Crypto market: what’s the latest news and how are the coins Cardano (ADA), Crypto.com (CRO) and Radicle (RAD) performing?
Here is a look at the current and future price trends and an overview of the latest news.
Summary
Analysis of the cryptos Cardano (ADA), Crypto.com (CRO) and Radicle (RAD)
Recall that Cardano, whose native crypto is ADA, is an open source cryptocurrency-related project that aims to create a public blockchain platform for the management of smart contracts.
CRO, on the other hand, is a cryptocurrency used to pay commissions for quick trades or purchases made, linked to the world of Crypto.com. Therefore, anyone who chooses to buy CRO is choosing to support the design and philosophy of the platform itself.
Finally, Radicle (RAD) is the native governance token of the peer-to-peer code collaboration service of the same name. It is one of the most successful digital currencies, ranking in the top 250 altcoins on CoinMarketCap.
Focus on the price of crypto Cardano (ADA): same trend as CRO and Radicle?
The price of Cardano (ADA) has been rising since the beginning of the year, but the last few weeks of declines have subjected the trend to a retracement movement.
In fact, the crypto failed to break above the $0.42 level during last week’s rally. As a result, the level eventually broke the buying pressure and the price returned to the level from which it had recently rallied.
Furthermore, if we look at the ascending channel pattern forming on the daily chart, ADA is still trying to connect to the lower support line, although it has found support at $0.377 over the past two weeks.
Therefore, a break below this support is likely to trigger further selling. Specifically, if the price falls to the lower boundary of the channel, we can expect it to remain quiet for a while before a new round of buying begins.
However, if the price breaks below the channel, the native Cardano crypto is likely to see more price movement towards $0.3 and $0.25. The price has been consolidating for the past three sessions with no signs of recovery.
The daily volume indicator is at its lowest, suggesting that sellers are still present. We can expect prices to recover as soon as volume increases.
Finally, below the support level of $0.376, the lower level to watch for a bounce is $0.357. If this level fails to stem the selling pressure, the next support level to watch would be $0.34.
In the event of a rebound, the immediate resistance level to watch is $0.4. A further recovery could see the price return to resistance at $0.42 and $0.44 respectively.
Crypto.com (CRO) launches Amy: the cryptocurrency exchange’s new AI companion
Crypto.com recently announced “Amy”: the cryptocurrency exchange’s new AI companion designed to inform users with industry information, including real-time token prices and projects, historical events and more.
According to the announcement, Amy, which is powered by ChatGPT, is currently in a pilot phase to “gather lessons learned” ahead of future expansion. Abhi Bisarya, executive vice president of product at Crypto.com, says the company is bullish on the use of artificial intelligence in cryptocurrencies:
“As with other companies and industries, we see incredible potential and opportunity in the convergence of AI with the cryptocurrency industry and our platform in particular”.
A Crypto.com spokesperson added: “We are still in the early days of generative AI, but if done responsibly, it has the potential to have a huge positive impact on many sectors:
“This is especially true for cryptocurrencies when it comes to helping educate users about the underlying technology and financial services more broadly”.
Crypto Radicle (RAD) points to market growth potential
Despite a bearish hand in the early hours, the Radicle (RAD) market has seen bullish momentum over the past 24 hours.
Indeed, the bull-bear battle has seen the price of RAD move between support and resistance levels of $3.25 and $4.31.
During the rally, market capitalization and 24-hour trading volume increased by 27.89% and 5.08% respectively to $208,518,330 and $131,592,540. If the bulls break through the $4.31 barrier, the next level to watch is $5.00.
However, if the bears take control and push the price below the current support level of $3.25, the next support level to watch is $2.50.
With a reading of 0.2457881, the MACD line is trending above the signal line, indicating that Radicle’s upward trend could continue. This pattern indicates that buying momentum is building, giving traders optimism for sustained bullish progress.
In addition to the bullish trend, the histogram is producing positive bars, indicating increased buying pressure. The Stochastic RSI for the RAD/USD pair is showing strong positive momentum at 76.59, indicating that the market is likely to continue rising.
This level is a good indicator for traders looking to take advantage of the current market conditions. Traders may want to consider taking profits or using a stop loss plan to protect their profits if the market enters the overbought zone.
The cryptocurrency Radicle (RAD) is showing bullish momentum on the MACD and RSI Stochastic, indicating further upside potential for the market.
Traders may want to consider taking profits or implementing a stop loss plan when the market enters the overbought zone.
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