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Cardano (ADA) has been under intense selling pressure, leaving investors questioning its future. After reaching highs above $1.20, the price has taken a significant downturn, now trading around $0.617. With the market sentiment growing increasingly bearish, many are wondering: Is ADA headed for a full collapse, or is this a temporary correction before a rebound? The recent price drop has brought ADA dangerously close to key support levels. If these levels fail to hold, the possibility of further downside could become a reality. However, technical indicators suggest that ADA might be in oversold territory, hinting at a potential recovery. In this article, we will analyze Cardano’s current price action, key support and resistance levels, and technical indicators to determine whether ADA is at risk of crashing further or if a reversal is on the horizon. Let’s dive into the charts to uncover the next potential move for Cardano! Cardano (ADA) has been struggling with bearish momentum after a strong rally that saw it reach highs above $1.20. Currently, the price is trading around $0.617, showing a sharp decline in recent weeks. With the price now approaching critical support levels, investors are left wondering whether ADA is set for a recovery or if it will continue to spiral downwards. Examining the daily chart, the downward trend is clear, with lower highs and lower lows forming. The price is testing a key support zone that has historically acted as a strong barrier against further decline. The question now is whether this level will hold or if ADA is headed for a deeper collapse. One of the most crucial levels to watch is the $0.60 support zone . This level has played a significant role in the past, acting as a strong base before major price recoveries. If ADA manages to hold above this level, it could see a bounce, leading to a short-term recovery. However, if bears push the price below this mark, the next major support lies around $0.40-$0.45, and failing that, a retest of the $0.20 region is possible. The presence of a lower support near $0.20 suggests that if a breakdown occurs, ADA could see an extended period of bearish pressure. This level aligns with historical price action where accumulation previously occurred. A break below $0.20, while unlikely in the short term, would signal a major structural collapse in Cardano’s price. The Relative Strength Index (RSI) on the daily chart is currently at 26.66, which is well into the oversold territory. Typically, an RSI below 30 suggests that the asset is undervalued, and a reversal could be imminent. However, in strong downtrends, assets can remain oversold for extended periods before recovering. If RSI starts showing bullish divergence—where price makes lower lows, but RSI begins to rise—this could indicate that selling pressure is weakening, and a reversal might be on the horizon. Until then, traders should be cautious about assuming the downtrend is over. For ADA price to regain bullish momentum , it must break above key resistance levels. The first major resistance is around $0.80, which was a previous consolidation area. If bulls can push ADA above this level, the next target would be around $1.00-$1.20, where the price previously faced strong rejection. However, if ADA remains below $0.80, it suggests that bears are still in control, and the recovery might take longer. A break above this range would confirm a bullish reversal and could set the stage for a larger rally toward new highs. While ADA is currently facing significant bearish pressure, the $0.60 support level will be crucial in determining its next move. A bounce from here could see a recovery towards $0.80 and beyond. However, a breakdown below this level could open the doors for further downside toward $0.40 or even $0.20. The oversold RSI suggests that a relief bounce is likely, but confirmation from price action is needed before declaring a trend reversal. While a complete crash to zero is highly unlikely, ADA remains in a critical zone where bulls must step in to prevent a further downtrend. Investors and traders should keep a close eye on key levels and volume signals before making any moves, as volatility remains high in the cryptocurrency market.

BlackRock, the world’s largest asset manager with over $10 trillion in assets under management, is incorporating Bitcoin into its own model portfolio. According to a Bloomberg report on Feb. 28, the asset manager will allocate 1% to 2% of its Bitcoin ( BTC ) exchange-traded fund to target model investment portfolios. These allocations, sourced from the BlackRock iShares Bitcoin Trust ETF under the ticker IBIT, will be directed toward the company’s portfolios that include alternative investments. In the investment world, model portfolios are pre-structured funds designed to offer ready-made strategies. They provide managed investment strategies that invest in fund shares and are marketed to financial advisors. Model portfolios have seen significant growth across the market, driven in part by rising interest in digital assets and crypto exchange-traded products. BlackRock’s IBIT is currently a $48 billion spot Bitcoin ETF, holding 576,046 bitcoins, which accounts for about 2.9% of the total Bitcoin market share. According to Bloomberg, BlackRock plans to allocate 1% to 2% of IBIT into its $150 billion model portfolio. Although this $150 billion pool represents a small portion of BlackRock’s overall model portfolio business, the inclusion of IBIT could significantly boost demand for the spot Bitcoin ETF. Michael Gates, lead portfolio manager for target allocation ETF models at BlackRock, reiterated the company’s confidence in Bitcoin as an investment. “We believe Bitcoin has long-term investment merit and can potentially provide unique and additive sources of diversification to portfolios,” Gates said in a note to investors on Feb. 27. The U.S. Securities and Exchange Commission approved IBIT and several other spot Bitcoin ETFs in January 2024. BlackRock, Fidelity Investments, WisdomTree, and VanEck were among the firms that received regulatory approval for the listing and trading of Bitcoin ETFs. Investor demand for these funds helped push Bitcoin’s price above $69,000 in March 2024. Later, heightened interest amid the U.S. election cycle propelled Bitcoin to an all-time high above $109,000. However, a sell-off has since driven BTC down to $79,000, with significant outflows from spot ETFs, including IBIT, in the past week.

The Senate Committee in Texas voted by an unprecedented vote of 9-0 to forward Senate Bill 21 (SB-21) to the Senate floor, where debate can continue. Senate Bill 21 is sponsored by Senator Charles Schwertner to put in place the Texas Strategic Bitcoin Reserve to invest in Bitcoin in the economic policy of the state. A Satoshi Club tweet brought attention to the passage of the bill and its significance in solidifying Texas’ status as a Bitcoin hotspot. Considering Texas’ presence in the sector of crypto-mining, this bill is in accordance with the state’s continued push to incorporate Bitcoin into its economic system. Texas Senate Bill 21 (SB-21) passed the Senate Banking Committee in a 9-0 vote and now heads to the Senate floor. The bill would allow the state to acquire, sell & trade $BTC as part of a strategic reserve. pic.twitter.com/Y12VAzeOpZ SB-21 offers permission to the Comptroller of Public Accounts in Texas to purchase, sell, and exchange cryptocurrencies , including Bitcoin. Under this act, these cryptocurrencies can be used to hedge inflation and economic uncertainty. This bill offers an additional guarantee in that in case the state does acquire Bitcoin, this is to be done in cold storage to protect against cyber attacks and unauthorized access. In making a reserve in Bitcoin to be maintained by the state, Texas can diversify beyond traditional cash and bond holdings. Bitcoin is regarded by lawmakers as offering additional reserve-holding potential because of its decentralized status. Enactment of this bill can encourage additional states to follow this type of action. The legislation also raises considerations to take into account, such as price movements in Bitcoin that can influence the value of the state’s holdings. Additionally, regulatory policy by the federal authorities can influence the state’s management of its reserve in Bitcoin. Steps in the act to secure digital assets against threats include cold storage. The passage in Texas of SB-21 would have that jurisdiction join among the top US jurisdictions to have Bitcoin in reserve. Whereas El Salvador has adopted Bitcoin as its official currency, this action by Texas has the potential to ignite debate in other US jurisdictions regarding integrating cryptocurrencies. Passage is an indicator of ongoing legislative momentum to address digital assets in public finance. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Michael Saylor’s support for Bitcoin continues to spark controversy. Recently, he stated , “Sell a kidney if you must, but keep the Bitcoin.” This bold remark drew mixed reactions from the crypto community. Some saw it as a joke, while others criticized his aggressive investment strategy. Critics argue that Saylor’s decision to invest heavily at market highs may have been too risky. Currently, a further 16% drop in Bitcoin’s price could push MicroStrategy into a total loss on its holdings. Moreover, the company carries an $8 billion debt burden, adding to financial concerns. However, despite these threats, major banks are still heavily invested in MicroStrategy. Interestingly, the world’s biggest asset manager BlackRock lifted its holding to 5% in the firm after MicroStrategy changed its name to “Strategy” to mark its Bitcoin focus strategy. Additionally, 12 U.S. state pension funds currently hold shares in Strategy. California’s State Teachers’ Retirement Fund leads with nearly $83 million invested, followed closely by the California Public Employees Retirement System with $76.7 million. These institutional investments indicate strong confidence in Strategy’s Bitcoin-centered vision. Bitcoin is currently experiencing a pullback, trading at $89,918—a decline of 6.62% according to analyst Long Investor. The most crucial Fibonacci level, the 1.618 extension, aligns with a Wave 3 target of $125,000. Many traders view this as a magnet for Bitcoin’s next price surge. The alignment of the Cup formation and Fibonacci extension reinforces this bullish outlook. Moreover, Bitcoin showed promise for another significant upswing when it last soared 153.26%. In addition, there has been positive momentum since Bitcoin recently broke out of a symmetrical triangle . $69,177 is the support level to keep an eye on because it was a prior breakout point. Additionally, the 0.382 retracement at $85,722 could act as immediate support. If Bitcoin fails to hold this level, the next critical zone is the 0.5 retracement at $79,683. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

As the other crypto coins are in a mess following macroeconomic occurrences, a coin is running away with events. Grass token has maintained its three-day rally, reaching its new all-time high on February 23 when network activity volumes on the site increased. The token hit a price of $2.10, which marks a 122% increase compared to its year-to-date lowest price, while its market value is over $500 million. The rate increase follows the dramatic surge of daily scraped data. For the first time, it hit 1 million gigabytes on February 15, setting a record high at 1.32 million gigabytes on Wednesday—a colossus leap from meager 2,600 gigabytes in the first half of this year. In its entire history, Grass has crawled 4.47 billion URLs and scraped data from 109.7 million IPs, expanding its network capacity. The latest Grass Sion update also included the improvements, which maximized the effectiveness of scraping, provided scale to horizontal compute, and doubled network process capacity to 1 petabyte per day. Grass Sion Upgrade– Network upgrade that significantly enhances @getgrass_io network's capability to scrape and process multimodal web data (text, images, and 4K video) at scale.– Improved scraping algorithms without additional compute, leading to a major increase in data… pic.twitter.com/yE6ZFU5VMB — R (@Ren_gmi) February 6, 2025 Strategic Enhancements and Roadmap Token users increased from a small 200,000 post-2024 to almost 3 million. So this would push the company to make more Sion updates for 2025. Grass token’s next Sion update would be included in the master plan. Apart from the Sion Update, the company would also create a Chrome extension so that users have an easy path towards features, and even come out with an independent web application. Price Outlook: Bullish Momentum Continues Source: Twitter Technically, the GRASS token jumped above the 25-day moving average, indicating strength. Megaphone pattern creation—delineated by diverging trendlines—represents possible further appreciation. A breakout above significant resistance at $2.30 can push the token to its all-time high price of $3.9170, a 96% hike from levels currently. But if prices fall below $1.60, the bull thesis is shattered. With rising adoption and ongoing network upgrades, Grass is a token to monitor in data scraping land. The post Grass Token Rises as Data Scraping Reaches Record Highs appeared first on Coinfomania.