Price Analysis

Is Cardano Price Staging a Comeback After 7% Surge In 3 Days?

Driven by positive network developments, particularly the success of its Hydra scaling solution, the Cardano price is in an uptrend.
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Is Cardano Price Staging a Comeback After 7% Surge In 3 Days?

Highlights

  • Cardano could see a 15% breakout if it surpasses key resistance.
  • Hydra has done more transactions in 3 days than the Bitcoin lightning network in one year.
  • Algorand Foundation CTO complements Cardano’s Hydra DOOM success at RareEvo.

Cardano price may be staging a comeback, as the price has already surged 7.5% in the last three days, all while the Bitcoin price bounced between $58,000 and $61,000. This data reveals that the Cardano network developments have begun to impact price, especially compared with other high-priced coins belonging to relatively low-performing chains. ADA dropped from the top 10 and subsequently lost its 11th spot for Tron, but if the price action of Cardano continues like this, it may jump back into the top cream.

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Exchange Netflows Reveal Future of Cardano Price

Investors’ confidence in Cardano is gaining traction, as reflected in the ADA exchange netflows. But before that, Cardano’s Hydra is outperforming the Bitcoin Lightning network, according to the latest data from the Hydra DOOM game at the RareEvo blockchain event. 

Following the Hydra success, Cardano has gained much traction with the crypto community, and traders are using the hype to book profits in their trades. 

Cardano’s price increased by 3.8% over the last 24 hours, trading at $0.3522, which is nearing a critical point in its price action history.

In the meantime, Cardano exchange netflows reveal current investor sentiment to be bullish, as Coinglass data shows a negative netflow of $5.73 million worth of ADA on August 20. 

This is the largest withdrawal event since the August 5 market crash and signals that investors are choosing to hold on to their coins in anticipation of higher prices.

Additionally, the ADA open interest (OI) increased by 5% over the last 24 hours. Coupled with the rising price, it signals that Futures traders are opening longs, which is bullish.

Overall, positive network developments, combined with optimistic investors, is a recipe for an explosive rally. Cardano price is expected to make higher highs soon.

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ADA Price Analysis: $0.36 Marks The Last Stand

ADA price actions broke out from a descending wedge on August 20, a bullish reversal signal. This suggests that a new uptrend could be starting.

ADA is likely to find major resistance at $0.3612, which coincides with the 200-day EMA, and beyond that, at $0.4054. The previous resistance before the breakout, near $0.3480, now acts as support. If the price pulls back, this level could provide buying opportunities.

The price is still below the 200 EMA (black line), indicating that while a breakout has occurred, the overall longer-term trend remains bearish until this level is reclaimed.

The MACD histogram shows increasing positive momentum, and the MACD line (blue) crossed above the signal line (orange), further confirming the bullish reversal. This suggests a continuation of the upward move.

If Cardano price manages to break and hold above the 200 EMA at around $0.3712, it could signal a more sustained move upward. In this case, longer-term positions could target higher resistance levels, such as $0.4500.

Cardano Price Analysis Chart

If the price of ADA fails to hold above the $0.3480 level, it may signal market weakness and result in more downside, invalidating the bullish thesis. Consider closing long positions and reassessing for potential downside to $0.3300 and $0.3222.

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Related Articles

Frequently Asked Questions

What is the significance of Cardano’s Hydra network?

Hydra, Cardano's scaling solution, processed more transactions in three days than Bitcoin's Lightning Network did in a year, boosting confidence and driving a recent price surge.

Is the current uptrend in ADA sustainable?

The uptrend could be sustainable if ADA manages to break and hold above the 200-day EMA at around $0.3712.

What should traders consider if ADA fails to hold its support levels?

If ADA fails to hold above the $0.3480 support level, traders should consider closing long positions as it may signal market weakness.
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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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