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<p>Cardano (ADA) has recently faced significant downward pressure, testing the critical $0.360 support zone. However, the cryptocurrency is now showing signs of recovery, with the potential to attempt breaking through the $0.400 resistance level.</p>
<h2 id="h-bullish-trend-line-formation">Bullish Trend Line Formation</h2>
<figure></figure>
<p>Notably, a bullish trend line is forming with support around $0.3760, indicating a possible upward momentum if the $0.400 barrier is breached.</p>
<h2 id="h-reclaiming-key-levels">Reclaiming Key Levels</h2>
<p>In the wake of broader market downturns affecting major cryptocurrencies like Bitcoin and Ethereum, Cardano (ADA) has also experienced a notable decline. After failing to sustain above the $0.450 mark, ADA fell below the $0.400 support level, eventually testing the $0.360 floor.</p>
<h2 id="h-initiating-a-minor-recovery-phase">Initiating a Minor Recovery Phase</h2>
<p>The recent trough at $0.360 initiated a minor recovery phase, pushing prices above the $0.3750 region. This uptrend allowed ADA to reclaim the 50% Fibonacci retracement level from its descent between the $0.4204 peak and the $0.3600 low.</p>
<h2 id="h-potential-rebound-indicators">Potential Rebound Indicators</h2>
<p>An emerging bullish trend line offers hope, with support identified near the $0.3760 level on the ADA/USD hourly chart. However, the journey upward is impeded by multiple resistance levels. ADA remains under the $0.400 benchmark and the 100-hourly simple moving average, presenting a significant challenge.</p>
<h2 id="h-overcoming-the-0-400-resistance">Overcoming the $0.400 Resistance</h2>
<p>Immediate resistance is positioned around the $0.3980 zone, aligning with the 61.8% Fibonacci retracement level of the prior decline from $0.4204 to $0.3600. The critical resistance of $0.400 must be surpassed to sustain the upward momentum. Overcoming this resistance opens the path to the next major obstacle at $0.410, potentially igniting a robust rally towards $0.4250 or even $0.450.</p>
<h2 id="h-risks-of-further-decline">Risks of Further Decline</h2>
<p>If ADA fails to secure a position above the $0.400 resistance, it may face renewed bearish pressure. The immediate support area lies at $0.3850, with stronger support around the $0.380 level, reinforced by the bullish trend line. A decisive break below these levels could pave the way for a downturn towards $0.3650 or even deeper to $0.360 support.</p>
<h2 id="h-positive-technical-indicators">Positive Technical Indicators</h2>
<p>The hourly MACD for ADA/USD is gaining traction in the bullish zone, while the hourly RSI has moved above the 50 threshold, signaling a potential shift in market sentiment.</p>
<p><strong>Read Also:</strong> <a target="_blank" href="https://www.fxcryptonews.com/will-cardano-outgrow-bitcoin-charles-hoskinson-asserts/">Will Cardano Outgrow Bitcoin? Charles Hoskinson Asserts</a></p>
<p>Cardano (ADA) is at a critical juncture, balancing between recovery and further declines. The price action in the coming days will be crucial in determining whether ADA can overcome the formidable $0.400 resistance or succumb to renewed selling pressure. Investors should closely monitor these key levels and indicators to navigate the potential opportunities and risks effectively.</p>
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				<p><strong>Disclaimer:</strong> The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.</p>
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FxCryptoNews

Cardano (ADA) at a Pivotal Moment: Will It Break Free from the $0.400 Resistance?

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<li><b>Cardano’s co-founder Charles Hoskinson recently reminded the ADA skeptics that major network upgrades will propel its adoption exponentially. </b></li>
<li><b>The ongoing crypto bearish outlook has pushed ADA price against the US dollar to further losses, with a major rebound on the horizon.</b></li>
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<p><span>Cardano (ADA), a legacy layer one (L1) blockchain with vibrant web3 development, has attracted more than $225 million in total value locked (TVL) and over $18 million in stablecoins market cap. However, the Cardano network has faced stiff competition from other L1 blockchains led by Telegram-backed Toncoin (TON), which recently dethroned ADA among the top ten most valuable digital assets.</span></p>
<p><span>Additionally, the Cardano network has been outstripped by other smart contract-oriented blockchains such as Solana (SOL), BSC, Ethereum (ETH), and recently Ripple-backed XRPL. However, Hoskinson recently </span><a target="_blank" href="https://www.crypto-news-flash.com/cardano-founder-says-ada-is-about-to-undergo-biggest-change-in-history-what-is-it/"><span>reminded</span></a><span> the Cardano skeptics that tons of community Dapps are growing rapidly and reiterated that ADA is here to stay. </span></p>
<h3><b>Voltaire Era of Cardano on the Horizon</b></h3>
<p><span>Since its inception, the Cardano network has undergone four stages of its development roadmap including Byron, Shelly, Goguen, and Basho. With the notable development of the scalability infrastructure to optimize the interoperability of its web3 projects, the Cardano network is now preparing for its development phase dubbed Voltaire, which is a needed piece to ensure a self-sustaining system.</span></p>
<p><span>According to a weekly Cardano </span><a target="_blank" href="https://www.essentialcardano.io/development-update/weekly-development-report-as-of-2024-06-14"><span>update</span></a><span> on network developments, some improvements to the SanchoNet resources page, including updated links to diverse reference materials were made available.</span></p>
<p><span>Meanwhile, the Cardano development team continues to work on the Ouroboros Leios, Ouroboros Genesis, UTXO-HD, and LSM. In addition to notable developments on the Mithril networks, the Cardano network is more than ready for the next phase of mainstream adoption.</span></p>
<h3><b>Is ADA Ready for Spot ETF Approval?</b></h3>
<p><span>Following the recent approval of spot Ethereum exchange-traded funds in the United States, market experts are confident of an inevitable approval of an </span><a href="https://www.crypto-news-flash.com/ripple-ceo-predict-etfs-for-ripple-xrp-solana-and-cardano-ada/" target="_blank"><span>ADA spot ETF</span></a><span>. Moreover, the demand for digital assets to hedge against the ever-rising global fiat inflation has placed ADA in a better position to attract institutional funds.</span></p>
<p><span>The Cardano ecosystem has, however, faced immense criticism for lagging in emerging markets such as meme coins and inscriptions. </span></p>
<p><span>The final verdict of the Cardano adoption by institutional investors will be its ability to tokenize real-world assets (RWA), such as bonds and stocks.</span></p>
<h3><b>Market Picture</b></h3>
<p><span>Amid the ongoing crypto market correction led by Bitcoin (BTC) that dipped below $66k in the past week, ADA price has dropped over <span>10%</span> in the past week to trade around 40 cents on Monday, June 17, 2024.</span></p>
<p><span>From a technical standpoint, ADA price against the US dollar has been forming a macro megaphone, which signals further downside pressure ahead before an inevitable rebound. If the bearish sentiments persist in the coming weeks, ADA price is likely to find a support range between 36 cents and 38 cents, which coincides with the 1.618 daily Fibonacci Extension.</span></p>
<hr /><h6>Recommended for you:</h6>
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<p>This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.</p>			</article><section>
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Crypto News Flash (EN)

Cardano and Voltaire: Advancing Core Technology and Community Governance

<div> <p><span>Cardano (ADA), once heralded as a blockchain revolution, is currently facing a troubling future outlook. Market analysts and traders are closely monitoring ADA, as signs suggest a potential plunge to $0.38. This prediction is rooted in a combination of market dynamics, technical analysis, and broader economic factors impacting the cryptocurrency space.</span></p> <p><span>An examination of Santiment’s data revealed a substantial apparent link between the price of ADA and network activity. ADA exchanged hands at $0.41 at the time of publication. In the past 30 days, there has been a decline of 14.25%.</span></p> <p><span>The value of ADA could plummet to $0.40 if the number keeps going down. Under extremely pessimistic conditions, the token’s price could drop to $0.38.</span></p> <p><span>In addition to the previously mentioned statistic, the Weighted Sentiment is a further signal that may impact the token’s value. The online perception that market participants have of a project is displayed through Weighted Sentiment.</span></p> <p><span>Positive readings indicate that most discussions are bullish. On the other hand, a low sentiment score suggests that many comments are unfavorable. Cardano chose the latter.</span></p> <p><span>It was also noted that similar to the active addresses, the sentiment reading had reached its lowest point in three months. If respite is absent, the ADA may have concerns.</span></p> <p><span>The cryptocurrency market has been experiencing significant volatility, with major assets like Bitcoin and Ethereum fluctuating dramatically. Cardano has not been immune to these shifts, and its price action has reflected broader market trends. Recently, ADA has struggled to maintain its value, slipping below key support levels and failing to regain upward momentum.</span></p> <p><span>Technical analysis provides a concerning picture for ADA. The recent price movements have seen Cardano fail to break through critical resistance levels, indicating weakened buying pressure. Key indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) have been showing bearish signals. The RSI, which measures the speed and change of price movements, has been hovering in the oversold territory, suggesting that selling pressure may continue. The MACD, a trend-following momentum indicator, has also crossed into bearish territory, reinforcing the negative sentiment around ADA.</span></p> <p><span>Further compounding these concerns, Cardano’s price has formed a descending triangle pattern on the charts. This bearish formation typically indicates a potential for further downside. The triangle’s base at approximately $0.38 has become a focal point for traders. Should ADA breach this level, it could signal a significant decline, potentially confirming the predicted plunge.</span></p> <p><span>Beyond technical indicators, market dynamics are also playing a crucial role in shaping Cardano’s outlook. The broader cryptocurrency market has been under pressure from regulatory developments, particularly in major economies like the United States and China. Increased scrutiny and potential regulatory crackdowns on crypto activities have spooked investors, leading to heightened uncertainty and risk aversion.</span></p> <p><span>Cardano’s ecosystem development, while progressing, has faced criticism for its pace. Competitors like Ethereum and Solana have been rapidly advancing, securing more decentralized applications (dApps) and greater adoption. Cardano’s slower rollout of key features, such as smart contracts, has led to frustration among some investors and developers, potentially contributing to the negative sentiment.</span></p> <p><span>Moreover, macroeconomic factors such as inflation concerns and potential interest rate hikes by central banks have influenced the investment landscape. Risk assets, including cryptocurrencies, are often the first to experience sell-offs when economic uncertainty looms. As traditional markets brace for possible monetary tightening, the ripple effects are felt across the crypto space, with Cardano being no exception.</span></p> <p><span>On-chain metrics for Cardano also highlight challenges. The total value locked (TVL) in Cardano’s DeFi ecosystem remains relatively low compared to its competitors. This lower TVL reflects a slower adoption rate of its DeFi offerings, which is critical for sustaining price levels and investor confidence. Additionally, transaction volumes and active addresses on the Cardano network have shown signs of stagnation, further signaling a lack of robust user engagement.</span></p> <p><span>Despite these challenges, it’s worth noting that the cryptocurrency market is inherently volatile and sentiment-driven. While the current outlook for ADA appears bearish, shifts in market sentiment, positive news, or significant developments within the Cardano ecosystem could alter the trajectory. Investors and traders must remain vigilant, continuously assessing both technical indicators and fundamental developments.</span></p> <p><span>A decline from the top 10 according to market capitalization is one conceivable outcome. Cardano’s market capitalization as of this writing was $14.73 billion.</span></p> <p><span>Momentum is measured by the RSI. An asset is considered overbought if its value is greater than 30. Conversely, values below 30 suggest that an item has been overpriced.</span></p> <p><span>At the time of publishing, the ADA/USD chart’s RSI was 40.77. It indicated a bearish momentum since it was below the 50.00 midpoint. The values of the Fibonacci retracement supported this claim.</span></p> <p><span>This indicator displays particular price points that may serve as a token’s support or resistance. The 23.6% Fib level was $0.40 at the time of writing. This suggests that shortly, ADA might return to that level.</span></p> <p><span>The next goal, though, might be $0.43, the location of the 78.6% Fib level, if the price rises.</span></p> </div>

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Cardano in peril: Will ADA price crash to $0.38?

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