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Cardano Price Analysis: 25 January

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From a lowly $0.17 on 1st January, Cardano has taken an authoritative charge in the market, rallying by more than 100% over the course of the past 3 weeks. Currently valued at $0.360 on the charts, Cardano had a market cap of $11.18 billion sitting tightly at 6th in the market.

Cardano 6-hour chart

Source: ADA/USD on Trading View

Although Cardano’s price is currently on the rise in the charts, the asset is oscillating between the trend lines of an ascending channel. However, ADA still seems far away from a bearish breakout but the possibility of such a turnaround will depend on its consolidation above the average line. Currently, ADA is right above its immediate support at $0.354. In order to re-test its ATH range at $0.398, Cardano will need to move above the average line in the pattern.

Likewise, an equal probability remains that ADA drops down to support at $0.334 before exhibiting another leg-up from the underlying 50-moving average. If Cardano tumbles below the 50-MA over the next couple of weeks, the asset will re-test support at $0.306.

Market Rationale

Source: ADA/USD on Trading View

Market Indicators were inclining towards a bullish narrative at press time. Awesome Oscillator or AO is suggestive of a bullish recovery after appearing neutral at the moment. The MACD exhibited a bullish crossover after the MACD line hovered over the signal line in the charts.

Lastly, the Relative Strength Index or RSI displayed equal buying and selling pressure. However, considering RSI appeared on the rise, buying pressure may take charge in the coming weeks.

Conclusion

To be fair, Cardano is still relatively neutral at press time as a correction might be inevitable in the future. Howevcr, the bullish momentum may die down once the collective crypto market heads south.

Source: https://ambcrypto.com/cardano-price-analysis-25th-january/

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Miami Mayor dismisses Treasury Secretary Yellen’s criticism of Bitcoin

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Over the past few weeks and months, Miami and Mayor Francis Suarez have been working towards positioning the city as the country’s premier crypto-hub. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez had said in a recent interview, with the comments coming on the back of reports […] Source: https://ambcrypto.com/miami-mayor-dismisses-treasury-secretary-yellens-criticism-of-bitcoin/

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FD7 Ventures launches $250M Micro-Fund in India for Cardano, Polkadot-based projects

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A few days after FD7 Ventures, a Dubai-based crypto-investment fund, made news after it announced its decision to sell its Bitcoin holdings worth $750M to buy more Cardano and Polkadot, the fund is in the headlines again. According to a press release, FD7 Ventures has now launched a $250M Micro-Fund in India to invest in […] Source: https://ambcrypto.com/fd7-ventures-launches-250m-micro-fund-in-india-for-cardano-polkadot-based-projects/

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Why Mark Cuban is looking forward to Ethereum’s use cases

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Entrepreneur Mark Cuban is in awe of Ethereum network and thinks that blockchain technology could be a game-changer for various industries. In a recent interview, Cuban said that it is the “simplification of smart contracts” on Ethereum that gets him “excited.” He said: Because now, all these SaaS companies, all these different companies, I could […] Source: https://ambcrypto.com/why-mark-cuban-is-looking-forward-to-ethereums-use-cases/

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Litecoin, EOS, Enjin Coin Price Analysis: 01 March

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Litecoin seemed positioned for additional losses after the long-term moving average closed in on the short-term line. EOS moved within a descending channel after finding support at $3.5. Lastly, ENJ went past a key resistance and saw its price rise on the charts. Litecoin [LTC] Losses in the last seven days amounted to over 25% […] Source: https://ambcrypto.com/litecoin-eos-ftx-token-price-analysis-01-march/

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