{"id":138299,"date":"2023-05-01T10:37:31","date_gmt":"2023-05-01T10:37:31","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=138299"},"modified":"2023-05-01T15:29:19","modified_gmt":"2023-05-01T15:29:19","slug":"cardano-retracement-ada-in-a-bear-flag-but-will-0-37-hold","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/cardano-retracement-ada-in-a-bear-flag-but-will-0-37-hold\/","title":{"rendered":"Cardano Retracement, ADA in A Bear Flag But Will $0.37 Hold?"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><a href=\"https:\/\/crypto-economy.com\/knowing-cardano-protocol\/\" target=\"_blank\" rel=\"noopener\">Cardano (ADA)<\/a> prices might be lower at spot rates, holding inside a bear flag, but the uptrend remains. <\/strong><!--more--><\/p>\n<p style=\"text-align: justify\">Notably, <strong>ADA is up 33% from March 2023 lows and 60% from 2022 lows<\/strong>.<\/p>\n<p style=\"text-align: justify\">At this pace, the coin could move higher in the days ahead, shaking off the current weakness.<\/p>\n<p style=\"text-align: justify\"><strong>Still, for the uptrend to take shape, there must be a strong rejection of the recent bears. <\/strong><\/p>\n<p style=\"text-align: justify\">In the short term, ADA has support at $0.37 while resistance lies at $0.41 as bears press on, forcing the coin 13% from April highs.<\/p>\n<h2 style=\"text-align: justify\">Eyes on Voltaire<\/h2>\n<p style=\"text-align: justify\">The cool-off in ADA coincides with exciting developments in Cardano&#8217;s roadmap.<\/p>\n<p style=\"text-align: justify\">In the current age of optimization and performance enhancement dubbed Basho, Cardano developers focus on making the network more efficient and performing as designed.<\/p>\n<p style=\"text-align: justify\">Their eyes are now on the Voltaire stage<strong>, where the network is expected to be a self-oiling machine powering decentralized finance (DeFi) protocols and other solutions in a scalable, low-fee environment.<\/strong><\/p>\n<p style=\"text-align: justify\">The charge is spearheaded by Charles Hoskinson, the head of Input Output Hong Kong (IOHK), the development wing of the Cardano blockchain. Hoskinson is also one of the co-founders of Ethereum.<\/p>\n<p style=\"text-align: justify\">However, in a tweet, one of the original co-founders of Ethereum, <strong>Fabian Vogelsteller, criticized the Cardano lead. He said he is not <em>&#8220;really a founder of Ethereum&#8221;<\/em> and couldn&#8217;t trace anything that Hoskinson built.<\/strong><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">To correct this picture a little bit:<a href=\"https:\/\/twitter.com\/VitalikButerin?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@VitalikButerin<\/a> is the ethereum founder, so he doesn\u2019t count. <a href=\"https:\/\/twitter.com\/IOHK_Charles?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@IOHK_Charles<\/a> was never really a founder of ethereum. He built literally nothing for ethereum that I am aware of. He was just early on at the right place, at the time, hanging\u2026 <a href=\"https:\/\/t.co\/zHFV4zLANR\" target=\"_blank\">https:\/\/t.co\/zHFV4zLANR<\/a><\/p>\n<p>&mdash; Fabian Vogelsteller (@feindura) <a href=\"https:\/\/twitter.com\/feindura\/status\/1652241094451642368?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">April 29, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\">Despite the controversies, Ethereum and Cardano offer different value propositions contributing to the success of the blockchain as an ecosystem.<\/p>\n<h2 style=\"text-align: justify\">Cardano Price Analysis<\/h2>\n<p style=\"text-align: justify\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-138300 size-full\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/05\/Cardano-ADA-Daily-Chart-for-May-1.png\" alt=\"Cardano ADA Daily Chart for May 1\" width=\"1147\" height=\"851\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/Cardano-ADA-Daily-Chart-for-May-1.png 1147w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/Cardano-ADA-Daily-Chart-for-May-1-300x223.png 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/Cardano-ADA-Daily-Chart-for-May-1-1024x760.png 1024w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/Cardano-ADA-Daily-Chart-for-May-1-768x570.png 768w\" sizes=\"(max-width: 1147px) 100vw, 1147px\" \/><\/p>\n<p style=\"text-align: justify\">ADA prices remain in a local range, reading from the performance in the daily chart.<\/p>\n<p style=\"text-align: justify\">Clear support and resistance levels are at $0.37 and $0.41, respectively.<\/p>\n<p style=\"text-align: justify\"><strong>Therefore, for the uptrend to take shape, there must be a conclusive break above the current consolidation, forcing the coin above $0.41. <\/strong><\/p>\n<p style=\"text-align: justify\">This will force ADA to synchronize with gains from mid-March. ADA could rally to retest April highs at $0.45, depending on the breakout trade range and volumes.<\/p>\n<p style=\"text-align: justify\"><strong>Conversely, if bears press on and break $0.37, ADA may sink toward $0.30, continuing the current bear range established from April 17 to 21. <\/strong><\/p>\n<p style=\"text-align: justify\">Based on this, conservative traders can wait until there is a definitive breakout from the current $0.04 trade range before engaging the market.<\/p>\n<p style=\"text-align: justify\"><strong><em>Technical charts courtesy of <\/em><\/strong><a href=\"http:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener\"><strong><em>Trading View<\/em><\/strong><\/a>.<\/p>\n<p style=\"text-align: center\"><strong>Disclaimer<\/strong><em><strong>: The opinions expressed do not constitute investment advice. If you wish to make a purchase or investment we recommend that you always conduct your research.<\/strong><\/em><\/p>\n<hr \/>\n<p><strong><em>If you found this article interesting, here you can find more <a href=\"https:\/\/crypto-economy.com\/cryptocurrencies\/cardano-news\/\" target=\"_blank\" rel=\"noopener\">Cardano News<\/a>.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cardano prices are firm but the current ADA cool-off may translate to a bear run should the coin fails to hold above $0.37.<\/p>\n","protected":false},"author":11,"featured_media":47794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[87,105,74],"tags":[4632],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/138299"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=138299"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/138299\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/47794"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=138299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=138299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=138299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}