DeFi

Cardano DeFi Trading Volume Surpasses $22M: Will ADA Price React?

Published

6 months ago

18 July, 2024

Cardano DeFi Trading Volume Surpasses $22M: Will ADA Price React?

Cardano price rally stalled at $0.44 on July 18 after 40% gains in 14 days; on-chain data analysis explores the bullish and bearish catalysts that impacted ADA price stagnation over the past 72 hours.

Cardano DEX Volumes Soar Despite Mixed Market Signals

Since July 5, Cardano has been on an upward trajectory, mirroring broader trends in the cryptocurrency market. But after nearly two weeks of persistent bullish trends, mixed signals have emerged within the Cardano ecosystem, as bulls and bears struggle to dominate the next phase of the market.

Cardano Action Price ADA USD 18 7 24 Cardano Price Evolution | ADAUSD | TradingView

Over the past two weeks, between July 5th and July 18th, ADA prices have increased significantly. The chart above shows that ADA prices have increased by 44% from the monthly low recorded on July 5th.

However, a closer look at the chart shows that Cardano’s price rally has struggled to break above the $0.45 resistance despite the bullish sentiment surrounding the cryptocurrency sector this week. This rare market alignment suggests that conflicting bullish and bearish catalysts are currently in play in Cardano markets.

On the bright side, Cardano’s decentralized exchange (DEX) trading volumes have increased significantly, highlighting the growing interest in its DeFi ecosystem. According to recent data, Cardano’s 24-hour trading volume has surpassed $350 million, with DEX volumes surpassing 50 million ADA this week.

This increase indicates a growing adoption of DeFi applications on the Cardano blockchain, which is generally correlated with higher network activity and potentially positive impacts on network health. Despite this increase in DEX activity, CardanThe stock price continues to show bearish trends. ADA has seen a notable correction, trading at around $0.4493, a 3% decline over the past week.

A closer look reveals a decrease in network activity, with daily active addresses dropping from 39,300 to 31,000 and daily transactions dropping from 94,000 to 49,500. These metrics suggest some bearish pressure on ADA, which is reflected in the recent price action.

Cardano Network Activity ADA USD q 18 7 24 Cardano ADAUSD Network Activity | Artemis

Despite the short-term bearish signals, the long-term outlook remains optimistic. co-founder Charles Hoskinson and other proponents believe in its potential to revolutionize financial markets. Additionally, speculation about a possible approval of a Cardano spot ETF could serve as a significant bullish catalyst.

Cardano Price Prediction: Bulls Struggle Against $0.45 Resistance

Cardano (ADA) has been performing impressively in recent days, with the price surging from $0.30 to $0.44, representing a 44.07% increase in the last 13 days. This bullish momentum has brought ADA closer to the critical resistance level of $0.45, which it needs to break to maintain its upward trajectory.

The chart illustrates a robust uptrend, supported by a series of higher highs and higher lows. The Parabolic SAR dots below the price indicate continued bullish sentiment, while the ALMA (Adaptive Moving Average) line is currently at $0.44, acting as a dynamic support level. This suggests that any short-term pullback could find support around this level, potentially providing a buying opportunity for traders.

Cardano Price Prediction for Quarter 18-7-24 Cardano Price Prediction | ADAUSD

Despite the recent gains, ADA faces significant resistance at $0.45. A decisive break of this resistance could pave the way for further upside, targeting the next major resistance level around $0.50. On the downside, the main support level lies at $0.36, as indicated by the Parabolic SAR, which also aligns with a previous consolidation area. A drop below this level could signal a change in sentiment, potentially leading to a deeper correction.

The Relative Strength Index (RSI) is at 55.93, which remains below overbought territory, suggesting that there is room for further upside. This is consistent with the overall bullish outlook, although traders should watch for any signs of RSI divergence that could indicate weakening momentum.

In summary, Cardano’s technical indicators are trending to the upside, with the potential for further gains if the $0.45 resistance is broken.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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