{"id":481304,"date":"2022-01-17T22:00:23","date_gmt":"2022-01-17T22:00:23","guid":{"rendered":"https:\/\/uniquehot.com\/?p=481304"},"modified":"2022-01-17T18:39:56","modified_gmt":"2022-01-17T18:39:56","slug":"cardano-hits-bottom-what-you-should-consider-before-rushing-into-ada","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/cardano\/cardano-hits-bottom-what-you-should-consider-before-rushing-into-ada\/","title":{"rendered":"Cardano Hits Bottom? What You Should Consider Before Rushing Into ADA"},"content":{"rendered":"<p>Cardano managed to enter the top 5 cryptocurrencies by market cap and take the number 4 position, not including USDT. The cryptocurrency has seen important appreciation in 24 hours (5%) and during the past week (25%) following an explosion in its ecosystem.<\/p>\n<p style=\"text-align: center\"><strong>Related Reading | <\/strong><strong><a href=\"https:\/\/uniquehot.com\/news\/cardano\/cardanos-ecosystem-explodes-why-ada-could-be-quick-to-resume-bullish-trend\/\" target=\"_blank\" rel=\"noopener \">Cardano\u2019s Ecosystem Explodes, Why ADA Could Be Quick To Resume Bullish Trend<\/a><\/strong><\/p>\n<p>As of press time, ADA trades at $1.47 as it bounces up its lows in the 4-hour chart.<\/p>\n<figure id=\"attachment_481327\" aria-describedby=\"caption-attachment-481327\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-481327 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/01\/Cardano-ADA-ADAUSDT-1.png?resize=860%2C404\" alt=\"Cardano ADA ADAUSDT\" width=\"860\" height=\"404\"><figcaption id=\"caption-attachment-481327\" class=\"wp-caption-text\">ADA trends to the upside in the 4-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/1GNYms9y\/?symbol=BINANCE%3AADAUSDT\" target=\"_blank\" rel=\"noopener nofollow\">ADAUSDT Tradingview<\/a><\/figcaption><\/figure>\n<p>Cardano was heavily impacted by recent months price action in the crypto market. After reaching an all-time high north of $2,20, the cryptocurrency lagged and dipped back into its critical support zone just above $1.<\/p>\n<p>Economist Micha\u00ebl van de Poppe believes ADA has begun an upward trend after bouncing back from the lows with continuation but could yet present a buying opportunity. The analyst has been bullish on ADA for a while and believes $1 will remain critical support.<\/p>\n<p>As seen below, Cardano (ADA) has constantly bounce back from these levels on every major dropped including March and July 2021 when the entire crypto market saw a crash of over 50%.<\/p>\n<figure id=\"attachment_481326\" aria-describedby=\"caption-attachment-481326\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-481326 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/01\/Cardano-ADA-ADAUSDT-1.jpg?resize=860%2C294\" alt=\"Cardano ADA ADAUSDT\" width=\"860\" height=\"294\"><figcaption id=\"caption-attachment-481326\" class=\"wp-caption-text\">ADA&#8217;s critical levels in the daily chart. Source: Micha\u00ebl van de Poppe via YouTube<\/figcaption><\/figure>\n<p>At the moment, ADA\u2019s price approaches resistance near $1.53 and could yet give traders an opportunity to take a long position. Van de Poppe <a href=\"https:\/\/www.youtube.com\/watch?v=KtgAMF8kVfM\" target=\"_blank\" rel=\"noopener nofollow\">claimed<\/a> the following on Cardano\u2019s potential future price action:<\/p>\n<blockquote><p>If you want to get into Cardano and you didn\u2019t really get the chance you were looking for (\u2026). In that case, we are looking at long entries at the lower boundaries so around $1.3. We are looking at support here on a daily timeframe.<\/p><\/blockquote>\n<p>On lower timeframes, van de Poppe believes traders shouldn\u2019t be chasing positions, but $1.41 could provide an \u201caggressive\u201d opportunity to take a long. In that sense, Cardano must break above $1.55 to continue its bullish momentum.<\/p>\n<h2>Cardano Experiences Ecosystem Explosion<\/h2>\n<p>Even if ADA manages to break above the aforementioned resistance, the price could form a consolidation zone above those levels which could present a more efficient opportunity to take a long position. Should Cardano sustain those levels, its price could start targeting former highs at around $2 and $2.33.<\/p>\n<p>Although Cardano has been trading with more strength than some of the other cryptocurrencies in the market, Bitcoin must maintain its current levels or trend upside to prevent ADA for re-testing its support levels. At the moment, Bitcoin seems to be leaning for more downside for the short term.<\/p>\n<p>ADA\u2019s recent bullish price action seems to have been driven due to a growth in the number of projects building on the network. As NewsBTC reported a week ago, there are currently over 200 projects leveraging the network smart contract capabilities.<\/p>\n<p style=\"text-align: center\"><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/news\/cardano\/cardano-enter-babbage-era\/\" target=\"_blank\" rel=\"noopener \">Cardano Set To Enter The Babbage Era After Alonzo HFC Milestone<\/a><\/strong><\/p>\n<figure id=\"attachment_481325\" aria-describedby=\"caption-attachment-481325\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-481325 size-medium\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/01\/Cardano-ADA-ADAUSDT.jpg?resize=460%2C297\" alt=\"Cardano ADA ADAUSDT\" width=\"460\" height=\"297\"><figcaption id=\"caption-attachment-481325\" class=\"wp-caption-text\">Source: Input Output Media via Twitter<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Cardano managed to enter the top 5 cryptocurrencies by market cap and take the number 4 position, not including USDT. The cryptocurrency has seen important appreciation in 24 hours (5%) and during the past week (25%) following an explosion in its ecosystem. Related Reading | Cardano\u2019s Ecosystem Explodes, Why ADA Could Be Quick To Resume Bullish Trend As of press time, ADA trades at $1.47 as it bounces up its lows in the 4-hour chart. Cardano was heavily impacted by recent months price action in the crypto market. After reaching an all-time high north of $2,20, the cryptocurrency lagged and dipped back into its critical support zone just above $1. Economist Micha\u00ebl van de Poppe believes ADA has begun an upward trend after bouncing back from the lows with continuation but could yet present a buying opportunity. The analyst has been bullish on ADA for a while and believes $1 will remain critical support. As seen below, Cardano (ADA) has constantly bounce back from these levels on every major dropped including March and July 2021 when the entire crypto market saw a crash of over 50%. At the moment, ADA\u2019s price approaches resistance near $1.53 and could yet give traders an opportunity to take a long position. Van de Poppe claimed the following on Cardano\u2019s potential future price action: If you want to get into Cardano and you didn\u2019t really get the chance you were looking for (\u2026). In that case, we are looking at long entries at the lower boundaries so around $1.3. We are looking at support here on a daily timeframe. On lower timeframes, van de Poppe believes traders shouldn\u2019t be chasing positions, but $1.41 could provide an \u201caggressive\u201d opportunity to take a long. In that sense, Cardano must break above $1.55 to continue its bullish momentum. Cardano Experiences Ecosystem Explosion Even if ADA manages to break above the aforementioned resistance, the price could form a consolidation zone above those levels which could present a more efficient opportunity to take a long position. Should Cardano sustain those levels, its price could start targeting former highs at around $2 and $2.33. Although Cardano has been trading with more strength than some of the other cryptocurrencies in the market, Bitcoin must maintain its current levels or trend upside to prevent ADA for re-testing its support levels. At the moment, Bitcoin seems to be leaning for more downside for the short term. ADA\u2019s recent bullish price action seems to have been driven due to a growth in the number of projects building on the network. As NewsBTC reported a week ago, there are currently over 200 projects leveraging the network smart contract capabilities. Related Reading | Cardano Set To Enter The Babbage Era After Alonzo HFC Milestone<\/p>\n","protected":false},"author":535,"featured_media":473161,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,79508,12332],"class_list":["post-481304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-adausdt","tag-cardano"],"acf":[],"yoast_head":"\n<title>Cardano Hits Bottom? What You Should Consider Before Rushing In<\/title>\n<meta name=\"description\" content=\"Cardano managed to enter the top 5 cryptocurrencies by market cap and take the number 4 position, not including USDT.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/cardano\/cardano-hits-bottom-what-you-should-consider-before-rushing-into-ada\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cardano Hits Bottom? 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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What You Should Consider Before Rushing In","isPartOf":{"@id":"https:\/\/uniquehot.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/uniquehot.com\/news\/cardano\/cardano-hits-bottom-what-you-should-consider-before-rushing-into-ada\/#primaryimage"},"image":{"@id":"https:\/\/uniquehot.com\/news\/cardano\/cardano-hits-bottom-what-you-should-consider-before-rushing-into-ada\/#primaryimage"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/10\/cardano-1.jpeg?fit=1200%2C800","datePublished":"2022-01-17T22:00:23+00:00","dateModified":"2022-01-17T18:39:56+00:00","description":"Cardano managed to enter the top 5 cryptocurrencies by market cap and take the number 4 position, not including USDT.","breadcrumb":{"@id":"https:\/\/uniquehot.com\/news\/cardano\/cardano-hits-bottom-what-you-should-consider-before-rushing-into-ada\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/uniquehot.com\/news\/cardano\/cardano-hits-bottom-what-you-should-consider-before-rushing-into-ada\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/news\/cardano\/cardano-hits-bottom-what-you-should-consider-before-rushing-into-ada\/#primaryimage","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/10\/cardano-1.jpeg?fit=1200%2C800","contentUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/10\/cardano-1.jpeg?fit=1200%2C800","width":1200,"height":800,"caption":"Picture of a gold and black Cardano coin"},{"@type":"BreadcrumbList","@id":"https:\/\/uniquehot.com\/news\/cardano\/cardano-hits-bottom-what-you-should-consider-before-rushing-into-ada\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/uniquehot.com\/"},{"@type":"ListItem","position":2,"name":"Cardano Hits Bottom? 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano Hits Bottom? 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