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Tag: Cardano

  • Cardano (ADA) to test major support level

    Cardano (ADA) to test major support level

    Cardano (ADA) has been one of the few cryptocurrencies that were showing positive growth despite the downward market trend. In the weekly window, Cardano coin had been one of the well-performing ones. However, cryptocurrency has succumbed to the bearish trend of the overall market as well. Cardano crypto peaked at a price level of $2.30 on the 16th of May. At the time of writing, the cryptocurrency stands at a price level of $1.61. The price is down by a whopping 23% in the past twenty-four hours while the daily trading volume has decreased by nearly the same amount as well.

    Cardano (ADA) Technical Analysis

    The technical for the cryptocurrency shows that the market sentiment for Cardano is neutral. Out of the total twenty-six technical indicators, ten are standing at a neutral position while the buy and sell indications are at eight each. Both the oscillators and moving averages are balanced at a neutral position.

    Cardano (ADA) Technical Analysis
    Cardano (ADA) Technical Analysis

    With the strong bearish outlook of the market, bullish analyses have been invalidated. Cardano (ADA) was expected by quite a few analysts and traders to eventually continue upwards but the cryptocurrency disappointed as it was not able to fight the strong bears. Cardano crypto is now expected to test the strong support level of $1.47. However, there is a good chance that the cryptocurrency may not be able to stabilize at the level.

    Cardano (ADA) Price Prediction

    The downturn of the market has not affected the long-term predictions of the coin by that much. Trading Beasts expects Cardano to be stable at an average price of $1.83 by the end of the year while by 2024 the price of the coin is expected to be at $3.1. Wallet Investor is still bullish on the cryptocurrency and projects a price of #3.5 by the end of the year with a price level at $9.1 in five years’ time.

  • Cardano (ADA) fighting the bears with multiple support levels

    Cardano (ADA) fighting the bears with multiple support levels

    Cardano (ADA) has been surging. Cardano coin has been on a steep upward trend since the beginning of May – adding to the bullish momentum. The cryptocurrency established a new all-time high at $1.83 a few days ago. At the time of writing, Cardano coin stands at a price level of $1.77. The price of the cryptocurrency has increased by 6% in the past twenty-four hours while the daily trading volume has decreased by 15%. Cardano crypto is ranked sixth in the market with a capitalization of $56 billion.

    Cardano (ADA) technical analysis

     

    The market sentiment for the cryptocurrency is bullish. Out of the total technical indicators, fifteen stand at a buy position while nine are giving out a neutral signal and only two are standing at a sell position. The oscillators are mainly neutral while the moving averages are bullish.

    A trader has identified Cardano crypto in an ascending channel formation. The channel had begun forming since the end of April and Cardano has been operating inside the channel ever since. An ascending support line has also been identified which dissects the channel in half. Cardano coin’s market outlook had turned bearish as the cryptocurrency fell below the support line inside the channel. However, it has ever since established the support level again as it stabilized in the level. Cardano is also facing support at $1.56 and $1.40. Per the trader, the renewed bullish momentum is the market will lead it towards higher highs.

    Why is Cardano (ADA) bullish?

    The organization behind Cardano, IOHK, is working tirelessly on the real-world uses of the cryptocurrency. Data from Google Trends show that interest in Cardano had begun rising since the end of January and peaked in middle of March. A further break down reveals that country-wise, Australia, Netherlands and Ireland have accounted for most of the interest in the cryptocurrency.

    IOHK has also announced a partnership in Africa. IOHK is working with the ministry of education in Ethiopia to roll out a blockchain-based student performance tracking system. The program will initially be launched for 5 million students and 750,000 teachers. This is a hallmark moment for not just Cardano but the cryptocurrency sphere as the project marks the world’s biggest blockchain deployment.

  • Shelley: The dawn of a new era for Cardano

    Shelley: The dawn of a new era for Cardano

    Cardano (ADA), the cryptocurrency ranked at 5th in terms of market capitalization, achieved full decentralization yesterday. With an all-time high of $1.42, Cardano stands at $1.19 – at the time of writing.

    Shelley: Complete decentralization of Cardano

    Shelley is the – or was – the next step in the development of the Cardano block chain. Cardanohas officially moved from a centralized ledger to a complete decentralized distributed ledger. Ouroboros – the first provable Proof of Stake protocol – has been successfully deployed. The transactions on the Cardano block chain are now verified without the need of any centralized authority. Ouroboros also ensures the process is done more efficiently – without employing as much resources as Bitcoin does with its Proof of Work mechanism.

    The percentage of tracsantions that are being processed by the genesis node has reached zero D=0, and the community pools of the network are now fully responsible for producing blocks on the Cardano block chain.

    What does Shelley mean for the future of Cardano?

    Ever since the announcement of the update, Cardano has been on an uptrend. Even though the cryptocurrency did suffer from some retracements, it was able to establish a new all-time high. Currently, the price is down by 1.2% in the 24-hour timeframe while the daily trading volume increased by around 10%. The Voltaire governance will be implemented through which the community will lead Cardano towards newer developments.

    IOHK, the developers behind Cardano, had justified the partial decentralization of the block chain but it was still a controversial topic in the cryptocurrency community as cryptocurrencies’ appeal lies in their decentralization. Despite the partial decentralization of the network, Cardano had been able to rise in the ranks of the market.

    With now ADA being fully decentralized, a further increase in the adoption of the cryptocurrency can be expected. Shelley is designed to bring greater security and robustness to the network by being 50-100 times more decentralized than other major block chains.

    What’s next?

    The extensive roadmap of the Cardano network has the next era Goguen planned to bring smart contracts, and hence decentralized apps, integration to the network. Followed by Basho which will focus on the scaling and the interoperability of the network. And finally, Voltaire governance system which will introduce voting and treasury system and will also mark the completion of Cardano becoming a self-sustaining system.

  • Top 3 Altcoins to watch in 2021

    Top 3 Altcoins to watch in 2021

    You really want to know what’s happening in the crypto world and which digital coins suit you best to buy this year.

    Back in 2017, when cryptocurrencies first surfaced on the bigger financial scale there were many speculations regarding their origin, security, and reliability. From an investor’s perspective, back then, things were much volatile and uncertain. But with passing time, things have changed in the crypto sphere.

    We have seen more adoption of altcoins from renowned global companies, financial services platforms, and governments. Bitcoin (BTC) has become a global phenomenon in the financial world. The emergence of Decentralized Finance (DeFi) will change the picture of financial services that are used in today’s modern era.

    In recent times, the financial services giants PayPal and Visa have started to allow their users to use altcoins for daily transactions. Moreover, CNBC has just learned that Goldman Sachs is close to offering its first investment vehicles for bitcoin and other digital assets to clients of its private wealth management group. This will be another major breakthrough for cryptocurrencies. So, in the middle of high expectations and a strong potential future, let’s have a look at the top three altcoins to watch for in 2021.

    Ethereum (ETH)

    Ethereum (ETH) is a smart contract platform for creating decentralized apps (DApps). The blockchain program comes up with its programming language known as Solidity. Ethereum is the second largest crypto by market cap and has grown massively since the start of the new year.

    Ethereum is the one who laid the foundation for DeFi and that’s the reason why a large portion of the DeFi ecosystem is based on Ethereum’s blockchain. According to analysts, after Bitcoin, Ethereum is the most interesting crypto in the space, especially the way it has popped up in recent times. So, Ethereum is definitely one of the best altcoins to look at in 2021.

    Cardano (ADA)

    Cardano (ADA) is a cryptocurrency network and open-source project that aims to run a public blockchain platform for smart contracts. It’s known for its innovative approach with its unique blockchain network.ADA is a proof-of-stake (PoS) blockchain platform: the first to be founded on peer-reviewed research and developed through evidence-based methods.

    Cardano is also one of the top-rated cryptos in the market and it has been in the picture along with top assets like Bitcoin, Ethereum, and others. For investors, Cardano has sparked a strong image with the ongoing bullish trend of the market. ADA is a must watch altcoin this year.

    Litecoin (LTC)

    Litecoin (LTC) is among the top-rated altcoins in the market and certainly one of the top altcoins to watch for in 2021. Litecoin has turned to be a great investment option over the past years. The reason Litecoin has grown into such a big network is that it’s one of the first alternatives to Bitcoin.

    Litecoin has a market cap of $12.9 billion and currently trades at the 9th spot in the market. The digital has much upside at the moment and seems a healthy investment option in the market.