{"id":546444,"date":"2023-08-09T22:00:29","date_gmt":"2023-08-09T22:00:29","guid":{"rendered":"https:\/\/wncen.com\/?p=546444"},"modified":"2024-06-11T08:58:38","modified_gmt":"2024-06-11T08:58:38","slug":"cardano-false-breakdown-could-it-set-the-stage-for-a-26-climb","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano-false-breakdown-could-it-set-the-stage-for-a-26-climb\/","title":{"rendered":"Cardano False Breakdown: Could It Set The Stage For A 26% Climb?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The recent drop in the price of Cardano (ADA) has raised concerns among investors as it breached the combined support of $0.3 and a crucial support trendline. However, a closer analysis of the daily chart reveals a twist that might offer a glimmer of hope for the cryptocurrency&#8217;s recovery.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Technical analysis of <\/span><a href=\"https:\/\/coingape.com\/markets\/cardano-price-analysis-fake-breakdown-sparks-hope-for-26-recovery\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Cardano&#8217;s price movement<\/span><\/a><span style=\"font-weight: 400\"> suggests that the apparent breakdown from the rising support trendline might be a fake one.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/all\/can-litecoin-bulls-turn-the-tide-on-declines\/\"> Can Litecoin Bulls Turn The Tide On Recent Declines? A Closer Look<\/a><\/div>\n<p><span style=\"font-weight: 400\">A fake breakdown, also known as a false breakdown or a bear trap, occurs when a price temporarily drops below a support level or trendline but quickly rebounds, trapping bearish traders who sold during the dip.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This deceptive move often leads to a rapid reversal and upward momentum.<\/span><\/p>\n<h2><strong>Cardano: Fake Breakdown Or True Bearish Signal?\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">On the flip side, a decisive breakout from the overhead trendline could set the stage for a substantial 26% upswing in Cardano&#8217;s price, as per recent price analysis. This would not only mark a significant price recovery but also instill renewed optimism among traders and investors.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-546460 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-39.png?w=792&#038;resize=792%2C488\" alt=\"\" width=\"792\" height=\"488\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-39.png?w=792 792w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-39.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-39.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-39.png?w=750 750w\" sizes=\"(max-width: 792px) 100vw, 792px\"><\/p>\n<p><span style=\"font-weight: 400\">Providing insights into the current market dynamics, it&#8217;s important to acknowledge the broader context surrounding Cardano&#8217;s performance.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite the recent price turmoil, Cardano has demonstrated remarkable growth in terms of its total value locked (TVL). Crypto analytics firm Messari&#8217;s <\/span><span style=\"font-weight: 400\">latest <\/span><span style=\"font-weight: 400\">report<\/span><span style=\"font-weight: 400\"> reveals that <a href=\"https:\/\/messari.io\/report\/state-of-cardano-q2-2023\" target=\"_blank\" rel=\"noopener nofollow\">Cardano&#8217;s TVL<\/a> has surged by nearly 200% since the start of the year.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/all\/xrp-to-hit-21-by-2025-analyst\/\" target=\"_blank\" rel=\"noopener \">XRP Price: Breaking This Key Resistance Could Propel Crypto To $21 By 2025 \u2013 Analyst<\/a><\/div>\n<p><span style=\"font-weight: 400\">Quarter-over-quarter (QoQ), the TVL increased by 9.7%, and year-to-date (YTD), it soared by an impressive 198.6%.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This surge in TVL propelled Cardano from the 34th to the 21st position in terms of overall TVL among all blockchain networks. This remarkable feat underscores the growing adoption and utility of Cardano&#8217;s ecosystem.<\/span><\/p>\n<h2><strong>Setback Due To Regulatory Pressure\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">However, the journey to this achievement has not been without its challenges. The report points out that Cardano&#8217;s TVL experienced a dip in June, triggered by regulatory turbulence. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The US Securities and Exchange Commission (SEC) charged cryptocurrency exchange Coinbase for allegedly offering unregistered securities, with ADA being specifically mentioned in the lawsuit. This development led to a sell-off of ADA and resulted in liquidations on Cardano-based decentralized finance (DeFi) platforms.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full\" src=\"https:\/\/www.tradingview.com\/x\/1ZooqNFE\/\" width=\"2475\" height=\"1179\"><\/p>\n<pre style=\"text-align: center\">ADA market cap currently at $10.4 billion in today's chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p><span style=\"font-weight: 400\">As of the latest data from <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/cardano\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">CoinGecko<\/span><\/a><span style=\"font-weight: 400\">, Cardano is currently trading at $0.299138. While the cryptocurrency has seen a 3.1% rally in the past 24 hours, it has also endured a 3.8% slump over the last seven days.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Cardano&#8217;s recent price movement may appear bearish due to a seemingly significant breakdown from key supports. However, a careful analysis suggests the possibility of a fake breakdown, providing some ounce of optimism for a potential recovery. Amidst challenges, Cardano&#8217;s impressive TVL growth reflects its resilience and adoption within the crypto ecosystem.<\/span><\/p>\n<p><em>(This site&#8217;s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n<p><em><span style=\"font-weight: 400\">Featured image from Flickr<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent drop in the price of Cardano (ADA) has raised concerns among investors as it breached the combined support of $0.3 and a crucial support trendline. However, a closer analysis of the daily chart reveals a twist that might offer a glimmer of hope for the cryptocurrency&#8217;s recovery. Technical analysis of Cardano&#8217;s price movement suggests that the apparent breakdown from the rising support trendline might be a fake one. Related Reading: Can Litecoin Bulls Turn The Tide On Recent Declines? A Closer Look A fake breakdown, also known as a false breakdown or a bear trap, occurs when a price temporarily drops below a support level or trendline but quickly rebounds, trapping bearish traders who sold during the dip.\u00a0 This deceptive move often leads to a rapid reversal and upward momentum. Cardano: Fake Breakdown Or True Bearish Signal?\u00a0 On the flip side, a decisive breakout from the overhead trendline could set the stage for a substantial 26% upswing in Cardano&#8217;s price, as per recent price analysis. This would not only mark a significant price recovery but also instill renewed optimism among traders and investors. Providing insights into the current market dynamics, it&#8217;s important to acknowledge the broader context surrounding Cardano&#8217;s performance. Despite the recent price turmoil, Cardano has demonstrated remarkable growth in terms of its total value locked (TVL). Crypto analytics firm Messari&#8217;s latest report reveals that Cardano&#8217;s TVL has surged by nearly 200% since the start of the year. Related Reading: XRP Price: Breaking This Key Resistance Could Propel Crypto To $21 By 2025 \u2013 Analyst Quarter-over-quarter (QoQ), the TVL increased by 9.7%, and year-to-date (YTD), it soared by an impressive 198.6%. This surge in TVL propelled Cardano from the 34th to the 21st position in terms of overall TVL among all blockchain networks. This remarkable feat underscores the growing adoption and utility of Cardano&#8217;s ecosystem. Setback Due To Regulatory Pressure\u00a0 However, the journey to this achievement has not been without its challenges. The report points out that Cardano&#8217;s TVL experienced a dip in June, triggered by regulatory turbulence. The US Securities and Exchange Commission (SEC) charged cryptocurrency exchange Coinbase for allegedly offering unregistered securities, with ADA being specifically mentioned in the lawsuit. This development led to a sell-off of ADA and resulted in liquidations on Cardano-based decentralized finance (DeFi) platforms. ADA market cap currently at $10.4 billion in today&#8217;s chart: TradingView.com As of the latest data from CoinGecko, Cardano is currently trading at $0.299138. While the cryptocurrency has seen a 3.1% rally in the past 24 hours, it has also endured a 3.8% slump over the last seven days. Cardano&#8217;s recent price movement may appear bearish due to a seemingly significant breakdown from key supports. However, a careful analysis suggests the possibility of a fake breakdown, providing some ounce of optimism for a potential recovery. Amidst challenges, Cardano&#8217;s impressive TVL growth reflects its resilience and adoption within the crypto ecosystem. (This site&#8217;s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Flickr<\/p>\n","protected":false},"author":557,"featured_media":546474,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,3],"tags":[84005,142,1144,12332,8686,4735],"class_list":["post-546444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-news","tag-ada-price","tag-altcoins","tag-btcusd","tag-cardano","tag-ethusd","tag-price-action"],"acf":[],"yoast_head":"\n<title>Cardano False Breakdown: Could It Make A 26% Climb?<\/title>\n<meta name=\"description\" content=\"The recent drop in the price of Cardano (ADA) has raised concerns among investors as it breached the combined support of $0.3 and a crucial support\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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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. 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Encila","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","caption":"Christian Encila"},"description":"They say journalists never truly clock out. 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. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano False Breakdown: Could It Set The Stage For A 26% Climb?","url":"http:\/\/wncen.com\/news\/cardano-false-breakdown-could-it-set-the-stage-for-a-26-climb\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/cardano-false-breakdown-could-it-set-the-stage-for-a-26-climb\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-40.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-40.png?fit=835%2C576"},"articleSection":"All","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada price","altcoins","btcusd","cardano","ethusd","price action"],"dateCreated":"2023-08-09T22:00:29Z","datePublished":"2023-08-09T22:00:29Z","dateModified":"2024-06-11T08:58:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Cardano False Breakdown: Could It Set The Stage For A 26% Climb?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano-false-breakdown-could-it-set-the-stage-for-a-26-climb\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano-false-breakdown-could-it-set-the-stage-for-a-26-climb\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-40.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-40.png?fit=835%2C576\"},\"articleSection\":\"All\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada price\",\"altcoins\",\"btcusd\",\"cardano\",\"ethusd\",\"price action\"],\"dateCreated\":\"2023-08-09T22:00:29Z\",\"datePublished\":\"2023-08-09T22:00:29Z\",\"dateModified\":\"2024-06-11T08:58:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-40.png?fit=835%2C576","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546444"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=546444"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546444\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/546474"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=546444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=546444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=546444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}