Cardano (ADA) Reclaims Strong Buy Territory – Here’s How

Christian Encila

Last Updated: August 22, 2022 3:05 pm

3 mins read

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Cardano (ADA) was enjoying the uptrend last month. Following the price rally that insinuated a rise in the entire crypto market, crypto prices have nosedived again in the past week.

ADA prices reaches buy zone
Cardano lost 18% the past week
ADA price drops 2.88% as of press time

After the formation of that uptrend that drove the entire cryptocurrency market higher, prices crashed heavily in the past week. On average, the crypto market shaved off around 12% in the past week.

Cardano lost roughly 18% and shoved ADA prices to the buy zone. So, is it advisable to buy the dip at this point? Or should buyers wait a little bit more for a price jump?

According to CoinMarketCap, ADA price has dropped by 2.88% or trading at $0.4505 as of this writing.

The ‘Ethereum Killer’

Dubbed the ‘Ethereum Killer,’ Cardano (ADA) is a public and decentralized DApps and Smart Contract blockchain that was launched in 2017 to be bigger and better than Ethereum.

It uses the Proof-of-Stake algorithm which is considerably more energy-efficient than what Ethereum is equipped with.

Considering the many lapses or shortcomings that Ethereum has such as its sluggishness and expensive gas fees, Cardano is said to set the benchmark for pivotal upgrades using modern technology.

With Cardano’s “Alonzo” upgrade, the network has grown in 2021 to be more secure, scalable, technically advanced, and resilient.

Cardano (ADA) To Breach $0.50 Level?

The crypto market suffered a tremendous slump of 12%. Bitcoin has lost roughly 11% while Ethereum dropped by 16%. The top gainers the previous week seemed to have exchanged hands and have darted on a bearish route this week.

Cardano had an amazing growth from its low of $0.40 and then peaking at a high of $0.59, which is equivocal to gains of roughly 47%.

Today, the prices of the crypto market made a price adjustment and dipped lower. The prices reached the support zone of $0.45 and are now retracing higher. Cardano retraced to $0.47.

Now, the prices could consolidate from $0.45 to $0.50, and then the prices may probably shoot back up and peak at the upper consolidation mark of $0.50. From that point, ADA’s direction will depend on the current market sentiment.

So, if the crypto market shoots way up, ADA might breach the $0.50 mark upwards.

At this point, the hype surrounding Ethereum’s merge has died down and there are no huge price pumps expected.

Crypto total market cap at $998 billion on the daily chart | Source: TradingView.com

Featured image from AMBCrypto, Chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.