Fun

News Feed - 2023-07-14 11:07:27

Yashu Gola9 hours agoWhy is Cardano price up today?Cardano price has rallied substantially as traders see its potential of bypassing the SEC"s regulatory threats based on the recent Ripple win.11055 Total views50 Total sharesListen to article 0:00Altcoin WatchJoin us on social networksThe price of Cardano (ADA) has soared in the past 24 hours as traders assess the impact of Ripple"s legal win on the broader cryptocurrency market."ADA isn"t a security"


On July 14, ADA price rose 6% to $0.379, its highest level in over a month, only to pare some of those gains as traders booked profits.


Nonetheless, ADA/USD was up around 20% on a 24-hour timeframe, boosted by the euphoria of Ripple"s legal win against the U.S. Securities and Exchange Commission (SEC).ADA/USD daily price chart. Source: TradingView


Notably, a federal judge ruled on July 13 that XRP (XRP) sales on public crypto exchanges complied with U.S. securities laws. The ruling provided fodder for cryptocurrencies — that the SEC had accused of being securities — to defend themselves in court. 


Related: XRP ruling a ‘watershed moment,’ but we’re not out of the woods yet — Lawyers


ADA is one of those cryptocurrencies; it fell by as much as 45% in June after the SEC deemed it as security in its lawsuits against crypto exchanges Binance and Coinbase. But now, Cardano"s token has erased almost all of those losses.If $XRP isn't a security...$ETH isn't a security$BNB isn't a security$ADA isn't a security$SOL isn't a security$MATIC isn't a security$ATOM isn't a security$FIL isn't a security$ICP isn't a security

And so on...

Not a legal opinion, just common sense.

gg GG— Chris Burniske (@cburniske) July 13, 2023 Cardano whales are napping


However, whales appear to have stood by as ADA price saw double-digit gains in the last 24 hours.


For instance, the number of daily ADA transactions exceeding $100,000 on the network has risen to its highest count since June.The number of Cardano whale transactions exceeding $100K on a daily basis. Source: Santiment


At the same time, the Cardano supply held by the 100,000-100 million ADA balance cohort was flat during the price rally. Meanwhile, the 100 million-1 billion ADA balance cohort (green) rose sharply due to the decline in the 1 billion-infinity ADA token cohort (gray).Cardano supply distribution. Source: Santiment


In other words, the richest ADA holders may have been selling (or redistributing) their holdings during the price rally.What"s next for Cardano"s price?


From a technical perspective, ADA price risks entering a consolidation or correction period in the coming days as its big rally left it "overbought."


Related: Can XRP price hit $1? Watch these levels next


On July 14, ADA"s daily relative strength index (RSI) crossed above 70, the "overbought" threshold. 


In addition, ADA/USD tests a multi-month trendline (orange) and the 200-day exponential moving average (200-day EMA; the blue wave) near $0.35 as resistance, which limits its upside potential.ADA/USD daily price chart. Source: TradingView


So if the bears manage to pull the price down significantly, ADA price could test $0.32 in July — also its support level from October 2022-November 2022 and January 2023-March 2023.


Additional selloffs can take Cardano down further down to $0.30 in July, down 12.5% from current price levels.ADA price double bottom?


Conversely, the bulls will argue for their case by zooming out. Notably, ADA price appears to be forming a classic bullish reversal pattern on the weekly candle chart — with a potential price target 150% higher than today"s. 


Dubbed the double bottom, the pattern develops when the price forms two local lows in a row followed by a sharp rebound toward a common neckline resistance. The price can rally by as much as the pattern"s maximum height after it breaks above the neckline. ADA/USD weekly price chart. Source: TradingView


In other words, the Cardano bulls will target $0.45 by the end of 2023 based on such a scenario.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Altcoin# Federal Reserve# Banking# Ripple# SEC# XRP# Markets# Interest Rate# Cardano# Tech Analysis# Market Analysis# Altcoin WatchAdd reactionAdd reactionRelated NewsWhat is NFT rarity, and how to calculate it?Demand is driving the price of Bitcoin to $130KHow to use index funds and ETFs for passive crypto incomeWhy is XRP price up today?Why is Cardano price down today?Why is Litecoin’s price down today?

News Feed

OKX Ventures invests in Web3 ‘play ARPG to train AI’ game Blade of God X
Tristan Greene7 hours agoOKX Ventures invests in Web3 ‘play ARPG to train AI’ game Blade of God XThe game is currently available in early access on the Epic Games Store.1142 Total views5 Total sharesListen to article
Judge approves delaying forfeiture of donations from FTX-funded PACs
Turner Wright5 hours agoJudge approves delaying forfeiture of donations from FTX-funded PACsFormer FTX CEO Sam Bankman-Fried reportedly donated roughly $40 million directly to political candidates and PACs in 2022 before
Helen Partz10 hours agoEOS Foundation urges creditors to reject $22M Block.one settlementThe EOS Network Foundation has called on plaintiffs to drop the $22-million settlement with Block.one weeks after initiating a new
Jesse Coghlan2 hours agoNorth Carolina House passes bill to commission study on holding BitcoinThe study would examine the possible impact of holding crypto and how the state would custody digital currency.1416 Total vie
‘Pretty ordinary stuff’ — Traders seem unfazed by Bitcoin correction
Ciaran Lyons5 hours ago‘Pretty ordinary stuff’ — Traders seem unfazed by Bitcoin correctionCrypto traders are stressing that the Bitcoin price correction is “exactly what the cycle needs” right now.8089 Total v
‘We have to get rid of the folks who are in the way’ — Senators speak at Bitcoin 2024
Christopher Roark1 hour ago‘We have to get rid of the folks who are in the way’ — Senators speak at Bitcoin 2024The two Republican senators claimed that if their party wins control of the Senate, they will stop the
Mastercard Enhancing Program for Cryptocurrency Wallets and Exchanges
Mastercard Enhancing Program for Cryptocurrency Wallets and Exchanges Payments giant Mastercard has announced that its crypto card program is being enhanced for
Ana Paula Pereira6 hours agoBlockchain adoption continues unabated — Bloomberg analystBlockchain adoption has been "unabated" throughout bull and bear markets over the past years, says Bloomberg analyst Jamie
Ezra Reguerra19 minutes agoSecurity platforms warn about hidden phishing and wallet drainer linksCybersecurity professional Christian Seifert gave an example on how Discord"s measure against malicious links can be abused
India, UAE Collaborate to Boost Cross-Border Central Bank Digital Currency Transactions
India, UAE Collaborate to Boost Cross-Border Central Bank Digital Currency Transactions India’s central bank, the Reserve Bank of India (RBI), and the Central Bank of the United
Report: Pakistan Can Generate $90 Million Annually if It Introduces a 15% Tax on Crypto Transactions
Report: Pakistan Can Generate $90 Million Annually if It Introduces a 15% Tax on Crypto Transactions Pakistan can generate tax revenues of at least $90 million each year if authori
XRP To Maintain Price Rally As Whales Reload Amidst Price Dip- Details
Este artículo también está disponible en español. In the last week, the price of XRP increased by 35% as the general crypto market maintains a stellar performance stretch