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Is Cardano Going to Zero? ADA Price Slips 3% as Crypto Markets Rally – Will This Mining Protocol Go Viral?
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.
Recent weeks have seen a strong recovery by #8 ranked cryptocurrency Cardano (ADA), yet ADA Price has slipped -3% despite an impressive resurgence in the eco’s valuation, leaving some dejected holders asking ‘is Cardano going to zero?’.
The downtick contrasts Cardano’s steady return to profitability, which saw the valuation of all-Cardano based tokens hit a new all-time high at $450M (previously $330M).
Yet, despite the price drop, prominent traders on crypto Twitter remain bullish on the short-term potential for ADA price.
ADA Price Analysis: Is Cardano Going to Zero Amid -3% Drop or Will Eco Growth Fuel Continued Rally?
With ADA reeling away from a hot-patch of resistance around $0.675, Cardano is currently trading at a market price of $0.635 (representing a 24-hour change of -1.27%).
Downside movements appear to have been triggered by a historic resistance level stemming from June 2o22.
Much of Cardano’s explosive +71% month-on-month gains has been pushed by solid footing above an aggressively ascendant 20DMA (sat at $0.48), which formed a golden cross with the 200DMA (sat at $0.31) on November 8.
However, recent movements to the local high at $0.675 have created a significant margin of 24% divergence between ADA price and moving average support – creating a clear zone of risk amid retracement movements.
Yet, technical structure looks strong here with an emergent bullish pendant suggesting further upside could be on the cards soon.
This conflicts with a severely overheated RSI, which is displaying a strong bearish signal at 74.34, suggesting that retracement is overdue and price structure currently overextended.
Meanwhile, the MACD is reflecting the impressive bullish momentum underpinning recent price action with a reading at 0.0179 suggesting the rally could continue.
Overall, ADA price looks very good here, with bullish pendant structure reflecting the solid growth in Cardano eco value, however, caution is warranted by overheated indicators.
To the upside, ADA price is targeting a move to $0.75 (a potential +18.82%).
While downside risk could see ADA price plummet down to lower support at $0.55 (a possible -12.86%).
This leaves ADA price with a risk: reward structure of 1.46 – a reasonable entry and certainly not going to zero anytime soon.
But while ADA price seems likely to retrace or consolidate on the short-time frame, a new Bitcoin mining project is on the verge of virality.
ADA Price Retracement Alternative? Don’t Miss Bitcoin Minetrix $BTCMTX Presale As $5.32M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine – as the skyrocketing presale smashes +$5,321,993 raised.
Offering an enticing 141% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
The true essence of passive income in the crypto world has never been this accessible.
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$5.5M In The Crosshairs: Bitcoin Minetrix Surges Past $5M As Markets Rush To Bitcoin Cloud Mining
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over APT Price Retracement:
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.