Is Cardano DEAD? (This Is BAD)

**Deezy** (0:00)
One of the top projects on Cardano is now shutting down. And ADA holders are left wondering, is Cardano dead? This project shutting down is not good if you hold ADA, but what do the charts tell us? And me, Deezy, as a holder and a stake pull operator with over a million ADA locked up, what are my thoughts on this latest situation? Now, the project I'm talking about shutting down is JPEG Store, and JPEG Store was by far the most successful NFT platform on Cardano. They really were the one-stop shop for Cardano NFTs. They were the open sea of ADA, and they just posted this after serving the Cardano ecosystem since 2021 and sharing an incredible journey with thousands along the way, we've reached a point where the JPEG Store and common platforms have to be sunset. They will only be online until the 23rd of May, and after that, the website will be shut down. Now, don't worry if you hold NFTs on these platforms, they will continue to be accessible via other platforms that use their smart contracts. Now, before I go into the charts and tell you my thoughts on the immediate price action and the price impact that we're going to see here, Cardano does have some good news. It isn't all bad news out there. Cardano stable coin market cap has tripled over the past year. You can see a huge jump after they implemented USDC's USDCX stable coin. And we've seen a lot of hacks on Ethereum and seen some issues with Solana DeFi as well. Cardano hack free. There's zero hacks when you look at Cardano's DeFi. And Cardano's always marketed itself as having robust security. In the face of L1s seeing hacks left and right, this should be a positive catalyst moving forward. But having zero hacks isn't going to lead to immediate green pumps, but over the long term, it should be seen as a benefit for the larger crypto ecosystem. And we are seeing signs that we are about to see an alt season breakout. Altcoin market cap is now broken out of a seven month downtrend. Gordon Gekko saying it is now showtime. This guy has almost a million followers. 846,000 to be exact. Let's go ahead and dive into the charts. But what are we seeing in the Cardano charts? First thing, we are bouncing at the exact support level that helped ADA bounce 90% and 200% before. And I'm talking about this level right about 24 cents.
And you can see right there, right at 24 cents, we bounce hard in 22 and in 2023 and again potentially in 2026 Now, the first pump, like we were saying, 90%, but the second one actually pumped even harder. You can see getting really close.
This is the right there at 200, but went a little bit higher, went a little bit higher, right there about 184, but actually ended up pumping 237%.
And if you would look at the Trump victory right there from election day, it would pump 300%. That's a 4X. Well, let's go ahead and zoom in and get out of the weekly charts here. I'm more worried about where are we at in the immediate future. So go ahead and smash that like button if you hold ADA. And if you do self custody, if you want to stake it at DZ StakePull, it really would help me out. I do appreciate it. But back to the charts here, we're looking at a couple levels of support. Now, one, you can see the WIC here, the beginning of February, we hit it a couple more times. We bounced off this, we tried to push lower, but then it ended up holding support. And then we created another trend line. This one goes back a little bit more than a week. This is going back 12 days here. We're also holding support here. But are we coming up to resistance? A few levels of resistance, actually. First thing you're gonna see here is we spiked here the tail end of February, we bounced off it in the middle of March, we bounced off it again in the middle of April, and so this is gonna be number one, your number one area of resistance. So first thing Cardano needs to do is flip this area into support. Second layer it needs to flip into support is gonna be trend line number two. This is gonna be looking at December 9th, then the beginning of January, then the middle of January. We haven't revisited this area since, so if we can clear this, turn it into support, I would expect more resistance right around in this range, depending where we're at time-wise. And then way above, we have resistance number three. This one I could probably go to the three-day chart.