- Cardano is stuck in consolidation above $2 despite key development milestones.
- Terra almost closed the gap to $40, but overhead pressure soared, leading to an ongoing retracement to $36.
Cardano stabilized above $2 in the last week, with its frequent recovery attempts ending unsuccessfully. Nonetheless, Cardano’s development activity is on an upward trajectory, with stablecoins likely to come to the ecosystem in the future.
According to the founder, Charles Hoskinson, Cardano will in the future be able to run countries. In addition, the network that currently supports smart contracts is looking forward to critical partnerships that will see it expand its footprint in the industry and grow utility.
Meanwhile, the cryptocurrency market has started the new month in the red, despite ending September in the green. Bitcoin lifted to close the gap at $44,000, but as reported, bulls lacked a catalyst to confirm a breakout above this level. At the moment, BTC trades around $43,500 while bulls focus on stopping declines below $43,300.
Cardano:-
ADA is trading at $2.1 at the time of writing, with the sideways trading likely to carry on in the near term. The Moving Average Convergence Divergence (MACD) affirms the mundane trading as it levels at -0.062. This horizontal movement suggests that the market is undecided and emphasized by a similar Relative Strength Index (RSI) picture.
Cardano will confirm the uptrend to the supply zone in red around $2.5 if bulls make a real break past the descending trendline. On the downside, the bearish move may break the stalemate, resulting in immense losses under the demand zone in green. More support is expected at the 200 SMA and $1.5.
Trending Stories
ADA/USD 12-Hour Chart
Terra:-
Terra made a run for $40 on Thursday amid an impressive bullish push from the highlighted green demand zone support. A break above a descending trend line resistance boosted the price above the resistance at $38.
Although bulls eyed highs above $40 which would bring the token to the all-time high at $44, LUNA retreated on hitting $39. At writing, the token trades at $37 as bulls rush to secure higher support.
LUNA/USD 2-Hour Chart
Meanwhile, support is expected at the 50 SMA, currently holding the ground at $36. If push comes to shove, Terra will retest the descending trend line before losing more ground to the primary demand zone in the green.
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
