Hong Kongs Crypto Trading Hype Awakens Cardano Price from Slumber

Hong Kongs Crypto Trading Hype Awakens Cardano Price from Slumber

Cardano faces challenges as its price must hold firmly to support at $0.36 to avoid a bigger slide, while the smart contract system seeks to defend support at the multi-month ascending trendline, even as Hong Kong announces that retail investors can trade selected cryptos, including ADA, under its new rulebook for the sector.

Cardano (ADA) is among the few crypto tokens eligible for cryptocurrency trading in Hong Kong following the city regulator’s notice on Tuesday. In the meantime, ADA like a lot of its peers is dealing with shrinking trading volumes with $146 Million coming in over 24 hours, reports by price data from CoinMarketCap.

The almost $13 Billion cryptocurrency ecological system is in the red with the native crypto token ADA trading 1.4 percent down on Wednesday – approximately at $0.3658. Cardano (ADA) price must hold firmly to facilitate at $0.36 to shrink the growing chances of a greater slide.

Cardano (ADA) Price Faces Another Rejection Under $0.37

Despite the fact that Cardano (ADA) put up an impressive fight at the beginning of the year, climbing from bottom Line around $0.24 to highs of $0.46 in mid-April, the smart contracts system now finds itself in a precarious situation, where support at $0.36 must be defended or danger a retracement to $0.3, or worse $0.24.

Binance: The One-Stop Crypto Shop

Reinforcing the support at $0.36 is the multi- 30 days ascending trendline which at the beginning came in handy in early January and March.

This implies the trendline is essential for the resumption of the tendency, on the other hand, investors could be forced to acclimatize to declines targeting $0.3 and $0.24, as earlier projected.

The technical structure on the daily chart is likewise complicated by ADA’s position below all the major applied moving averages, beginning with the 100-day Exponential Moving Average (EMA) (in blue), the 50-day EMA (in red), and the 200-day EMA (in purple).

For traders looking forward to new long positions in Cardano (ADA), it would be prudent to wait for a rebound from the ascending trendline.

Furthermore, a break and hold over the immediate resistance at $0.37 could promote   investors as of now on the sidelines to cause a comeback, thus creating the necessary liquidity to propel ADA past all 3 moving averages, especially the 200-day EMA.

Despite the fact that Cardano (ADA) remains an untradeable investment as of now, following the movement of the Moving Average Intersection Divergence (MACD) may help traders identify some rare opportunities.

The movement to watch out for is the MACD line in blue potential turn  over the signal line, which is frequently considered a call to buy. In addition, moving into the positive region over the mean line at 0.00 would further increase the positive  tendency grip.

Cardano (ADA) Network Transaction Suggests Healthy Growth

Cardano’s transaction data exhibited robust growth, highlighting the network’s current strength reports by an analysis by IntoTheBlock. The on-chain analysis identified transaction count and transaction volume as the critical aspects to observe.

The smart contracts network transaction count rose by 33.45 percent from its lowest point in the past year.

Meanwhile,  transaction volume had reached a three- 30 days high. Cardano (ADA) likewise experienced a substantial rebound in transaction volumes from its 2022 nadir, with ADA’s transaction volume increasing by approximately 205 percent year-to-date.

This remarkable performance emphasizes that the network achieved considerable adoption regardless of challenging market conditions. Cardano (ADA) is anticipated to maintain its positive growth, primarily owing to its layer 2 scalability network, Hydra.

ADA Between Cryptocurrency Crypto Tokens Eligible for Trading in Hong Kong

The Hong Kong Securities and Futures Commission (SFC) posted on Tuesday that it will allow investors to buy and sell cryptocurrency crypto tokens under the city’s new guidelines for the industry.

Hong Kong, although part of mainland China, has since the beginning of the year been establishing itself as a worldwide cryptocurrency hub. After announcing that will start regulating cryptocurrency exchanges and crypto-focused corporations earlier this year, the SCF reveals it is ready to green light cryptocurrency trading.

The new licensing regime is expected to begin operating on June 1. Nonetheless, not all cryptocurrencies will be allowed for trading in Hong Kong as it is using “minimum criteria” to determine eligibility.

“Our regulations will be tight […] We will let the industry develop and innovate. We will let them create the ecological system here, and that essentially brings many of excitement […],” Eddie Yue Wai-man, Chief Executive of the Hong Kong Central Bank (HKMA). “ On the other hand, that doesn’t mean light-touch regulation. If any participant [thinks] that the regulation is as well tight, they’re welcome to go elsewhere.”

Reports by reports going around in the market, it would be possible to trade Bitcoin, and Ethereum (ETH) as soon as June 1.

Other cryptocurrencies investors expect to trade in Hong Kong include ADA, SOL, FIL, BCH, ATOM, MATIC, BNB, LTC, LINK, Avalanche (AVAX), and DOT.

It is possible that the return of cryptocurrency trading in Hong Kong after a long-standing freeze could attract back the volatility that has been diminishing, triggered by improving investor interest.

Cardano (ADA) price is expected to revive the uptrend for a move to $0.46 and $1, respectively. On the other hand, first, support at $0.36 must be defended at all costs.

yPredict – The Cardano (ADA) AI-Powered Cryptocurrency Price Prediction Alternative to Buy

As investors wait for the start of a new era for the cryptocurrency industry in Hong Kong, it would be prudent to begin diversifying portfolios early enough.

Up-and-coming projects like yPredict allow investors to buy highly discounted crypto tokens in their presale stages.

The InsideBitcoins.com team analyzes these emerging ecological systems weekly, to attract you some of the best cryptocurrency presales to buy for 2023.

In brief, yPredict is an AI-powered trading and market intelligence platform that mainly concentrates on helping investors block out the noise and see the bigger picture which is necessary and critical to making the desired profits.

yPredict intends to strengthen its technological capabilities and deliver innovative Artificial Intelligence (AI) solutions to its clients.

In the meantime, the team is introducing YPRED crypto tokens in the market via a in a matter of weeks.

Investors are buying YPRED for $0.09 in stage 6 but this price will increase to $0.1 in the following round, while the crypto token is expected to list on exchanges at $0.12.

Related Articles:

    Celsius Networks $745m Stake Sends ETH Validator Waitlist Soaring to 44 Days!


    Read Disclaimer
    This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

    Follow us

    Latest Crypto News

    Share via
    Share via
    Send this to a friend