Latest news with #ADAADA
Yahoo
2 days ago
- Business
- Yahoo
Cardano's ADA Finds 'Strong Support' After Dramatic Price Swings Amid Heightened Volatility
The cryptocurrency market is experiencing heightened volatility amid an escalating feud between President Donald Trump and his former head of the Department of Government Efficiency, Elon Musk, over the state of the U.S. economy. Cardano's ADA ADA has also seen extreme price swings amid market uncertainties. After dropping from $0.688 to $0.621, ADA found strong support and rebounded, forming an ascending channel with resistance at $0.644, according to CoinDesk Research's technical analysis model. The technical indicators suggest a potential renewed bullish momentum as the cryptocurrency reclaims the $0.640 level with decreasing volatility. At press time, ADA is trading at $0.66, down about 1.8% over the past 24 hours, while the broader market gauge CoinDesk 20 Index fell 1%. Some recent news within the ADA ecosystem has provided the market with potential catalysts for the token. Institutional interest in the Cardano blockchain continues to grow, with Franklin Templeton, a $1.6 trillion asset manager, now running Cardano nodes. Additionally, Norway's NBX has recently partnered with Cardano to build Bitcoin-based DeFi, highlighting the blockchain's secure design for institutional adoption. The successful execution of the first Bitcoin-to-Cardano transaction involving Ordinals marks a significant milestone that could potentially unlock $1.5 trillion in cross-chain trading opportunities. Technical Analysis Highlights Sharp decline from $0.688 to $0.621 (10.29% drop) occurred on exceptionally high volume. Strong support zone established at $0.620-$0.623 where buyers aggressively stepped in. Recovery formed an ascending channel with resistance at $0.644. Overall range of $0.070 (10.29%) highlights the extreme market conditions. Potential renewed bullish momentum as ADA reclaimed the $0.640 level with decreasing volatility. Hourly price action showed a possible recovery pattern from $0.641 to $0.643. Short-term resistance level established at $0.643-$0.644. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Yahoo
2 days ago
- Business
- Yahoo
DOGE, ADA Nosedive 7% as Crypto Traders Digest ‘Recession' Sentiment
Dogecoin DOGE and Cardano's ADA ADA led the declines on Friday as crypto traders digested mixed macro data and recession concerns sparked by an escalating feud between President Donald Trump and tech titan Elon Musk. DOGE tumbled nearly 7% in 24 hours, while ADA slid 6.5% to reflect a risk-off shift among crypto traders. Bitcoin BTC bounced above $102,000 in Asian morning hours after falling to near $101,000 on Thursday night, with ether ETH, XRP XRP, BNB Chain's BNB BNB and Solana's SOL SOL down between 2%-5%. The spat between Musk and Trump rattled confidence, with Musk warning that the U.S. is likely headed for a technical recession this year — a concern that weighed heavily on speculative assets. 'The quarrels between Elon Musk and President Trump exposes divides that could hinder plans to reform the US economy, which is why cryptocurrencies as a whole dropped overnight,' said Jeff Mei, COO at BTSE, in a Telegram message to CoinDesk. 'However, we are still positive on the long-term viability of crypto markets, and given the success of Circle's IPO yesterday, it's clear that there are still many institutional investors who feel the same way,' Mei added. Some analysts pointed to the growing risk that political infighting could spill over into markets. 'While recent US macroeconomic reports influenced the sell-off, the negative outlook has been mostly driven by the escalating tensions between President Trump and Elon Musk,' said Nick Ruck, director at LVRG Research, told CoinDesk. 'Investors fear their feud could spill over into the markets. We remain optimistic for the long term as institutions continue to build within the greater crypto ecosystem,' Ruck added. Traders remain cautious as the market awaits clarity on the debt ceiling debate and the potential impact of Trump's proposed 'One Big Beautiful Act' on fiscal policy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Cardano Stages V-Shaped Recovery as Price Swings 4%
The cryptocurrency market continues to navigate choppy waters as global economic factors create ripple effects across digital assets. Cardano's native cryptocurrency, ADA ADA, demonstrated resilience, forming a V-shaped recovery pattern after finding strong support at $0.684 with significant buying volume overnight, according to CoinDesk Research's technical analysis model. This recovery comes amid broader market uncertainty as investors weigh the impact of escalating trade tensions between major economies. ADA is down 0.45% over the past 24 hours at press time, trading at $0.68, while the broader market gauge CoinDesk 20 Index fell 2.1%. Technical Analysis Highlights Price action formed a V-shaped recovery pattern from the low of $0.676 to reclaim the $0.697 level. Strong volume support emerged at $0.684, with the highest 24-hour volume of 45.7 million. Potential continuation toward the $0.702 resistance level established during early morning hours. Clear uptrend with higher lows established during early U.S. morning hours, where volume peaked at 1.17M. Substantial volume supported the breakout above $0.697. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI in to access your portfolio
Yahoo
30-05-2025
- Business
- Yahoo
Dogecoin Dives 9%; Cardano's ADA, SOL Slump 6% as Renewed Tariff Fears Jolt Markets
Dogecoin DOGE nosedived 9%, while Cardano's ADA ADA and Solana's SOL SOL each fell 6% in the past 24 hours as Trump's reinstated tariffs reignited trade tensions. A swift legal reversal saw the U.S. Court of Appeals for the Federal Circuit issue a temporary stay on Wednesday's lower court ruling that had struck down the tariffs, allowing them to remain in place while the government appeals. The tariffs, announced on April 2 and dubbed 'Liberation Day' duties by Trump, target nearly all U.S. trading partners and were imposed under the 1977 International Emergency Economic Powers Act. Bitcoin BTC slid below $106,000 while ether ETH lost the $2,700 mark amid the renewed uncertainty. The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market capitalization, fell 4%. 'The price of Bitcoin fell after Trump's tariffs were reinstated by an appeals court, while U.S. GDP figures showed the economy shrank in the first quarter,' said Nick Ruck, director at LVRG Research, in a Telegram message. 'Gold surged higher as jobless claims increased and corporate profits fell. Although the Fed continues to see inflation as a threat, we're optimistic that Bitcoin will rebound as investors look for long-term value holds during volatile market fluctuations,' Ruck added. Market sentiment appeared cautious, with the total crypto market capitalization flat at $3.42 trillion. 'Cryptocurrencies prefer not to notice positive stock market movements as they are related to tariffs and company reports, not money supply,' noted Alex Kuptsikevich, chief market analyst at FxPro, in an email to CoinDesk. 'Bitcoin retreated from the trading range's upper boundary at $110k to its lower boundary at $107K. This rest at previous highs effectively removes the local overheating of the market.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
