In a market awash with projects, all presenting themselves as the next big thing, one project stands out, and that’s Cardano. Cardano stands out because it is never hyped. In fact, the average AMA by a person like Charles Hoskinson is geared more towards the technical aspects of the project, than at pleasing price speculators. Yet, Cardano continues to grow in strength and popularity. So what makes it stand out against hype projects that are competing with it? There are a few factors that make Cardano (ADA) stand out in the market.
One of the factors that make Cardano (ADA) stand out is its focus on research. All through the crypto bear market, many projects have rushed to announce developments as a way to pump prices. Cardano has been unaffected by this. Rather than rush to release updates just for the pump, it invests more time in research. The result is that, whenever Cardano updates are released, they are solid, and take Cardano closer to its application in the real world. Case in point is Ouroboros.
Ever since the issues of energy and scalability took prominence with regards to POW mining, lots of projects have rushed to announce that they have highly efficient POS algorithms. However, most of them are flawed, with security vulnerabilities and a real risk of centralized control.
Cardano (ADA) took the longer route of research first, and came up with Ouroboros, the first provable POS algorithm that solves the issues of security and decentralization. This is a big deal because it makes Cardano one of the few projects that will allow for the development of Dapps in a truly decentralized, secure and efficient environment. It took time to research on Ouroboros, but the impact is long-term, and more sustainable.
Like on the aspect of research, the teams behind Cardano put emphasize on testing. Before any update is released to the public, it is thoroughly tested to ensure that it works. The IOHK and all the other teams behind Cardano (ADA) don’t just rush to release anything, only for flaws to be discovered later. This has helped Cardano build a reputation that whenever anything is released, it actually works. There are no in-betweens. It either works, or it is delayed until it is fully tested and proven to work. This is the characteristic of a project built for business, regardless of the day-to-day crypto price movements.
With such strong fundamentals, Cardano comes across as a project that has what it takes to make it big in the long run. It may not doing so well at the moment, but it has better chances of making it than most projects. As society becomes more receptive to the idea of decentralization, projects that are ready to take on the workload of decentralization like Cardano (ADA) will thrive. Cardano (ADA) could easily be the platform for the creation of a fully functional decentralized economy.
CARDANO (ADA) Daily Price Forecast –February 13
ADA/USD Medium-term Trend: Ranging
Supply zones: $0.0600, $0.06600, $0.06800
Demand zones: $0.02000, $0.01500, $0.01000
ADA is in consolidation in its medium-term outlook. The new week saw the bullish pressure stronger as the coin enters the range. $0.04399 in the supply area was high while $0.04037 in the demand area was the low thus far.
The inverted hammer within the range implies the bears return within the range shortly after today opening. Price is below 10-EMA and the stochastic oscillator signal points down at 35% an indication of downward momentum within the range.
ADAUSD is consolidation and trading between $0.04405 in the upper supply area and at $0.04091 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries. Hence patience is needed to allow this occurred before taking any back position.
ADA/USD Short-term Trend: Ranging
The cryptocurrency is in a range-bound market. The bullish candle formed after the bearish spinning top was an indication of the bulls’ presence during yesterday session.
Confirmation to the bulls takeover occurred at the break of the two EMAs with a large engulfing candle at $0.04167. ADAUSD rose initially to $0.04279 and later to$0.04341 in the supply area before exhaustion.
The bearish spinning top at $0.04303 followed by a bearish candle signaled the bears gradual returned. The cryptocurrency dropped to $0.04301in the demand area due to increased bears pressure as it enters a range-bound market.
ADAUSD is ranging and trading between $0.04368 in the upper supply area and at $0.04077 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence traders should be patience.The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Cardano (ADA) scales the levels ahead of IOHK summit
- 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
CARDANO (ADA) Long-term Price forecast- Februaty 10
ADA/USD Long-term Trend –Ranging
Supply zone: $0.0600, $0.0800, $0.1000
Demand zone: $0.0100, $0.0080, $0.0060
ADA continues in a range-bound market in its long-term outlook. The lower demand area at $0.03800 of the range was broken due to the bear pressure on 6th February. The cryptocurrency went further down as $0.03592 in the demand area.
With the formation of a gravestone doji in the context of a downtrend on 7th February implies the bulls gradual returned.
A large bullish engulfing candle returned the cryptocurrency back into the range and up at $0.04343 in the supply area. Momentum to the upside may continue in the day ahead as confirmed by the signal of the stochastic oscillator pointing up at 61%.
ADAUSD is consolidation and trading between $0.05200 in the upper supply area and at $0.03800 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries. Hence patience is needed to allow this occurred before taking any back position.
Source: Bitcoin Exchange Guide