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Why The Cardano Price Might Be On The Verge Of Another Decline

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Ta- Price Of Cardano Bounces From Support, Gears For A Bullish Run
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The Cardano price has been following the general market sentiment and trended to the downside in the last 24 hours. The cryptocurrency is on the verge of implementing a major upgrade via its “Vasil” Hard Fork Combinator (HFC) event, but the current price trend hints at bad news for bullish investors.

At the time of writing, the Cardano price trades at $0.47 with a 3% profit over the last seven days. The cryptocurrency lost its position in the top five by market capitalization but has managed to preserve some of the wins for the past few days outperforming Ethereum and others.

ADA’s price trends to the downside on the 4-hour chart. Source: ADAUSDT Tradingview

This Trader Forecasted Bad News For The Cardano Price

On low timeframes, the Cardano price was moving sideways over the past few months, coming off from a major downtrend. In early 2022, the cryptocurrency finally broke below the $1 price point which triggered more losses and sent Cardano into its 2020 levels.

At that time, the Cardano price moved sideways and experienced a relief rally to $1.20 which was immediately followed by a steeper decline. Legendary trader Peter Brandt believes ADA’s price might be forming a pattern hinting at a similar move.

Via his Twitter account, Brandt wrote the following while sharing the image below:

This is a fractal chart construction known as a descending triangle. If it continues in the fractal, $ADA should have one more significant decline. “Should,” not “must”.

Cardano Price Ada Adausdt 1
Source: Peter Brandt via Twitter

As the image shows, the Cardano price is forming a bottom at around $0.4 with a series of higher lows hinting at a downtrend. If ADA’s price continues to compress into its current levels, the cryptocurrency might break below and re-test the area around $0.35, according to Brandt’s prediction.

Cardano Price Ada Adausdt 2
Source: Peter Brandt via Twitter

 What Could Prevent Further Losses For The Cardano Price

Data from Material Indicators shows a stack of ask liquidity at around $0.48. This could prevent ADA from breaking about this area, on lower timeframes.

In addition, Material Indicators show a spike in selling pressure from retail investors. They have been dumping their ADA on the market as the Cardano price trends to the upside.

Fewer “paper hands”, short-term investors, on the market might lead to a long-term bullish trend. On September 22, the Cardano network will undergo its most important update in 2022 and will implement improvements to its scalability, decentralization, and performance, according to its lead developer Input Output Global (IOG).

Time will tell if the cryptocurrency completes the descending triangle into new lows, as Brandt predicted, or if the upcoming HFC event will invalidate it.

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Discounted Tariff For Crypto Mining To Be Eliminated in Norway

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The finance minister of Norway, Trygve Slagsvold Vedum, has proposed that the government do away with a programme that gives crypto data centers a discounted cost on power.

The Norwegian government made a proposal on Oct. 6 that might affect Bitcoin miners by making data centers in the nation pay the same power tax rates as other sectors. The government determined that the discounted tariff should be gradually eliminated due to increased power consumption in certain regions.

The finance minister said:

“We are in a completely different situation in the power market now than when the reduced rate for data centers was introduced in 2016. In many places, the power supply is now under pressure, which causes prices to rise. At the same time, we are seeing an increase in cryptocurrency mining in Norway. We need this power for the community.”

A proposal to outlaw cryptocurrency mining was first proposed by the Norwegian Red Party in May, but it was ultimately shot down by the Norwegian Parliament. At the time, Arcane Research analyst Jaran Mellerud predicted that Norwegian political parties “likely make one more attempt at increasing the power tax specifically for miners.”

Moreover, according to the Cambridge Bitcoin Electricity Consumption Index, several BTC mining enterprises are now active in Norway, using 100% renewable energy sources and contributing 0.74 percent to the worldwide Bitcoin hash rate. Furthermore, many Sortland inhabitants in the north, meanwhile, have voiced worries about miners environmental hazards, mirroring the views of American legislators.

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Reef Finance (REEF) Continues With Green Days; How Long With This Last?

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Reef Finance (Reef) Continues With Green Days; How Long With This Last?
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  • REEF price continues to show the market how it is done as price trends in the green zone for two straight days. 
  • REEF trades above key resistance as price breaks out of range holding above 8 and 20-day EMA.
  • The price of REEF eyes a recapture of $0.01 as key resistance was flipped into support. 

The price of Reef Finance has continued to show its strength as price trends with double-digit gains against tether (USDT) on two separate days in a row. With the crypto market cap bouncing from its weekly low as the market continued to look promising, the price of Reef Finance was not left out as the price broke out of its long weekly range, with the price trending to a higher height. (Data from Binance)

Reef Finance (REEF) Price Analysis On The Weekly Chart.

The crypto market got relief, as anticipated for most crypto altcoins. However, some altcoins have continued in a range-bound movement with the recent surge in price among most crypto assets. 

The price of REEF in previous months has been stocked in a range box as the price could not break out with real volume. REEF’s price continued to move between the region of $0.004 and $0.003 in a bid to break out and trend higher. 

After a long-range movement, with the month looking good for most altcoins, as many call it the month of Uptober, the price of REEF broke out with good volume from its range as price rallied to a high of $0.065 

REEF has a very good use case and no doubt was a catalyst as the price hit an all-time high of $0.3 before seeing its price rejected to a low of $0.003 as the price bounced off this region for a minor relief.

With the current structure, the price of REEF has been maintained; we could see the price going to a high of $0.01 if the relief state of the market remains for a longer time.

Weekly resistance for the price of REEF – $0.01.

Weekly support for the price of REEF – $0.004.

Price Analysis Of REEF On The Daily (1D) Chart

Daily REEF Price chart | Source: REEFUSDT On Tradingview.com

On the daily timeframe, the price of REEF continues to show strength as the price pulled over a 20% gain despite the market looking to have stalled in price movement; after hitting a daily low of $0.003, the price of REEF rallied to a high of $0.005 where the price was rejected into a range of $0.004-0.003 as price struggled to break out.

On a successful breakout, the price of REEF rallied with much aggression as bulls were in control of the price, pushing the price to a high of $0.0067.

The price of REEF currently trades at $0.0053, just above the 8 and 20-day Exponential Moving Average (EMA). The price at $0.0050 and $0.0048 corresponds to the prices at 8 and 20-day EMA for REEF on the daily timeframe. With the price of REEF holding strong and a possible price continuation, we could see a retest of $0.01 in no time.

Daily resistance for the REEF price – $0.00650.

Daily support for the REEF price – $0.005.

Featured Image From Zipmex, Charts From Tradingview

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Dapper Labs Announces Launch Date of NFT Marketplace

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The Fate Of Nfts In The Crypto Winter
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  • Dapper’s Flow blockchain will manufacture NFT collectibles based on video highlights.
  • The partnership between Dapper and LaLiga was initially announced in September 2021.

Dapper Labs’ LaLiga-themed NFT platform will enter closed beta later this month, following in the footsteps of NBA Top Shot and NFL All Day.

Starting on October 27th, a curated user base will have access to LaLiga Golazos, a digital marketplace where the first pack will be released. Over the course of many months, both Top Shot and All Day conducted closed beta testing with a growing number of users before releasing to the general public.

To compete with other similar sports services, Dapper’s Flow blockchain will manufacture NFT collectibles based on video highlights from LaLiga Golazos games, which will subsequently be sold and exchanged like trading cards.

Spectacular Goal 

The partnership between Dapper and LaLiga was initially announced in September 2021, and the platform was supposed to launch this past summer.

Bilingual NFTs with play-by-play commentary, player performance information, and match statistics will be sold by LaLiga Golazos (“golazos” meaning “spectacular goal” in Spanish). This is the first NFT product that provide multilingual support from Dapper. The era of the league covered by the platform’s collectibles extends all the way back to 2005.

El Clásico (FC Barcelona vs. Real Madrid CF), the Madrid Derby (Real Madrid CF vs. Atlético de Madrid), the Basque Derby (Real Sociedad vs. Athletic Club), and El Gran Derbi (Real Betis vs Sevilla FC) are just a few of the LaLiga rivalries whose moments will be featured in the first digital pack of NFT collectibles, set to release on October 27. 

Promoting the LaLiga Golazos launch are players such as FC Barcelona’s Ansu Fati and Marc-André ter Stegen, and Atlético de Madrid’s Joao Félix and Luka Modri.

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Marathon Digital Reveals $81.3M Exposure To Compute North

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