All the leading cryptocurrencies listed on the CoinMarketCap have been treading in a bearish path. The twelfth largest digital coin, Cardano [ADA] has not been spared by the protract of the bear market.
At the time of writing, ADA held a market cap of $941.2 million, valued at $0.038. The volume of the coin traded accounted for $14.89 million with a depreciation of 4.14%.
As recorded for February 6, the crypto-coin opened at $0.037. The high was registered at $0.038 and closed at a low of $0.037 for the day. The total volume of ADA traded was $13.3 million.
The coin has failed to retract to a market cap of $1 billion and has not surpassed a cap of $980 million since February 2. During the week, ADA noted considerable fluctuations, the lowest being recorded during the early hours of Tuesday, followed by a short-lived rally later that evening.
ADA showed a promising trend during early this year with a valuation as high as $0.049. The coin has not recovered yet from its resistance of $0.40.
An upward trend for the time period of 1-hour has been registered from $0.037 to $0.038 and a downtrend at $0.038 from $0.039. The immediate resistance for ADA is marked at $0.038 and that of support at $0.035, close to the where the price of the coin is currently trending.
Bollinger Bands: The diverging Bollinger Bands indicate a decline in volatility in the price trend of the coin ADA.
MACD: The MACD line treading below the signal line which suggest a bearish pattern followed by the coin. However, ADA might potentially undergo a bullish cross-over.
Chaikin Money Flow: The CMF graph is below the zero-line indicating a bearish pattern for ADA.
ADA witnessed an uptrend of $0.029 to $0.039 and a major downtrend from $0.081 to $0.037. The resistance for this time period for ADA has been marked at $0.040 and the immediate support at $0.036.
Parabolic SAR: The dotted lines in this indicator are aligned above the candles, depicting bearish price momentum.
Awesome Oscillator: The red lines in AO further predict a bearish trend for the coin.’
Klinger Oscillator: The signal line is above the reading line in the KO indicator, suggesting a bearish pattern.
Apart from BB’s prediction of a decrease in price volatility and a potential bullish cross-over by the MACD indicator, ADA’s future seems to be further drifting in bear’s realm.
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
With a year left for the highly anticipated Bitcoin [BTC] halving, many expect the price of the top-cryptocurrency to surge prior to May 2020. Analysts have previously opined that three months to one year before the halving does the price of the cryptocurrency move up.
A new piece of research from the cryptocurrency analytics firm, CoinMetrics, suggested that in addition to the precursor pump, Bitcoin [BTC] will reach its “local peak” 18 months after the halving.
CoinMetrics charts the price of the top coin, divided based on the 2012 and 2016 halving, showing a noticeable trend. A little more than a year after the first halving when the 210,001 block was mined, the price of Bitcoin surged above $1,000 for the first time, in December 2013 to be precise.
Next, During the July 2016 halving, the coin was trading at just above $600 and within the suggested period of 18 months, the top virtual currency saw its second peak. On 17 December, the coin reached a never-before-seen high of over $19,700 as the Chicago Futures exchanges embraced the digital assets market.
With the price of Bitcoin over $5,000 for the first time in over four months, and the precursor halving bulls on the horizon, the price could surge. Furthermore, based on CoinMetrics’ inference, Bitcoin will see its third peak, higher than $20,000, by the close of 2021, eighteen months after the May 2020 halving.
The halving protocol was placed in the original whitepaper to thwart inflationary pressure that would arise with more blocks mined and more Bitcoins supplied. Historical charts prove that this objective has been adhered to, with a constant drop in the inflation rate with the two previous halvings.
In 2012, the inflation was over 25 percent and immediately after the miner reward reduction to 25 BTC per block, it dropped to under 15 percent. A bracket between 7 percent and just under 20 percent sustained until the second halving in July 2016.
The second halving saw a decline in inflation rate to under 5 percent for the first time in the coin’s history, which has been maintained till today. CoinMetrics pegs the inflation, at press time, to be 3.8 percent. Furthermore, if the historic trend continues, the inflation rate would drop by more than 50 percent to 1.8 percent in May 2020.
Based on the current market and using a historical outlook, analysts suggested that 2019 will be the year of building the industry while the price effect will manifest next year, with the halving being at the very core. Many believe that institutional interest on the rise and the growing crypto-adoption surge could result in a bullish 2020.
Charlie Lee, BTCC’s co-founder suggested in December 2018 that Bitcoin’s next rally will begin in “late 2020”, months after the halving and would peak in December 2021 at 333,000. However, the precursor to this rise would be a January 2019 bottom of $2,500 which did not materialize.
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC] proponent Adam Draper: There will be more digital currencies than fiat in 10 years
Bitcoin [BTC] could combat money laundering & cross-border terrorism, says Tunisian Central Bank Guv
Coinbase is a huge net positive for not just cryptocurrencies, but for the world, says Bitcoin Cash proponent Roger Ver
John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more
Ethereum [ETH] witnessed 6 of 10 of its highest usage days in the past three weeks despite bear attacks
Bitcoin SV [BSV]: John McAfee ‘sues Calvin Ayre in four different countries’; vows to bankrupt him
Cardano [ADA]: Proof of Stake [PoS] throws away expensive process & advances the network, says Charles Hoskinson
Cardano [ADA]: We will emerge from 2019 more decentralized than any other network, says Charles Hoskinson
Bitcoin [BTC]: Don’t buy into it if you are not ready to be rekt, warns Richard Heart
XRP takes another step into mainstream adoption as Skype hints a possible integration
Japanese ‘Amazon’ Rakuten opens registration for trading cryptocurrencies on Rakuten Wallet
Breaking: SBI Virtual Currencies delists Bitcoin Cash [BCH] in response to Binance’s Bitcoin SV delisting
Is John McAfee among crypto adherents who knows Satoshi’s true identity?
Bitcoin [BTC], Bitcoin Cash [BCH] accepted as payments by Corporate Traveller following tie-up with BitPay