BTC and altcoins produced the occasional relief rally, but technical analysis suggests that the prevailing trend will remain bearish for some time to come.
Cardano is a blockchain-based smart contract platform that aims to compete against similar platforms such as Ethereum, Tezos, and EOS, among others, through a more modular, layered protocol that runs on a proof-of-stake consensus algorithm called Ouroboros.
Identifying itself as a third-generation blockchain and cryptocurrency system following Bitcoin and Ethereum, Cardano’s development is quite different from its competitors in that it is heavily informed by theoretical, peer-reviewed research before implementation in software.
Its native cryptocurrency, ADA, is named after Ada Lovelace, a 19th-century writer and mathematician who has been referred to as the world’s first computer programmer.
Cardano’s development is backed by three companies: IOHK, a blockchain R&D company founded by Charles Hoskinson and Jeremy Wood; the Cardano Foundation, a nonprofit dedicated to Cardano adoption and development; and Emurgo, a venture capital firm based in Japan.
Cardano-based accelerator program Genius X continues to attract ADA delegators after the launch of its ISPO.5383
Ailing stock markets continue to impact crypto prices and technical analysis suggests BTC is at risk of falling below its recent $25,500 low.13437
BTC and most altcoins are facing strong selling at the top of each rally, but the short-term downside could be limited since Bitcoin bulls keep buying each dip.13018
Traders are hopeful that Bitcoin can stage a relief rally within the $30,000 to $35,000 range, but selling at resistance could still keep BTC and altcoins in a strong bear trend.16902
A mix of fundamental and technical indicators suggests more pain for Cardano bulls ahead.12395
Sentiment analysis running across a year’s worth of tweets has found that Ether is Twitter’s least favorite cryptocurrency of five studied, while Dogecoin received the most affection.12668
The implosion of the Terra ecosystem appears to be manifesting contagion that is negatively impacting Bitcoin and altcoins.24786
BTC and many altcoins are fast approaching the “capitulation phase,” which is typically followed by the market finding a bottom.19207
Bitcoin and most altcoins could remain volatile in the short-term due to the Fed’s decision, warranting caution from traders.13528
Strong ADA accumulation among whales is also in progress, according to on-chain data.9346
BTC and altcoins are holding at their current support levels, but this week’s comments from the Federal Reserve could be a determining factor in short-term price action.10587
Bitcoin’s inability to hold above $40,000 has traders now targeting extreme lows in the $25,000 zone, a move that would be absolutely deadly for most altcoins.16936
BTC and select altcoins could be gearing up for an oversold move, but traders beware, it's likely to be a dead cat bounce.10443
Bitcoin and select altcoins are attempting a recovery, but the most likely outcome of any breakout is strong selling at higher levels.11471