3 hours ago
Cardano price started a fresh decline from the $1.00 zone. ADA is consolidating and might continue to move down below the $0.9350 support. ADA price started a fresh decline from the $1.00 zone. The price is trading below $0.950 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $0.950 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another decline if it trades below the $0.9350 support zone. Cardano Price Turns Red After struggling to stay above the $1.00 level, Cardano started a fresh decline unlike Bitcoin and Ethereum . ADA declined below the $0.9650 and $0.950 support levels. There was a clear move below the $0.950 support zone. Besides, there was a break below a key bullish trend line with support at $0.950 on the hourly chart of the ADA/USD pair. The pair even traded below the 50% Fib retracement level of the upward move from the $0.9007 swing low to the $0.9881 high. Cardano price is now trading below $0.950 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.950 zone. The first resistance is near $0.9650. The next key resistance might be $0.9880. If there is a close above the $0.9880 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.00 region. Any more gains might call for a move toward $1.050 in the near term. Another Decline in ADA? If Cardano’s price fails to climb above the $0.950 resistance level, it could start another decline. Immediate support on the downside is near the $0.940 level and the 100-hourly simple moving average. The next major support is near the $0.9350 level or the 61.8% Fib retracement level of the upward move from the $0.9007 swing low to the $0.9881 high. A downside break below the $0.9350 level could open the doors for a test of $0.9040. The next major support is near the $0.8550 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.9400 and $0.9350. Major Resistance Levels – $0.9500 and $0.9880.
NewsBTC
You can visit the page to read the article.
Source: NewsBTC
Tags :
ADA adabtc adausd ADAUSDT Cardano
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Bitcoin and Gold Prices Surge, Creating Opportunities and Risks
Bitcoin prices hold steady just below record levels, with market optimism intact. Gold reaches all-time highs, influenced by market dynamics and inflation concerns. Continue Reading: Bitcoin and Gold Prices Surge, Creating Opportunities and Risks The post Bitcoin and Gold Prices Surge, Creating Opportunities and Risks appeared first on COINTURK NEWS . NewsBTC
Elon Musk’s Dad Eyes $200M Raise From `MUSK IT` Memecoin to Go ‘Beyond Rockets’
Elon Musk’s dad is promoting a memecoin that capitalizes on the family name to raise upto $200 million for various engineering projects, despite the father-son duo apparently being estranged. Errol Musk, alongside business partner Nathan Browne, will officially back the “MUSK IT” token with the ambitious goal of establishing the Musk Institute, a new for-profit think tank that Errol aims to spearhead, per Fortune . The Musk Institute plans to “go beyond rockets” and build flying vehicles and other scientific pursuits. It is unclear how Elon Musk will be involved in this, if at all. "I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years,” he told Fortune, dismissing any concerns about leveraging his surname for this project. The Musk Institute plans to collaborate with nobility in the UAE to foster innovative engineering projects, though specifics on timelines or project details are still forthcoming. A Middle East-based crypto company initially launched the token in December. Errol and Browne were later onboarded and attached themselves after conceiving the idea for the Musk Institute. MUSK IT boasts a $25 million market capitalization as of Friday, CoinMarketCap data shows, with $79 million in trading volumes and a 130% price rise in the past 24 hours. The token was issued on Solana platform Pump.fun, its contract address shows, with one billion tokens in circulation. Token data shows 44,000 MUSK IT holders and the top ten addresses hold over 20% of the token’s total supply — cumulatively worth over $7 million at current prices. It zoomed from 1 cent to 20 cents shortly after Fortune’s publication on the low liquidity and muted trading volumes and is back to just over 2 cents during Asian afternoon hours. However, the specifics of how "Musk It" will operate, particularly its "tokenomics," remain shrouded in mystery. Neither Errol Musk, Browne nor the Musk It website provided detailed insights into the token`s structure or distribution plans. Errol’s promotion is the latest in a long list of so-termed celebrity tokens, or typically short-lived memecoins that ride the hype of a known personality before eventually dying out. As such, one of the conditions laid out by Errol and Browne before the partnership was that the MUSKIT token “cannot be a pump and dump.” But despite the distance from Elon Musk’s projects, the Musk It site prominently features several of his innovations — from a SpaceX rocket to a Tesla Cybertruck with only a “Mars Base; Opening Soon” note on the homepage . NewsBTC
