Cardano price has been steadily moving down a falling channel over the last 145 days. In the last 24 hours, ADA price has performed exceptionally well despite global crypto and traditional markets facing a major downturn. Meanwhile, since the Chang hard fork upgrade on September 1, the Cardano network has been on the front page of crypto news. In the latest coverage, the blockchain has received support from Chainlink, DexScreener, and Metamask.
Cardano Price to Surge as Chainlink Integrates Network
Chainlink announced the integration of its data streams for the Cardano blockchain to provide low-latency, secure market data, which will be key for decentralized exchanges (DEX) such as Minswa, Dexhunter, and Saturn Swap on the network.
New assets supported by #Chainlink Data Streams ↓
ADA – @Cardano
ILV – @illuviumio
INJ – @injective
JTO – @jito_sol
LDO – @LidoFinance
ONDO – @OndoFinance
SUI – @SuiNetwork pic.twitter.com/hTXjpTtJtC— Chainlink (@chainlink) August 30, 2024
The chainlink data streams will help deliver real-time market data with high frequency, a feature particularly beneficial for DEXs since it establishes more precise pricing and reduces slippage.
Is Meme Coin Season Coming to Cardano?
On September 3, Metamask announced they would support Wallet Snap, a Cardano wallet built by NuFi.
👌 Cardano Wallet Snap, built by @nufiwallet, enables MetaMask users to create @Cardano accounts, connect to Cardano dapps, manage ADA, tokens, NFTs, and more.https://t.co/dzg7i9FswO
— MetaMask Developer (@MetaMaskDev) September 3, 2024
This integration will allow MetaMask users to create Cardano accounts, connect to dApps, and manage assets on the chain. This is a big step further in bringing Cardano into the fold, as it has long been the ‘black sheep’ of blockchains.
Speculation has it that DexScreener, the leading real-time DEX analytics platform, may be in contact with Minswap, Dexhunter, and Saturn Swap in preparations for onboarding the Cardano network to the platform.
So it’s confirmed @dexscreener is definitely integrating Cardano and they are now in contact with Minswap, Dexhunter and Saturn swap as far as I know.
Cardano community made this happen and the algo community gave us a hand.
This is a W for onboarding people to $ADA
— EL (@TheUnpopularEL) September 3, 2024
Additionally, Snek.fun, a Pump.fun iteration on the Cardano blockchain, is launching tomorrow, prompting investors to speculate that Cardano meme coin season may be closing in quickly.
September 5th 🎉 pic.twitter.com/yrZmb9LGJO
— snek.fun (@snekdotfun) September 3, 2024
The ADA price dropped 0.8% in the last 24 hours to trade at $0.3222. These developments set a precedent for a surge in Cardano price, as it was observed in Tron (TRX), which jumped by two spots to enter the top 10 largest crypto assets by market cap.
Cardano Price Eyes 28% Surge Could Overtake DOGE For 9th Spot
Cardano price has been in a downtrend within a descending channel since April 2024, with support around $0.3050 and resistance near $0.3500 and $0.4000.
Looking at the recent candlesticks formation near the support level indicates a potential reversal as a double bottom could be forming with the neckline, coinciding with the $0.4000 resistance level. The long lower wick suggests buying pressure, a bullish signal.
If the price breaks above the resistance at $0.4000 with strong volume, it could signal the end of the downtrend and the start of a new uptrend. This would constitute a 28% uptick in price that would catapult Cardano to a $14 billion market cap, just above Dogecoin in the 9th spot on CoinGecko ranking.
Conversely, a break below $0.3050 could trigger a continuation of the downtrend, and it would be prudent to reassess positions.
Cardano is an undermined underdog that may surprise many, similar to Tron (TRX). A sudden influx of ‘degen’ volume and users to the network may see its price surge back to previously untouched levels.
Frequently Asked Questions (FAQs)
Chainlink has integrated its data streams into the Cardano blockchain to provide low-latency and secure market data. This integration is critical for decentralized exchanges (DEXs) such as Minswap, Dexhunter, and Saturn Swap, as it delivers real-time, high-frequency market data, helping to improve pricing accuracy and reduce slippage.
DexScreener, a leading DEX analytics platform, is rumored to be in discussions with Cardano-based decentralized exchanges like Minswap, Dexhunter, and Saturn Swap. This potential onboarding of the Cardano network to DexScreener could bring improved real-time analytics for Cardano’s decentralized exchanges, further boosting liquidity and user engagement.
With the launch of Snek.fun, a Pump.fun iteration on the Cardano blockchain, there is speculation that a meme coin season may be approaching for Cardano. The excitement around this could drive an influx of volume and new users to the network, potentially impacting the ADA price in the short term.
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Evans Karanja
Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/chainlink-dexsceener-metamask-support-ada-cardano-price-eyes-28-gains/
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