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Cardano TVL Sheds $205 Million Since Hitting All-Time High

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Cardano

Cardano TVL has spiraled downward the past few days mainly because of the intensified crypto market correction and decline in investor interest.

To date, the crypto has plunged to $120.86 million. With the rate it’s going, Cardano has chucked over $205 million in TVL since its all-time high of $326 million on March 24, 2022.

Dubbed to be the eighth largest crypto by market cap, Cardano is said to be the blockchain platform patented for rainmakers and innovators. It’s a POS network that strengthens and provides sustainability to dApps and systems.

Suggested Reading | XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply

Cardano Loses Over 65% of TVL

Cardano is slipping away and has even breached its support level. It dipped by 7% today as the crypto market continues to collapse. Increased selling pressure on the support can easily give away a steep correction of $0.34.

Cardano has lost more than 65% of its TVL. This week, ADA started moving towards a bearish trend and dipped further down the support level on Thursday. The low crypto trading volumes may result in incremental losses along the way.

And it’s not just Cardano; other decentralized exchanges like WingRiders have also shaved off more than 50% of their TVL within the same period. SundaeSwap also suffered the same fate losing 41% of its TVL.

ADA total market cap at $15.48 billion on the weekend chart | Source: TradingView.com

Cardano is stumbling and dropping after breaking the critical area of support. The severe downswing has triggered the downward movement of ADA right below the $0.50 support level, which precipitated $1.40 million worth of liquidations in varied exchanges.

It’s expected to go further down to $0.34 or even much lower. Considering the current TVL, we see a more pessimistic or bearish outlook as long as Cardano trades below $0.55.

On the other hand, people should most likely expect the reverse with a four-hour candlestick positioned above the resistance barrier. Breaking through the supply wall can increase the number of buy orders for Cardano, thus pushing the prices to $0.61.

Suggested Reading | ADA Grapples At $0.524; Bullish Trajectory Coming

Crypto Market Not Flipping Upwards Overnight

In the past few weeks, mixed emotions have provoked the crypto market. Investors have been hesitant to jump the gun, crippled by fear and uncertainty.

Yes, there is a lot of pessimism in today’s market. More so, technical indicators seem to support the fact that the crypto market downtrend will not flip overnight.

Although it’s always recommended to invest when the market sentiment registers at a low end, the current market conditions may not give you good returns sooner than expected.

Featured image from Coincu News, chart from TradingView.com
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Why Solana Could Poised For A 40% Price Move To The Upside

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Solana

Solana has been one of the best-performing assets in the crypto 10 top by market pairing Ethereum’s wins during the weekend. The cryptocurrency has persevered some of its past week’s gains but records some hurdles over the past 24 hours.

At the time of writing, Solana (SOL) trades at $44.5 with 1% losses over the past day and 10% profits in the past 7 days. In this timeframe, only Ethereum (13% profits) and Dogecoin (13% profits) record better performance.

SOL’s price moving sideways on the 4-hour chart. Source: SOLUSDT Tradingview

Despite the short-term downside price action, crypto analyst Justin Bennett believes SOL’s price is on track to register a massive increase. This big move to the upside could play out over the course of the coming months and push Solana’s price into a 40% move to the upside.

According to Bennett, SOL has drawn a triangle pattern over the past months. The price of Solana has been moving to the upper side of this triangle which should operate as critical resistance north of SOL’s current levels.

In the daily chart below, and as stated by the analyst, the upper side of this triangle pattern can be traced to 2021 as SOL moved into its all-time high. As the price of Solana began a descending price action, the cryptocurrency found support along that line and saw a major breakdown once SOL trended below it.

Solana Sol Solusdt 1
SOL’s price is on a make-it-or-break-it point as it trends to the top of a triangle pattern on the daily chart. Source: Justin Bennett via YouTube

Now, the price is attempting to break above this triangle which could lead to further appreciation. Bennett stated the following on why SOL’s price and the entire crypto market are at a crucial point:

The thing with a pattern like this is that isn’t inherently bullish or bearish. Yes, we are in a larger downtrend so you have to pay attention to that but ultimately we are waiting for the market to breakout here, to make up its mind on weather it wants to move higher or lower (…). Right now we are in a wait and see mode for Solana.

Solana On Low Timeframes, What Could Trigger More Losses In The Coming Days?

The analyst claims that $40 is going to be a critical level for SOL’s price. At this price point, the cryptocurrency has seen high levels of trading volume which make it a necessary level to hold to prevent more losses.

If the SOL’s price is pushed downwards, $32 and $27 should operate as additional support levels. Market participants will get more clues about SOL’s price potential rally or re-test of these support levels if Solana closes a daily candle above or below $40. The former spells bullishness, and the latter hints at more losses.

In the short term, the crypto market could see some hurdles from a stronger U.S. dollar. The currency trend to the downside during late July allows risk-on assets to see some relief but seems to be trying to reclaim the top of an important trendline, according to Bennett.

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Dogecoin Ready For 4th Straight Week Of Gains – Even Without Elon Musk’s Backing

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Dogecoin

Dogecoin (DOGE) price had to go through the rabbit hole as it recovered from the blows of the crypto winter.

  • Dogecoin price refrains to subject to Elon Musk’s bidding
  • Price underrated yet pins a surprise twist at the end
  • DOGE nearing a breach before August ends; September hints at a pompous rally at 50%.

It seems that Elon Musk has been mum about Dogecoin for several months now hinting that the tie-up has ended, and it’s time to call it a day and move on.

DOGE Price Moving Up – With Or Without Elon Musk

With or without Elon Musk, DOGE is moving on and going no other way but up. DOGE traders have stepped on the gas and gave a strong bullish stride to the crypto; signaling the price to go way up.

The huge inflation wave has doomed the crypto market for several months in connection to the war in Ukraine. On a positive note, the price seems to know how to dance with the wave as it dashes through its fourth straight week of gains.

Chart from TradingView.com

Dogecoin is observed to be propped up the 55-day SMA that is used as its anchor for two consecutive weeks. With throttles and pivots spotted in August, this clearly hints that a breach is nearby. The underpinned price action is present at $0.068, hinting that the price can go way up peaking at $0.10; with returns of 50%. RSI for DOGE shows that it’s far from reaching the overbought zone.

Some risks of a downtrend are looming as seen on the 55-day SMA as bears can try to pull the price down to the $0.04 level which shows a plunge of 38%. If the bears can break through that level, then the coin price can dangerously hit rock bottom at $0.007.

According to CoinMarketCap, DOGE is up 6.6% and trading at $0.07525 as of this writing.

Dogecoin Set To Breach $0.08 Level

Dogecoin is one of the many cryptocurrencies that crashed with the perils of the crypto winter. However, in June 2022, these cryptocurrencies managed to hit reverse after hitting rock bottom and have traded upwards ever since and DOGE is even trying to double its figures before the year ends.

After DOGE reached rock bottom at $0.05, DOGE was able to jump back to the game. DOGE is showing off with a consistent uptrend which is also intensified by the upcoming merge with Ethereum.

Early this month, DOGE slipped from the top 10 list of biggest cryptocurrencies but has now seen an impressive recovery today as the prices soared by as much as 8% as seen overnight with Polkadot as its closest competitor.

Judging by the current market dynamics, DOGE is seen to potentially peak at $0.10, especially with the coin’s consistent uptrend. DOGE is expected to breach the $0.08 price zone which validates its continuous uptrend. There might be a looming correction to $0.07 but is short-lived and DOGE will be back at it again aiming to breach $0.08.

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DOGE total market cap at $9.95 billion on the daily chart | Source: TradingView.com

Featured image from Republic World, Chart from TradingView.com
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Bitcoin Price Gears Up For Another Rally After Testing $25,000

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Bitcoin

Bitcoin price has been bouncing up and down over the last couple of weeks, but the digital asset has finally found its direction. With this recent recovery, the price of bitcoin has made its way to sit comfortably above $24,000 presently. The digital asset had tested one of the most coveted spots on Sunday but had sadly been rejected. That has not stopped it, though, as bitcoin is gearing up for another rally towards $25,000.

$25,000 For Bitcoin Price

After touching $25,000 on Sunday, the bitcoin price had taken a swift beating down. This led to an inevitable slump below $24,000 but would prove to only last for a short time. After being pushed back down, bitcoin was able to find support just below $24,000 and used that as a bounce-off point to regain strength above the technical level. 

Even with the decline, it had been able to hold well above the 50-day moving average, thereby keeping its bullish trend on track. What this shows is that bitcoin is not ready to give up the fight at $25,000 just yet. Instead, it is expected that another test of this resistance level will happen on Monday.

This is all happening ahead of the US trading hours, so it is expected that once this side of the world begins trading activities, then there will be another push upward. Additionally, bitcoin’s ability to quickly recover above $24,000 shows significant strength on the 24-hour chart.

The next resistance for bitcoin’s price is currently sitting at $24,765. However, at this point, there is not much support for the bears, so the price is likely to have an easy breakthrough here. The main level to beat still remains $25,000.

Investors Are Bullish 

The bullish sentiment among investors in cryptocurrencies such as bitcoin remains on the rise. The Fear & Greed Index hitting its highest level of 47 on Sunday shows as much. Translating this to the performance of bitcoin over time, shows that the rally is far from over.

Such trends run till the index reads well into the extreme greed territory before a reversal is seen. So if historical movements are anything to go by, it could take a couple of weeks for investors’ sentiment to peak, and by then, the possibility of bitcoin getting close to $30,000 remains high.

It is also seen in the exchange net flows for the past day. Bitcoin had seen more inflows, but this had turned on Friday when outflows had surpassed inflows, indicating that investors were actually accumulating the digital asset.

If this accumulation trend continues, bitcoin is likely to gather enough strength to balance well above $25,000. Once this point is beaten, the next important technical level lies at $28,000, given that this was the cycle low for 2021.

Featured image from CNBC, chart from TradingView.com

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Cyprus SEC Grants Revolut Permission To Offer Crypto Services

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Establishment Of Bitdao’s Layer 1 (L1) Proposed By Bitdao Development Team Headed By Bybit