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Analysis

Cardano (ADA) Gets an Advantage with the Recent Security Update

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Besides from making positive moves when it comes to its value in the market, Cardano (ADA) and the team behind this currency have been working on some pretty significant improvements. It is already a commonly known fact, while especially familiar to those who are following up with Cardano, that the team behind ADA proclaimed a long time ago that they are aiming at creating a digital platform to support ADA, while creating it in a way that would enable it to become the most secure asset of all. They just made a move towards making that happen.

Cardano and Security Improvements

Cardano (ADA) makes up as the seventh-best currency, although it has been holding the 6thspot on the global coin ranking list for quite some time now. However, having Litecoin pushed down to the sixth spot by EOS made ADA move to trading as the seventh-best cryptocurrency.

On the bright side, Cardano is still considered to be among the top 3 most valuable platforms when it comes to operating with and deploying decentralized apps.

Having ADA being traded among the top 10 cryptos didn’t stop the dev team behind this currency from working on further improvements, and that is precisely how Cardano just got even more secure.

Apparently, the ADA team has been manipulating with the Proof-of-Stake algorithm in a way that made all the present problems with security, finally resolved. The team behind this clever manipulation is known as IOHK team, so Charles Hoskinson posted a tweet on this matter on April 26th, stating that “Of all the papers IOHK Research has written, this one is the most significant. It’s a major advancement for Proof of Stake  now PoS has nearly identical properties to PoW.”

How come this case is so significant for ADA?

The answer is pretty simple if you know what Proof-of-Work and Proof-of-Stake stand for. So, now that the IOHK team has made this improvement, their PoS is now more similar to PoW. This is an amazing addition to Cardano’s system, as while Proof-of-Stake has a more scalable nature when compared to PoW, but PoW has more to it thanks to its security. That means that Cardano (ADA) now has the best of both protocols, which will most certainly contribute to a more secure platform with lots of room for further improvements thanks to the scalability behind Proof-of-Stake protocol.

Cardano is made in Haskell, which is a programming language commonly used for analyzing data and programming apps for business purposes, which means that the platform is naturally the most suitable for organizational and financial applications.

Since Cardano is focused on creating one of the biggest platforms for deploying and programming decentralized apps for multiple purposes at the ultimate scalability and maximal security, ADA is competing with big platforms like NEO and Ethereum.

One is for certain, after improving their Proof-of-Stake protocol; ADA is getting more on its popularity as per Google’s report showing that ADA has been trending up in searches ever since the team made this improvement.

Cardano and the Market

Ranked as the 7th best crypto, and hopefully getting back to its old spot as the sixth-best currency, Cardano has been doing pretty well during the past month. However, we can now see ADA trading in the red while dropping against the dollar while it is following g up with the latest market trend.

It is not difficult to notice that the majority of coins are going down with the most recently established market trend that took place a couple of days ago after the massive rebound most of the coins had only a week before.

Cardano (ADA) did pretty well in the last 30 days, given the fact that ADA collected a set of gains of 120% against the dollar during April, while it managed to earn around 52% against the dollar in the last two months.

However, we can see it dropping by -3.8% during the last seven days, while it is also trading in the red at the moment of this writing, on May 8th.

Following the latest change in the market, ADA is going down against the dollar for additional -2.29% against the dollar.

On the bright side, Cardano is going up while trading in the green when compared to BTC, going against this crypto by a minor rise of 0.17%, which means that ADA is doing slightly better than Bitcoin at this moment.

After the most recent change, Cardano (ADA) can be traded at the price of 0.32$ per one unit of ADA.

Analysis

BTC, ETH, and XRP Price Analysis: Top Cryptocurrencies Are Stuck Trading In A Horizontal Range

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Bitcoin Forecasting

1 BTC/USD =$9.599,25 change ~ 1.01%

Coin Market Cap$171.5 Billion

24 Hour Volume$4.53 Billion

24 Hour VWAP$9.56 K

24 Hour Change$ 96.2000

Last week the price of Bitcoin was $10641.1 at its highest point on Monday. From there we’ve seen the price decreasing until Wednesday when the price started recovering and came to $10168 which was again retested on Saturday but since the price failed to exceed the prior high another shart downfall has been seen to $9367 on the same day.

Since then the price has been hovering in a horizontal range between the Saturday’s low and $9580 but the price spiked to the downside and retested the prior low on a quick spike after which a retest of the 0 Fib level has been made. This horizontal range could be interpreted as a consolidative range after the price fell below the 0 Fib level and is likely a sign of indecision.

On the hourly chart, you can see that the price of Bitcoin attempted to start moving to the upside after it fell below the 0 Fib level but failed to do so and instead formed a three-wave upward correction after which another downside move has been seen. This could mean that the price is headed for another downside move before the completion of the downtrend which started on the 20th of July when the price of Bitcoin was $10970 above the 0.236 Fib level.

If we see another downside move I wouldn’t believe that it’s going below the still unconfirmed descending trendline and the intersection with the horizontal level at $8506 but its equally possible that the price would be headed upward from here as this downtrend from the 20th of July could be the 2nd wave out of the next structure to the upside as the WXY correction ended.

The price of Bitcoin most likely ended its 5th wave to the upside of the Minor degree on the yearly high which is why we are seeing a corrective downside move as the first wave out of the same degree starting downtrend but this could also be a prolongation of the corrective decrease after the uptrend continues.

Considering that the price of Bitcoin has been in an upward trajectory since 15th of December we are most likely seeing the first formation in the entering bearish period so in either way even if the price is to increase from here I would be expecting further decrease below $8500 in the upcoming period.

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Ethereum Forecasting

1 ETH/USD =$210,34 change ~ -0.24%

Coin Market Cap$22.6 Billion

24 Hour Volume$1.56 Billion

24 Hour VWAP$210

24 Hour Change$ -0.5000

From last week’s high at $226.84 the price of Ethereum has decreased by 8.92% as it came down to $206 level around which it is currently being traded.

On the hourly chart, you can see that the last week’s high was an interaction with the 0.382 Fib level at the intersection with the ascending trendline of a higher degree which served as a significant resistance point.

As a rejection occurred we have seen the price going to the prior low level which was retested on a quick spike to the downside yesterday but the price came up above $206 level at the 0.5 Fib level.

Prior to this horizontal range, we’ve seen the price of Ethereum decreasing impulsively which is why this range is most likely a corrective upward correction that is going to end on the 3rd wave. This is why I would be expecting another retest of the 0.382 FIb level before another downside move which would be the 5th wave out of the five-wave move from the yearly high at $362.

This five-wave move to the downside could be the first wave out of the starting downtrend as the 5th wave from the upward impulse wave ended on the yearly high and is why I would be expecting the price of Ethereum below $187 in the upcoming period.

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Ripple Forecasting

1 XRP/USD =$0,319 change ~ 2.81%

Coin Market Cap$13.75 Billion

24 Hour Volume$199.72 Million

24 Hour VWAP$0

24 Hour Change$ 0.0087

The price of Ripple has been following the chart pattern of Bitcoin as like in the case of Bitcoin we’ve seen a horizontal range after an attempt for a recovery ended as a failure with the price decreasing over the weekend. From last weeks high at $0.3303 we have seen a decrease to $0.305 at its lowest point after which recovery to the 0.236 Fib level occurred but the price got rejected by the resistance found there and again fell to the mentioned low level.

On the hourly chart, you can see that the price of Ripple is stuck in a horizontal range between the 0.236 Fib level and the $0.305 low which is most likely a consolidative range showing indecision as the price is stuck between significant horizontal support/resistance points. As we have seen an increase from the 0.29405 horizontal level to the 0.382 Fib level and a decrease after we are most likely seeing a higher degree three-wave correction to the upside after the prior downfall ended.

This is why I would be expecting another increase from here to the 0.382 Fib level as another retest of the significant resistance point before another downside move to the lower horizontal support level. The likelihood of a breakout from both sides is equal at this point which is why I don’t believe that we are to see a decisive move soon, instead, more likely we are going to see further sideways movement in the upcoming period.

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Conclusion

The cryptocurrency market is hovering around the same levels from yesterday and is stuck in a horizontal range. This is most likely a short consolidation after another attempt for a starting recovery which would fail and cause another downfall.

This expected downfall would be the 5th wave from the first impulse wave of the starting downtrend as we’ve most likely seen the end of the bullish period.

Source:bitcoinexchangeguide

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Analysis

Bitcoin (BTC), Litecoin (LTC), And Ripple (XRP) Analysis: Market Recovers After Overnight Drop

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From last Tuesday when the price of Bitcoin came down to $9833 at its lowest point we have seen an increase of 30% measured to the highest point the price has been today which is at $12814. The price is currently being traded at $12348 and even spiked further down to $12119 at its lowest point today.

Click to see the full-size image

Looking at the hourly chart you can see that the price of Bitcoin came up above the ascending trendline zone which served as resistance on the way up and has retested it on today’s spike to the downside and found support there which indicates that the trendline zone is still serving as a significant pivot point. The price came down last Tuesday in a three-wave manner after which a five-wave increase has been seen forming a lower high with the price going below the ascending range and the 0.5 Fibonacci level.

As the price found support around the descending resistance level it started increasing again. I believed that the price is going to retest the upper ascending level before continuing to move to the downside again as the descending channel which started forming form 28th of June looked like it could be the 2nd wave out of the higher degree correction. But as the price increased with strong bullish momentum above the ascending range we could be seeing another ABC correction to the upside which would be the wave X out of the mentioned higher degree correction.

Another possibility would be that the ABC to the downside which ended last Tuesday was the end of the correction with the 30% increase seen after being the start of the next impulsive move to the upside, but I don’t believe that’s likely because according to my count the 5th wave of the Minor count ended on the yearly high at $13740.

As the price is in an upward trajectory in the upcoming period I would be expecting an interaction with the 0.618 Fib level or a retest of the yearly high before another downfall potentially below the 0.382 Fib or slightly above it, to around the vicinity of the last Tuesday’s low.

Source. bitcoinexchangeguide.

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Analysis

Bitcoin Price Could Hit $25,000 Before 2020, Says Bullish Crypto Analyst

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The millionaire cryptocurrency analyst and trader told The Independent that more investors are viewing bitcoin as a safe-haven asset in the wake of growing macroeconomic tensions. Isaacs referred to the ongoing trade conflicts between the U.S. and China that last month sent the global equity market on a downward trend. The negative sentiment prompted investors to hedge in cryptocurrencies. He stated:

“I believe bitcoin has the potential to hit $25,000 by the end of 2019 or early 2020. There are multiple drivers behind the recent resurgence. There are geopolitical, technological, and regulatory drivers. The net effect of the trade war between the U.S. and China has led to a sudden interest in bitcoin as a hedge on investments.”

The statement followed bitcoin’s dramatic correction in the recent market cycle. The cryptocurrency dropped by more than 18% after establishing its 2019 high near $9,090 on San Francisco-based exchange, Coinbase. Nevertheless, bitcoin remains in a positive trendfrom a broader outlook, with its year-to-date performance showing as much as 146% gains.

Isaacs noted that the bitcoin adoption rate is heading in the direction of the cryptocurrency’s price. He cited significant organization like Amazon, Starbucks, Whole Foods, and Microsoft that recently started accepting BTC payments, indicating that the cryptocurrency ecosystem has turned more positive since crashing more than 85% in 2018.

THE BEARISH TAKE ON BITCOIN

Meanwhile, other notably analysts believe bitcoin is due for a considerable drop. Willy Woo, the founder of Woobull.com, said the cryptocurrency has become overvalued following the latest upside movements. The analyst put bitcoin against his popular NVT metric, which represents the ratio of bitcoin’s market capitalization to the volume transmitted by its blockchain. He noted a considerable divergence between the current bitcoin price and the NVT Ratio (explained here), which is bearish:

Josh Rager, another prominent analyst, provided a less harsh bitcoin price outlook, stating that a sharp downside correction would attract more investors to purchase it at cheaper rates. He noted that the BTC-to-dollar exchange rate dropped by at least 30% after every significant bullish move on a broader timeframe, as shown in the graph below.

bitcoin

If Rager is correct, BTC could go as low as $6,000 before attempting a sharp pullback to reclaim the session top of $9,090.

by: https://www.ccn.com

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