tl;dr
Cardano's (ADA) price has experienced a significant decline following the Chang hard fork, with the MVRV ratio indicating potential price bottoming. Despite the current price of $0.31, technical patterns and RSI suggest a possible trend reversal, with a potential breakout to $0.35 if buyers accumula...
Cardano's founder, Charles Hoskinson, has unveiled details of the project's next steps following the Chang hard fork. The project plans a new upgrade within the next 90 days, aiming to recover from a recent "sell the news" event and decline in price.
On-chain data suggests Cardano's price may be reaching its bottom, with potential for a notable bounce. The current price and technical indicators indicate a potential trend reversal, with a bullish falling wedge pattern and oversold conditions.
Cardano's price has significantly declined post the Chang hard fork, with the MVRV ratio hinting at potential price bottoming. However, technical patterns and RSI suggest a possible trend reversal, with a potential breakout to $0.35 if buyers accumulate at this level. Continued influence from Bitcoin may lead to a further decline to $0.30.
Charles Hoskinson has disclosed plans for the project's next steps, including a follow-up development named "Chang 1" within the next 90 days. The recent decline in ADA's price follows the much-anticipated Chang hard fork, prompting Hoskinson to release new details about the project’s next steps.
The Chang hard fork, which occurred on September 1, resulted in a "sell the news" event, leading to a decline in price as several crypto whales offloaded large amounts of ADA during and after the upgrade. However, Hoskinson indicated that a follow-up development to the hard fork, tagged “Chang 1,” will take place within the next 90 days.
On-chain data from Santiment shows that ADA’s Market Value to Realized Value (MVRV) ratio has dropped further into negative territory, indicating low profitability and potential price bottoming. The 30-day MVRV ratio is at -22.86%, while the seven-day ratio stands at -9.80%, suggesting a possible bounce. An extremely low MVRV ratio suggests that the price is near its bottom, with historical data indicating a potential reversal point.
Currently, ADA is trading at $0.31, with a bullish falling wedge pattern on the daily chart indicating a potential trend reversal. The Relative Strength Index (RSI) also supports this outlook, with current oversold conditions suggesting a possible rebound. If buyers accumulate at this level, ADA could break out and reach $0.35. However, continued influence from Bitcoin may lead to a further drop to $0.30.
More about United States Steel Corporation
```html
United States Steel Corporation produces and sells tubular and flat rolled steel products primarily in North America and Europe. The company is headquartered in Pittsburgh, Pennsylvania.
Industry: MANUFACTURING, STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)
Contact: 800-864-7000
Current Price: $15.55
Change: $0.2 ( 2.29%)
52-week Range: $7.57 - $25.31
Dividend Yield: 0.034
Market Cap: $16.85 billion
Price-to-Earnings Ratio: 45.45
EPS: -$0.617
Forward P/E: -0.178
```
More about Tanzanian Royalty Exploration Corp
Tanzanian Royalty Exploration Corp, Tanzanian Gold Corporation is engaged in the exploration and development of mineral property interests in the United Republic of Tanzania. The company is headquartered in Vancouver, Canada.
ENERGY & TRANSPORTATION
GOLD AND SILVER ORES
Market Cap: 109.25M
Dividend Yield: None
Beta (5Y Monthly): 0.127
EPS: -0.0306
Volume: 36.72M
P/E Ratio: 1.38
Forward Dividend & Yield: 2.549 / 0.625
More about Rush Street Interactive Inc
Rush Street Interactive Inc Summary Rush Street Interactive Inc
Rush Street Interactive, Inc. is an online casino and sports betting company in the United States and Latin America. The company is headquartered in Chicago, Illinois.
Trade & Services
Sector: Services-Miscellaneous Amusement & Recreation
Revenue: $2,113,052,000
Net Income: -0.09
EPS: 10.78
EBITDA Margin: -0.0084
Market Cap: $801,545,000
Stock Price: $13.03
Dividend Yield: 0
P/E Ratio: 0.888