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Cardano [ADA]

Cardano price analysis: ADA/USD spikes above $0.17 as Bithumb adds Cardano support

  • 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]

Cardano Latest Update – Top Headline for Cardano ADA, February 19th, 2020

  • Cardano ADA price hits $0.6 level
  • Volatile week ahead for ADA, losses 1.88% 

ADA Price prediction 2020 – ADA coin seems to be doing well amidst Bitcoin’s whale’s action. ADA price followed the major trendline in the past 24-hours. ADA price has managed to gain momentum to the needed support level and it has attained a new high shortly after the decline. ADA price encountered a reverse head and shoulder pattern to surge above the $0.620 range. Although, the total market trend went into a bearish pattern shortly after the ADA price surged, driving it into another reverse head and shoulder pattern.

Cardano price prediction 2020 – Coming from the second reverse head and shoulder pattern with the BTC price movement, the ADA price achieved a new height above the $0.6390 mark, shortly after a brief touch of the $0.64 level. ADA price is currently at $0.6195. Commenting on ADA price movement, prominent crypto analyst and trader on Trading View Luca Turci claim that ADA is gradually moving in an ascending channel. Turci claims that ADA is moving in a firm bullish trend that is likely to take the price of the token beyond the current lows and into new highs around $0.800 level.

Cardano explorer – Also, for ADA price to attain the new highs, ADA price would have to break past several hurdles. The major resistance level at the $0.65 level, followed by the $0.68 and $0.70 levels. If ADA price manages to break past these major resistance levels, it can move above the $0.800 level and into the $0.900 level easily.

Volatile week ahead for ADA, losses 1.88%

Cardano testnet – Regardless of this analysis, the price movement of ADA is solely dependent on the bullish market actions, especially that of BTC. Hence, traders are advised to apply caution while trading. Last week, ADA faced a decline in value by 1.88%, even though it has traded well all through the week. Over the last seven days, ADA price has encountered several ups and downs. Currently, the ADA price is trading around $0.062479, and it is 0.25% more than its 20 days MA at $0.062319 and 0.21% less than the 50 days MA at $0.062611.

Cardano explorer – The RSI of ADA/USD is currently at 51. These figures signify that the ADA token might follow the same trendline for a while before showing any abrupt movements. Going by the current price trend, ADA price may test the next resistance around $0.064. In the last two days, ADA price recorded a 14.74% surge and attained a $0.064056 level. Although ADA price declined to $0.062 level, the total trendline remains upward.

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Cardano [ADA]

Cardano (ADA) to Release New Ouroborous BFT Protocol, Hardfork Announced

The launch of the Cardano (ADA) Shelley mainnet may challenge the superiority of Ethereum 2.0 as the most anticipated release of 2020. Now it has come one step closer

Tim Harrison, Marketing & Communications Director at Cardano (ADA) confirmed that a brand-new Ouroboros Byzantine Fault Tolerance (OBFT) consensus protocol will be released tomorrow.

Bridge to decentralization

It has been revealed that after 18 months of development, the Cardano (ADA) team is ready to update its main algorithm, Ouroboros Classic, to Ouroboros Byzantine Fault Tolerance (OBFT). While the first one is associated with Byron Mainnet, the OBFT is the last stage of system evolution before the Ouroboros Genesis which will power the Shelley Mainnet.

This upgrade will occur on February 20, 2020, within the Epoch 176 of the Cardano (ADA) network. Neither ADA holders nor the participants of Shelley Incentivized testnet have been asked to do anything during the time of the upgrade.

The end-users will benefit from this anticipated update from its very early days. According to the official statement, the system performance (transactions per second, TPS) will be improved as well as blockchain adaptability and portability. Mr. Harrison also outlined that this novelty will re-consider the decentralization of the Cardano (ADA) blockchain as it will

enable the evolution of Cardano on the Byron era, with its federated blockchain, to the decentralized Shelly era.

When Mainnet?
Most commonly, users on the Cardano (ADA) YouTube channel appreciated the upcoming release. Yet, due to the fact that, according to Mr. Harrison, the next update following the OBFT release will be shipped ‘over the next few months’, some of Cardanians are suspicious.

The critics remember that Charles Hoskinson saying the Shelley Mainnet will be launched in Q1, 2020. Despite past commitments, now the release of Shelley may be delayed until Q2, 2020.

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Cardano [ADA]

Cardano (ADA) sees huge YTD network activity growth

The Cardano (ADA) network has seen its network activity steadily rise this year, with metrics such as the number of daily active addresses, the total number of addresses, and the number of transactions all going up. According to data from IntoTheBlock, the network reached its ATH with almost 10,000 active addresses on Feb 12, which is a 319 percent increase since Jan. 1, 2020.

The Cardano network is thriving with a huge increase in activity

After years of research and slow development, the Cardano network is now closer than ever to being open for business. The launch of the incentivized testnet for the Shelley era of the Cardano blockchain incited a lot of the Cardano community to take action and participate in the network, leading to its immense success.

As time goes by, more and more users seem to be flocking to Cardano—2020 looks like it’s going to be a breakthrough year for the promising blockchain project.

According to data from IntoTheBlock, the blockchain has been thriving this year, seeing almost every network-related metric go up since the beginning of the year. In a Feb. 17 tweet, the company showed that the number of daily active addresses on Cardano reached their all-time-high on Feb. 12 with 9,760 addresses. This, the company said, represents a 319 percent increase from the 2,330 addresses that were active on Jan. 1.

Graph showing the number of daily active addresses for the Cardano network since Jan. 1, 2020
Graph showing the number of daily active addresses for the Cardano network since Jan. 1, 2020

Active address ratio went up

The active address ratio on the Cardano network has seen a 231 percent rise from the beginning of the year.

The network’s Jan. 1 active address ratio was 0.58 percent. On Feb. 17, the network saw an active address ratio of 1.93 percent. That means that 1.93 percent of the addresses on the network have made at least one transaction on Feb. 17.

Graph showing the active address ratio on the Cardano network from Jan. 1 to Feb. 17
Graph showing the active address ratio on the Cardano network from Jan. 1 to Feb. 17. (Source: IntoTheBlock)

The overall number of transactions on the network has also been on the rise, seeing an average of 3,610 transactions daily in the past week. The network’s 4,230 transactions recorded earlier this month represent a huge increase from the beginning of the year when the network dipped with around 1000 transactions.

Graph showing the total number of transactions on the Cardano network since Oct. 2017
Graph showing the total number of transactions on the Cardano network since Oct. 2017. (Source: IntoTheBlock)

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