• Cardano [ADA] saw aggressive buying at the $0.3020 lows, pushing its price past key resistances as Bitcoin [BTC] surged to the $26k area.
• BTC’s price action will determine ADA’s price direction in the coming days/weeks, with a bullish breakout possible if BTC maintains the $24k level and surges.
• Bulls had slight leverage based on ADA’s long/short ratio, but bears and potential short-sellers should keep an eye out for a sharp retracement of BTC towards $20k.
Cardano [ADA] Price Analysis
Bullish Rebound After Recent Low
Cardano [ADA] rebounded strongly after hitting its recent low of $0.3020 on 12 March. It saw aggressive buying at these lows, pushing its price above key resistances as Bitcoin [BTC] surged to the $26k area.
Price Ceiling At $0.368
However, BTC saw a sharp rejection at $26k and was trading below $25k at press time. Similarly, ADA hit a price ceiling at $0.368 before entering a retracement that pushed it into a key range – between support levels of $0.3306 and resistance levels of $0.3466 – that it had previously broken out from during BTC’s extra rally following February’s US CPI data release.
Direction Determined By BTC Price Action
As such, BTC’s price action will determine ADA’s direction in the next few days/weeks – with possible bullish breakout if BTC maintains the current level around 24K or surpasses it; or possible intense selling pressure if ADA closes below its support at 0.3306 or lower previous low of 0.302 (with potential short-selling targets).
Bulls Have Limited Leverage In Short-Term h3>
Bulls have some leverage according to ADA’s long/short ratio on four-hour timeframe; however bears and potential short sellers should pay attention to any sharp retracements of Bitcoin towards 20K region..
RSI & ADX Indicate Further Retracment Or Consolidation For ADA h3 >
Technical indicators such as Relative Strength Index (RSI) which pulled back from overbought territory and Average Directional Index (ADX) sloping downwards indicate further retracement or consolidation for Cardano [ADA].
• Optimism [OP] recently released a new update for its Goerli nodes ahead of the Goerli Regolith hard fork.
• OP’s price registered an uptick and was one of the top gainers over the last 24 hours.
• On-chain metrics and market indicators supported the market’s bears too.
Optimism Releases Update Ahead of Goerli Regolith Hard Fork
Optimism (OP) recently released a new update for its Goerli nodes ahead of the scheduled Goerli Regolith hard fork event on March 17. The announcement caused OP’s price to register an uptick, making it one of the top gainers over the last 24 hours. Despite this positive development, on-chain metrics and market indicators have favored the bears in recent times.
The update requested all Optimism infra providers to upgrade their nodes to op-geth v1.11.2-de8c5df46 and op-node to v1.0.0 before March 17 at 19:00 UTC, when the Goerli Regolith hardfork takes place. The Regolith upgrade implements minor changes to deposit processing and is based on data collected from Sherlock Audit contest as well as findings from Bedrock Optimism Goerli testnet. It uses a L2 block-timestamp activation rule which is specified in both rollup-node and execution engine.
Price Action & Market Response
As news about the update spread, OP’s price began to increase steadily, eventually earning it a spot among the top daily crypto gainers list according to CoinMarketCap data. At press time, OP was trading at $2.44 with a market capitalization of more than $767 million, although its growth momentum seemed to have slowed down somewhat since then due to bearish pressure from certain indicators such as CMF (Chaikin Money Flow) and RSI (Relative Strength Index). Nevertheless, MFI (Money Flow Index) registered an uptick which could be indicative of further price pumps in future periods if conditions remain favorable for bulls in the marketspace surrounding OP tokens..
On Chain Metrics & Market Indicators
Token Terminal’s data revealed that Optimism’s revenue had declined by nearly 7% over past weeks while its active addresses also dropped by 3%. Similarly, there has been a decrease in overall transaction volume compared to previous periods leading up to this point despite increased interest from traders in today’s marketspace surrounding OP tokens which likely contributed towards its bullish gains earlier today before being outweighed by bearish influence thereafter..
Overall, optimism remains high amongst industry experts who suggest that even with all these bearish signals present in current marketscape surrounding Optimism token prices still have potentiality for good returns depending upon how sentiment shapes up moving forward into next week when actual hardfork event will take place as per original timeline set out by project team members priorly back then during initial announcement release post launch period near end of February this year..
• GMX tokens have recently surged due to large whale interest after the FTX collapse.
• The number of unique users signing up to the GMX protocol increased, but the overall fees collected by GMX declined.
• The number of active developers on the network rose, increasing the possibility of new upgrades and updates that could attract more users.
Whale Interest in GMX Tokens
GMX tokens have recently been on the receiving end of massive whale interest after the FTX collapse, resulting in a surge in its prices over the past few months. Data from Santiment suggests that wallets holding 100,000 – 1 million GMX bought about 10 million tokens worth around ~$20 million – and their purchasing power doesn’t appear to be slowing down.
Increase in Users on the Protocol
Data from Dune Analytics showed that there was an increase in unique weekly users signing up to the GMX protocol as well – most likely due to margin trading, swaps or liquidating. However, despite this increase in user activity, fees collected by GMX still declined as fees generated from margin trading fell from $7.65 million to $3.34 million at press time, which also impacted revenue collected by the protocol as it decreased by 24.5%. Additionally, Token Terminal reported a 6.5% decrease in active users on the network as well.
Possibility of Attracting More Users
However, there is some hope for increasing user activity on the platform again – Token Terminal data showed that there was a 22% increase in active developers on the network over the past month which increases chances of new upgrades and updates being added onto the platform that could attract more users and encourage them to stay active as well.
Challenges Faced By Protocol
Despite whales showing interest towards buying GMX tokens, there are still challenges faced by both token holders and protocol alike when it comes to daily activity – with an overall decline in fees collected by GMX and decrease in active users on its platform at press time respectively making it difficult for either party involved with GMX’s token or protocol success .
Gaining whale attention can help boost any asset’s price temporarily while having more developers actively working together can create further opportunities for growth; however if user activity isn’t maintained then ultimately even these efforts may not be enough to keep things running smoothly long-term without other changes being made within its ecosystem first..