What you'll learn 👉
Even though a lot of traders will draw chart of individual coins, it is a historical fact that altcoins make notable moves only after bitcoin propels the whole market to flex its muscles.
ADA is currently at 468 sats or $0.038 and has a trivial real trading volume of only $2 million per day which makes its reported trading volume of $11 million overstated by more than 5x.
ADA is hovering right above the level of 457 sats, a support and resistance formed back in August. It also seems to be forming a symmetric triangle and it will reach its peak in approx 10 days so that will be an interesting development to follow. Should the market wake up and do a bull run, ADA will break up out of it as well.
Total market cap analysis
Just like in the days before, the overall market is still glued below the resistance level of $219 billions. We need to gain momentum to test this zone before any significant bull run is to be expected.
What can give an impetus for a move up? Right now, no fundamentals of significant magnitude are on the horizon and the only thing that could prop the market up is either whale manipulation or another round of Tether printing.
The Crypto fear and greed index is also looking much better as the needle travels north, reaching the 39 points on this scale that uses 5 different source of information to calculate its value – Volatility, volume, social media, google trends, dominance. As a reminder, the pointer stooped to the levels of 20-25 points only couple of days ago. So the sentiment is on the rise.
IOHK CEO Charles Hoskinson announced a partnership with sneaker manufacturer New Balance at the Cardano Summit in Bulgaria on Saturday. The stated goal? To use IOHK’s Cardano blockchain to ensure that New Balance shoes are authentic.
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