Cardano (ADA) Approaches The $0.3 Resistance: What Lies Ahead?
14 August 2023 - 7:20PM
NEWSBTC
The journey of Cardano (ADA) toward reclaiming the $0.3 price level
seems to be growing more challenging in the days ahead, as the
cryptocurrency grapples with persistent bearish pressure. After
successfully managing to hold the line at $0.3 during the latter
part of July, the digital asset encountered a setback in early
August when this crucial support level split, potentially paving
the way for further price declines. The $0.3 mark not only
signifies a March low but also acted as a pivotal resistance point
during the months of June and July. This level demonstrated its
resilience by transforming into a support level in late July and
early August. Nevertheless, the breach experienced in early August
did not immediately send ADA into a downward spiral. Related
Reading: Shiba Inu Steals The Spotlight, Leaving Bitcoin Behind In
A Week Of Price Surges However, recent price analysis reveals a
concerning development: a retest of this level followed by a price
rejection has formed a bearish order block (OB) on the daily chart.
Founder’s Jab At Ethereum Adds Intrigue Amidst ADA Struggles
Meanwhile, Charles Hoskinson, the visionary founder of Cardano, has
thrown shade at Ethereum, a primary rival in the cryptocurrency
landscape. I remember when we were brutally mocked by the ETH Devs
about the design of Ouroboros. Goodtimes — Charles Hoskinson
(@IOHK_Charles) August 12, 2023 Hoskinson’s remarks were sparked by
a video clip in which Ethereum developer Justin Drake commented on
staking, likening it to sausage-making and suggesting that
understanding the intricate process could lead to disillusionment.
Hoskinson’s use of the colloquialism underscores his perspective on
Ethereum’s staking mechanism. Some interpreted his comment as a
candid critique of the opacity surrounding Ethereum’s staking
process, hinting at potential undesirable aspects hidden beneath
the surface. Ethereum’s own founder, Vitalik Buterin, has
previously expressed reservations about staking Ether due to
security and operational complexities, providing a backdrop to
Hoskinson’s dig. ADA market cap currently at $10.19 billion. Chart:
TradingView.com Cardano Market Performance At present, ADA is
trading at approximately $0.290, according to CoinGecko data. Over
the last 24 hours, the cryptocurrency has remained flat, while its
value has decreased by a measly 0.5% over the past seven
days. Cardano price action today. Source: Coingecko As the
broader cryptocurrency market continues to navigate through
volatility, Cardano’s ability to regain its foothold at the $0.3
level remains a pivotal factor in determining its short-term
trajectory. Related Reading: Toncoin (TON) Throws Weight Around To
Lead Weekend Top 20 With 22% Rally Cardano’s struggle to recapture
this price level amidst ongoing bearish pressure is a matter of
growing concern. The recent breach of this crucial support level,
coupled with a bearish order block formation, underscores the
challenges ahead. In addition, Hoskinson’s subtle critique of
Ethereum’s staking process adds an intriguing layer to ADA’s
narrative, as the cryptocurrency community keenly watches its path
forward in a dynamic and evolving landscape. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
image from Analytics Insight
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