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Cardano, Uniswap, Chainlink Price Analysis: 2 June

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Cardano vs Ethereum competition will only get fierce over the coming months. ADA withstood extreme bearish pressure in the recent past and noted a strong surge. It was among the few alts holding on to its price despite volatility seen in the crypto market.

Cardano [ADA]

Source: ADAUSD on TradingView

After failing to breach resistance at $1.83 on 2 June, ADA was trading at $1.77. Visible Range indicator suggested there was not much trading activity taking place at this level but the price has remained within $1.63 and $1.83 for the second consecutive day. The bullishness in the market may have supported the current price, as the point of control also remained much lower at $1.23.

As ADA consolidated between $1.63 and $1.83, 50 Moving Average was also inching closer to the candlesticks. This could offer additional support in case the price turns around. However, chances of a price swing were scanty at this point as the market lost momentum. The restricted price movement has squeezed the momentum out of the market as Awesome Oscillator remained at zero. This lack of momentum could also confirm further consolidation in ADA market.

Uniswap [UNI]

Source: UNIUSD on TradingView

Decentralized Finance [DeFi] projects were lauded for resisting the changing trends in crypto market. Uniswap’s UNI was among the defi tokens that swiftly bounced back from the loss and was trading at $27.94. The surging price coincided with the signal line as it noted the rise of bullishness in the UNI market.

Even though the asset remained 38% under its all-time high of $44.92, the market was seeing more money entering. Chaikin Money Flow that was in the negative when the price collapsed, now moved on to the positive territory and was showing a sharp rise. Traders were eagerly buying the digital asset at the current value to stabilize the market. This was also highlighted by the Relative Strength Index that took off from the oversold zone and remained close to equilibrium.

ADA may continue to trade in its current range unless there was a shift in volatility.

Chainlink [LINK]

Source: LINKUSD on TradingView

Unlike most other alts undergoing a period of consolidation, Chainlink market suggested a bearish hold on the price. LINK traded at $30.51 as it rejected resistance at $33. The 50 Moving average hovering over its price was an indication of the downward pressure on the value.

The Fibonacci retracement tool was useful in spotting the dominant price levels in the market and currently, $30 looks like a crucial level to hold on to. But the Directional Movement Index suggested LINK may breach support at $30 and head lower.

The +DI has remained under the -DI since the sudden crash on 19 May. Since then, whenever LINK price tried to push higher, it was immediately pulled down. As price was already falling, the dominance of -DI could result in LINK’s price moving to test support at $23.


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Source: https://ambcrypto.com/cardano-uniswap-chainlink-price-analysis-2-june/

Blockchain

Ethereum, MATIC, Solana Price Analysis: 22 June

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With a depreciation of 8.1% in 24 hours, the global crypto-market cap fell to 1.31 trillion at press time. Following Bitcoin’s footsteps, most altcoins in the market have been struggling within the bearish zone throughout the weekend. Ethereum and Solana, for instance, fell below their respective support levels. MATIC, on the contrary, while it moved south too, stayed above its support. 

Ethereum [ETH]

Ethereum failed to stay afloat above the $2,250 support level, with the alt trading at $1902 at press time. In case the coin doesn’t fall further, it could see resistance near $2055. The second-largest coin by market capitalization noted a decline of 27.2% over the past week. 

ETH’s charts pictured a bearish crossover on 15 June and despite the price recovering slightly on 20 June, the MACD’s histogram underlined bearish momentum. The Bollinger Bands diverged in the early hours of 21 June, meaning that there could be a hike in price volatility. 

The Chaikin Money Flow neared the equilibrium mark – A finding that predicted an even amount of capital outflows and inflows. Alas, at press time, capital outflows slightly exceeded inflows. 

MATIC

MATIC showed promising recovery from 12 June to 15 June post the crypto market crash. However, it failed to hold on to the same momentum and prices dipped soon after. Worth noting though that the alt had not breached its crucial support level of $1.04, unlike other altcoins, at the time of writing when MATIC was priced at $1.06. 

A slight dip in prices would mean that MATIC too would break past the $1.04 support level. The Bollinger Bands were observed to be diverging, a sign of steep price volatility in the near term.  

Finally, the MACD’s histogram gave bearish signals for the whole week while the Awesome Oscillator suggested that bearish momentum was building up. That being said, it did read a few scattered bullish trading sessions in between. 

Solana [SOL]

SOL breached its $31 support level in the last 24 hours and then broke past its $24 support level too. It was priced at $23.66, at the time of writing. The alt somehow had managed to recover briefly in the last 48 hours, however, it did see a decline of 24.1% soon after. 

The market has been seeing intense selling pressure over the last few days. At press time, the coin had fallen below the 30-mark on the Relative Strength Index, a development which meant that the alt had hit the oversold and undervalued zone. 

The Awesome Oscillator suggested that bearish momentum was continuing to build up on the charts. Finally, the widening of the Bollinger Bands projected a hike in price volatility. 


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/ethereum-matic-and-solana-price-analysis-22-june

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Blockchain

With Groundbreaking Cardano Smart Contracts Now In Motion – Here’s A Look At What’s Coming For ADA

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'Greenish' Cardano Next Most Likely To Hit $100 Million Market Valuation

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Cardano developers and its worldwide community are preparing for the highly-anticipated launch of smart contracts, which will be enabled by Cardano’s native smart contract language Plutus and the latest planned upgrade, Alonzo.

The smart contract implementation project is expected to raise the value of ADA even further than its all-time high price of $2.46 achieved on May 16, 2021.

ADAUSD Chart By TradingView

According to Cardano developers, the upcoming Alonzo hard fork will finally allow Dapp developers to deploy different kinds of smart contracts on its platform.

“The Alonzo hardfork will bring exciting and highly-anticipated new capabilities to Cardano through the integration of Plutus scripts onto the blockchain.”

Cardano’s parent company IOHK explains Plutus contracts as consisting of “parts that run on the blockchain (on-chain code) and parts that run on a user’s machine (off-chain or client code).”

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After the successful launch of its Mainnet, the Shelley Network in July 2020, Hoskinson promised that Cardano would have thousands of dApps running in a year’s time.

Cardano’s Track Record Speaks For Itself

Cardano’s founder, Charles Hoskinson considers Cardano to be a third-generation blockchain-based technology that uses the Proof-of-Stake consensus algorithm and therefore the best and truly decentralized blockchain platform.

Despite having no smart contracts, Cardano’s popularity stems from having multiple successful launches that sequentially introduce new functionalities (upgrades) to ultimately support the launch of different smart contracts.

In early March, Cardano successfully implemented the Mary hardfork to enable users to create new tokens and carry out multi-asset transactions directly on the Cardano blockchain, like its native ADA coin.

Other hard forks include Byron (wallet support), Shelley (staking, decentralization, multi-assets functionality), Goguen (smart contracts support), Basho (scalability, optimization), and Voltaire (smooth governance).

Apart from solving the high energy consumption, scalability, and interoperability limitations associated with Proof of Work platforms, Cardano recently announced an ongoing research project to solve the high transaction costs challenge on Ethereum and Bitcoin networks.

According to a Tweet by one of the top supporters and Cardano Pool operators Cardanians.io, the launch of smart contracts on the platform is going to push it further ahead of its competitors, regardless of the market season.

“Only more 70 days until we see smart contracts on #Cardano. If fundamentals are strong, the project can grow during a bear market.”

As reported by ZyCrypto, one of the earliest projects to be considered for development on the platform is a dApp version of Shopify, to help over 500,000 merchants accept or make payments in ADA.

Cardano as a Top Ethereum-Killer

Cardano’s goal is to be the ultimate blockchain ecosystem that aims to provide the perfect, evolving platform for decentralized applications worldwide but offers stiff competition to other similar platforms like Ethereum and  Polkadot.

Its remarkable features include the ERC20 converter, an interoperability function that would enable Ethereum-based tokens to run on Cardano. This would allow Ethereum users to migrate their tokens to Cardano and continue using them on Cardano-based dApps.

Ethereum is the biggest dApps ecosystem, with over 4,000 smart contracts depending on it, which weighs heavily on its POW system, leading to network congestion and out-of-control gas fees.

Cardano has also shown keen interest in expanding its operations in Africa, with two of its biggest partnerships in the continent being with the governments of Ethiopia and Tanzania.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/with-groundbreaking-cardano-smart-contracts-now-in-motion-heres-a-look-at-whats-coming-for-ada/

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Blockchain

Cardano: Can this cushion the mounting bearish pressure?

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Cardano has garnered much attention from the crypto community due to constant network upgrades over the past few months. After the successful Mary hard fork, Cardano now aims at bringing smart contract to its system via the highly anticipated Alonzo upgrade. Its first-ever smart contract written in Plutus went live on the Alonzo Testnet a week ago.

While these developments were certainly immune and separate from a bearish broader market, its native cryptocurrency, ADA, was not.

Weekly losses piled up to over 30% as sellers ramped up pressure in the ADA market. The cryptocurrency suffered a sharper decline once a breakout above $1.61 was rejected during the last week of trade.

Cardano Daily Chart

Source: ADA/USD, TradingView

Since the broader market crash, ADA has been unable to rise above its upper ceiling of $1.88. Bullish momentum fizzled out as ADA failed to breach this resistance and sellers have dictated market movement since. Its latest attempt at a revival came via a breakout attempt above $1.61 but the 20-SMA acted as a resistance mark and denied further upside. With prices nosediving further over the last 24 hours, focus now shifted to its 19 May swing low of $0.95.

Reasoning

ADA was on a tight rope as it approached a defensive mark of $0.95. This region not only formed a support mark ranging all the way to early Feb, but was also bolstered by the presence of the 200 Simple Moving Average line. The Relative Strength Index moved in the oversold region and a reversal was expected over the coming days. Stochastic RSI even showed a bullish crossover and suggested that the trend could shift in favor of buyers.

If a reversal is triggered at $0.95, ADA could witness an ascent back towards $1.15. Visible Range’s point of control lay within this area and an extended rise was unlikely. However, traders must also be wary of breakdown as well. Failing to cut losses at $0.95 could result in a further 30% decline towards $0.673. According to Awesome Oscillator’s red bars, such a move was not within the realms of possibility.

Conclusion 

With losses accumulating in the market, ADA now resorted to its defensive line of $0.95. The 200-SMA moved within this zone and strengthened its defensive capabilities. A temporary pickup towards $1.15 can be expected once buyers return to the broader market but the threat of an extended sell-off cannot be discounted as well.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/cardano-can-this-cushion-the-mounting-bearish-pressure

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