As a seasoned analyst with over two decades of experience observing the ever-evolving cryptospace, I must admit that the upcoming Cardano Summit in Buenos Aires has me both intrigued and cautious. The potential for Charles Hoskinson’s post-Voltaire roadmap announcement to boost ADA price is certainly tantalizing, but the current market dynamics are giving me pause.
As an analyst, I’m observing that the price of Cardano might experience some fluctuations in the near future, given Charles Hoskinson’s upcoming roadmap unveiling at the Buenos Aires Cardano Summit. Last week, it had a promising upward trend, but it has seen a decline over the weekend, thus thwarting a potential breakout and causing it to slip back out of the top 10 rankings yet again.
Can Charles Hoskinson’s Post-Voltaire Roadmap Boost Cardano Price?
Charles Hoskinson, the founder of Cardano, announced via his Twitter that he would be skipping the Foundation Summit in Dubai in favor of attending the Cardano Summit taking place in Buenos Aires, Argentina instead.
Just a heads up, I won’t be able to attend the Foundation Summit in Dubai as I’ll instead be participating in the Cardano Summit in Buenos Aires, Argentina. Additionally, I’m honored to keynote alongside President Milei at the same event.
I’ll present on the future of Cardano. It will be livestreamed for…
— Charles Hoskinson (@IOHK_Charles) September 29, 2024
On October 19th, Hoskinson was invited to deliver a keynote speech at TechForum Argentina. He expressed his eagerness to utilize this opportunity and stage to discuss the future of Cardano, specifically the roadmap following Voltaire. Hoskinson is thrilled about this engagement as he will be speaking alongside Argentina’s pro-Bitcoin president, Havier Milei.
Generally, positive announcements tend to boost the value of cryptocurrencies, but that’s not the case with ADA. In fact, the ADA price has decreased by 2.1% over the past 24 hours and is currently being traded at $0.3853.
Moreover, the asset appears to have forsaken the earlier expected escape from a descending trendline and is presently moving lower. This downward trend might persist in the immediate future, considering the Coinglass ADA short liquidation chart indicates that Short positions have overtaken Long positions.
Given its current position with 9.16 million holders shorting and 4.35 million holding long positions, it seems that the price of Cardano may yield to selling pressure, potentially dropping until it encounters a robust area of support.
On the daily chart for Cardano, you’ll find a zone approximately 18% lower than the current price, which is roughly $0.31.
ADA Price Analysis: Cardano Targets $0.31
Investors and traders are keeping a close eye on a significant support level approximately 18% lower than the current price, which is roughly $0.31. This level assumes great importance because the resistance above has become more dense due to recent price rejections. As shown in the Coinglass chart, most short positions are found between $0.388 and $0.4, making it tough for ADA to surpass this range.
Furthermore, this area aligns with the 200-day exponential moving average (EMA), making it an even more robust barrier for potential price increases.
From another perspective, due to alignment with the 50-day Exponential Moving Average (EMA), the price of Cardano might temporarily stabilize around $0.36. If this EMA provides support, the price could rebound and attempt to challenge the 200-day EMA resistance again.
If the 50-day Exponential Moving Average (EMA) can’t prevent a drop in Cardano’s price, it might decrease further to approximately $0.31, representing an 18% fall from its current value. Furthermore, if the price temporarily rebounds from the 50-day EMA but doesn’t exceed the 200-day EMA, there’s a possibility that it will create a double-top bearish reversal pattern—a clear signal of potential downward price action. This could potentially drive the ADA price down to around $0.25, which is near the lower boundary of its channel.
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2024-09-30 17:16