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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Social Media Loves Cardano, But The Chart Signals Caution

Jake Simmons
Jake Simmons
5 months ago
3 mins read
Cardano news

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Despite high optimism among Cardano (ADA) supporters, a look at the weekly chart (ADA/USDT) suggests the exuberance may be premature. While bullish sentiment has grown in tandem with recent regulatory nods, ADA’s price action remains under critical resistance, flashing cautionary signals such as a bearish engulfing pattern.

Cardano: Rising Hype Vs. Bearish Technicals

On-chain analytics firm Santiment notes today a distinct rise in social media optimism for Cardano on X: “Specific altcoins like Cardano are seeing high positive sentiment on social media. Aided by the fact that the SEC classified ADA’s use case as ‘smart contracts for government services,’ the altcoin’s community has pushed up bullishness to its highest rate in over 4 months.”

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Santiment further highlights that Cardano’s crowd sentiment has hit the highest bullish mark in over 4 months. “Over 3.5 positive comments per 1 negative comment toward ADA, highest since Oct. 30 – Nov. 6 week,” Santiment notes.

Cardano social media sentiment
Cardano social media sentiment | Source: X @santimentfeed

However, this social media euphoria hasn’t translated in a bullish price action yet. Currently trading around $0.71, ADA has once again pulled back after ADA was announced to be included in the Strategic Crypto Stockpile by US President Donald Trump. Of particular concern to technical traders is the bearish engulfing candle that formed after the announcement and the subsequent retreat. This pattern occurred three weeks ago when the large red candle completely encompassed the prior green candle’s price range, potentially indicating a shift in momentum back toward the bears.

Cardano price
ADA price, 1-week chart | Source: ADAUSDT on TradingView.com

Since then, ADA retraced further. On the moving averages front, Cardano remains sandwiched beneath the 20-week EMA at $0.7883, which itself is trending downward. Below current prices, the 50-week EMA at $0.6679, the 100-week EMA at $0.59, and the 200-week EMA at $0.5255 could act as layered support. If ADA fails to secure a foothold above $0.74-$0.78, these EMAs become increasingly relevant for gauging additional downside risk.

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Tracing Fibonacci retracements from the all-time high at $3.0984, the chart reveals additional checkpoints above current resistance. The 0.236 Fib level at $0.8990 stands as the most crucial boundary if bulls can clear $0.78. Beyond that, $1.3193 (0.382 Fib), $1.6590 (0.5 Fib), and $1.9987 (0.618 Fib) represent more distant objectives tied to broader recovery scenarios.

However, the bearish engulfing formation underscores the reality that momentum recently swung back to sellers’ favor. Typically, such a pattern suggests increased downward pressure, at least in the short to medium term, unless a swift upside move reverses the underlying trend. This seems to play out at the moment. The Relative Strength Index (RSI) near 48 confirms this lingering indecision.

Currently, the broader altcoin market currently appears heavily influenced by declining Bitcoin dominance and overarching macroeconomic conditions. All eyes are on today’s FOMC meeting and the updated dot plot, which will be pivotal for risk assets. Any indication of quantitative tightening (QT) easing or dovish signals could serve as a catalyst for renewed strength across the altcoin sector.

Featured image from Shutterstock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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