Category: Cryptocurrency News

Price of Cardano (ADA) has been unstable following larger market trends. Bitcoin slid upto 20% over the past week and major altcoins followed through. Bitcoin’s revisit to levels that it hasn’t touched for months has caused other altcoins to plummet considerably. In just 24 hours, ADA nosedived 20% and over the last seven days, the coin posted over 30% loss in market value. ADA has been one of the worst performing altcoins of the month causing investors and buyers to flee the market. Continued sell off could cause the coin to dip further and rest near the $0.40 mark. Amidst other worrying factors, such as increasing inflation, hiked interest rates and an impending recession, broader market weakness could continue to bother the stability of the crypto industry. Cardano Price Analysis: Four Hour Chart ADA’s price at the time of writing stood at $0.50 which marks more 60% fall from its all all time high of $3 last year, September. The coin has almost noted a 35-week downtrend and the recent bearish price movement has made it nearly impossible for the coin to display chances of rebound. The coin continues to paint extreme oversold conditions. The coin depicted a downward trend (yellow) affirming the bearish thesis. At the current price level, Cardano might find a support level at $0.40. Investors might fight that scenario to be a buying opportunity which could lift ADA’s prices upward. In case of a rebound, which looks quite difficult, ADA could target $0.62. Volume of Cardano displayed a red bar which is indicative of bearishness, it also means that the coin is experiencing sell off at the time of writing. Technical Analysis Cardano had tried to retest its $0.62 level in the past few days but the bears kept dragging the altcoin down. At the time of writing, ADA was trading far below the 20-SMA line. This means that sellers were driving the price momentum of the coin in the market. After breaking from the downward trend, ADA had briefly tried to rally which had made the coin revisit the overbought zone as buyers gained confidence for a brief span of time as seen on the Relative Strength Index. Following this however, ADA barely recovered in terms of buying strength as the coin continued to juggle between the oversold zone and underbought zone. Related Reading | ADA On Discount? Cardano Whales Go On $200M Shopping Spree Ongoing bearish thesis has dampened the spirit of investors, the coin is currently experiencing a distribution phase owing to a sell-off. The Chaikin Money Flow which determines capital outflows was seen below the halfline. This reading signified that capital outflows were far greater that inflows. Awesome Oscillator that tells the price momentum, indicated amplified red histograms. Red histograms underneath the zero-line means bearish price action for the coin. Related Reading | Cardano (ADA) Real Volume Suggests Downtrend Is Far From Over Featured image from UnSplash, chart from TradingView.com

Chile’s planned start to its digital peso rollout in early 2022 has been held back while its central bank conducts more analysis to inform a new report by the end of the year.

The FASB is set to review its accounting rules for digital assets, which could see firms no longer be required to report crypto such as BTC as “intangible assets” on their balance sheets.

The Shanghai High People’s Court has declared bitcoin to be a virtual asset protected by Chinese law. The court notes that the cryptocurrency has economic value. Bitcoin Is Property Protected by Law in China The Shanghai High People’s Court has declared that bitcoin qualifies as a virtual asset protected by Chinese law despite the ban […]

Unless your Patrick from SpongeBobs roommate, you’ve noticed that the crypto is getting absolutely nuked right now. I know everyone is saying “Just invest in BTC/ETH.” I get it. Those are safer and have less volatility. Truthfully, I’m not looking for safety. I’ll go to the stock market for that. I’m also not looking for…
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Bitcoin has shed close to 20% of its market value over the last week. King coin underwent six consecutive weeks of bearish pressure. The coin has retested levels that it touched in August, last year. Price had tried to briefly recover as BTC tried pushing the $32,000 price level over the last 48 hours. Ever since Bitcoin breached the $37,000 level, it has been a free fall for the asset. Bitcoin’s all-time high was $68,000 which it secured in November 2021. The $37,000 price mark had acted as a support level for multiple months. The continued long liquidation spree has made Bitcoin revisit the $30,000 price mark. An upside seems unlikely considering sellers have taken hold of the market at the time of writing. Continued downslide will cause BTC to tumble below $30,000. Bitcoin Price Analysis: One Hour Chart Bitcoin was seen trading at $30,100 at the time of writing. The $30,000 price level has been acting as a strong support level for the coin, however, prices can break below the same with continuous selling pressure. The above support level is also acting as a strong demand zone for the coin and if buyers find their way back, BTC might propel to touch the $37,000 mark again. Panic selling can push BTC to trade near the $22,000 price level. The fear index of the market continues to remain high amid the major sell-off noticed across the industry. Bitcoin displays downward momentum (white) on the one hour time frame, this reading affirms the consistent bearish action action. Volume of Bitcoin traded was seen in green, this could highlight that price of the asset might be trying to present a comeback, however it is unlikely, as BTC trades close to the major support area. Technical Analysis Bitcoin was trading beneath the 20-SMA line, this indicates that sellers were still active in the market. Price momentum was being driven by sellers in the market. At the time of writing, BTC was bordering oversold territories. Push from buyers would help BTC to trade above the 20-SMA line. Interestingly, the Relative Strength Index had something else to say. Price of BTC has caused an influx of selling pressure, however, the chart displayed bullish divergence (white). Bullish divergence on the RSI could mean that BTC can climb north, however, chances are quite slim. Related Reading | TA: Bitcoin Struggles Below $32K, Why Downtrend Could Resume Bitcoin had been forming a bearish flag over the past couple of months. This was a signal that BTC was about to go on a downward price action. Despite forming a falling wedge pattern (yellow), which is considered bullish, a break from within the same caused price of BTC to tumble further. Chances of rebound cannot be ruled out but the bearish pressure seems too intense at the moment. Moving Average Convergence Divergence (MACD) indicates the price momentum and it continues to paint a bearish pressure. Confirming the same, Awesome Oscillator also depicted minimised green signal bars under the zero-line, highlighting negative price movement on charts. Related Reading | TA: Bitcoin Dives To $30K, Why Short-term Recovery Seems Possible Featured image from UnSplash, Charts from TradingView.com

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In the face of extreme fear in the Bitcoin market, miners are unfazed and may even welcome a downturn as it opens up the opportunity to gain more hash power.

submitted by /u/Souled_Out [link] [comments]

The title says it all. I am very blessed to be able to afford to go all in crypto. It’s really all thanks to my parents and socioeconomic factors, as well as my ability to have multiple jobs consistently while I’m in college getting my two major degrees. I thought I would never have an…
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