Cardanoย (ADA) is amongย the few cryptoย tokens eligible for cryptocurrency trading in Hong Kong following the city regulatorโs notice on Tuesday. Inย theย meantime, ADA like aย lotย of its peers is dealing with shrinking trading volumes with $146 Million coming in over 24 hours, reportsย by price data from CoinMarketCap.
The almost $13 Billion cryptocurrency ecologicalย system is in the red with the native cryptoย token ADA trading 1.4 percent down on Wednesday โ approximately at $0.3658. Cardanoย (ADA) price must hold firmly toย facilitate at $0.36 to shrink the growing chances of aย greater slide.
Cardanoย (ADA) Price Faces Another Rejection Under $0.37
Despiteย theย factย that Cardanoย (ADA) put up an impressive fight at the beginning of the year, climbing from bottomย 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.
Reinforcing the support at $0.36 is the multi- 30ย days ascending trendline which atย theย beginning came in handy in early January and March.
Thisย implies the trendline is essential for the resumption of the tendency, onย theย otherย hand, investors couldย 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 ADAโs position below all the major applied moving averages, beginningย 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 Cardanoย (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 promoteย ย investors asย ofย now on the sidelines to causeย a comeback, thus creating the necessary liquidity to propel ADA past all 3 moving averages, especially the 200-day EMA.
Despiteย theย factย that Cardanoย (ADA) remains an untradeable investment asย ofย 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 turnย over the signal line, which isย frequently considered a call to buy. Inย addition, moving into the positive region over the mean line at 0.00 would further increase the positiveย tendency grip.
Cardanoย (ADA) Network Transaction Suggests Healthy Growth
Cardanoโs transaction data exhibited robust growth, highlighting the networkโs current strength reportsย 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,ย transaction volume had reached a three- 30ย days high. Cardanoย (ADA) likewise experienced a substantial rebound in transaction volumes from its 2022 nadir, with ADAโs transaction volume increasing by approximately 205 percent year-to-date.
6/ Furthermore, we can see that the most engaged group of users within the network are those involved in trades ranging from $10 to $100. Inย particular, during the 3- 30ย days high, this group accounted for 28 percent of the total transactions! pic.twitter.com/xFIwXtjdk7
โ IntoTheBlock (@intotheblock) May 22, 2023
This remarkable performance emphasizes that the network achieved considerable adoption regardlessย of challenging market conditions. Cardanoย (ADA) is anticipated toย maintain its positive growth, primarily owingย to its layer 2 scalability network, Hydra.
ADA Between Cryptocurrency Cryptoย Tokens Eligible for Trading in Hong Kong
The Hong Kong Securities and Futures Commission (SFC) postedย on Tuesday that it will allow investors to buy and sell cryptocurrency cryptoย tokens under the cityโs 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 thisย year, the SCF reveals it is ready to green light cryptocurrency trading.
NEWS: Hong Kong to reveal that retail investors can trade #crypto under its new rulebook for the sector.
๐ฐ pic.twitter.com/3I0R2BcGFp
โ CoinGecko (@coingecko) May 23, 2023
The new licensing regime is expected toย begin operating on June 1. Nonetheless, not all cryptocurrencies will be allowed for trading in Hong Kong as it is using โminimum criteriaโ to determine eligibility.
โOur regulations will be tight [โฆ] We will let the industry develop and innovate. We will let them create the ecologicalย system here, and that essentially brings manyย of excitement [โฆ],โ Eddie Yue Wai-man, Chief Executive of the Hong Kong Centralย Bank (HKMA). โ Onย theย otherย hand, that doesnโt mean light-touch regulation. If any participant [thinks] that the regulation is asย well tight, theyโre welcome to go elsewhere.โ
Reportsย by reports going around in the market, it would be possible to trade Bitcoin, and Ethereumย (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, Avalancheย (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.
Cardanoย (ADA) price is expected to revive the uptrend for a move to $0.46 and $1, respectively. Onย theย otherย hand, first, support at $0.36 must be defended at all costs.
yPredict โ The Cardanoย (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 toย begin diversifying portfolios early enough.
Up-and-coming projects like yPredict allow investors to buy highly discounted cryptoย tokens in their presale stages.
The InsideBitcoins.com team analyzes these emerging ecologicalย 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 concentratesย on helping investors block out the noise and see the bigger picture which is necessary and critical to making the desired profits.
๐ Incredible update from yPredict! ๐โจ Weโve hit an astounding $1.66M milestone in our cryptoย token presale.
๐ฐ๐ฅ As the ultimate Artificialย Intelligenceย (AI) ecologicalย system for Analysts, Quants, Traders, and Developers, #ypredict and $YPRED are reshaping the cryptocurrency landscape! ๐๐ก Join the revolution now! #AIโฆ pic.twitter.com/HcSGDrxLHB
โ yPredict.ai (@yPredict_ai) May 24, 2023
yPredict intendsย to strengthen its technological capabilities and deliver innovative Artificialย Intelligenceย (AI) solutions to its clients.
Inย theย meantime, the team is introducing YPRED cryptoย 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 theย following round, while the cryptoย token is expected to list on exchanges at $0.12.
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