyst, XForceGlobal, opined that ADA could be close to its bottom.
“Cardano did an 18,000% run in its last bull run, but it also did one of the strongest pullbacks during the bear market. Structure looks very similar to when $SOL was creating a bottom as well for a 1-2 sequence. Wave 3 targets would be around $3,” he said.
ADA Price Prediction: Rise to $0.42 Still Possible
On the daily chart, ADA has broken above the critical support at $0.31 and the descending trendline, indicating strong bullish momentum. Furthermore, the price, which is $0.39 as press time, trades above the 20 (blue) and 50 (yellow) Exponential Moving Averages (EMAs).
EMAs track the price trends of cryptocurrencies over time and help forecast potential movements. Typically, when the price is above the EMA, it signals a bullish trend, whereas a price below the EMA suggests a bearish outlook.
Given these conditions, ADA appears to be in a bullish phase. If this trend continues, the cryptocurrency could break the $0.40 psychological resistance and target $0.42. However, market participants should be cautious of the lingering death cross.
Read more: Cardano (ADA) Price Prediction 2024/2025/2030
A death cross occurs when the longer EMA crosses above the shorter one, signaling a bearish trend. Conversely, a golden cross forms when the shorter EMA crosses above the longer EMA.
As seen, Cardano has not yet exited the death cross, suggesting that bearish pressure could still impact the token. If buying momentum fades and bears regain control, ADA’s price could retrace to $0.37.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Solana Hits New ATH On Huge Whale Accumulation, More Gains Ahead?
XRP Price 25% Rally: Breaking Barriers and Surpassing Odds
Dogecoin Hashrate Surges To New All-Time High Amid Rise In Positive Momentum
WisdomTree Europe Launches XRP ETP
BTC Surges to $99K, ETH Shoots, XRP Jumps 25%
Rallies 10% and Targets More Upside
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Ethereum24 hours agoFundraising platform JustGiving accepts over 60 cryptocurrencies including Bitcoin, Ethereum
-
Market20 hours agoSouth Korea Unveils North Korea’s Role in Upbit Hack
-
Bitcoin15 hours agoMarathon Digital Raises $1B to Expand Bitcoin Holdings
-
Market15 hours agoETH/BTC Ratio Plummets to 42-Month Low Amid Bitcoin Surge
-
Market23 hours agoLitecoin (LTC) at a Crossroads: Can It Rebound and Rally?
-
Altcoin22 hours agoWhy FLOKI Price Hits 6-Month Peak With 5% Surge?
-
Altcoin20 hours agoVitalik Buterin, Coinbase’s Jesse Pollack Buy Super Anon (ANON) Tokens On Base
-
Altcoin15 hours ago5 Key Indicators To Watch For Ethereum Price Rally To $10K
