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Cardano (ADA) to $0.90? Bollinger Bands Tease Uncertainty
NFT Gaming

Cardano (ADA) to $0.90? Bollinger Bands Tease Uncertainty

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Cardano (ADA) has seen a 4.6% increase in the last seven days as the asset’s Bollinger Bands setup moved progressively to extreme levels. However, current market dynamics suggest that ADA might suffer a retracement, per this technical indicator.

Cardano market sentiment shifts

Data shows that the price of Cardano is already touching the upper bands at the 20-day SMA level, which paints a reversal scenario for the coin. That is, the price of ADA, which many market participants anticipated could hit the psychological $1 mark, might not happen for now.

Cardano Price Chart. Source: TradingView via CoinMarketCap

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Notably, the Bollinger Bands hint at a short-term retracement for Cardano in the crypto market. Although the market is bullish, a shift might soon happen.

Cardano is ahead with a 1.8% gain, far above the general market figure of 0.45%, as ADA exchanges at $0.8173. However, investors are not actively transacting as trading volume has dropped by 13.86% to $1.11 billion.

The pullback by traders in the ecosystem could serve as a catalyst for ADA’s short-term reversal from its journey to $1.

As U.Today reported, ADA recorded an over 4% increase in price as buying pressure from market participants increased. Given the trajectory, traders were eyeing the $1 level as achievable. However, with volume dropping, the gains could reverse.

If nothing shifts, Cardano’s battle through several resistances to attain the current level could become undone as the price plunges to lower depths.

Cardano growth push anchored on volume

Interestingly, less than 48 hours ago, investors were bullish on ADA, hitting $1 as open interest surged by 27%. This led to traders committing 1.2 billion ADA, valued at around $958 million to ADA’s futures market in anticipation of more growth.

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With the Bollinger Bands’ development, market observers remain keen on seeing how the price unfolds and the ecosystem’s reaction. If there is a spike in trading activity in the coming days, it might support ADA’s continued push for the $0.90 resistance level.

The correlation with the BTC price may also serve as a bullish trigger for the top altcoin on its rebound journey.



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BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, AVAX
Crypto Trends

BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, AVAX

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Key points:

  • Bitcoin made a new all-time high, but the bulls will have to sustain the higher levels for the momentum to pick up.

  • Several altcoins have bounced off their respective support levels, signaling a positive sentiment.

  • Analysts expect Bitcoin to maintain its positive momentum and surge above $200,000 by the end of the year.

Bitcoin (BTC) rose to a new all-time high on May 21 on easing macroeconomic fears and continued inflows into the US-based spot Bitcoin exchange-traded funds. Analysts expect the momentum to continue and Bitcoin to surge to $200,000 by the end of the year.

There are some murmurs among analysts about a bearish divergence, leading to a double-top pattern. However, private wealth manager Swissblock Technologies said in a post on X that its Bitcoin Fundamental Index is not showing any bearish divergence, and the onchain strength remains intact.

Crypto market data daily view. Source: Coin360

Bitcoin is on the verge of forming a “golden cross” on the daily chart, which generally is followed by sharp rallies, barring a few instances when the pattern failed. Bitcoin’s strength is expected to improve sentiment in the cryptocurrency sector, pulling several altcoins higher.

What are the possible target levels for Bitcoin? Could altcoins break above their respective overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

Bitcoin rose above the $109,588 overhead resistance, but the bulls are struggling to sustain the higher levels, as seen from the long wick on the candlestick.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping moving averages and the relative strength index (RSI) in the overbought zone indicate that the bulls are in control. If the price closes above $109,588, the BTC/USDT pair could pick up momentum and skyrocket toward $130,000.

The 20-day exponential moving average ($101,958) is the critical support to watch out for on the downside. A break below the 20-day EMA will be the first sign that the bulls are booking profits in a hurry. That increases the risk of a break below the psychological support of $100,000. 

Ether price prediction

Buyers are trying to sustain Ether (ETH) above the $2,550 level but are facing significant resistance from the bears.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day EMA ($2,334) and the RSI near the overbought zone indicate that buyers are in control. The ETH/USDT pair is likely to pick up momentum on a break above $2,739. That clears the path for a rally to $3,000.

Contrary to this assumption, a break and close below the 20-day EMA signals that the bears are back in the game. The pair could tumble to $2,111, which is likely to attract solid buying by the bulls.

XRP price prediction

XRP (XRP) has been witnessing a tough battle between the buyers and sellers at the 20-day EMA ($2.35).

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price skids below the 20-day EMA, the XRP/USDT pair may stay inside the $2 to $2.65 range for a while. 

Instead, if the price turns up sharply from the 20-day EMA and breaks above $2.65, the advantage will tilt in favor of the bulls. The pair could rally to $3 and, after that, to $3.40, where the sellers are expected to mount a strong defense.

BNB price prediction

BNB (BNB) bulls have held the 20-day EMA ($639) support during the pullback, indicating buying on dips. 

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The bulls will try to push the price above $693 but are expected to face solid selling by the bears. However, if buyers bulldoze their way through, the BNB/USDT pair could skyrocket to the overhead resistance at $745.

This optimistic view will be negated in the near term if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA. That could sink the pair to the 50-day SMA ($609). 

Solana price prediction

Sellers failed to pull Solana (SOL) below the 20-day EMA ($164), indicating demand at lower levels.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The bulls will try to propel the price above the $185 overhead resistance. If they can pull it off, the SOL/USDT pair could accelerate toward the target objective of $210 and then $220.

If sellers want to prevent the upside, they will have to quickly tug the price below the 20-day EMA. The pair could slide to $153 and later to the 50-day SMA ($145). That suggests a possible range-bound action between $120 and $180.

Dogecoin price prediction

Dogecoin (DOGE) has bounced off the breakout level of $0.21, indicating that buyers are active at lower levels.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($0.21) is trending up, and the RSI is in the positive zone, signaling that buyers are in command. The DOGE/USDT pair could rally to the $0.26 level, which could attract sellers. If the price turns down sharply from the overhead resistance, the pair could form a narrow range between $0.26 and $0.21 for some time.

Contrarily, a break and close above $0.26 signals the start of the next leg of the up move. The pair could then surge to $0.35.

Cardano price prediction

The bulls have kept Cardano (ADA) above the neckline of the inverse head-and-shoulders (H&S) pattern during the pullback. 

ADA/USDT daily chart. Source: Cointelegraph/TradingView

The flattish 20-day EMA ($0.74) and the RSI in the positive zone indicate the bulls have an edge. Buyers will have to thrust the price above $0.86 to signal the resumption of the uptrend. The ADA/USDT pair could then skyrocket to $1.01.

This positive view will be invalidated in the near term if the price turns down and breaks below the 50-day SMA ($0.69). That suggests the bulls are losing their grip, increasing the risk of a fall to $0.60.

Related: Bitcoin enters ‘acceleration phase’ resembling BTC price gains seen after Trump election victory

Sui price prediction

Sui’s (SUI) pullback has taken support at the 20-day EMA ($3.73), indicating a positive sentiment.

SUI/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day EMA and the RSI in the positive territory indicate an advantage to buyers. The SUI/USDT pair could reach the $4.25 obstacle, where the sellers are expected to step in. If buyers do not cede much ground to the bears, it increases the likelihood of a break above $4.25. The pair may then climb to $5.

The 20-day EMA is the critical support to watch out for on the downside. A break and close below the 20-day EMA could sink the pair to the 50-day SMA ($3.04).

Chainlink price prediction

Buyers successfully defended the neckline of the inverse H&S pattern in Chainlink (LINK), indicating buying on dips.

LINK/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are trying to strengthen their position by pushing the price above the resistance line. If they manage to do that, the LINK/USDT pair could rally to $18. Sellers will try to halt the up move at $18, but the rally could extend to $19.80 if the bulls prevail.

Time is running out for the bears. If they want to make a comeback, they will have to swiftly yank the price below the 50-day SMA. The pair may then remain inside the channel for a few more days.

Avalanche price prediction

Avalanche (AVAX) took support at the 50-day SMA ($20.88), signaling that the bulls are trying to form a higher low. 

AVAX/USDT daily chart. Source: Cointelegraph/TradingView

Buyers will have to drive and maintain the price above the $23.50 resistance to gain the upper hand. The AVAX/USDT pair could then climb to $26.84, which may act as a hurdle. If buyers overcome the $26.84 barrier, the pair could ascend to $31.73 and subsequently to $36.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 50-day SMA, it suggests that the bulls have given up. The pair could then decline to $18.50.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.



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(CoinGlass)
NFT Gaming

Bitcoin Futures Zoom to Record Open Interest; DOGE, ADA, XRP Add 3%

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Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.

He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.



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Cardano news
GameFi Guides

Cardano Kicks Off Independent Audit Of ADA Redemption

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A third-party forensic review of the long-running Cardano (ADA) voucher redemption programme is finally in motion after Input Output Global (IOG) confirmed that the global law firm McDermott Will & Emery (MW&E) and the audit heavyweight BDO have been retained to “audit and prepare a public report of the ADA redemption,” according to IOG’s chief legal and policy officer Joel Telpner.

The engagement seeks to neutralise weeks of controversy over allegations that hundreds of millions of unclaimed ADA were quietly diverted during a 2021 ledger event and to provide a definitive historical ledger of every presale token, its status and its current location.

Cardano Engages Firms To Audit Unclaimed ADA Vouchers

Emurgo, one of the three founding entities of Cardano, welcomed the move and urged the community to “await the independent audit results,” insisting that only a tiny fraction of presale vouchers remain outstanding after a seven-year search that even involved door-to-door visits in Japan.

In his post on X, Telpner wrote that MW&E, “a global law firm with more than 1,400 lawyers and 24 locations,” and BDO, “a global accounting and audit firm with worldwide locations,” would begin work immediately and have been instructed to deliver the report “as soon as humanly possible.” MW&E’s fintech and blockchain group has been ranked in Chambers FinTech for two consecutive years, reflecting deep regulatory and transactional expertise in digital assets.

BDO, for its part, advertises a dedicated digital-asset forensics practice that combines on-chain analytics with open-source intelligence to trace complex token flows. Telpner added that a specialist blockchain analytics firm will be added to the engagement once conflicts checks are complete.

Emurgo’s thread, posted less than 24 hours before Telpner’s announcement, stressed that “the vast majority of the pre-sale ADA vouchers have been successfully redeemed” and that the remaining unredeemed slice became technically unspendable after the Shelley hard fork, necessitating an on-chain move to preserve redemption rights. The company acknowledged community frustration but warned that some criticisms had crossed into “excessive, unwarranted FUD” that ignores the full context of the painstaking redemption effort.

The Cardano Foundation, which was not directly involved in post-2021 voucher operations, issued its own statement on May 19 noting that “the effort to locate and support remaining voucher holders has been led by the IO team over the past four years” and welcoming the coming audit.

Pressure for a comprehensive report intensified after NFT artist Masato Alexander published a thread on May 7 accusing IOG founder Charles Hoskinson of using “genesis keys” during the Allegra hard fork to reassign about 318 million ADA—worth roughly US $619 million at the time—from unredeemed presale wallets to treasury accounts via a Move Instantaneous Rewards (MIR) transaction in October 2021.

Hoskinson called the charge “false and misleading,” asserting that “IOG never gave itself 350 million unclaimed ADA. This is a lie,” and said the unredeemed remainder—less than 0.2 per cent of the crowdsale—was ultimately donated to Intersect, Cardano’s governance body. He also threatened legal action against those repeating the allegations.

No target publication date has been set; Telpner conceded that “as of today I honestly don’t know” when the final report will be ready, but stressed that both firms have been asked to “complete the audit and prepare and make the report available as soon as humanly possible.”

At press time, ADA traded at $0.727.

ADA fell below the key resistance zone again, 1-week chart | Source: ADAUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

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