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#Cardano is at a Critical Point: Will it Soar or Crash? Three Things to Watch this Week (Cardano Price Analysis).
Cardano’s price could not move higher and sellers returned.
Key Support levels: $0.38, $0.35
Key Resistance levels: $0.41
1. Momentum Shifts Bearish
Momentum has turned bearish this week after buyers failed to make a higher high. With the price on the key support at $0.38, bulls have to do their best to defend this level.
2. Volume Declines
With the uptrend lost, the buying pressure declined, and now sellers appear to have taken over the price action. The resistance at $0.41 continues to hold strong and has so far rejected all attempts by Cardano to break it.
3. Bearish MACD
In the past few days, the daily MACD has been falling, and the bearish momentum has intensified. If nothing changes, then ADA could fall to $0.35 next.
#ArgoBlockchain appoints former CBOE Digital head Thomas Chippas as CEO.
London Stock Exchange and Nasdaq-listed Bitcoin mining and technology company Argo Blockchain has appointed Thomas Chippas as its new CEO and Director, effective immediately.
Chippas is eligible to receive up to 2.85 million units relating to Argo's American Depositary Shares vested over a three-year period, contingent upon continued employment and meeting certain performance criteria, according to a statement.
Based in New York, Chippas brings extensive experience in digital assets and financial services to Argo. He was most recently CEO of CBOE Digital and a former member of its board of directors. He was also the founder and CEO of crypto trading platform ErisX, which was acquired by CBOE at the height of the bull market in October 2021. CBOE subsequently reported a $460 million write-down on the acquisition in 2022.
Argo's new CEO was also previously CEO of Citadel Technology, COO of Axoni and a Managing Director at Citigroup, Barclays and Deutsche Bank.
✌️Changing of the guard amid troubles at Argo.
Former Argo CEO and interim Chairman Peter Wall stepped down in February to "pursue other opportunities." COO Seif El-Bakly took over on an interim basis, and Wall agreed to remain as an advisor to Argo to support the transition. Matthew Shaw was appointed Chairman at the same time.
In December 2022, Argo panicked the market by accidentally publishing drafts of posts that said it would file for Chapter 11 bankruptcy protection. Argo sold its Helios mining facility to Mike Novogratz's Galaxy Digital for $65 million in the same month and took a $35 million loan from the company, ramping up its bitcoin mining activity in January.
Argo subsequently netted $7.5 million in an oversubscribed share sale in July, with plans to pay off its debt.
According to The Tie's prior study this year, significant unlocking events typically result in price reductions as supply increases faster than investor demand for the asset.
The cryptocurrency tokens DYDX, OP, and SUI underperformed the larger Coindesk Market Index and fell precipitously ahead of their significant token unlocks.
A digital asset's supply is increased by unlocks, which also enable token sales by early investors.
A number of significant alternative cryptocurrencies had a decline on Monday due to significant token unlocks, which dragged on prices during a generally bad day for the overall crypto market. These cryptocurrencies included native tokens of dYdX (DYDX), Optimism (OP), and Sui (SUI).
According to data from Token. Unlocks and CryptoRank, the number of altcoins will increase by approximately $650 million this week.
DYDX will record roughly $480 million worth of tokens in its circulating supply, nearly doubling the current amount of tokens in the market. OP, SUI, Axelar (AXL), Immutable X (IMX) 1inch (1INCH), and Hedera (HBAR) also have big unlocks scheduled in the coming days.
#ARK Invest Sold $5M Worth of Grayscale Bitcoin Trust Shares Last Week
The sales took place as a discount for Grayscale's Bitcoin investment vehicle narrowed to its lowest in over two years, a sign of escalating optimism that a spot Bitcoin ETF will finally be approved in the U.S.
Cathie Wood's ARK Invest sold more shares in Grayscale Bitcoin Trust (GBTC) last week, offloading 163,722 to earn $5.02 million at closing prices while the investment vehicle's discount to its net asset value narrowed to the least in more than two years. The sales took the November total of shares dropped by the Next Generation Internet ETF (ARKW) to 579,077, earning it about $16.9 million based on the relevant day's closing share price.