Cardano (ADA) is a blockchain-based platform that allows developers to build decentralized applications (dApps) and smart contracts. Created by Charles Hoskinson, one of the co-founders of Ethereum to address some of the scalability and interoperability issues faced by existing blockchain networks.<\/p>\n
Given the asset\u2019s potential, ADA has gained a lot of attention in the crypto community over the years. However, lately, many investors and traders have wondered about the crypto\u2019s next move<\/a> amid the uncertainty in the crypto market.\u00a0<\/p>\n In the past week, Cardano (ADA)<\/a> has seen some significant bearish price action. The asset crashed in the past 7 days with the price down by nearly 20%<\/a>. This bearish trend can be attributed to several factors, including the ongoing downtrend in the market.\u00a0<\/p>\n However, despite the bearish trend, ADA may be poised for a bullish breakout, according to the asset\u2019s price chart. On the 1-day time frame, Cardano has just tapped into an order block indicating a likely reversal (upward movement).<\/p>\n An order block is basically the last bullish or bearish candle before the formation of a significant move in the market. It refers to a price level where a large number of buy<\/a> or sell orders are clustered, creating a significant level of support or resistance.\u00a0<\/p>\n Large institutional traders, hedge funds, or other market participants who place big buy or sell orders at a specific price level create order blocks. An identified order block at a certain price level may be that price will bounce off that level and move in the opposite direction.\u00a0<\/p>\n In this case, ADA could form a reversal to the upside<\/a> given the asset tapping into the order block at the $0.37 region. Though it is uncertain when ADA will execute the reversal, it could happen soon given the precision in the chart.<\/p>\n Meanwhile, at the time of writing, ADA bears seem exhausted as the asset has only been down only 0.2% in the last 24 hours. ADA currently trades at $0.38, slightly above the above-identified order block price level.\u00a0<\/p>\n Should ADA continue an opposite direction to the upside and not invalidate the marked out order block. ADA\u2019s price could tap into major highs such as the one at the $0.46 zone.<\/p>\n Technicalities aside, Cardano also has some fundamentals that could be a part of its possible bullish breakout. An instance is the Snowmantastic NFT project transition from the Ethereum network to the Cardano network<\/a>.<\/p>\n Snowmantastic has collaborated with over 200 projects in the industry. Its transition to Cardano could drive a huge amount of investors into this ecosystem, therefore, increasing the native\u2019s token price in the long run.\u00a0<\/p>\n On the Cardano network, we can already see a similar scenario where the accumulation of ADA is on the rise. According to a chart shown<\/a> by the popular crypto analyst, Ali Chart, on April 1, the number of large transactions on Cardano reached 4,000.\u00a0\u00a0<\/p>\n By April 13, the transactions climbed up nearing 5,000. The analyst noted,<\/p>\n Large ADA transactions are on the rise, suggesting that Cardano network activity is heating up as institutional players and whales make their moves. This is a bullish sign supporting the ADA uptrend!<\/p>\n Featured image from iStock.com, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Cardano (ADA) is a blockchain-based platform that allows developers to build decentralized applications (dApps) and smart contracts. Created by Charles Hoskinson, one of the co-founders of Ethereum to address some of the scalability and interoperability issues faced by existing blockchain networks.<\/p>\n Given the asset\u2019s potential, ADA has gained a lot of attention in the crypto community over the years. However, lately, many investors and traders have wondered about the crypto\u2019s next move<\/a> amid the uncertainty in the crypto market.\u00a0<\/p>\n In the past week, Cardano (ADA)<\/a> has seen some significant bearish price action. The asset crashed in the past 7 days with the price down by nearly 20%<\/a>. This bearish trend can be attributed to several factors, including the ongoing downtrend in the market.\u00a0<\/p>\n However, despite the bearish trend, ADA may be poised for a bullish breakout, according to the asset\u2019s price chart. On the 1-day time frame, Cardano has just tapped into an order block indicating a likely reversal (upward movement).<\/p>\n An order block is basically the last bullish or bearish candle before the formation of a significant move in the market. It refers to a price level where a large number of buy<\/a> or sell orders are clustered, creating a significant level of support or resistance.\u00a0<\/p>\n Large institutional traders, hedge funds, or other market participants who place big buy or sell orders at a specific price level create order blocks. An identified order block at a certain price level may be that price will bounce off that level and move in the opposite direction.\u00a0<\/p>\n In this case, ADA could form a reversal to the upside<\/a> given the asset tapping into the order block at the $0.37 region. Though it is uncertain when ADA will execute the reversal, it could happen soon given the precision in the chart.<\/p>\n Meanwhile, at the time of writing, ADA bears seem exhausted as the asset has only been down only 0.2% in the last 24 hours. ADA currently trades at $0.38, slightly above the above-identified order block price level.\u00a0<\/p>\n Should ADA continue an opposite direction to the upside and not invalidate the marked out order block. ADA\u2019s price could tap into major highs such as the one at the $0.46 zone.<\/p>\n Technicalities aside, Cardano also has some fundamentals that could be a part of its possible bullish breakout. An instance is the Snowmantastic NFT project transition from the Ethereum network to the Cardano network<\/a>.<\/p>\n Snowmantastic has collaborated with over 200 projects in the industry. Its transition to Cardano could drive a huge amount of investors into this ecosystem, therefore, increasing the native\u2019s token price in the long run.\u00a0<\/p>\nCardano (ADA) Possible Bullish Breakout<\/h2>\n
Fundamentals That Could Contribute To ADA\u2019s Breakout<\/h2>\n
Cardano (ADA) Possible Bullish Breakout<\/h2>\n
Fundamentals That Could Contribute To ADA\u2019s Breakout<\/h2>\n