Cardano
Bitcoin (BTC/USD), Cardano (ADA) Forecast
Cryptocurrency Outlook:
- Bitcoin (BTC/USD) struggling to break $24,000 psychological resistance
- Solana and Nomad hackers dampen sentiment, interest rates continue to rise
- Coinbase and Blackrock partnership sparks interest
Interest rates and Crypto
Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Cardano (ADA) are trading lower with an array of economic data weighing on sentiment.
With interest rates on the rise and a war (Ukraine and Russia) that is swiftly approaching the six-month mark, mounting recession fears have prohibited a resumption of the bullish move that drove prices to historical levels throughout last year.
Although equities have managed to recover a large portion of the June losses, the collapse of Terra (Luna), Three Arrows Capital and Celsius have placed the industry under rigorous scrutiny.
For BTC, ETH, XRP and ADA, the economic narrative continues to cap the upward move as investors monitor fundamental risks.
However, despite an escalation in geopolitics, Bitcoin prices have held above $20,000, a key level that remains as both short and medium-term support. With $24,000 holding as psychological resistance, a break of the downward trendline could drive the move towards the June low, below $18,000..
Bitcoin (BTC/USD) Daily Chart
Chart prepared by Tammy Da Costa using TradingView
If prices rise above $22,000 is, BTC/USD could see the next rise of resistance holding at roughly $26,000 with a push through bringing $28,000 to light.
However, a break below $22,000 & $20,000 brings $18,000 to play as the next zone of support.
Cardano Technical Analysis
Following the announcement surrounding a potential partnership between Coinbase and Blackrock, altcoins remain under pressure with Cardano (ADA) finding support at 0.50.
Cardano (ADA) Daily Chart
Chart prepared by Tammy Da Costa using TradingView
For the downside move, a drop below 0.47 could see a retest of the May low at 0.39 opening the door for additional losses which may persist for the remainder of the year.
If prices do manage to rebound, a hold above 0.50 and 0.55 brings the next level of resistance to 0.60 with the next zone at the June high (0.67). If prices continue to rise from there, ADA may have the opportunity to resume the upward move.
— Written by Tammy Da Costa, Analyst for DailyFX.com
Contact and follow Tammy on Twitter: @Tams707
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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