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Cardano Price Analysis: ADA/USD Register New 2018 Lows, Floors not Visible

Latest Cardano News

Aside from developing this peer-reviewed smart contracting platform, Cardano is all about the community. Participants are “amazingly diverse and vibrant”. We saw Charles Hoskinson and Ken Kodama open letter and how they needed the community to rally behind their effort to rid the chairman of the Cardano Foundation whom they accuse of incompetence and attempts to coalesce power.

Part of Cardano’s guiding principles include “the growth of the community and its needs”. Now, as they work towards Voltaire, they are also diligent taking every step with caution and even including third parties to hold IOHK accountable assuming there are flaws that end up hurting users.

Read: 2 Reasons Cardano (ADA) Could Be Listed on CoinBase Before Stellar (XLM)

Patience, diligence and commitment to quality are the hallmarks of Cardano and this is rightfully so especially when we recognize that a financial operating system and a multi-layered protocol is being built. It demands exceptional attention to detail to every line of code and this monumental task is heaped on IOHK which aside from guiding this project also has other activities to deal with.

As a result of this and the realization that Cardano isn’t lacking in engineering resources but the fact that they are researching and at the same time building the protocol which is difficult. Because of this postponement of Project Shelly’s Q1 deadline is almost inevitable.

ADA/USD Price Analysis

ADA/USD Price Analysis

At spot prices, ADA is down 15 percent and 30 percent in the last day and week but still hanging on at 10th. At this rate, prices are not only trending at new 2018 lows but are confirming the bear breakout pattern of early August. We expect this draw down to continue as long as BTC prices dump and deadlines extended.

Trend: Bearish

Everything else constant, ADA has been on a free fall after breaching the 6 cents previous main support and now resistance. Unless otherwise, this trend should continue and ADA could slip below 1 cent before year’s close.

Volumes: Bearish, increasing

Of interest in our analysis are Nov 28 bull bar—218 million versus 140 million and Nov 4—131 million versus 127 million, Nov 5—144 million versus 123 million and Nov 6—165 million versus 127 million. Notice that, the trend is clear, the last three bars have increasing volumes but the deviation from average is not that wide.

In the meantime, Nov 28  high trade volumes didn’t stop sellers from marching forward, reversing earlier gains. At spot rates, ADA/USD is trading below Nov 2018 lows accompanied by high trade volumes. This is bearish and we expect prices to trend lower unless of course there are surges above 3.3 cents erasing these losses.

Candlestick Formation: Bear Breakout

Following drops of Nov 19, ADA sellers drove prices below important support level completing the bear breakout pattern set rolling in early August. The drop has been near perpendicular and as long as prices trend below 1.5 cents, bears are in control.

Conclusion

11 months later and sellers are not slowing down partly because of BTC price declines. We expect losses to continue and as ADA/USD trade below 3.3 cents, the bear breakout pattern of Nov 19 is valid and sellers are in control. Floors are not yet visible and we shall recommend buying once proper bull reversal signals print perhaps driving prices above Nov 2018 lows and even 4.5 cents.

All charts courtesy of trading view

This is not Investment Advice. Do your own Research.

The post Cardano Price Analysis: ADA/USD Register New 2018 Lows, Floors not Visible appeared first on Ethereum World News.

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Cardano (ADA) Price Analysis: Potential Pullback Levels

Cardano is still in a downtrend, testing support at the bottom of the descending channel visible on the 4-hour chart. Price could be due for a correction to the channel resistance before resuming the drop.

Applying the Fibonacci retracement tool shows the next potential ceilings. The 38.2% Fib is at the middle of the channel around 0.1800 while the 50% level is at 0.1915. The 61.8% level is in line with the channel top and is near the 0.2000 major psychological level.

In addition, this also coincides with the 100 SMA dynamic resistance. This short-term moving average is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse.

However, the gap between the moving averages is narrowing to suggest that bearish momentum is slowing. This could also mean that an upward crossover is brewing and it would draw buyers back in.

RSI is moving north so Cardano might follow suit. Stochastic is also pulling up from oversold conditions to signal that buyers have the upper hand while sellers take a break.

Cryptocurrencies have been in a weak spot recently while US regulators carry on with their probe into whether or not prices of digital assets like bitcoin have been manipulated. If evidence strongly suggests so, trust in the industry could be further eroded.

For now, Cardano and its peers are taking advantage of the dip in the dollar after the FOMC decision. Even though the central bank hiked rates and indicated room for two more hikes this year, the US currency was unable to hold on to its post-announcement gains.

Persistent trade war fears are weighing on the dollar as the Trump administration gears up to impose higher tariffs on Chinese products before this week ends.

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Cardano (ADA) Fit to Sit on the Top: ADA Price Among Double Digit Gainers

Crypto-Reversal

The cryptocurrency market, as it seems, was the playground of some very impactful bear-whales making it very difficult to predict any next move by the token assets. As a clear example that coins were changing hands massively by big guys is Bitcoin’s 7 days movement.

ADA Trading

Source: coinmarketcap

The speedy dives and upward jumps are clearly visible. However, as the lead coin by market capitalization approached to break the $7,000 support buyers stepped in and saved the day. Similar all leading coins are in the green per time of writing. Two of them are in a hurry to revers the last day losses: IOTA and Cardano.

Cardano ADA/USD

One of the faster recovering pairs in the cryptocurrency verse per-moment is ADA/USD as in a couple of minutes the 24-hourly gain jumped from 12.00% to present 15.53%. It is trading at $0.2077 leading the BTC market at 11.07%.

Cardano Blockchain

The level at which ADA dipped the last day has not been touched since beginning of April when there was struggle to initiate any sort of recovery after the major losses during the beginning of the year. For now, as long as the pair ADA/USD stays above the major $0.2000 mark, gates are open for more confidence filling gain.

Cardano and its CEO Going for the Top

According to the founder and CEO of Cardano – Charles Hoskinson, his coin will beat Bitcoin and Ethereum in one year. Mr. Hoskinson made the comments right after ADA reached the 7th position by market capitalization.

“Why is anybody worthy of their positions in the market cap? Bitcoin is advertised as a payment system and a means of exchange, and then everybody who’s ever tried to use it for that, it’s been a miserable failure. They usually stop taking it, or they find ways to take cash, and through a creative structure like what Bitpay has done. Ethereum claims to be a world computer, but then CryptoKitties breaks it.”

What a coin makes is its supportive infrastructure that hoists the market capitalization = market cap. Which is why the team that created Cardano and its platform have been concentrating most in its tech improvement and upgrades.

If you take a look at all cryptocurrencies and their ultimate goal, you will find one major similar characteristic. Making change for the better. But, the target gets blurrier as platform is not at a purpose-level and consumer centric.

“The way the ecosystem goes about doing its business is what makes it earn the current positive reputation of becoming the market leader and contender.”

That is why a leader like Bitcoin, despite being very famous, might find real competition as it is struggling every day to get closer to its created purpose. The individual/group who want to be an adopter looks firstly at the team, philosophy and science running the network. Which made Charles Hoskinson say the above.

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What makes Cardano (ADA) So Special?

The seventh largest cryptocurrency by market capitalization and relatively new [Sep 2017] in the crypto-verse Cardano is turning out to be an opportunity that should not be missed. It is titled by many as the first crypto-project born from scientific philosophy based on academic research, peer-reviewed work and software developed on open source standards.

The team behind the network want to create an ideal security-oriented ground base for supporting smart contracts and distributed applications, which is a direct challenge-posing for the second in lead by market cap Ethereum (ETH).

Charles Hoskinson – CEO and founder of Cardano, during an interview for IB Times, revealed long term plans that could lead to grasping true scalability and interledger peer-to-peer transactions in the platforms infrastructure:

“We are probably not going to lose a lot of Byzantine resistance. These epochs that we have come up with, there’s no reason they can’t be run in parallel…”

Cardano’s e-Wallet is called Daedalus, one of a kind in the market. It gives users the ability to activate decentralized applications within the cryptocurrency’s Blockchain. So, it’s both very powerful, versatile and safe.

Following up the release of the software improvement and update 1.1.0, the team declared that they have set under radar various issues that users were approached by with the wallet.

“Daedalus will detect when the time on a user’s machine is out of sync with the global time and will display an error message asking the user to fix the issue. Before this feature was added when there was a time difference of 20 seconds or more, the Cardano node was unable to connect to the network and validate the blockchain, and Daedalus would be held on the loading screen with the “Connecting to network” message.”

Ethiopia – African nation has announced that Cardano’s blockchain technology will be studied and explored out for use cases in the nation’s Agritech industry.

Accordingly to the agreement, the Ethiopian workforce and economy will find support by Cardano for training blockchain targeted developers. To highlight out, Ethiopia’s GDP has increased constantly to a record high of $72.3 bln in 2016.

Being fully transparent because of the above-mentioned open source and peer reviewed structure, many do favorite Cardano and find its features exceptional as it makes developing in the platform very easy.

It’s the worlds seventh preferred coin, according to Coinmarketcap and if things keep going as they have so far, it’s going to continue rising in value and market share.