- 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 [ADA/USD] Technical Analysis: Interim bullish push imminent; bears yet to show mercy on long haul
Cardano [ADA] seems to be getting a bullish push in the short-term, even as the bearish trend in the medium to long-term seems to not fade away. There seems to be no respite from the bear attack in the long-term as the downward trend in price is still going strong.
ADA, the ninth largest cryptocurrency in the world, is currently trading at $0.0759, after going down at -1.19% over the last day. It has a market cap of $1.97 billion, with a 24-hour trade volume of $18.02 million.
On the one-hour graph, a strong downtrend can be seen from $0.0827 to $0.0806, and then further to $0.0788 between October 15 to October 21, 2018. Another downward movement can be seen from $0.0786 to $0.0774 on October 22, 2018.
An upward drift in prices can be seen from October 16 to October 22, 2018, from $0.0749 to $0.0787. A short-term upward trend was seen on October 22, 2018, from $0.0770 to $0.0773.
The Awesome Oscillator chart shows green bars emerging after a string of red bars. This is a clear indicator of a bullish market.
The Parabolic SAR chart shows the dots aligned under the candlesticks, indicating a bullish market.
The RSI chart shows the token recovering from an oversold position slowly, with the buying and selling pressure evening each other out.
According to the one-day graph, the strong downtrend in the long-term seems to be robust between June 4 to October 22, 2018, from $0.226 to $0.181, further to $0.078.
An upward trend is seen from September 18 to October 7, 2018, from $0.063 to $0.081, and between October 15 to October 22, 2018, from $0.071 to $0.077.
The Fisher Transform chart shows the Fisher line moving uphill, crossing the trigger line. This indicates a bullish trend.
The MACD chart shows the moving average line on a downward drift, crossing the trigger line. This indicates a bearish market.
The Chaikin Money Flow chart shows the current value at -0.118. This indicates that money is flowing out of the market. This is a clear indicator of a bearish market.
However, an upwards drift seems to be emerging, pointing at a temporary bullish trend.
In the short-term, if the prices are to move up as indicated by Parabolic SAR and Awesome Oscillator, the immediate resistance will be $0.078. If it is broken, the next resistance will be at $0.0806.
If the prices move down as predicted by RSI, the supports will be at $0.0767 and $0.0759.
In the long-term, if the prices are to go down as predicted by MACD and Chaikin Money Flow, the supports will be at $0.070 and $0.063.
Cardano CEO Charles Hoskinson Shares Thoughts on Hyperledger Relationship
Charles Hoskinson, who is the CEO and founder of IOHK, as well as the leader of a team behind Cardano (ADA)cryptocurrency, recently held an AMA session in Toronto. The AMA took place on October 17th, and numerous investors and crypto enthusiasts used the opportunity to ask various questions.
Cardano’s possible collaboration with Hyperledger
The event covered quite a few subjects, from IOHK split with Cardano Foundation, over ADA markets, to Hoskinson’s thoughts about cooperation with Hyperledger. Additionally, participants also wanted to know what Hyperledger projects can Cardano contribute to in the future.
Hoskinson answered this by praising Hyperledger, and stating that there are a lot of great projects currently in development. He especially named two of them — Fabric and Sawtooth. He also mentioned Cardano’s team already being well-acquainted with the team behind Fabric, but not as much when it comes to Sawtooth.
Furthermore, Hoskinson praised Fabric project’s leader, Christian Cash. Cash is also leading IACR and, according to Hoskinson, is an excellent guy to have dinner with. Additionally, Hoskinson praised him for being one of the most prominent experts in distributed systems in the world. Following this, Hoskinson also addressed Cash’s project, stating that it is well-thought and well-constructed, as well as persuasive for permission ledgers.
He even stated that Hyperledger’s team seems to be interested in collaborating with Cardano, to an extent. In case that such collaboration does come to pass, Hoskinson mentioned several ideas. These include a new, Enterprise version of Ouroboros, but also another version of Ouroboros which would have probabilistic finality, and several others.
In case anyone missed it, here is the Kudelski audit report for Icarus https://t.co/HO2C2RdPiL they are an excellent firm and I highly recommend their work to all crypto projects
— Charles Hoskinson (@IOHK_Charles) October 19, 2018
We use transparent tactics and we have 6000+ members with live payment proof. We have paid 40M DOGE in less than 3 months.
What lies in Cardano’s future?
Hoskinson then talked about the new upcoming developments for Cardano’s ecosystem. Earlier, he announced the release of multiple videos regarding the Shelly project. This time, however, he also announced that Cardano’s new update, version 1.4 is currently ahead of schedule. Thanks to this, it will soon enter a testing stage.
A similar announcement came recently from IOHK, claiming that Daedalus 0.11.1 and Cardano 1.3.1 can be expected soon.
The community seems to have been pleased with these answers, with many of them being convinced that ADA will dominate the world someday. Others have praised Hoskinson for being open and willing to answer their questions.
At the moment, Cardano seems to be doing rather well. Numerous new updates are on their way, while ADA itself still holds the rank of 9th largest coin by market cap. At the time of writing, its price is at $0.0757 per coin, albeit with a slight drop of 1.10% in the last 24 hours.
Cardano [ADA] continues its developmental roll; prices reflect the same
Cardano [ADA] has had a relatively great week compared to other cryptocurrencies, becoming the third biggest gainer among the top ten cryptocurrencies. At a time when popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP have slowed down in terms of developments, Cardano has been creating news with its latest updates.
Recently, Input-Output, the technology firm spearheaded by Charles Hoskinson, the Founder of Cardano, revealed that an audit checkup was conducted for its new Icarus project. IOHK had stated that the reason they went for a third party audit over an internal audit was to get an in-depth look at the bugs that may exist in the system prior to the launch. The company further stated:“This ensures our customers and clients have the most secure wallet we can provide.”
Charles Hoskinson has been a vocal personality in the cryptosphere. He had made news a few days back when he spoke about EOS raising more capital than Cardano in terms of funding. According to him, the amount of capital one raises has nothing to do with the success of the cryptocurrency. He had stated:“It’s kind of funny that the number two cryptocurrency raised 18 million to get where it’s at and the number one cryptocurrency raised nothing. So if you think about that, there is strong evidence in the space – the amount of money you raise doesn’t really have a lot to do with your ability to succeed.”
Hoskinson even spoke about his company’s relationship with Hyperledger and complimented their products, Sawtooth and Fabric. He went on to praise the Head of the Fabric project, saying:
“They’re led by Christian Cash and he’s also the head of the IACR and he’s a good guy to have dinner with and he’s one of the world’s top experts in distributed systems. In fact, if you ever take a course on the topic you’re probably either gonna read his book or Nancy Lynch’s book. Nancy’s at MIT.”