{"id":567814,"date":"2024-01-03T13:00:09","date_gmt":"2024-01-03T13:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=567814"},"modified":"2024-01-03T12:31:37","modified_gmt":"2024-01-03T12:31:37","slug":"cardano-in-2024-dollar-dream-or-downward-spiral-for-ada","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano-in-2024-dollar-dream-or-downward-spiral-for-ada\/","title":{"rendered":"Cardano In 2024: Dollar Dream Or Downward Spiral For ADA?"},"content":{"rendered":"

After a spectacular climb of over 150% in 2023, Cardano (ADA) has reached a new yearly high, touching a peak of $0.67 for the second time last month.<\/p>\n

Notably, the increase coincides with an impressive rise in important Cardano ecosystem components, with the leading Decentralized Exchange (DEX) Minswap witnessing an astounding 26,000% gain and drawing a sizable influx of new users.<\/p>\n

On its one-day timeframe, Cardano, the eighth-largest cryptocurrency by market value, and currently trading at $0.61,<\/a> is now exhibiting optimistic signals. The digital currency’s trajectory indicates that, despite a minor growth of 1.28% over the past week, a retest of the $1 threshold may occur soon.<\/p>\n

\n

\ud83d\udcca Monthly stats are here!<\/p>\n

Highlights\ud83d\udc47<\/p>\n

\ud83d\udd35 Trading Volume up BIG (+166.80%) to 300mn USD for the month, mostly from $SNEK<\/a> and $FREN<\/a>.<\/p>\n

\ud83d\udd35 Real yield rewards of 252,963 $ADA<\/a> to be distributed to $MIN<\/a> stakers (2.5x times last month!).<\/p>\n

\ud83d\udd35 $MIN<\/a> daily Emissions were lowered 5%. pic.twitter.com\/ji54mF3jNE<\/a><\/p>\n

\u2014 Minswap Labs (@MinswapDEX) January 1, 2024<\/a><\/p><\/blockquote>\n

Prominent analyst Dan Gambriello emphasizes how Cardano depends on the dynamics of the Bitcoin market to make significant gains. He points out that ADA emerged from a crucial symmetrical triangle and suggests $0.80 as a possible target.<\/p>\n

In spite of this bullish forecast, he cautions about the barrier the 200-week moving average presents, indicating a possible obstacle or reassuring element for Cardano’s upward journey.<\/p>\n

Related Reading: Chainlink Bullish Chart Pattern Hints At $34 Target \u2013 But Can It Break Through?<\/a><\/div>\n

Cardano Faces Resistance, Struggles Persist<\/strong><\/h2>\n

Cardano’s critical resistance zone, according to cryptocurrency expert LuckSide, is $0.60 to $0.67. There are two situations that could occur: an increase to $0.70 or a probable decrease to $0.40.<\/p>\n

Notwithstanding regulatory obstacles, such as monitoring from the SEC, the analyst continues to have an optimistic prognosis for Cardano in 2024.<\/p>\n

Meanwhile, when comparing Total Value Locked (TVL) and decentralized exchange (DEX) volumes, Cardano has found itself lagging behind prominent platforms such as Solana (SOL) and Avalanche (AVAX).<\/p>\n

Despite witnessing significant growth in both TVL and DEX volumes over recent months, Cardano continues to face the challenge of attaining parity with other Layer-1 blockchains. Although strides have been made, reaching a comparable standing remains an ongoing endeavor for the Cardano ecosystem.<\/p>\n

\"\"<\/p>\n

Source: Artemis<\/pre>\n
The Total Value Locked (TVL) chart shows that Avalanche C-Chain has the highest TVL, followed by Solana and then Cardano. However, all three blockchains have seen their TVL grow in recent months. Cardano’s TVL has grown the most, from about 200 million on October 4, 2023 to about 800 million on January 1, 2024.<\/p>\n
The DEX Volumes chart shows a similar pattern, with Avalanche C-Chain having the highest DEX volumes, followed by Solana and then Cardano. However, the growth in DEX volumes has been less pronounced than the growth in TVL. Cardano’s DEX volumes have grown from about 10 million on October 4, 2023 to about 40 million on January 1, 2024.<\/p>\n
Cardano currently trading at $0.614639 on the daily chart: TradingView.com<\/a><\/pre>\n
Overall, the chart shows that Cardano’s TVL and DEX volumes have grown in recent months, but they still lag behind those of Avalanche C-Chain and Solana. This suggests that Cardano is still making progress in the DeFi space, but it has not yet caught up to its competitors.<\/p>\n
\"\"<\/p>\n
Source: FXStreet\/TradingView<\/pre>\n
Cardano (ADA) Price Analysis<\/strong><\/h2>\n
The present price movement of Cardano (ADA) is being supported by an upward sloping trendline.<\/a> If a collapse occurs, it would provide an opportunity for buyers who have been waiting on the sidelines to accumulate more. However, if there is a breakout above a significant obstacle, it might push ADA to higher levels.<\/p>\n
Related Reading: Is Internet Computer (ICP) The Next Big Thing? 60% Jump Raises Eyebrows<\/a><\/div>\n
Cardano’s inclining trendline suggests that buyers have been stepping in as the price dips down towards the trendline, preventing a significant breakdown.<\/p>\n
A breakdown below the trendline could signify a period of weakness for Cardano, potentially leading to further declines. This could be an entry point for “sidelined buyers,” who have not already purchased ADA, to accumulate coins at a discount.<\/p>\n
Conversely, a breakout above a key hurdle could trigger a surge in buying pressure, propelling Cardano’s price higher. Identifying this key hurdle on the chart is crucial for understanding the potential upside.<\/p>\n
Featured image from iStock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
After a spectacular climb of over 150% in 2023, Cardano (ADA) has reached a new yearly high, touching a peak of $0.67 for the second time last month. Notably, the increase coincides with an impressive rise in important Cardano ecosystem components, with the leading Decentralized Exchange (DEX) Minswap witnessing an astounding 26,000% gain and drawing a sizable influx of new users. On its one-day timeframe, Cardano, the eighth-largest cryptocurrency by market value, and currently trading at $0.61, is now exhibiting optimistic signals. The digital currency’s trajectory indicates that, despite a minor growth of 1.28% over the past week, a retest of the $1 threshold may occur soon. \ud83d\udcca Monthly stats are here! Highlights\ud83d\udc47 \ud83d\udd35 Trading Volume up BIG (+166.80%) to 300mn USD for the month, mostly from $SNEK and $FREN. \ud83d\udd35 Real yield rewards of 252,963 $ADA to be distributed to $MIN stakers (2.5x times last month!). \ud83d\udd35 $MIN daily Emissions were lowered 5%. pic.twitter.com\/ji54mF3jNE \u2014 Minswap Labs (@MinswapDEX) January 1, 2024 Prominent analyst Dan Gambriello emphasizes how Cardano depends on the dynamics of the Bitcoin market to make significant gains. He points out that ADA emerged from a crucial symmetrical triangle and suggests $0.80 as a possible target. In spite of this bullish forecast, he cautions about the barrier the 200-week moving average presents, indicating a possible obstacle or reassuring element for Cardano’s upward journey. Related Reading: Chainlink Bullish Chart Pattern Hints At $34 Target \u2013 But Can It Break Through? Cardano Faces Resistance, Struggles Persist Cardano’s critical resistance zone, according to cryptocurrency expert LuckSide, is $0.60 to $0.67. There are two situations that could occur: an increase to $0.70 or a probable decrease to $0.40. Notwithstanding regulatory obstacles, such as monitoring from the SEC, the analyst continues to have an optimistic prognosis for Cardano in 2024. Meanwhile, when comparing Total Value Locked (TVL) and decentralized exchange (DEX) volumes, Cardano has found itself lagging behind prominent platforms such as Solana (SOL) and Avalanche (AVAX). Despite witnessing significant growth in both TVL and DEX volumes over recent months, Cardano continues to face the challenge of attaining parity with other Layer-1 blockchains. Although strides have been made, reaching a comparable standing remains an ongoing endeavor for the Cardano ecosystem. Source: Artemis The Total Value Locked (TVL) chart shows that Avalanche C-Chain has the highest TVL, followed by Solana and then Cardano. However, all three blockchains have seen their TVL grow in recent months. Cardano’s TVL has grown the most, from about 200 million on October 4, 2023 to about 800 million on January 1, 2024. The DEX Volumes chart shows a similar pattern, with Avalanche C-Chain having the highest DEX volumes, followed by Solana and then Cardano. However, the growth in DEX volumes has been less pronounced than the growth in TVL. Cardano’s DEX volumes have grown from about 10 million on October 4, 2023 to about 40 million on January 1, 2024. Cardano currently trading at $0.614639 on the daily chart: TradingView.com Overall, the chart shows that Cardano’s TVL and DEX volumes have grown in recent months, but they still lag behind those of Avalanche C-Chain and Solana. This suggests that Cardano is still making progress in the DeFi space, but it has not yet caught up to its competitors. Source: FXStreet\/TradingView Cardano (ADA) Price Analysis The present price movement of Cardano (ADA) is being supported by an upward sloping trendline. If a collapse occurs, it would provide an opportunity for buyers who have been waiting on the sidelines to accumulate more. However, if there is a breakout above a significant obstacle, it might push ADA to higher levels. Related Reading: Is Internet Computer (ICP) The Next Big Thing? 60% Jump Raises Eyebrows Cardano’s inclining trendline suggests that buyers have been stepping in as the price dips down towards the trendline, preventing a significant breakdown. A breakdown below the trendline could signify a period of weakness for Cardano, potentially leading to further declines. This could be an entry point for “sidelined buyers,” who have not already purchased ADA, to accumulate coins at a discount. Conversely, a breakout above a key hurdle could trigger a surge in buying pressure, propelling Cardano’s price higher. Identifying this key hurdle on the chart is crucial for understanding the potential upside. Featured image from iStock<\/p>\n","protected":false},"author":557,"featured_media":567820,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[12333,14643,12332,12329,6664],"class_list":["post-567814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ada","tag-adausd","tag-cardano","tag-cardano-price","tag-crypto"],"acf":[],"yoast_head":"\nCardano In 2024: Dollar Dream Or Downward Spiral For ADA?<\/title>\n<meta name=\"description\" content=\"After a spectacular climb of over 150% in 2023, Cardano (ADA) has reached a new yearly high, touching a peak of $0.67 for the second time last month.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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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. 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 In 2024: Dollar Dream Or Downward Spiral For ADA?","url":"http:\/\/wncen.com\/news\/cardano-in-2024-dollar-dream-or-downward-spiral-for-ada\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/cardano-in-2024-dollar-dream-or-downward-spiral-for-ada\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/a-12.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/a-12.png?fit=405%2C273"},"articleSection":"Cryptocurrency Market News","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","adausd","cardano","cardano price","crypto"],"dateCreated":"2024-01-03T13:00:09Z","datePublished":"2024-01-03T13:00:09Z","dateModified":"2024-01-03T13:00:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Cardano In 2024: Dollar Dream Or Downward Spiral For ADA?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano-in-2024-dollar-dream-or-downward-spiral-for-ada\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano-in-2024-dollar-dream-or-downward-spiral-for-ada\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/a-12.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/a-12.png?fit=405%2C273\"},\"articleSection\":\"Cryptocurrency Market News\",\"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\",\"adausd\",\"cardano\",\"cardano price\",\"crypto\"],\"dateCreated\":\"2024-01-03T13:00:09Z\",\"datePublished\":\"2024-01-03T13:00:09Z\",\"dateModified\":\"2024-01-03T13:00:09Z\"}<\/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\/2024\/01\/a-12.png?fit=405%2C273","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/567814"}],"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=567814"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/567814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/567820"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=567814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=567814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=567814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}