{"id":436624,"date":"2020-08-28T23:00:17","date_gmt":"2020-08-28T23:00:17","guid":{"rendered":"https:\/\/ktsl888.com\/?p=436624"},"modified":"2024-06-11T13:10:25","modified_gmt":"2024-06-11T13:10:25","slug":"heres-how-low-cardano-ada-may-plunge-before-starting-its-next-uptrend","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/heres-how-low-cardano-ada-may-plunge-before-starting-its-next-uptrend\/","title":{"rendered":"Here\u2019s How Low Cardano (ADA) May Plunge Before Starting Its Next Uptrend"},"content":{"rendered":"<p>Cardano (ADA) has been struggling to maintain its momentum in recent weeks, with the hype surrounding the launch of the Shelley mainnet upgrade beginning to fade.<\/p>\n<p>This has had dire implications for ADA\u2019s price, which has been struggling to maintain the intense uptrend that it has previously been caught within.<\/p>\n<p>Analysts are noting, however, that the <a href=\"https:\/\/ktsl888.com\/2020\/08\/27\/bitcoin-must-clear-11500-for-rally\/\">cryptocurrency<\/a> is finally nearing what is being described as the \u201csweet spot\u201d that may ultimately allow it to reverse its multi-week descent and begin forming a new leg higher.<\/p>\n<p>One analyst is specifically looking towards a 30% bounce in the near-term, which will only come about if it can maintain above a crucial level.<\/p>\n<p>That being said, because the flood of announcements that were previously driving it higher have since dissipated, there\u2019s a possibility that investors will start taking profits and cycling them into projects with greater near-term momentum.<\/p>\n<h2><strong>Cardano\u2019s Strong Multi-Month Uptrend Stalls as Analysts Watch for Dip to Crucial Support<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/ktsl888.com\/2020\/08\/25\/bitcoin-drops-below-11500-as-crypto-market-sees-sharp-collapse\/\">Cardano<\/a> is trading up just over 3% at its current price of $0.11. This marks a notable upswing from recent lows of $0.10 that were set at the bottom of yesterday\u2019s selloff.<\/p>\n<p>It is important to note that this selloff proved to be incredibly short-lived and came about as a result of Bitcoin plunging from $11,600 to lows of $11,150.<\/p>\n<p>This movement sent shockwaves throughout the market, and while BTC has recouped all of its losses, ADA is still trading slightly below its daily highs of $0.112 that were set just before yesterday morning\u2019s dip.<\/p>\n<p>One analyst is now <a href=\"https:\/\/twitter.com\/ColdBloodShill\/status\/60204032\" rel=\"nofollow\">noting<\/a> that he is watching for a dip towards $0.09 before he jumps back into the cryptocurrency, as he is calling this a \u201csweet spot\u201d for long-biased swing trades.<\/p>\n<blockquote><p>\u201c7 long weeks of waiting for ADA. Looking for the sweet spot.\u201d<\/p><\/blockquote>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"aligncenter size-large wp-image-436625\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/CBS.jpg?fit=860%2C860\" alt=\"Cardano ADA\" loading=\"lazy\"><\/p>\n<pre>Image Courtesy of Cold Blooded Shiller. Chart via <a href=\"https:\/\/www.tradingview.com\/symbols\/ADAUSD\/\" rel=\"nofollow\">TradingView.<\/a><\/pre>\n<h2><strong>Trader: Holding This Key Price Level Could Allow ADA to See a 30% Surge<\/strong><\/h2>\n<p>Another trader explained in a recent tweet that the cryptocurrency is currently holding above a crucial mid-term support level that it has formed against its <a href=\"https:\/\/ktsl888.com\/2020\/08\/27\/bitcoin-plunges-ahead-of-powells-speech-analyst-expects-further-dips\/\">BTC trading pair<\/a>.<\/p>\n<p>He notes that a continued hold above this level could be enough to propel Cardano by as much as 30% against BTC in the near-term.<\/p>\n<blockquote><p>\u201cSkipped the first point of interest, but getting at the crucial level already. Holding in green and we might see a 30% bounce,\u201d he explained.<\/p><\/blockquote>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"aligncenter size-large wp-image-436626\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Michael-15.png?fit=860%2C860\" alt=\"\" loading=\"lazy\"><\/p>\n<pre>Image Courtesy of Crypto Michael. Chart via <a href=\"https:\/\/www.tradingview.com\/symbols\/ADAUSD\/\" rel=\"nofollow\">TradingView.<\/a><\/pre>\n<p>Where Cardano trends next may depend somewhat on whether or not Bitcoin and Ethereum\u2019s near-term price action continues providing an ideal backdrop for altcoins to rally against.<\/p>\n<pre>Featured image from Unsplash.\r\nCharts from <a href=\"https:\/\/www.tradingview.com\/symbols\/ADAUSD\/\" rel=\"nofollow\">TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Cardano (ADA) has been struggling to maintain its momentum in recent weeks, with the hype surrounding the launch of the Shelley mainnet upgrade beginning to fade. This has had dire implications for ADA\u2019s price, which has been struggling to maintain the intense uptrend that it has previously been caught within. Analysts are noting, however, that the cryptocurrency is finally nearing what is being described as the \u201csweet spot\u201d that may ultimately allow it to reverse its multi-week descent and begin forming a new leg higher. One analyst is specifically looking towards a 30% bounce in the near-term, which will only come about if it can maintain above a crucial level. That being said, because the flood of announcements that were previously driving it higher have since dissipated, there\u2019s a possibility that investors will start taking profits and cycling them into projects with greater near-term momentum. Cardano\u2019s Strong Multi-Month Uptrend Stalls as Analysts Watch for Dip to Crucial Support At the time of writing, Cardano is trading up just over 3% at its current price of $0.11. This marks a notable upswing from recent lows of $0.10 that were set at the bottom of yesterday\u2019s selloff. It is important to note that this selloff proved to be incredibly short-lived and came about as a result of Bitcoin plunging from $11,600 to lows of $11,150. This movement sent shockwaves throughout the market, and while BTC has recouped all of its losses, ADA is still trading slightly below its daily highs of $0.112 that were set just before yesterday morning\u2019s dip. One analyst is now noting that he is watching for a dip towards $0.09 before he jumps back into the cryptocurrency, as he is calling this a \u201csweet spot\u201d for long-biased swing trades. \u201c7 long weeks of waiting for ADA. Looking for the sweet spot.\u201d Image Courtesy of Cold Blooded Shiller. Chart via TradingView. Trader: Holding This Key Price Level Could Allow ADA to See a 30% Surge Another trader explained in a recent tweet that the cryptocurrency is currently holding above a crucial mid-term support level that it has formed against its BTC trading pair. He notes that a continued hold above this level could be enough to propel Cardano by as much as 30% against BTC in the near-term. \u201cSkipped the first point of interest, but getting at the crucial level already. Holding in green and we might see a 30% bounce,\u201d he explained. Image Courtesy of Crypto Michael. Chart via TradingView. Where Cardano trends next may depend somewhat on whether or not Bitcoin and Ethereum\u2019s near-term price action continues providing an ideal backdrop for altcoins to rally against. Featured image from Unsplash. Charts from TradingView.<\/p>\n","protected":false},"author":499,"featured_media":436269,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896,3,4],"tags":[79516,14643,79508],"class_list":["post-436624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","category-news","category-analysis","tag-adabtc","tag-adausd","tag-adausdt"],"acf":[],"yoast_head":"\n<title>Here\u2019s How Low Cardano (ADA) May Plunge Before Starting Its Next Uptrend<\/title>\n<meta name=\"description\" content=\"Analysts are noting that Cardano is nearing a \u201csweet spot\u201d that may ultimately allow it to reverse its multi-week descent.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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