Connect with us

Altcoins

Cardano Price Swings 6% Amidst Downfall: Silver Lining or Calm Before the Storm?

Published

on

Cardano price has posted significant losses over the past few weeks in the wake of a decline in the cryptocurrency market sentiment and risk appetite. The asset has crashed by more than 5% in the past week and nearly 27% in the past three months. Even so, the cryptocurrency was trading higher on Wednesday, with its total market capitalization up by more than 5.62% for the day. The total volume of the ADA token traded over the last 24 hours increased by 17%.

Fed Concerns

The cryptocurrency market was in the green on Wednesday, breaking slightly higher from its bearish trajectory recorded in the past week. The overall crypto market cap has increased by 3% over the last day to $1.07 trillion, while the total crypto market volume jumped by 42.40%. Crypto bigwigs, Bitcoin and Ethereum were trading nearly 4% higher at $26,582 and $1,685, respectively. The Cardano price jumped by nearly 6% over the same period.

Even so, the Crypto Fear and Greed Index shows a decline in market sentiment in the sector, indicating that the bearish trend will likely continue in the short term. The Index reading on Wednesday was a Fear level of 34, pointing to a decline in global risk appetite and an increase in selling pressure.

The selloff in the cryptocurrency market has also been contributed by the possibility of further hikes by the US Federal Reserve. The central bank hiked its rates by a quarter percentage point in its July meeting, after a pause in June. Minutes published by the Federal Open Market Committee (FOMC) last week, suggested that another interest rate hike is possible in 2023.

“With inflation still well above the Committee’s longer-run goal and the labor market remaining tight, most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy,” the meeting summary stated.

Even so, markets seem to believe that the Fed is less likely to raise rates than the central bank suggests itself. The CME FedWatch Tool shows that based on interest rate futures, there’s an 88.5% chance of another pause in rate hikes in September.

Cardano Price Prediction

The daily chart shows that the Cardano price has been on a steep decline for the past few weeks, failing to gather momentum to yield a rebound above the crucial level of $0.2785. The asset remains below the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages. Its Relative Strength Index has moved slightly above the signal line but remains below the neutral level, while the MACD indicator remains in the red.

As such, the Cardano price is likely to drop further in the short term as bears eye the next important support levels at $0.2520 and $0.2205. On the flip side, a move above the bullish support level at $0.2785 might pave the way for a bullish breakout to the 50-day EMA.

ADA Price Chart

Altcoins

Cardano Price Needs to Clear Major Hurdle at $0.2785 for a Bullish Breakout

Published

on

By

Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.

Fundamentals

Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.

The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.

Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…

Continue Reading

Altcoins

Dogecoin Price: Eyes are on the Key Inflation Data

Published

on

By

Dogecoin price has posted significant losses over the past few weeks amid bearish crypto market sentiment. The digital asset has slumped by 18.65% in the month to date and more than 13% in the year to date. Additionally, Dogecoin has shed more than 5% in the past week in the wake of a dull market. The asset’s total market cap has declined over the last day to $8.59 billion, ranking DOGE 8th after Solana. The total volume of the digital currency traded over the same period has also decreased by more than 18%.

Economic Concerns

Dogecoin price has been in the red for the past few weeks against the backdrop of weak market sentiment, a decline in risk appetite, and macroeconomic concerns. The overall crypto market cap has also been on a downward trajectory, with the crypto market cap down to $1.03 trillion, its lowest level since June. The total crypto market volume has decreased by more than 18% over the last 24 hours.

Traders have been in jitters over the past few weeks in the wake of global economic uncertainty. Data released on Wednesday showed that the UK economy contracted by 0.5% in July, ahead of the 0.2% expected. The Bank of England (BoE) is expected to raise its interest rates by 0.25% to 5.5% in its meeting next week in a bid to curb the high inflation rates. Ahead of the BoE, the European Central…

Continue Reading

Altcoins

XRP Price Dips Further in the Wake of Regulatory Challenges

Published

on

By

XRP price has been under intense pressure for the past few weeks, moving in tandem with the general crypto market movements. The asset has crashed by more than 20% in the month to date and 7% in the past week. XRP’s total market cap has plunged to $26 billion over the past few weeks, with the total volume of the asset traded over the last day down by 11%.

Regulatory Concerns

XRP price has posted significant losses over the past few weeks amid the bearish crypto market sentiment and regulatory concerns in the sector. The global crypto market cap has been under immense pressure over the past few weeks, with the overall crypto market cap inching lower to $1.04 trillion. The premier cryptocurrency, Bitcoin, has been struggling below the crucial level of $26,000 over the past few days, weakening the crypto market outlook.

Major altcoins, including Ethereum, Solana, Dogecoin, and Cardano, among others, have also succumbed to the general market outlook, dipping by more than 3% each. The Crypto Fear and Greed Index, which measures the key emotions driving the crypto market, is currently at a fear level of 35, pointing to an increase in selling pressure.

The legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs has also been weighing on the XRP price. The XRP price jumped by more than 70% in July after a federal judge ruled…

Continue Reading

Trending