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

Cardano price has shown exceptional resilience despite a downturn in the global crypto and traditional markets. Meanwhile, several crucial developments have taken center stage.

Chainlink announced the integration of its data streams for the Cardano blockchain to provide low-latency, secure market data, a crucial element for decentralized exchanges (DEX) on the network, such as Minswa, Dexhunter, and Saturn Swap.

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

These data streams will facilitate the delivery of high-frequency, real-time market data, a feature that is particularly beneficial for DEXs as it enables more precise pricing and reduces slippage.

Furthermore, on September 3, Metamask announced support for Wallet Snap, a Cardano wallet created by NuFi.

? Cardano Wallet Snap, built by @nufiwallet, enables MetaMask users to create @Cardano accounts, connect to Cardano dapps, and 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. It marks a significant step in bringing Cardano into the mainstream, as it has often been considered the ‘black sheep’ among blockchains.

Additionally, there is speculation that DexScreener, the leading real-time DEX analytics platform, may be preparing to onboard 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

Finally, investors are keeping a close eye on the upcoming launch of Snek.fun, a Pump.fun iteration on the Cardano blockchain, which has sparked speculation about the imminent arrival of Cardano meme coins.

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. However, these developments set a stage for a potential surge in Cardano price, as was observed with Tron (TRX), which jumped two spots to enter the top 10 largest crypto assets by market cap.

Cardano Price Eyes 28% Surge to Overtake DOGE for 9th Spot

A glance at the price chart reveals that Cardano price has been trending down within a descending channel since April 2024, encountering support around $0.3050 and resistance near $0.3500 and $0.4000.

Examining the recent candlesticks formation near the support level indicates a potential price reversal, as a double bottom could be forming with the neckline coinciding with the $0.4000 resistance level. Notably, the long lower wick suggests buying pressure, indicating a bullish signal.

If the price manages to break above the resistance at $0.4000 with strong volume, it could signify the conclusion of the downtrend and the commencement of a new uptrend. This would translate to a 28% increase in price, propelling Cardano to a market cap of $14 billion, placing it just above Dogecoin in the 9th spot on CoinGecko ranking.

Conversely, a break below $0.3050 could trigger a continuation of the downtrend, necessitating a reassessment of positions.

Cardano is an underestimated underdog that may surprise many, much like Tron (TRX). A sudden influx of ‘degen’ volume and users to the network could propel its price to previously unseen levels.

Frequently Asked Questions (FAQs)

1. How does Chainlink’s integration with Cardano benefit the network?

2. What role does DexScreener play in Cardano's ecosystem?

3. Is a meme coin season coming to Cardano?

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