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Crypto Analyst Explains How Cardano ($ADA) Price Could Get to $5

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Cryptocurrency trader and analyst Michaël van de Poppe says he believes the price of Cardano (ADA) has the potential to surge to the $5 mark based on technical analysis.

The analyst’s words came in a recently published video, first spotted by Daily Hodl, in which he said the price of the fourth-largest cryptocurrency by market capitalization, ADA, could surge to $5 per coin. In the video, after analyzing BTC’s price chart, van de Poppe said Cardano has been continuously making higher lows.

He added that if ADA manages to break through its resistance at the $1.8 mark, Cardano could surge to $3.35 based on an analysis of its Fibonacci zones. While the cryptocurrency could keep on ranging in the near future, a breakout is possible. ADA is, at press time, trading at $1.71, according to CryptoComapre data.

Its support, the analyst said, needs to hold onto its support at around 4,000 satoshis in the ADA/BTC pair so it can have further upside against the flagship cryptocurrency. Per van de Poppe, Cardano is “one of the strongest altcoins out there.”

On social media, the popular analyst also looked at several other altcoins, including Tezos, Chainlink, Reserve Rights, and Avalanche. In his analysis, the analyst said that Avalance (AVAX) “got crushed” compared to other altcoins during the recent market correction, but it has the potential to resume bullish momentum in the AVAX/BTC pair if it breaks above the 0.00061 BTC area.

Looking at Chainlink (LINK), the analyst noted that against BTC the cryptocurrency has managed to climb back above crucial moving averages that if it manages to hold could see it rally by over 40% in the near future. Harmony (ONE), he said, is still in a “bullish cycle, as it’s done a beautiful retest” at a support zone it managed to hold.

Tezos (XTZ), according to the analyst, is at a critical point as it’s crossing its 100-day and 200-day moving averages. If it manages to remain above them it will continue with its bullish momentum.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT
Featured image via Pixabay

Source: https://www.cryptoglobe.com/latest/2021/06/crypto-analyst-explains-how-cardano-ada-price-could-get-to-5/

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Mapping out Ethereum’s DeFi ecosystem

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September 22, 2021, 3:32AM EDT

• 46 min read

Quick Take

  • Despite potential regulatory concerns surrounding the Decentralized Finance (DeFi) vertical and subsequent stablecoins that power much of its ecosystem, DeFi has been the most popular deal type amongst investors for the majority of 2021
  • The DeFi vertical has received nearly $1.3 billion investment across 275 funding rounds, with Ethereum-based applications receiving a significant percentage of that capital from January to August
  • In total, Ethereum’s DeFi ecosystem has amassed at least 320 startups and protocols across 14 verticals, which The Block has mapped out below
  • This ecosystem map has been UPDATED from here

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Source: https://www.theblockresearch.com/mapping-out-ethereums-defi-ecosystem-2-118188?utm_source=rss&utm_medium=rss

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Commodity strategist predicts Bitcoin ETF could get the nod in US next month

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Bloomberg Intelligence Commodity Strategist Mike McGlone believes it is only a matter of time before the U.S. Securities and Exchange Commission (SEC) approves the country’s first Bitcoin exchange-traded fund (ETF).

In an interview with Stansberry Investor host Daniela Cambone on Sept. 21, McGlone asserted that Canada is extending a competitive lead over the United States after approving Bitcoin ETFs from 3iQ and Coinshares in April.

He emphasized that capital is flowing from the U.S. to Canada’s institutional crypto products, including from Cathie Wood’s Ark Invest. However, he believes that lawmakers in the United States will not want to miss out for much longer.

When asked about a timeframe on potential U.S. Bitcoin ETF approval, McGlone said it could happen “potentially by the end of October.” He maintained that it was likely to be a futures-backed product first, adding that it would open a “legitimization window for a massive amount of money inflow.”

McGlone also reiterated the latest report from Bloomberg Intelligence that stated Bitcoin prices hitting $100,000 was a possibility this year, and this would be driven by the approval of an ETF.

Crypto YouTuber Lark Davis shares McGlone’s price targets, observing that in previous bull markets in 2013 and 2017, the latter quarters saw huge price rallies.

Related: Canadian Bitcoin ETFs quickly hit $1.3B in AUM while US acceptance lags

The SEC is currently yet to approve a crypto ETF despite the number of applications it has received from prospective issuers continuing to mount.

Earlier this month, multinational financial services firm Fidelity Investments, lobbied the SEC to approve an ETP arguing that Bitcoin markets have already reached maturity under the regulator’s own standards.


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Source: https://cointelegraph.com/news/commodity-strategist-predicts-bitcoin-etf-could-get-the-nod-in-us-next-month

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TA: Ethereum Topside Bias Vulnerable If It Struggles Below $3K

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Source: https://www.newsbtc.com/analysis/eth/ethereum-struggles-below-3k/

Ethereum settled below the $3,000 support zone against the US Dollar. ETH price could resume its decline unless there is a clear break above the $3,000 resistance zone.

  • Ethereum started a fresh decline below the $3,100 and $3,000 support levels.
  • The price is now trading below $3,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its decline unless there is a clear break above the $3,000 resistance zone.

Ethereum Price Remains At Risk

Ethereum started another decline from the $3,100 resistance zone. ETH traded below many important support zones near $3,000 and the 100 hourly simple moving average, similar to bitcoin.

The price even broke the $2,800 support level to move further into a bearish zone. A low is formed near $2,651 and the price is now correcting losses. There was a break above the $2,800 and $2,850 resistance levels.

The price recovered above the 23.6% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. An immediate resistance on the upside is near the $2,880 level. There is also a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. A close above the $3,000 resistance could start a decent recovery. The next major resistance might be near the $3,105 level. A clear break and close above the $3,105 level could start a steady increase. The next major resistance sits near $3,135 and the 100 hourly SMA.

More Losses in ETH?

If ethereum fails to correct higher above the $2,880 and $3,000 resistance levels, it could start another decline. An initial support on the downside is near the $2,800 level.

The next major support seems to be forming near the $2,650 level. A downside break below the $2,650 support zone could lead the price towards the $2,550 zone. The next major support is near the $2,500 level, below which ether price might decline towards the $2,420 support zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is still below the 50 level.

Major Support Level – $2,650

Major Resistance Level – $3,000

Source: https://www.newsbtc.com/analysis/eth/ethereum-struggles-below-3k/

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