Cardano Foundation - Blockchain | Cryptocurrency | Decentralised Applications
Cardano is a decentralised platform that will allow complex programmable transfers of value in a secure and scalable fashion. Cardano is one of the first blockchains to be built in the highly secure Haskell programming language.
Cardano is a decentralised public blockchain and cryptocurrency project and is fully open source. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers
Thats was the introduction. Lets go straight towards the trading point. Long Term Only.
Cardano Price Technical Analysis – ADA/USD Showing Positive Signs
Key Highlights
ADA price traded further lower and formed a low at $0.2615 before starting a recovery against the US Dollar (tethered).
There was a break above a key bearish trend line with resistance at $0.3300 on the hourly chart of ADA/USD (data feed via Bittrex).
The pair is currently struggling to move above the $0.3700 level, but there are a few positive signs.
Cardano price has recovery well during the past few sessions against the US Dollar and Bitcoin. ADA/USD now has to move above $0.4000 to gain upside momentum.
Cardano Price Recovery
There were further slides in ADA price below the $0.4000 level against the US Dollar. The price traded below the $0.3000 and $0.2800 support levels to move towards $0.2500. A low was formed at $0.2615 from where it started an upside recovery. It was successful in moving above the 23.6% Fib retracement level of the last drop from the $0.5185 high to $0.2615 low.
During the upside move, there was a break above a key bearish trend line with resistance at $0.3300 on the hourly chart of ADA/USD. The pair even moved above the $0.3500 resistance level, but it failed to gain momentum. It traded close to the 50% Fib retracement level of the last drop from the $0.5185 high to $0.2615 low, but failed. It seems like the $0.3800 and $0.3900 levels are important resistances. At the moment, the price is moving lower and is testing the $0.3200-0.3300 support area.
Hourly MACD – The MACD for ADA/USD has reduced most of its bullish slope.
Hourly RSI – The RSI for ADA/USD is just around the 50 level.
Major Support Level – $0.3200
Major Resistance Level – $0.4000
If it is happened. Cardano going towards ATH.
WHY?
When you talk about third generation blockchain technology, it’s hard not to mention Cardano (ADA). This is one that’s drawn a huge amount of attention over the last six months, both from the perspective of investors/traders and the wider media, and it’s one that’s going to continue to do so as the current correction bottoms out and the bitcoin and wider cryptocurrency markets stage a recovery.
How can we be so confident?
People will say that bitcoin has no inherent value and while there’s a very strong argument that the differentiators between bitcoin and fiat are its inherent value, it’s not a particularly clear argument to make when you’re talking to someone who isn’t that familiar with the space.
This isn’t the case with Ethereum (ETH). ETH is used as a function-type asset to facilitate the execution of smart contracts, which in turn form the critical components of decentralized applications. That’s why Ethereum has taken off over the last twelve months (the latest correction aside, of course) – there’s a very easy value proposition associated with the ETH token and it’s rooted in increased demand of the platform and the parallel increased demand for the gas token.
And the same argument applies to ADA.
This is a token that very much supports the ecosystem with which it’s linked, meaning that so long as the adoption of said ecosystem continues to increase, the coin or token should increase in value.
And Cardano is attracting a huge amount of attention right now. Sure, the platform is in its early days and, as such, there’s a long way to go before Cardano can be classed as a serious competitor to Ethereum but that doesn’t mean this won’t happen – just that it’s a bit farther down the line.
There’s also a secondary input here that’s going to drive value in this coin going forward.
Specifically, the Weiss ratings.
As the price of bitcoin and its peers have crashed over the last few weeks, the attention that markets are paying towards the Weiss ratings has dropped off. However, at the same time, the global equities markets are struggling. What we expect, then, is a wave of capital transfer from the stock markets to the cryptocurrency markets.
Much of this capital is going to be what we might deem ‘new capital’ and it’s going to look for a mainstream interpretation of the quality of the various options in the space.
Take a look at the above mentioned Weiss ratings, and you’ll see that Cardano scores above a whole host of its major competitors. ADA has a B rating, while BTC has a C+ rating. Sure, there’s an argument that these ratings are nonsense and – in our eyes – the argument is somewhat valid. That’s not important, however.
These ratings are going to play a role in the way that new entrants judge their capital allocation and when they see a green box next to Cardano and a yellow box next to bitcoin, it’s going to influence acquisition decisions.
So for these reasons, we really don’t see ADA going anywhere but up from here.
Right now, the coin goes for $0.33 a piece and commands (at these prices) a market capitalization of $8.75 billion. At these metrics, however, ADA is down more than 75% from highs or, as is another way to put that, is available for just a quarter of the price it traded at the start of this month.
Stick it out and pick the winners.
As a conclusion:
Buy in - Now
1st Target: 0.45$
2nd Target: 0.5$ - 0.7$
3rd Target: 1.2$ (previous ATH)
4th Target: ATH ( > 3rd Target)