{"id":552874,"date":"2023-09-26T10:45:06","date_gmt":"2023-09-26T10:45:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=552874"},"modified":"2024-06-11T14:29:37","modified_gmt":"2024-06-11T14:29:37","slug":"cardano-0-24-support-test-can-ada-price-reverse-its-downward-trend","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/cardano\/cardano-0-24-support-test-can-ada-price-reverse-its-downward-trend\/","title":{"rendered":"Cardano $0.24 Support Test: Can ADA Price Reverse Its Downward Trend?"},"content":{"rendered":"

Cardano (ADA) finds itself at a pivotal juncture as it tests its longstanding support at $0.24. This critical level has held firm for nearly three years, emerging as a significant accumulation point for savvy investors.\u00a0<\/span><\/p>\n

The recent daily candle hints at a somewhat neutral stance in the market. This slight uptick in price suggests a potential dissipation of the strong bearish sentiment that has lingered, with traders now recognizing renewed buying interest hovering around the $0.24 mark.<\/span><\/p>\n

Bullish Hopes Rest On Breaking Sustained ADA Resistance<\/strong><\/h2>\n

The eyes of Cardano enthusiasts are now fixed on a key resistance level, as breaking free from this barrier could set the stage for a significant trend reversal.\u00a0<\/span><\/p>\n

According to a <\/span>price report<\/span><\/a>, should Cardano manage to surpass this critical resistance point, it could spark a rally, potentially pushing prices upward by approximately 6%, with the next major hurdle resting at $0.25. Should this upward momentum persist, it could further drive the coin’s value towards the coveted $0.28 mark.<\/span><\/p>\n

Related Reading: Is Terra Classic Planning For USTC To Be Pegged To The Dollar Again?<\/a><\/div>\n

As of the latest data available, ADA is trading at $0.246841 according to <\/span>CoinGecko<\/span><\/a>, reflecting a 0.7% gain over the past 24 hours. However, over the course of the past seven days, the coin has experienced a decline of 3.6%.<\/span><\/p>\n

OptionFlow Open Public Testnet Goes Live<\/strong><\/h2>\n

In parallel to Cardano’s price dynamics, the team behind OptionFlow, a Cardano-based option protocol, has <\/span>announced<\/span><\/a> a significant milestone. Phase one of their open public testnet has gone live, ushering in a new era of experimentation for Cardano enthusiasts.\u00a0<\/span><\/p>\n

\n

\ud83d\ude80 Exciting News! Phase 1 of the OptionFlow Testnet is now LIVE! \ud83d\ude80<\/p>\n

Access it at \ud83d\udc49 https:\/\/t.co\/n4xjBBaOUG<\/a> and mint the first options on Cardano! (Preprod network)<\/p>\n

\ud83d\udd0d We value your feedback! Share your thoughts and experiences to help us improve: https:\/\/t.co\/4ZBMBjHjyW<\/a><\/p>\n

\ud83d\udd1c\u2026<\/p>\n

\u2014 OptionFlow (@OptionFlowTeam) September 25, 2023<\/a><\/p><\/blockquote>\n

The preproduction version of the application is now open for users to explore, allowing them to submit both “put” and “call” orders on-chain\u2014a departure from the traditional derivatives positions seen on centralized exchanges.<\/span><\/p>\n

The year 2023 has been a transformative year for Cardano, particularly in the realm of decentralized finance (DeFi). During the second quarter of the year, the Cardano network bore witness to a surge in DeFi activity, achieving numerous off-chain records.\u00a0<\/span><\/p>\n

<\/p>\n

ADA market cap currently at $8.6 billion. Chart: TradingView.com<\/a><\/pre>\n
Cardano Hits TVL ATH<\/strong><\/h3>\n
The total value locked (TVL) in Cardano’s DeFi ecosystem reached an <\/span>all-time high<\/span><\/a> of $200 million. However, as the broader crypto market grapples with a challenging decline, this metric has dipped to $146.52 million at the time of writing.<\/span><\/p>\n
\n
#Cardano<\/a> community, May was a MASSIVE month for our defi. In only 24 days @Cardano<\/a> did 2 MILLION transactions. See below May 2 snapshot & todays data release. \ud83d\ude4c\ud83d\ude80 @cardano_whale<\/a> @IOHK_Charles<\/a> @ArmySpies<\/a> @CryptoIRELAND1<\/a> $ADA<\/a> pic.twitter.com\/aGfoAzlOIy<\/a><\/p>\n
\u2014 Chris O (@TheOCcryptobro) May 26, 2023<\/a><\/p><\/blockquote>\n
Related Reading: Litecoin Stuck In A Rut: Will Bullish Momentum Or Bearish Pressure Prevail?<\/a><\/div>\n
The recent price action and the launch of OptionFlow’s public testnet promises potential bullish momentum amid the evolving DeFi landscape. As traders and investors watch the charts closely, the cryptocurrency community eagerly anticipates Cardano’s next moves in this ever-dynamic market.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from Invezz<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Cardano (ADA) finds itself at a pivotal juncture as it tests its longstanding support at $0.24. This critical level has held firm for nearly three years, emerging as a significant accumulation point for savvy investors.\u00a0 The recent daily candle hints at a somewhat neutral stance in the market. This slight uptick in price suggests a potential dissipation of the strong bearish sentiment that has lingered, with traders now recognizing renewed buying interest hovering around the $0.24 mark. Bullish Hopes Rest On Breaking Sustained ADA Resistance The eyes of Cardano enthusiasts are now fixed on a key resistance level, as breaking free from this barrier could set the stage for a significant trend reversal.\u00a0 According to a price report, should Cardano manage to surpass this critical resistance point, it could spark a rally, potentially pushing prices upward by approximately 6%, with the next major hurdle resting at $0.25. Should this upward momentum persist, it could further drive the coin’s value towards the coveted $0.28 mark. Related Reading: Is Terra Classic Planning For USTC To Be Pegged To The Dollar Again? As of the latest data available, ADA is trading at $0.246841 according to CoinGecko, reflecting a 0.7% gain over the past 24 hours. However, over the course of the past seven days, the coin has experienced a decline of 3.6%. OptionFlow Open Public Testnet Goes Live In parallel to Cardano’s price dynamics, the team behind OptionFlow, a Cardano-based option protocol, has announced a significant milestone. Phase one of their open public testnet has gone live, ushering in a new era of experimentation for Cardano enthusiasts.\u00a0 \ud83d\ude80 Exciting News! Phase 1 of the OptionFlow Testnet is now LIVE! \ud83d\ude80 Access it at \ud83d\udc49 https:\/\/t.co\/n4xjBBaOUG and mint the first options on Cardano! (Preprod network) \ud83d\udd0d We value your feedback! Share your thoughts and experiences to help us improve: https:\/\/t.co\/4ZBMBjHjyW \ud83d\udd1c\u2026 \u2014 OptionFlow (@OptionFlowTeam) September 25, 2023 The preproduction version of the application is now open for users to explore, allowing them to submit both “put” and “call” orders on-chain\u2014a departure from the traditional derivatives positions seen on centralized exchanges. The year 2023 has been a transformative year for Cardano, particularly in the realm of decentralized finance (DeFi). During the second quarter of the year, the Cardano network bore witness to a surge in DeFi activity, achieving numerous off-chain records.\u00a0 ADA market cap currently at $8.6 billion. Chart: TradingView.com Cardano Hits TVL ATH The total value locked (TVL) in Cardano’s DeFi ecosystem reached an all-time high of $200 million. However, as the broader crypto market grapples with a challenging decline, this metric has dipped to $146.52 million at the time of writing. #Cardano community, May was a MASSIVE month for our defi. In only 24 days @Cardano did 2 MILLION transactions. See below May 2 snapshot & todays data release. \ud83d\ude4c\ud83d\ude80 @cardano_whale @IOHK_Charles @ArmySpies @CryptoIRELAND1 $ADA pic.twitter.com\/aGfoAzlOIy \u2014 Chris O (@TheOCcryptobro) May 26, 2023 Related Reading: Litecoin Stuck In A Rut: Will Bullish Momentum Or Bearish Pressure Prevail? The recent price action and the launch of OptionFlow’s public testnet promises potential bullish momentum amid the evolving DeFi landscape. As traders and investors watch the charts closely, the cryptocurrency community eagerly anticipates Cardano’s next moves in this ever-dynamic market. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Invezz<\/p>\n","protected":false},"author":557,"featured_media":552884,"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":[84005,142,1144,12332,8686,4735],"class_list":["post-552874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada-price","tag-altcoins","tag-btcusd","tag-cardano","tag-ethusd","tag-price-action"],"acf":[],"yoast_head":"\nCardano $0.24 Support Test: Can ADA Price Reverse Its Downward Trend?<\/title>\n<meta name=\"description\" content=\"Cardano (ADA) finds itself at a pivotal juncture as it tests its longstanding support at $0.24. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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