Cardano Price Prediction: ADA Price Slips After Testing $0.55 Resistance Area

Key Points

• Cardano on Monday probed key resistance in the $0.55 area, but has since dipped to the $0.53 area.
• ADA bulls remain confident as the cryptocurrency eyes a bullish ascending triangle breakout.
• Famous Shark Tank investor Mark Cuban was critical of Cardano in an interview earlier this week.

Cardano Probing Key $0.55 Resistance Area

Cardano has pulled back on Tuesday after coming within a whisker of the $0.55 level on Monday, a level that technicians have marked out as a key area of resistance. The pair was last changing hands in the $0.5330 area, around 1.0% lower in the last 24 hours, according to CoinMarketCap.

Despite Monday’s failure of breaking above $0.55, technicians remain bullish. ADA has spent the last few weeks forming an ascending triangle, with $0.55 acting as the ceiling whilst the cryptocurrency has been consistently posting higher lows since mid-July. Ascending triangle patterns tend to be a precursor for a bullish breakout.

The fact that ADA has this week been able to push and hold above its 100-Day Moving Average is another good sign. If ADA is able to break above the $0.55 level, this could open the door for a swift surge higher to the next area of resistance in the $0.67-69 zone.

Cardano Flips Binance USD, Now Seventh Largest Cryptocurrency

Cardano’s rise on Monday saw it flip Binance’s USD-pegged stablecoin BUSD to become the seventh largest cryptocurrency in the world by market capitalization. Cardano’s market cap was last around $18.1 billion according to CoinMarketCap, versus Binance USD’s $17.8 billion on Tuesday.

BREAKING: #Cardano has flipped $BUSD to become the 7th largest #crypto by market cap

— Michael Wrubel (@michaelwrub) August 8, 2022

Dogecoin Has More Utility Than Cardano, according to Shark Tank Investor Mark Cuban

Famous Shark Tank investor Mark Cuban was critical of Cardano in an interview earlier this week.

"I still think #Dogecoin has more applications available to it than #Cardano" — @mcuban

Watch FULL interview
>> https://t.co/P0qjFzIW4b pic.twitter.com/f6IPN9g5PW

— Altcoin Daily (@AltcoinDailyio) August 7, 2022

He lambasted the blockchain for failing to see a substantial volume of transactions and fees, which he said is a good bell-weather of success. “I don’t see where Cardano has had much of an impact at all,” he said.

“If the next great application that everyone wants to use is on Cardano and you have to buy ADA… that’s great… But it hasn’t happened yet,” he said. Cuban noted that Cardano’s large market cap isn’t necessarily a sign of the projects success, pointing out that Dogecoin and Shiba Inu also both have large market caps. “I still think Dogecoin has more applications potentially available to it than Cardano”

“The fact that Mark Cuban said DOGE has more application than Cardano should excite ADA holders” as “it illustrates how early (they) are,” Cardano enthusiast Dan Gambardello said on Twitter.

The fact that Mark Cuban said DOGE has more application than #Cardano should excite $ADA holders. It illustrates how early you are!

This is also exactly what I was talking about in my video today!@mcuban is always welcome to come chat about $ADA. @IOHK_Charles should join! pic.twitter.com/m672VcVwvJ

— Dan Gambardello (@cryptorecruitr) August 7, 2022

Elsewhere, pseudo-anonymous twitter account @cardano_whale said in a post; “can’t really get mad about Cuban… He doesn’t have a great crypto track record”.

Can’t really get mad about Cuban. Was a factually wrong statement meant to incite. He doesn’t have a great crypto track record, and his outlook on it is probably day and night to ours. From his responses he doesn’t seem too hot on crypto in general, seems less cardano specific

— ADA whale (@cardano_whale) August 8, 2022

Charles Hoskinson, the CEO of Input Output Global (IOG), the company that develops Cardano, demonstrated his incredulity with the below meme.

https://t.co/YMGr4dYB8d pic.twitter.com/Dv4zOcVfL2

— Charles Hoskinson (@IOHK_Charles) August 7, 2022