The outlook for Cardano flipped bearish immediately after the price bounced off resistance at $0.4400 – an area reinforced by the 200-day EMA (Exponential Moving Average) (in purple).
With the recently completed Ethereum PoS merge, the coin would effectively become unmineable via GPUs some time in 2023. However, an immediate GPU dump is unlikely, as new PoW alternatives including Ethereum Classic or the newly-created EthereumPOW hard fork still see considerable support from certain large GPU mining players.
“The Merge” is fast approaching completion on the Ethereum network, but this begs the question: what does it mean for network users and their DeFi tokens or NFTs?