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This is how Investors Drove Cardano (ADA) Out of Danger Zone

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Cardano’s (ADA) price is failing in its attempts to note recovery largely due to the broader market cues.

This is because ADA investors are demanding a price rise, saving the altcoin from selling.

Cardano Investors Saved From Bearish Pressure

Cardano’s price has declined over the last 24 hours after failing to breach the resistance at $0.40. The reason behind this is slight selling observed after the third-generation crypto asset entered the danger zone of the Market Value to Realized Value (MVRV) ratio.

The MVRV ratio assesses investor profit and loss. Currently, Cardano’s 30-day MVRV stands at 5.4%, but 48 hours ago, it was at 11.4%, indicating profitability and possible selling pressure.

Historically, ADA tends to correct when the MVRV is between 8% and 18%, often called the danger zone. The same thing happened two days ago, which led to a correction in Cardano’s price.

Cardano MVRV Ratio.
Cardano MVRV Ratio. Source: Santiment

However, the altcoin deflected heavy selling pressure thanks to positive investor demand. Cardano’s positive funding rate indicates investors are warranting a price increase. This metric reflects traders’ willingness to pay a premium in the derivatives market.

Since the long contracts are dominating the short contracts, it signals optimism regarding the cryptocurrency’s future performance. 

Cardano Funding Rate.
Cardano Funding Rate. Source: Coinglass

ADA Price Prediction: Drop and Bounce Back

Cardano’s price has been following the same pattern since late February. This macro downtrend leads to ADA noting a decline followed by a sharp recovery and then observing a decline.

This pattern suggests that ADA’s failed breach of $0.40 will result in a drop to the support floor of $0.34 from the trading price of $0.37. The altcoin has already lost the support of $0.37, making its drop to the support floor likely.

Cardano Price Analysis.
Cardano Price Analysis. Source: TradingView

However, if the investors’ demand overpowers the macro bearishness, ADA could recover. Breaching $0.40 will open up the altcoin to a run up to $0.44, beyond which the bearish thesis will be invalidated.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Bitcoin Price Pauses Under $100K: Bulls Eye the Milestone

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Este artículo también está disponible en español.

Bitcoin price is consolidating below the $100,000 resistance. BTC bulls might soon attempt to breach the stated milestone and push the price further higher.

  • Bitcoin started a fresh increase above the $96,500 zone.
  • The price is trading below $98,000 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise if it clears the $98,000 resistance zone.

Bitcoin Price Eyes More Upsides

Bitcoin price remained supported above the $92,500 level. BTC formed a base and started a fresh increase above the $96,000 level. It cleared the $97,500 level and traded to a new high at $99,650 before there was a pullback.

There was a move below the $98,000 level. A low was formed at $95,973 and the price is now rising. There was a move above the $96,800 resistance level. The price cleared the 50% Fib retracement level of the downward move from the $99,650 swing high to the $95,973 low.

Bitcoin price is now trading below $98,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $98,000 level. There is also a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $99,650 swing high to the $95,973 low.

The first key resistance is near the $99,000 level. A clear move above the $99,000 resistance might send the price higher. The next key resistance could be $100,000.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $100,000 resistance might initiate more gains. In the stated case, the price could rise and test the $102,500 resistance level. Any more gains might send the price toward the $105,000 level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $98,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $96,800 level.

The first major support is near the $95,750 level. The next support is now near the $95,000 zone. Any more losses might send the price toward the $92,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $96,800, followed by $95,000.

Major Resistance Levels – $98,000, and $100,000.



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Harmful Livestreams Prompt Ban Calls

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Since its launch earlier this year, the meme coin platform Pump.fun has become a notable name in the crypto industry. This platform allows users, regardless of their technical know-how, to create and launch meme coins swiftly.

However, the live-streaming feature has led to serious controversies and calls for a ban due to inappropriate content and financial malfeasance.

Originally, Pump.fun’s livestream was intended to let developers promote their meme coins. Regrettably, some users have misused it to broadcast extreme and harmful activities. A notable incident involved a developer promoting self-harm if his cryptocurrency reached a $25 million market cap.

Additionally, some users threaten to harm pets or even humans if their coins do not achieve certain market capitalization goals.

The situation reached a critical point when Beau, a safety project manager at Pudgy Penguins, reported an alarming livestream. In it, an individual threatened to hang themselves if their coin did not reach a specific market cap.

“Shut down the livestream feature. This is out of control,” Beau stated.

The platform has also been a hotbed for financial scams, prominently featuring “rug pulls.” A recent case involved a school-aged individual who created a meme coin named QUANT, quickly amassing $30,000 and then exiting the project, leaving investors with worthless digital tokens. This led to the kid’s doxxing, with his personal information and that of his family maliciously shared online.

In response to these incidents, some community members have called for the complete shutdown of the platform. Conversely, others suggest that simply disabling the livestream function might suffice.

Eddie, a legal intern, strongly criticized the platform’s governance. He believes that turning off the livestreams or moderating them is crucial.

“There is an art to shock value on stream. Simply sharing nudity or other shocking and even horrific content is not innately interesting. People seek stories and novel concepts that engage them. The content shared on pump livestreams at the moment are not only uninteresting, but conceptually lazy,” Eddie said.

Yet Alon, a Pump.fun executive, claims that the platform’s content has been moderated since day one.

“We have a large team of moderators working around the clock and an internal team of engineers that’s working on helping us deal with increased scale of coins, streams, and comments. I admit that our moderation isn’t perfect, so if you’re aware of a coin where moderation isn’t enforced, please report it in our support channels immediately,” Alon said.

The ongoing debate reflects the platform’s dilemma. While it offers users significant creative freedom, it also poses serious risks without stringent moderation.

Now, the community and stakeholders await decisive action. The call for stronger moderation is loud and clear, aiming to protect both the platform’s integrity and its users from further harm.

Despite these controversies, Pump.fun has continued to perform well financially. Data from DefiLlama shows that the platform has amassed over $215 million in revenue since March 2024.

Pump.Fun Revenue
Pump.fun Revenue. Source: DefiLlama

Furthermore, the platform has facilitated the deployment of more than 3.8 million meme coins.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Builds a Base: Can Bulls Ignite a New Rally?

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XRP price surged further above the $1.45 and $1.50 resistance levels. The price is now consolidating gains near $1.40 and might aim for more upsides.

  • XRP price started a fresh surge above the $1.40 resistance level.
  • The price is now trading above $1.350 and the 100-hourly Simple Moving Average.
  • There is a new connecting bearish trend line forming with resistance at $1.450 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is showing positive signs and might extend its rally above the $1.450 resistance.

XRP Price Holds Gains

XRP price formed a base above $1.250 and started a fresh increase. There was a move above the $1.350 and $1.40 resistance levels. It even pumped above the $1.50 level, beating Ethereum and Bitcoin in the past two days.

A high was formed at $1.6339 before there was a pullback. The price dipped below the $1.50 support level. A low was formed at $1.3007 and the price is now rising. There was a move above the 23.6% Fib retracement level of the downward move from the $1.6339 swing high to the $1.3007 low.

The price is now trading above $1.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.420 level. The first major resistance is near the $1.450 level.

There is also a new connecting bearish trend line forming with resistance at $1.450 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $1.6339 swing high to the $1.3007 low.

XRP Price

The next key resistance could be $1.500. A clear move above the $1.50 resistance might send the price toward the $1.5550 resistance. Any more gains might send the price toward the $1.620 resistance or even $1.650 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.

Are Dips Limited?

If XRP fails to clear the $1.450 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3450 level. The next major support is near the $1.320 level.

If there is a downside break and a close below the $1.320 level, the price might continue to decline toward the $1.300 support. The next major support sits near the $1.240 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $1.4200 and $1.4000.

Major Resistance Levels – $1.4500 and $1.5000.



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