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Cardano [ADA]

Cardano (ADA) Testnet Released By IOHK, Cardano Moves a Step Further!

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Cardano (ADA) is certainly one of the digital assets that might not be getting much of an attention from the crypto users. Most of them may think that Cardano is a developed crypto. No, it’s actually not! The cryptocurrency is still in developing phases and they are working hard on its technology. We would see Cardano (ADA) emerging as one of the top digital assets in the coming years. The Testnet has been upgraded by IOHK, which is a core part of Cardano’s network. This is just a Testnet launch, but moreover, Cardano is moving ahead in the right direction, where they would change the world with improvements in blockchain technology. 

The recent Testnet of Cardano (ADA) launched by IOHK gives the Daedalus wallet users an opportunity to explore some new features ahead of being integrated into the Mainnet. This Testnet upgrade will be very useful for the developers as well as for IOHK engineers. They would be able to use Testnet and benefit from its features. The users would be allowed to use test tokens to trail along with the system and examine how to use the upcoming features without losing funds and this will cost nothing. The users can also send their opinions to IOHK regarding their experience about the features of Testnet, which will help IOHK to enhance the Testnet before the launch of Mainnet. 

This Cardano Testnet comes up with the Cardano 1.4 that contains Daedalus 0.12.0 and Cardano SL 2.0.0. This upgrade comprises of a new wallet extremity with a new v1 API, also including the wallet data migration. Some basic changes have been made with improvement in clock synchronization checks and process management, which will adjust the problems caused during loading on Daedalus. The users will also be able to reactivate checks if the clocks are off following the synchronization without restarting the wallet, which would take so long to start up again. 

Moving on looking at the bear market, many of the digital assets has been financially hurt. Some of the cryptos have lost up to 80% in the recent bear market. Few days’ ago, ETCDEV proclaimed that they are closing down due to funding problems. So, top crypto’s like Ethereum Classic (ETC) are suffering badly from this bear market. But Cardano does not have any sort of funding issue from these bear markets. The Cardano (ADA) network is fully funded till 2020 unless IOHK team finishes their project. Charles Hoskinson said that they are very clever with the BTC’s they have. He added that they have deprived those Bitcoins and are fully funded for the next two years. 

This puts Cardano (ADA) in a strong position, and as they will complete their development programs, ADA will rise to skies. Cardano (ADA) price in the past couple of weeks has been around $0.04 USD to $0.03 USD, which shows how stable the coin has been in the bear market. Cardano (ADA) is a future prospect of the crypto industry and it will flourish considering the facts of its development.  

Having a look at today’s (6th December 2018) market, Cardano (ADA) has dropped a bit more. This is because the price of Bitcoin (BTC) has dropped below $4,000 and this has affected the prices of other altcoins. At the time of writing, Cardano (ADA) was trading at a price of $0.035 USD. In the last 24 hours, it has dropped up to –4%, but it has still managed to remain at $0.03 USD mark.  

Source:cryptoglobalist

Cardano [ADA]

Cardano (ADA) Price Analysis: Struggling, Primed To Retest $0.0400

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  • ADA price is facing a strong resistance near the $0.0445 and $0.0450 levels against the US Dollar.
  • The price is likely to break the $0.0425 support and it could correct lower.
  • There is a connecting bullish trend line forming with support near $0.0430 on the 4-hours chart (data feed via Kraken).
  • The price could bounce back as long as there is no close below $0.0405 and $0.0400.

Cardano price is currently correcting lower against the US Dollar and bitcoin. ADA price might extend its correction before a fresh increase towards $0.0480.

Cardano Price Analysis

In the past few sessions, cardano price mostly gained pace after tagging the $0.0412 support against the US Dollar. The ADA/USD pair traded higher and broke the $0.0425 and $0.0440 resistance levels.

Moreover, the price settled above $0.0425 and the 55 simple moving average (4-hours). However, the price seems to be facing a strong resistance near the $0.0445 and $0.0450 levels. The recent high was near $0.0445 and the price is currently declining.

It traded below the $0.0440 level, plus the 23.6% Fibonacci retracement level of the upward move from the $0.0411 low to $0.0445 high. An immediate support is near the $0.0430 level and the 55 simple moving average (4-hours).

Additionally, there is a connecting bullish trend line forming with support near $0.0430 on the 4-hours chart. Below, the trend line, the 50% Fibonacci retracement level of the upward move from the $0.0411 low to $0.0445 high is at $0.0428.

The main support area is near the $0.0425 (the previous resistance area). It also coincides with the 61.8% Fibonacci retracement level of the upward move from the $0.0411 low to $0.0445 high.

If there is a downside break below the $0.0425 support, cardano price could decline further. The next major supports are near the $0.0405 and $0.0400 level. Any further losses might push the price into a bearish zone towards $0.0365.

On the upside, the main hurdles are near the $0.0445 and $0.0450 levels. If there is a successful close above $0.0450, the price could continue to rise towards the $0.0465 and $0.0480 resistance levels.

Cardano Price

Cardano Price

The chart indicates that ADA price is clearly struggling to surpass the key $0.0445 and $0.0450 resistance levels. If it continues to struggle, there is a risk of a downside break below $0.0425. Having said that, the price is likely to find a solid buying interest near $0.0405 or $0.0400.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is losing momentum in the bullish zone.

4 hours RSI – The RSI for ADA/USD is currently declining and is near the 50 level.

Key Support Levels – $0.0425 and $0.0405.

Key Resistance Levels – $0.0445 and $0.0450.

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Cardano [ADA]

Cardano Incentivized Testnet Snapshot Happened Today: Community Is Optimistic

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After much delay, the Cardano (ADA) incentivized testnet finally rolls out today. At 12 noon UTC, a snapshot of balances in Daedalus and Yoroi wallets will kick off the staking process. And ADA holders will have the opportunity to earn rewards by staking their tokens at a later date. But more than that, developers at IOHK say that this marks a momentous point in decentralizing the Cardano network.

Cardano Shelley Era

The Shelley phase of development is Cardano’s first step towards decentralization. This will be achieved by increasing the delegation of community-run nodes and incentivizing network participation through staking.

Picture of poet Percy Bysshe Shelley used to signify Shelley phase of Cardano roadmap

Developers expect this setup to promote long term honest participation on the Cardano network. Moreover, by the end of this phase, developers predict that Cardano will be significantly more decentralized than any other blockchain network.

Furthermore, the Cardano community is buzzing with excitement over the real rewards on offer. Developers believe this is the only way to accurately assess their theories on incentivization. They said:

“THE ADA REWARDS EARNED FOR DELEGATING A STAKE OR RUNNING A STAKE POOL ARE REAL AND, ONCE THE TESTNET IS COMPLETE, SPENDABLE. WE’RE USING REAL REWARDS TO GAUGE REAL RESPONSES, AND TO ASSESS HOW THE MECHANISM WORKS IN A REAL-WORLD SETTING.”

Stages of Testnet Participation

All the same, in the clamor to be a part of it, many ADA holders are confused over the process. As of today, anyone wanting to participate should have their ADA in a Daedalus or Yoroi wallet. And not on an exchange or hardware wallet. But this first snapshot is a dry run, and does not affect your testnet participation.

Within a few days from now, a testnet wallet will be available for download. After downloading, restore your account to it by entering your 12-word recovery key.

At this point verify that the account restoration on the testnet wallet has worked and that your test balance is correct.

If there are problems, now is the time to get in touch with Cardano support. Otherwise, simply wait for the second snapshot.

After the second snapshot has been taken, you are free to move your tokens wherever you wish. But your test tokens will stay in the test wallet.

Remember, participation in today’s balance snapshot is optional. And will not affect your ability to participate in the incentivized testnet.

ADA Price

Since the start of the year, ADA has followed a similar pattern to Bitcoin. Having spiked around April, and then again during the summer. However, ADA’s summer decline occurred from July onwards, versus Bitcoin who managed to stave off a price drop until late August.

Today’s snapshot did not significantly affect the price as Cardano is up just under 2% at $0.044. But this forms the tail end of an upward trend since late October.

Some have speculated that low ADA supply on the exchanges, as holdings get transferred to Daedalus and Yoroi wallets in preparation for today’s snapshot, maybe the reason for this trend

The Future For Cardano

All the same, Cardano’s fundamentals remain strong. And the scientific research, that underpins their operating philosophy, if all goes to plan, will develop a scalable high-security PoS network for the long term.

However, that same methodical approach is also Cardano’s weakness. And many in the community have grown tired over roadmap delays. And it should be noted that Cardano has a further three roadmap phases in Gogen, Basho, and Voltaire until completion.

The coming weeks, as testnet feedback is released, will mark a significant period in Cardano’s development. And the community will finally learn whether delays to Shelley were justified.

Having said that, there’s no denying that Cardano’s goal of being the world’s financial backbone is an ambitious goal, if ever there was one. But Cardano advocates acknowledge that these things take time. And so remain unphased by the slow burn that is Cardano’s development.

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Cardano [ADA]

Cardano Incentivized Testnet Snapshot Happened Today: Community Is Optimistic

Published

on

After much delay, the Cardano (ADA) incentivized testnet finally rolls out today. At 12 noon UTC, a snapshot of balances in Daedalus and Yoroi wallets will kick off the staking process. And ADA holders will have the opportunity to earn rewards by staking their tokens at a later date. But more than that, developers at IOHK say that this marks a momentous point in decentralizing the Cardano network.

After much delay, the Cardano (ADA) incentivized testnet finally rolls out today. At 12 noon UTC, a snapshot of balances in Daedalus and Yoroi wallets will kick off the staking process. And ADA holders will have the opportunity to earn rewards by staking their tokens at a later date. But more than that, developers at IOHK say that this marks a momentous point in decentralizing the Cardano network.

Cardano Shelley Era

The Shelley phase of development is Cardano’s first step towards decentralization. This will be achieved by increasing the delegation of community-run nodes and incentivizing network participation through staking.

Picture of poet Percy Bysshe Shelley used to signify Shelley phase of Cardano roadmap

Developers expect this setup to promote long term honest participation on the Cardano network. Moreover, by the end of this phase, developers predict that Cardano will be significantly more decentralized than any other blockchain network.

Furthermore, the Cardano community is buzzing with excitement over the real rewards on offer. Developers believe this is the only way to accurately assess their theories on incentivization. They said:

“The ada rewards earned for delegating a stake or running a stake pool are real and, once the testnet is complete, spendable. We’re using real rewards to gauge real responses, and to assess how the mechanism works in a real-world setting.”

Stages of Testnet Participation

All the same, in the clamor to be a part of it, many ADA holders are confused over the process. As of today, anyone wanting to participate should have their ADA in a Daedalus or Yoroi wallet. And not on an exchange or hardware wallet. But this first snapshot is a dry run, and does not affect your testnet participation.

Within a few days from now, a testnet wallet will be available for download. After downloading, restore your account to it by entering your 12-word recovery key.

At this point verify that the account restoration on the testnet wallet has worked and that your test balance is correct.

If there are problems, now is the time to get in touch with Cardano support. Otherwise, simply wait for the second snapshot.

After the second snapshot has been taken, you are free to move your tokens wherever you wish. But your test tokens will stay in the test wallet.

Remember, participation in today’s balance snapshot is optional. And will not affect your ability to participate in the incentivized testnet.

ADA Price

Since the start of the year, ADA has followed a similar pattern to Bitcoin. Having spiked around April, and then again during the summer. However, ADA’s summer decline occurred from July onwards, versus Bitcoin who managed to stave off a price drop until late August.

Today’s snapshot did not significantly affect the price as Cardano is up just under 2% at $0.044. But this forms the tail end of an upward trend since late October.

Some have speculated that low ADA supply on the exchanges, as holdings get transferred to Daedalus and Yoroi wallets in preparation for today’s snapshot, maybe the reason for this trend.

Volume swing has ranged from around $32 million to as high as $145 million since the start of October, settling around the $60 – 70 million level for the past week. As such, the start of this testnet has not affected Cardano’s demand significantly.

The Future For Cardano

All the same, Cardano’s fundamentals remain strong. And the scientific research, that underpins their operating philosophy, if all goes to plan, will develop a scalable high-security PoS network for the long term.

However, that same methodical approach is also Cardano’s weakness. And many in the community have grown tired over roadmap delays. And it should be noted that Cardano has a further three roadmap phases in Gogen, Basho, and Voltaire until completion.

The coming weeks, as testnet feedback is released, will mark a significant period in Cardano’s development. And the community will finally learn whether delays to Shelley were justified.

Having said that, there’s no denying that Cardano’s goal of being the world’s financial backbone is an ambitious goal, if ever there was one. But Cardano advocates acknowledge that these things take time. And so remain unphased by the slow burn that is Cardano’s development.

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