- Cardano plans to hold in consolidation ahead of 32% breakout to $0.36.
- Cardano launches new decentralized oracles for blockchain interoperability and complex DeFi solutions.
Cardano is changing hands at $0.1058 after hitting a substantial wall slightly above $0.11. The barrier has remained intact since the beginning of September, forcing ADA to settle for consolidation. An ascending trendline ensured that downside price action is mitigated. Besides, it shows Cardano holding onto a generally up-trending market despite the crucial resistance.
Cardano revolutionizes oracles with new developments
Ergo Platform, a strategic partner of Emurgo, a firm charged with handling Cardano blockchain, recently announced oracle solutions tailor-made for the ADA ecosystem. Ergo's newly-developed oracle solution for Cardano blockchain is will connect data from its pools to ADA distributed ledger using tx metadata as a conduit.
According to Ergo, the new oracles have a solid foundation for interoperability to and from its platform and Cardano blockchain. The goal is to develop oracles that support complex decentralized finance solutions, for instance, Ergo-Cardano swaps.
Cardano price could hold longer in consolidation
Cardano is among the most active cryptocurrency projects in development, especially after the Shelly mainnet. With the oracles' launch, ADA could soon start to rival Ethereum within the decentralized finance (DeFi) sector.
On the other hand, Cardano seems to have ignored the news amid prevailing consolidation. An ascending triangle formed on the 12-hour chart suggests that the sideways trading may prolong before a breakout comes into the picture. The hypotenuse of the triangle needs to hold for this bullish narrative to be executed.
-637407500898449819.png)
ADA/USD 12-hour chart
IntoTheBlock's IOMAP reveals immense support beneath the smart contract token. The most robust demand zone runs from $0.104 to $0.106. Here, about 20,500 addresses previously bought approximately 4.5 billion ADA. If this support stays intact, the least resistance path will remain upwards. The trajectory ahead of Cardano is relatively smooth, according to the model.
Cardano IOMAP chart
Cardano's network has also been growing consistently, which is a bullish sign. IntoTheBlock's "Daily New Addresses" metric shows a higher low pattern from the beginning of November. An increased network growth suggests that the project is continually being adopted. On the other hand, it highlights the inflow and outflow of the tokens within the network, affecting price performance.
Cardano network growth chart
It is worth mentioning that that bullish outlook will be invalidated if the triangle's hypotenuse fails to hold the price. Losses that may come into the picture are likely to overshoot the support at $0.10, extending the lower leg to $0.075.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.