- South Korean Bithumb announces support for Cardano coin.
- ADA/USD gains nearly 5% on daily basis, the only growing coin from top-10.
Cardano (ADA) has recovered from the low reached at $0.1443 on Wednesday amid global cryptocurrency carnage. The coin touched $0.1754 during early Asian hours, but could not sustain gains as the upside momentum faded away. Cardano is the seventh biggest cryptocurrency by market value, according to CoinMarketCap, with current capitalization $4.5B. Its daily trading volume spiked significantly from $99M to $166M, emphasizing growing interest towards the coin.
Cardano is the only coin in green from top-ten, with positive momentum inspired by Korean bitcoin and cryptocurrency exchange Bithumb decision to add ADA to the list of tradable instruments. Currently, over 40% of Cardano’s trading volumes are processed by Upbit, with ADA/KRW being the most popular pair.
Cardano technical picture
Technically, ADA/USD broke above 50-SMA (hourly chart), currently at $0.1633, while the movement above 100-SMA ($0.1706) was not sustained. ADA/USD is changing hands at $0.1680 with local support created by the above-mentioned 50-SMA, followed by $0.1580. On the upside, growth above $0.1750 (Asian high) will open the way towards $0.18 and $0.20.
ADA/USD, the hourly chart
Cardano Creator Drops Major Announcements on ADA Crypto, ‘ADA Pay’, Google Chrome Extension and Open-Source Initiative
Charles Hoskinson, CEO of IOHK, the development team of Cardano, just dropped a series of surprise announcements that were originally slated for release on August 15.
Hoskinson began by reassuring his audience that the current volatility of the cryptocurrency markets are part of the cycle. “We’ve been here before,” he said. “Everything’s fine.” According to Hoskinson, a long-term strategy will eventually lead to the fulfillment of promises on the technology and make people in the crypto space happier. He says the focus is always on the fundamentals, and he believes Cardano is sound.
IOHK has been working hard on two projects for the past several months: Prometheus, which was publicly announced, and a reference project that was built for the company’s partners to launch. That project is called Icarus.
Icarus is a Google Chrome extension that can be ported to other platforms such as Mozilla Firefox and mobile applications. It’s a full wallet running in Google Chrome. While it doesn’t have a full copy of the blockchain, you can do everything with it that you can do with Daedalus, which is currently the only cryptocurrency wallet that holds ADA and allows transfers to other wallets.
Key features of Icarus
- One-click install from the Chrome web store
- Import a Daedalus wallet into Icarus
- Recover your wallet in Icarus in 2-3 minutes
- No need to download the entire blockchain
- Fully security-audited
It allows mobile partners to develop third-party applications, and it will integrate ADA, the native cryptocurrency of Cardano, into the browser. Icarus is also engineered to help users who can’t get Daedalus to work because of sketchy network conditions or other technological obstacles that the Chrome ecosystem can eliminate.
I've decided to do the August 15th Announcement a little early: https://t.co/UsEf694jTF
— Charles Hoskinson (@IOHK_Charles) August 14, 2018
The code base for Icarus is running parallel to the Cardano code base which Hoskinson hopes will generate a lot of excitement in the developer community.
Hoskinson says he hopes Icarus will spur a robust ecosystem that will eventually attract support from Ledger, Trezor and other multi-sig hardware wallets.
He also announced that IOHK will start to open up Cardano for third-party contributions. The plan is to create “community-driven flow” to tackle goals through an open-source approach.
It’s a new direction for the company. On the mobile side, the goal is to create a consumer-friendly experience that can spur adoption. Through third-party support and a growing ecosystem, Hoskinson expects to see merchant adoption for ADA. He envisions a sort of “ADA Pay” as a BitPay competitor. Click-and-install through the browser will allow consumers to start using, spending and receiving ADA. Without needing to synch to the network, consumers would be able to use ADA in a matter of minutes and not hours.
Hoskinson also noted that it won’t be long before people can issue digital assets with Cardano and that there will be a user-friendly framework that allows token issuers to get listed on exchanges and have stable wallet access, and also provide a great experience for their users.
The announcements are part of the ongoing efforts to put cryptocurrency into the hands of the people, making them easy to use in everyday life.
Hoskinson says that the expansion of Cardano into a larger open-source model was inspired by what Google did with Android, once they realized that the Android ecosystem had grown too quickly and that they needed a standardized experience for the end-user. He says third-party developers who help build the Cardano ecosystem will be met with ongoing technical support.
Look out for more meetup groups as the team works to build a robust community that explores more capabilities around governance, treasury plans and Cardano improvement proposals.
Cardano Price Analysis: ADA/USD Sellers Remain in Control Below $0.12
- ADA price extended declines and traded to a new monthly low at $0.1070 against the US Dollar (tethered).
- There is a crucial bearish trend line formed with resistance near $0.1170 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair could drop further if buyers fail to push the price above $0.1170 and $0.1200.
Cardano price is facing an uphill task against the US Dollar and Bitcoin. ADA/USD remains at a risk of more losses below the $0.1100 level in the near term.
Cardano Price Analysis
After a short-term correction, cardano price failed to move above the $0.1250 resistance against the US Dollar. The ADA/USD pair topped near the $0.1270 level and started a fresh downside move. It declined sharply and broke the $0.1100 support. A new monthly low was formed at $0.1070 and later the price started trading in a range. It broke the 23.6% Fib retracement level of the last slide from the $0.1267 high to $0.1070 low.
However, it seems like the price struggled to break the $0.1150 level and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last slide from the $0.1267 high to $0.1070 low also acted as a resistance. The price is currently trading in a tight range above the $0.1100 level. On the upside, there is a crucial bearish trend line formed with resistance near $0.1170 on the hourly chart of the ADA/USD pair. The pair has to move past the trend line, the 100 hourly SMA, and the $0.1200 resistance to gain upside momentum.
The chart indicates that ADA price may struggle to break $0.1200. If sellers gain traction, there is a chance of more declines below the $0.1070 low. In this case, the price could even test the $0.1000 level in the near term.
Hourly MACD – The MACD for ADA/USD is slightly moving in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently just below the 50 level.
Major Support Level – $0.1070
Major Resistance Level – $0.1200
Cardano [ADA]’s Charles Hoskinson discusses his concerns for the project
Charles Hoskinson held an unplanned AMA [Ask Me Anything] session on Twitter. The AMA included topics such as the Bitcoin market, the future of cryptocurrencies, the recent feud between Hoskinson and Vitalik Buterin, among others. Here, Hoskinson talked about his concerns regarding Cardano.
The Founder of Cardano began by saying that he has everyday-concerns regarding Cardano as he wakes up and introspects if Haskell was the right choice of code, or if his ambition to execution for Cardano was the right decision. Moreover, he feels that a lot of innovation could have been put into Proof-of-Work [PoW]. In his words:“The challenge with Cardano was that we went for gold, we went for everything, we said we want the best programmers, the best programming language… We want the best technology, the best consensus protocol, the best governance. The best this, the best that.”
Further, Hoskinson stated that this ambitious approach helped build an all-star team for Cardano. He also believes that the team’s ambition and appetite were ‘grand’. At the time of the team building process, Cardano was able to attract people who did not lean towards the cryptocurrency space but the technology and the possibility of innovation behind it.
Hoskinson recalls the results of working with the team as magical, except that it did not meet with the high hopes of the team in terms of pace. Hence, it began to work harder on the speed at which the project was progressing. This led to a reduction of the earlier mentioned grand appetite of the team to introduce pragmatism into the equation. Here, the Founder cited an example, saying:“…like for example with Prometheus in the rust library, and that’s okay you know, that’s the reality of these projects. So you know, as a CEO you’re always haunted by the poor choices you made, the mistakes you made… You know these types of things. And you just have to keep moving forward and you have to pivot.”
He stated a good news and a bad news, wherein the good news is that the hard part of over. According to Hoskinson, the bad news is that Cardano is not the market leader yet when it could have been by compromising on its ambition. However, Hoskinson is confident of the direction Cardano is moving in but is haunted by the delays and bad processes acting as a hindrance in the way.