The Cardano price is stable but under pressure. Although the coin is trending around all-time highs, it is feeble above $1 and may crack if bears flow back.
As of Mar 9, the ADA price is down 11 percent week-to-date against the greenback with magnified losses versus Bitcoin and Ethereum over the same period, losing a ballpark 21 percent.
Nonetheless, the ADA/USD price remains in an uptrend, up an impressive 26X year-to-date, shaking off bear pressure over the last trading months. Additionally, the coin’s liquidity is within range. Even if trading volumes have been shrinking over the last few days, ADA’s average daily trading volumes are above $3.4 billion, slightly down on the previous day.
Cardano hasn’t had such low volume since back in January right before it went from .33 to $1.00 pic.twitter.com/skotB11K4S
— Dan | CCV | ⚡️ (@cryptorecruitr) March 9, 2021
Cardano Price Overview
Buyers may be upbeat, but the ADA price is directionless as of writing on Mar 9. From the daily chart, prices are tethering close to the middle BB, a reliable, flexible support level, soaking sell pressure over the last few days.
Presently, losses below the 20-day moving average could see the ADA/USD price plunge to around $0.65, halving as a result. On the other hand, gains above $1.25 may see buyers flock back, driving prices to an all-time new high above Feb 2021 highs.
Still, considering the candlestick arrangement, traders cannot discount the possibility of protracted consolidation within the $0.65 and $1.25 range in the coming days. The middle BB—a multi-month support flexible line, is also significant because of how ADA prices have reacted in the last three months.
Any breakout above the zone may see another tear higher—to above $2.45. It is the Fibonacci extension level of ADA’s 2018 to 2021 trade range. On the flip side, the ADA price may retrace deeply to $0.40 in a retest of January 2021 highs—or the 78.6 percent Fibonacci retracement level of the same trade range.
Cardano Market Movers
The project aims to eventually launch an alternative, highly scalable, peer-reviewed financial smart contracting platform rivaling Ethereum.
The network is currently decentralizing. Over 90 percent of transaction validation is under the control of network validators.
#Cardano is now 90% decentralized! It will reach 100% decentralization on March 31st. 🌏
— Aleksandra Huk (@HukAleksandra) March 7, 2021
Staking pools will fully be in charge by the end of March:
Currently, 90% of the blocks are produced by the stake pools.
Cardano is transitioning from federated system operated by its creators to a decentralised system operated by a community of stake pool operators.#Cardano #ADA pic.twitter.com/qMmyKgzaCc
— Cardano Pro News (@CardanoPro) March 8, 2021
Complete decentralization precedes smart contracting and Alonzo. It is the final hard fork combinator culminating in Goguen. Analysts believe ADA will soar with projects launching dApps on the scalable platform.
Goguen era has 3 parts: Allegra, Mary and Alonzo. 2 done, 1 to go. Alonzo is the third and final step to complete the full activation of the #Goguen (smart contracts). This will be a killer in #Cardano roadmap!
— Carolin Taling (@carolintaling) March 8, 2021
At the same time, it is one of the most organically searched projects on CoinMarketCap (CMC):
— Darren N ☘🇮🇪 (@CryptoIRELAND1) March 8, 2021
More people are creating ADA wallets:
After the price dropped we see wallet creation going down a bit but it is still pretty high. Today I expect about 6,000.
Staked ADA is up again, 7 days average already over 11M. Same counts for % of staked wallets, this is significantly going up.
— Pieter Nierop (@nierop_pieter) March 7, 2021
Cardano Price Analysis
The ADA price remains on an uptrend. However, this is provided the ADA/USD price ranges above $1 and volumes increase.
From the daily chart, the middle BB offers immediate support. A break below this level with relatively high trading volumes exceeding those of Feb 27 may see the ADA price tank to $0.65. The zone between $0.40 and $0.65 flashes with the 61.8 and 78.6 percent Fibonacci retracement levels of the 2018 to 2021 trade range. They offer support if ADA prices slip below $1 as bears take charge.
On the flip side, gains above February 2021 high may spark more demand. This may lift the coin to $2.45—the 1.618 Fibonacci extension level of the 2018 to 2021 trade range.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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