Connect with us

Cardano [ADA]

Cardano (ADA) scales the levels ahead of IOHK summit

Published

on

  • Cardano adds 16% in two days to reclaim support above $0.040.
  • Cardano will continue trading sideways as technical levels stay positive.

Cardano corrected higher over the last weekend adding more than 16% to its value. Over the last few weeks, Cardano has battled to stay above the key support. However, the declines towards the end of January and the first week of February have sent it spiraling $0.040, $0.038 and the key support $0.036.

The bullish wave that swept across the market over the last weekend pulled Cardano up together with the majority of the digital assets. A reversal was occurred on hitting 2019 lows of $0.03556. ADA/USD sprung up in successive bullish candles above both the 50-day Simple Moving Average (SMA) and the 100-day SMA (1-hour range). Cardano reclaimed the support at $0.04 and tested the nest resistance at $0.0430 before starting to trim the gains.

However, compared to other assets like Bitcoin (BTC) which has canceled the gains from $3,700 to the current value of $3,590. The uptrend has slowed down and Cardano is trading at $0.04119 after sliding below the trendline support. It is likely that ADA/USD will trade sideways in the near term as the Relative Strength Index (RSI) is horizontal at 54.00. Similarly, the Moving Average Convergence Divergence (MACD) is maintaining in the positive territory. In case a reversal occurs, ADA will find support at $0.040, $0.038 and the monthly low at $0.03556.

ADA/USD 2-hour chart

Source: fxstreet

Advertisement

Cardano [ADA]

Cardano (ADA) Price Could Correct Higher Before Fresh Dip

Published

on

ADA price declined heavily after it failed to break the $0.0800 resistance against the US Dollar.
The price declined sharply and broke the $0.0750 and $0.0720 support levels.
There is a key connecting bearish trend line in place with resistance at $0.0765 on the 4-hours chart (data feed via Kraken).
The price could correct higher, but the $0.0750 and $0.0765 levels are likely to cap upsides.
Cardano price declined heavily below key supports against the US Dollar and bitcoin. ADA is currently trading near $0.0700 and it could correct higher towards $0.0750 in the near term.

Cardano Price Analysis
This past week, there was a sharp dip in cardano price below the $0.0800 support against the US Dollar. The ADA/USD pair declined below the $0.0750 and $0.0720 support levels. It tested the $0.0700 support area and recently rebounded above $0.0750. However, the same $0.0800 level acted as a strong resistance along with the 55 simple moving average (4-hours). As a result, there was a fresh decline below $0.0750 and $0.0720 support levels.

The price recently retest the $0.0700 support level and traded as low as $0.0706. It is currently trading with a bearish bias, but there could be a short term correction above $0.0720. An initial resistance is near the $0.0730 level and the 23.6% Fibonacci retracement level of the recent drop from the $0.0801 high to $0.0706 low. The next key resistance is near the $0.0750 and $0.0755 levels. The 50% Fibonacci retracement level of the recent drop from the $0.0801 high to $0.0706 low is also near the $0.0750 level.

Besides, there is a key connecting bearish trend line in place with resistance at $0.0765 on the 4-hours chart. Therefore, if the price corrects higher, the $0.0750 and $0.765 levels are likely to act as strong resistances in the near term. On the downside, the main support is at $0.0700. If there is a downside break, the price could accelerate losses towards the $0.0680 and $0.0665 levels.

The chart indicates that ADA price is clearly trading in a downtrend below the $0.0800 pivot level and the 55 simple moving average (4-hours). As long as the price is below $0.0800, any recovery is likely to face sellers near $0.0750 or $0.0765. On the downside, the price may test the $0.0680 level before starting a substantial rebound in the coming days.

Technical Indicators
4 hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone, with no positive signs.

4 hours RSI – The RSI for ADA/USD is now well below the 40 level and it might decline towards the 25 level.

Key Support Levels – $0.0700 and $0.0680.

Key Resistance Levels – $0.0750 and $0.0765.

News Source

Continue Reading

Cardano [ADA]

Cardano [ADA]: It is definitely not my responsibility to appreciate ADA’s value, says Charles Hoskinson

Published

on

Cardano’s [ADA] Charles Hoskinson has been one of the most active proponents of crypto in the cryptospace, making sure the organization’s agendas are known to the entire community. In a recent video uploaded by the IOHK Chief Executive Officer, Hoskinson explained the company’s future roadmap and addressed the FUDs about Cardano, floating around in the space.

The computer scientist clarified off the bat that users should not compare the user interface and user experience of cryptocurrency companies to bigwigs like Microsoft, Google and Amazon as the latter are too far ahead in terms of development. He emphatically stated that it is not a game of user experience, rather is a game of philosophies. Hoskinson frankly admitted that, “Cardano cannot be everything to everyone.” He added,

“With the amount of work we are putting into the software and the network, Cardano has become a very stable wallet now. To build the platform, we had to consider several factors like cryptography, game theory and byzantine actors. Some people claim that the delays in the release of the Shelley testnet is making money but it’s actually the opposite. I am losing money with every single delay, a cost that the company as well as I am willing to bear.”

Hoskinson went on to state that IOHK did not take any technology from anyone else and ensured that they built all original products. He also addressed the persistent rumor suggesting that IOHK has to write new code for the implementation of Shelley. To this, he responded,“Since September of last year, we have had engineers working on making the Shelley testnet the best version of itself. That work will only be considered as done when there is a reasonable wallet structure and when all the bugs are solved. Many users keep asking us to give a date for the testnet release and I am saying right now that will be done when it is time. Many who are asking do not even know what a testnet is and are asking simply for the sake of stirring up the ecosystem.”

The IOHK CEO also compared companies like Microsoft and Boeing to IOHK, in terms of product delays. He took the example of Microsoft delaying the Vista launch and Boeing having problems with their flagship Boeing 787 Dreamliner, stating,“There will always be delays and so it is not my responsibility to appreciate the value of ADA.”

Source:ambcrypto

Continue Reading

Cardano [ADA]

Cardano [ADA]: It is definitely not my responsibility to appreciate ADA’s value, says Charles Hoskinson

Published

on

Cardano’s [ADA] Charles Hoskinson has been one of the most active proponents of crypto in the cryptospace, making sure the organization’s agendas are known to the entire community. In a recent video uploaded by the IOHK Chief Executive Officer, Hoskinson explained the company’s future roadmap and addressed the FUDs about Cardano, floating around in the space.

The computer scientist clarified off the bat that users should not compare the user interface and user experience of cryptocurrency companies to bigwigs like Microsoft, Google and Amazon as the latter are too far ahead in terms of development. He emphatically stated that it is not a game of user experience, rather is a game of philosophies. Hoskinson frankly admitted that, “Cardano cannot be everything to everyone.” He added,

With the amount of work we are putting into the software and the network, Cardano has become a very stable wallet now. To build the platform, we had to consider several factors like cryptography, game theory and byzantine actors. Some people claim that the delays in the release of the Shelley testnet is making money but it’s actually the opposite. I am losing money with every single delay, a cost that the company as well as I am willing to bear.”

Hoskinson went on to state that IOHK did not take any technology from anyone else and ensured that they built all original products. He also addressed the persistent rumor suggesting that IOHK has to write new code for the implementation of Shelley. To this, he responded,

“Since September of last year, we have had engineers working on making the Shelley testnet the best version of itself. That work will only be considered as done when there is a reasonable wallet structure and when all the bugs are solved. Many users keep asking us to give a date for the testnet release and I am saying right now that will be done when it is time. Many who are asking do not even know what a testnet is and are asking simply for the sake of stirring up the ecosystem.”

The IOHK CEO also compared companies like Microsoft and Boeing to IOHK, in terms of product delays. He took the example of Microsoft delaying the Vista launch and Boeing having problems with their flagship Boeing 787 Dreamliner, stating,

“There will always be delays and so it is not my responsibility to appreciate the value of ADA.”

charle

Continue Reading
Advertisement
Advertisement
Open

Close