Category: Cryptocurrency News

Immediately after passing the European Parliament, Ukrainian authorities announced plans to adopt the EU’s MiCA regulations on crypto assets.

The crypto market-wide correction has also left its mark on the Cardano price. Nevertheless, ADA is holding up better than other altcoins. While Ethereum fell by 9.1% in the last seven days, Polygon (MATIC) by 11.1%, Cardano “only” fell by 7.6% in the same period. In addition to recent strong fundamentals, a bullish chart pattern for ADA in the 1-day chart is also likely to play an important role. In this time frame, Cardano has formed a massive reverse head-and-shoulders pattern since last October, which came to fruition just before crypto prices collapsed. The reversed head and shoulders price signals the end of a downtrend and is therefore a trend reversal formation. Ideally, the head and shoulders – as is currently the case with ADA – forms the conclusion of a long-term downtrend. It occurs after a pronounced downtrend with three lows. The middle low is the highest and is called the head. The surrounding highs are called shoulders. Investors usually enter a long position when the price rises above the neckline resistance, which can be considered a massively bullish sign. The current correction is bringing the ADA price back towards the neckline, although ADA had just broken out last week. Related Reading: Cardano In Strong Demand Zone, Breaking Through Key Level Crucial The move can therefore be seen as a bullish retest of the neckline. The level at $0.405 is the key price ADA bulls need to defend. Crypto analyst Ali Martinez pointed out the chart pattern lately and stated: The recent correction looks like a bullish retest before ADA reaches the target of this inverse head & shoulders formation. Still, the 200EMA on the daily chart at $0.39 must hold ADA for the bullish outlook to remain valid. Fundamental Outlook For Cardano Equally Bullish Ken Kodama, founder and CEO at Emurgo and co-founder of the Cardano project also shared a number of bullish reasons today that can be attributed to fundamentals. As Kodama explains, the Voltaire era and CIP-1694 are the biggest topics for Cardano right now. One point where Cardano stands out is developer activity. In 2023, Cardano is a frontrunner for developer activity on GitHub. In recent years, Cardano has been the most actively developed blockchain network, according to Santiment, and is consistently in the top 3 from month to month, according to Kodama. Related Reading: Cardano Racks Up Nearly 4% Gain Amid Short-Term Losses – Will Investors Hold Firm? The ADA co-founder also highlights the recent Dynamic P2P Nodes upgrade, which allows Cardano stake pools to be more decentralized and improve connectivity to other nodes. Voltaire and CIP-1694 will provide the foundation for community-driven on-chain governance of Cardano. Regarding stablecoins, Kodama states: Cardano native stablecoins are assets as they help with liquidity, allow for an on-chain safe haven, and a faster alternative to traditional payment processors. There are still questions about the use of stablecoins, but development continues and they are gaining traction. Cardano’s DeFi space is also making great progress, as NewsBTC shared recently. Cardano’s DeFi has reached TVL all-time highs in recent months. “DEXs, and other DeFi products continue to build and attract users, building the overall #CardanoDeFi ecosystem,” concluded the Emurgo founder. At press time, the ADA price was at $0.4023, fighting to accomplish a daily close above the neckline. Featured image from Forbes, chart from TradingView.com

Elvira Nabiullina, governor of the Bank of Russia, has affirmed the bank has stockpiled reserves in assets that are not susceptible to being affected by U.S. sanctions. The official clarified that Russia has built a “safety cushion” in these assets while it continues working on creating new reserves in non-U.S. sanctioned assets. Russia Built Bank […]

The pension fund had invested twice in the now-bankrupt crypto exchange, once during the peak of the bull run in 2021 and again in early 2022.

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OKB, the native cryptocurrency of the OKX exchange, is defying the odds in the midst of the current crypto market downturn, registering an unexpected surge in price and demand.  Despite the latest turbulence in the crypto industry, OKB has managed to maintain its bullish momentum. This sudden upswing has caught the attention of investors and crypto enthusiasts alike, who are now scrambling to jump on the OKB bandwagon.  But what is behind OKB’s remarkable resilience in the face of a bleeding crypto market, and what does this mean for the future of the cryptocurrency? Related Reading: OKB Tallies 24% Increase But Active Addresses Fail To Keep Pace – Here’s Why OKB Continues To Defy Crypto Market Trends With Impressive Rally According to CoinMarketCap, OKB is currently trading at $52.98, up an impressive 12.34% in the last seven days. This surge in price has left many investors and analysts curious about the factors contributing to OKB’s bullish momentum, especially given the overall downward trend of the crypto market in recent weeks.  Source: CoinMarketCap The crypto market is currently facing a bleak state, with leading crypto Bitcoin struggling to reclaim the $30,000 mark and Ethereum falling below $2,000.  Despite multiple attempts by Bitcoin to break past the crucial $30,000 resistance level, it has remained unsuccessful in doing so, resulting in a dip in investor confidence.  Ethereum, on the other hand, has been facing its own set of challenges, with a drop in demand and increasing concerns about network congestion. The overall market sentiment has been bearish, with many investors pulling out of the market in anticipation of further price drops.  Fundamental Factors Behind OKB’s Bullish Momentum Meanwhile, OKB’s latest surge cannot be solely attributed to technical analysis, as fundamental factors played a significant role in its growth. Two key factors can be identified, the first being the announcement of the SUI blockchain and its integration with OKX.  OKB holders will have the opportunity to purchase SUI tokens at a discounted rate, which has led to a significant increase in trading volume.  The second factor driving OKB’s price is the upcoming launch of OKBChain, an L2 chain on Ethereum that will utilize ZK technology. The new chain will feature OKB as the token for gas fees, solidifying its role in the OKEx ecosystem.  OKB/USD trading at $52.98 on the daily chart at TradingView.com Related Reading: Shiba Inu Gets Stuck In Price Range – Will SHIB Break Free? These fundamental developments have contributed to the resilience of OKB in the face of the current market downturn, and investors are closely watching to see how they will impact its future price trajectory. As the crypto market continues to evolve and adapt, it will be interesting to see where OKB’s price trajectory is headed. -Featured image from Blockchain News

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