Cardano Leading the Charge in Staking, Claims Dan Gambardello

The crypto influencer, Dan Gambardello (@cryptorecruitr), tweeted this morning that “all eyes will begin turning to Cardano,” which he referred to as the leader in staking. In the tweet, Gambardello stated that it is only a matter of time before “Cardano showcases the power of a truly democratic blockchain; secure, decentralized, and fair.”

All eyes will begin turning to #Cardano, the leader in staking. Now, we watch as Cardano showcases the power of a truly democratic blockchain; secure, decentralized, and fair.$ADA

— Dan Gambardello (@cryptorecruitr) February 10, 2023

In related news, the altcoin’s price has suffered a bit over the last 24 hours according to CoinMarketCap. According to the crypto market tracking website, the price of Cardano (ADA) has dropped 6.41% over the last 24 hours.

This 24-hour drop in ADA’s price has added to its already-negative weekly performance, which now stands at -10.39%. As a result, the price of ADA is trading at $0.3605 at press time.

Daily chart for ADA/USDT (Source: TradingView)

Looking at the daily chart for ADA/USDT, the price of ADA has broken out of the bearish ascending wedge pattern that formed on its chart. Thereafter, ADA’s price consolidated for 2-3 days before declining to slightly above the support level at $0.3482.

This drop in ADA’s price over the last 5 days has also resulted in it trading below the 9-day and 20-day EMA lines.

Technical indicators for the Ethereum-killer suggest a bearish outlook in the coming days. The daily RSI line broke away bearishly below the daily RSI SMA line and remains pointed towards oversold territory.

Meanwhile, the 9-day EMA is looking to cross bearishly below the 20-day EMA. Should this cross happen, momentum will swing in favor of the bears in the coming week.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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