It’s a slow start to the week for cryptocurrencies. The markets entered the weekend on news that the SEC was going after ICO influencers, and nothing much in terms of major positive news releases with regards to specific coins or the market in general.
This explains the relatively weak start to the week considering that overall momentum is still weak. However, these relatively uninspiring price movements are an opportunity for long-term investors to accumulate on coins that have good prospects for growth, such as Cardano (ADA). So, why Cardano (ADA)? Well, most projects in the top 10 are solid, but Cardano stands out due to its price at this point relative to its fundamentals and the scope of what it is aiming to achieve. It is one of the most undervalued projects in the top 10 at this point when priced at just over $0.04 from a high of over $1.
Quite understandable given that most projects are now being exposed as vaporware, just out to get rich off uninformed investors. Unfortunately, this increased pressure to prove adoption has forced many projects to seek low-value partnerships that may add no long-term value. Cardano is one of the few projects that hasn’t bowed down to such market pressure. That’s because the goal was long-term sustainability from the get-go, and all indications are that Cardano (ADA)’s partnerships once they come will not be with obscure entities. They will be transformative.
For instance, earlier this year, Cardano signed a memorandum of understanding with the Ethiopian government to drive up the use of Cardano in the country’s Agritech industry. It also has working relationships with a number of Asian and other African countries as well. This is just a pointer of how big Cardano intends to go. It doesn’t need PR partnerships just to pump up prices. Its partnerships will add real value in the world and by extension the value of Cardano (ADA).
With such powerful technical capabilities and potential for adoption by among others governments, Cardano comes across as heavily undervalued. As blockchain becomes more adopted in society, Cardano thanks to its strong fundamentals in the market, will be among the most adopted. With such strong fundamentals, Cardano is a solid hold for long-term investors. The moment bitcoin rebounds and the whole market enters a new bull phase, Cardano (ADA) will probably be among the biggest gainers in crypto sphere.
Cardano Investors Sell Amid Bitcoin Drop, ADA Down 32%
- Cardano (ADA) sheds 32.7 percent week-to-date
- Emurgo releases Yoroi update
There’s a new Yoroi wallet update introducing further improvements like the hide balance option. However, that is not enough to support ADA as prices are down 32.7 percent.
Cardano Price Analysis
Research and peer-reviewing of code underpin Cardano. Promising to dislodge Ethereum as the king of smart contracting, the Cardano development team is after perfecting their system.
Delaying in phase transition, their leaning on quality and satisfactory experimentation is top priority. Presently, Shelly test net is live. While developers nitpick code, searching for vulnerabilities, the transition from centralization to decentralization is exciting for ADA supporters.
If anything, this phase shift is critical as it could set the ground for a possible listing at Coinbase. Should that be the case, then surely, the native coin, ADA, may benefit from the famed but fading “Coinbase Effect.”
Then again, there is Yoroi’s update. Aside from guaranteed security, since it is running from a sandbox with APIs to Fasttrack developments, the new upgrade introduces several enhancements to the web wallet. Some of them include:
- Ability to add Cardano payment URLs.
- A hide balance option
- New warning message if the connection to our server fails
- Indonesian language
Bullish in the long run, bears are merciless. In two short weeks, ADA is down 32.7 percent in the last week along. Trading within a bullish breakout pattern, buyers have a chance at least in the medium term.
For now, bears are in a pole position following the breach and close below the main support line at 6 cents. Note that the move is in response to the over-extension of the week ending April 7 and confirmation of sell pressure of the better part of 2018.
In that case, like most digital assets, every high is technically a selling opportunity with an awareness that ADA, if BTC continues to drop, could register new lows in a bear trend continuation phase.
However, that is subject primarily to the strength of breakouts driving prices below 3.5 cents and later Dec 2018 lows.
As aforementioned, a better gauge for sellers depend on participation in upcoming weeks. If there is a spike, surpassing those of the week ending June 30 at 2 billion, odds are bears of 2018 will flow back. As a result, ADA will likely close below 3 cents, more than halving from June 2019 peaks.
Stellar (XLM), Cardano (ADA), and XRP Price Forecast and Analysis – July 17
XLM/USD seemed to have undergone a Bear Run over the past 24hrs. On an hourly chart, the bullish pressure was suppressed by the 21 day MA that continuously gravitated above the 7 day MA that indicated an intense bearish outlook.
XLM/USD pair began the sell-off yesterday at $0.085164 that was followed by a price fall that resulted in a breakdown that landed to a low of $0.076879. This was reflected by the RSI indicator X that was seen below level 30 that indicated an oversold market momentum.
In addition, the downward pressure dropped the support level from $0.08375 to $0.077322 (S) and placed the resistance level at $0.080447 (R). The pair’s price later showed recovery as reflected by the RSI indicator that improved from a low of 25.15 to a high of 44.75. That showed increase buyouts.
During the last 3hr presence of a Doji was observed the reflected indecision in the market. The RSI indicator is currently trending flat that indicates a lack of momentum in the market. The dip in XLM price has widely affected investor’s sentiments.
Currently, the 7 day MA is gravitating towards the 21 day MA and looks set to cross above it. The 7 day MA is also acting as price support. All these indicators indicate a bullish sign. New targets should be set at $0.083000.
ADA/USD pair has also undergone a bearish outlook over the last 24hrs. With the 21 day MA above the 7 day MA that indicated a bearish sign. ADA has an intraday loss of 8.3% having shifted down from $0.0578 to $0.0533. The support level was dropped from $0.0555 to $0.0504 that showed an increase in selling pressure.
The Relative Strength Index indicator was seen below level 30 at several instances that showed that the pair’s price was on an oversold market condition at that period of time. Both, the resistance level $0.0539, and support level $0.0504 was tested severally.
At around 02:00 the market seemed to have gained momentum since the RSI indicator moved up from a low of 28.04 to a high of 49.15. The RSI indicator is at the moment pointing towards south showing that sellers dominate the market momentum, thus increase sellouts.
The resistance level is likely to be breached as the 7-day MA is tending toward the 21-day MA. The 7 day MA also looks set to cross the 21-day MA. This indicates a possible bullish outlook in the next few hours. New targets should be set at $0.055.
XRP/USD pair is down by 4.8% over the last 24hrs, having moved from $0.3124 to $0.2975. The downward price movement was supported by the 21 day MA that was seen gravitating above the 7-day MA. XRP/USD pair saw a medium-term drop that dipped the pair’s price down to a low of $0.2815 before embarking to a steady flow.
At around 18:00, the RSI indicator was seen below level 30 that indicated an oversold market momentum. XRP later recovered up to a high of 50 before hovering more afterward between level 30 and 50 that signaled lack of momentum in the market. The dips in pair’s price shows reduce confidence in the coin. The RSI is currently heading south, indicating increase sellouts.
At the moment, the 7 day MA has crossed over the 21 day MA that indicates a bullish signal. An upward rally is to be expected in the coming hours. New targets should be set at $0.33.
Cardano (ADA) Gathers Momentum Moves Up 3% With More Gains To Come, How High Will Cardano ADA Go?
Cardano News Today – Cardano ADA, just like every other cryptocurrency on CoinMarketCap, has been on a roller coaster ride for the past few weeks. Ever since May when the price of Cardano touched the $0.1000 level in an epic bull run, it has been moving lower against the USD and is now almost half of that price. In our last Cardano price prediction and Cardano News, we noted that if the price of Cardano can find the bullish momentum to rise above the $0.070 level, it will reach higher levels near-term. Unfortunately, the price of Cardano hasn’t been able to surge above this level irrespective of the anticipation surrounding the activation of Cardano Shelley on the mainnet.
Cardano News Today – Cardano Shelley Update – Cardano Price Prediction 2019 – Cardano Picks Up But Remains Far From Recent Highs
The team behind Cardano has been focusing on emerging markets in a bid to ensure global adoption of the Cardano blockchain and the ADA token. While their primary focus is developing countries, they are well known in the developed world and the Cardano blockchain is seen as a worthy competitor for Ethereum. The Cardano Shelley upgrade was supposed to be the nail on the coffin but as the date for the Shelly activation grows nearer and the price of ADA is still struggling, it’s becoming clear that the Cardano Shelley upgrade may not have any significant effect on the price of ADA.
Cardano (ADA) Price Today – ADA / USD
In the beginning of trading today, the price of Cardano ADA surged against the USD along with the price of Bitcoin and many other altcoins in the market. Unfortunately, the spike didn’t last long. At the time, Cardano price prediction on Cardano news today was that ADA was going to test the $0.060 level before the end of trading today. Unfortunately, this didn’t happen. Rather than maintain the upward rise, the price of Cardano ADA started to fall against the USD. Not being able to stay above the $0.060 level dashed the hopes of reaching $0.070 anytime soon. Notwithstanding, the price of Cardano ADA performed better this morning than or did yesterday.
Meanwhile, on the other end of the continuum, Cardano Foundation announced that its Chairperson, Nathan Kaiser, had an interview with Eric MA. The details of the interview was posted on Twitter for everyone to see. It was about CoinMarketCap’s vision for the Asian cryptocurrency and blockchain market.
Cardano News Today – Cardano Price Prediction 2019 – ADA Price Analysis – Current Price Of Cardano ADA
At the time of writing, the price of Cardano ADA was $0.056716. This means that it is down by 3.75% against the USD and down by 4.18% against the price of BTC. The trading volume over a 24 hour period is $91,002,939 and the market capitalization is $1,470,480,478. It picked up from $0.055 in the beginning of trading today and went as high as $0.057 before the bears showed up and drove the price down. If the bulls are able to regain momentum, the price may move as high as $0.058 against the USD near-term.
The current price of Cardano ADA is strongly related to the price action of Bitcoin. In fact, the entire altcoin market is following the lead of their big brother, Bitcoin. So, until the price of BTC starts recovering, there is no way to determine when Cardano will recover.
What do you think about the Cardano price prediction 2019 in our Cardano news today. Share your thoughts in the comment section below.