Skip to content Skip to sidebar Skip to footer

Cardano (ADA) is on a spike against its USD pair, surging 7% in the past day as the epoch 159 upgrade is on edge to happen at any time past 12.00 noon UTC on Friday, 29th November 2019. Cardano founder, Charles Hoskinson, who doubles up as the CEO of Input Output Hong Kong (IOHK), announced the snapshot on Twitter urging the Cardano community he remains committed to the project.

Advertisement

FTX Exchange

Cardano (ADA) surges 7% in the past 24 hours

The price of ADA/USD has been on the rise for the past five days or so as effects of the upcoming (or already happened snapshot) today at 12.00 UTC. Currently trading at $0.041 USD, the price has seen a steady rise since bouncing off support at 0.0332 USD on 25th November as bulls took charge of the market.

The price of ADA is rising at an astronomical pace as the last snapshot (which is hours away as I write this piece) of the Shelley incentivized testnet comes to a close. Having tested the resistance level of the wedge pattern at $0.046 USD on 18th November, the market turned bearish dropping to the support levels before the “snapshot bullish reversal”.

adausd
ADA/USD chart by TradingView

A break above the resistance level of the wedge pattern is a very bullish signal and may push the price towards higher resistance levels above $0.050 USD in the coming days.

Advertisement


Betmatch

The hike in price is heavily influenced by the upcoming epoch 159 upgrade to move towards the Shelley network.

Charles affirms his faith in the Cardano project

For the past few years, a lot of negative talks has been forming around Charles Hoskinson’s “disinterest in the Cardano project” and has become more pronounced heading to the Shelley upgrade. Charles, however, terms such stories as rumors claiming he remains devoted to the project. He wrote on Twitter,

“If you hear this rumor [referring to him exiting Cardano (ADA)], then tell the person who said to go f**k himself. I’ve devoted every moment I could spare to this project since 2015 and I’m just getting started.”

Summary

Cardano [ADA] Surges 7% in a Day Due to The "Snapshot Effect"

Article Name

Cardano [ADA] Surges 7% in a Day Due to The “Snapshot Effect”

Description

Cardano (ADA) is on a spike against its USD pair, surging 7% in the past day as the epoch 159 upgrade is on edge to happen at any time past 12.00 noon UTC on Friday, 29th November 2019. Cardano founder, Charles Hoskinson, who doubles up as the CEO of Input Output Hong Kong (IOHK), announced the snapshot on Twitter urging the Cardano community he remains committed to the project.

Author

Lujan Odera

Publisher Name

Coingape

Publisher Logo

cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



Share on Facebook



Share on Twitter



Share on Linkedin



Share on Telegram

Lujan Odera , 2019-11-29 21:08:34 ,

Source link

Leave a comment

NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

Source link