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Elon Musk has so many tactics he can employ to turn his back on Twitter, which filed a lawsuit against him for canceling the $44 billion contract to acquire the platform. Tactic No. 1 – Accuse the social media giant that its platform is plagued by spam bots, phony accounts and whathaveyou, and give him […]

Cardano price is currently trading slightly above $0.50, price of the asset has been consolidating over the past few days. ADA has been struggling below the immediate resistance level. The coin has attempted to flash a break-out couple of times but it was met with the bears each time. Since Cardano price is trading sideways, chance of a breakout cannot be ruled out immediately. Technical outlook for ADA has also started to turn positive as the buying strength started to recover on the chart. Over the last 24 hours, Cardano price noted a small depreciation. In the past week, ADA lost 2% of its market value. Currently the support levels are between $0.50 and $0.45 respectively. The price had continued to form higher highs and higher lows till the coin started retracing over the last two days. It could be possible for the altcoin to resume its previous price momentum if the technical outlook continues to remain positive. Buying strength remains crucial for ADA at the moment. A slip below its present trading level will push ADA down to $0.45, which would mean that the bears will be in control again. Cardano Price Analysis: Four Hour Chart ADA was trading at $0.51 at the time of writing. Cardano price was struggling underneath the immediate resistance of $0.55. Cardano’s price had formed a similar pattern previously, where it fell below the $0.45 mark and shot up above the $0.55 price level. If ADA loses it current momentum, it could again rally on its chart. Additionally other resistance levels stood at $0.62. If Cardano price fails to hold on the $0.45 level, it could touch $0.38 over the upcoming trading sessions. Amount of ADA traded was in the green which meant that buying strength picked up on the chart. Technical Analysis ADA’s technical outlook started to turn positive over the last 24 hours. The buyers started to enter the market as the coin tried to move upwards on its chart. The Relative Strength Index was positive as the indicator was seen above the half-line. This reading indicated that buying strength was higher than the selling strength on the four hour chart. Cardano price was parked above the 20-SMA as demand for the altcoin appreciated. This meant that buyers were driving the price momentum in the market. Related Reading: Bitcoin Bullish Signal: Whale Exchange Inflows Remain Down The altcoin also demonstrated mixed signals on its shorter time frame. ADA flashed a sell signal but also the buying momentum hasn’t faded out yet. The Awesome Oscillator pictured red histograms on its half-line, AO represents the price momentum and changes in the same. The red signal bars are sell signal on the four hour chart. Moving Average Convergence Divergence outlines the momentum and trend reversals too. MACD underwent a bullish crossover and continued to form green histograms which are buy signals for ADA. The histograms on MACD were fading which were a sign of bearishness. For Cardano to break past its price ceiling, it important buyers remain in the positive on the chart. Related Reading: Cardano (ADA) Regains Some Support But Rate Stuck Below Vital $0.50 Level Featured image from The Financial Express, chart from TradingView.com

The past few weeks have brought a positive twist in the flow of events within the cryptocurrency market, especially for Uniswap. Lots of the crypto assets are gaining more value in their prices. This overturns after the severe crypto winter that puts lots of protocol at the edge. Most witnessed drastic price drops up to 50% since January 2022. The last chaos in the crypto space was better imagined than described. Additionally, the collapse of the algorithmic Terra stablecoin and its native token, LUNA, spiked the downward trend. Several investors lost millions of dollars, creating tension in the entire crypto industry. Some crypto service companies were thrown off balance as they struggled to be their ship afloat. Related Reading: This On-Chain Indicator Suggests Bitcoin Still Only 1/3rd Into Bear Market However, a few of them still went bankrupt with most of their depositors’ funds locked on their platforms. Some participants in the industry are beginning to lose confidence in digital assets as fear, uncertainty, and doubt gradually crept in. All seems to be going progressively well for Uniswap, as its native token, UNI, increases its price value. The strength of its price increase has put Uniswap in ranking by market cap among the top 15 cryptocurrencies. In addition, the Ethereum-based decentralized protocol has experienced a significant surge in value, reaching 150% over the past seven weeks. According to data from Santiment, an on-chain analytics firm, there has been an increased and substantial whale accumulation of the UNI tokens. This explains its recent price rally as well as the surging address activity. Santiment reported that the Uniswap daily active addresses have risen to over 1,100. With the presence of strong address activity on the network, the protocol has the potential to sustain the current price action. Uniswap Whale Addresses Push Positive Moves Uniswap whale addresses have shown a positive move since the crypto crash of May 2022. The addresses have accumulated vast amounts of UNI tokens ranging in massive percentages. In their performance, whale addresses containing up to 100 thousand to 1 million UNI tokens have undergone massive accumulation within the past two weeks. Also, Santiment noted that the level of transactions they deem to be prominent are those taking about $100,000 or more. It mentioned that such transactions are from the whales and moving back to those seen in May levels. Related Reading: Low Caps Like Uniglo (GLO) And Convex Finance (CVX) Likely To Make New Millionaires Alongside Bitcoin (BTC) So, it stated that all the recent significant transactions from the whales are noticeable. This is because such moves accumulated just in the past week before the price climbed to $9.69. Besides its price rally, Uniswap has increased its active average trader returns. It currently recorded over 22.5% in its 30-day MVRV. According to the report from Santiment, the current value is clearly above the danger zone. Despite Uniswap’s impressive price rally, Santiment has advised investors to tread with caution with the protocol. Featured image from Pexels, charts from TradingView.com