Since the market began falling in early 2018, most cryptocurrencies lost over 80% of their value. Despite several attempts throughout the year and at the beginning of 2019, most coins remain in their all-time lows. One coin that has lost much of its glory in the last 14 months or so, is Cardano (ADA).
The coin has lost over 90% of its value from early 2018, as well as its ranking position which followed a catastrophic drop in its market cap and above this, the Cardano project has been stagnant in project development leading to investor frustration and drop in confidence in its future success.
Cardano Starting To Turn The Tide
Although things have been looking bad for the project and token for the longest time, things seem to be changing. The last couple of days have seen ADA begin to change its trend and turnaround things. If the positive spell is to persist, this could be the best month for ADA yet. In the last seven days, ADA has climbed from around $0.041 to hit a high of $0.048 as of yesterday. Although the coin found resistance around this area and a price correction saw the coin drop back to $0.046, this remained a huge achievement.
At the time of press, the bulls are consolidating and look ready to retest the $0.048 position again, this time, with a little bit more aggression, they look set to break it. If successful at breaking the resistance position, this will give them a real shot at reaching $0.050, a position they have not hit since the start of the year. ADA is up by nearly 6% at the time of press, trading well above $0.048.
To hit the coins year high of $0.052 could be facilitated by the launch of the projects next key phase which is expected in Q1 of 2019. In fact, this in itself could be what is helping accelerate growth for ADA right now. The coming phase is one of the projects most significant phases as it will make the Cardano blockchain fully decentralized. Although Cardano has achieved plenty without being fully decentralized, it stands to gain even more once it is.
In anticipation of this phase, ADA is expected to continue gaining and If successful, Cardano could continue soaring for a long time to come.
Cardano Price Analysis: Cardano (ADA) Touched $0.050 After a 5.38% Hike Overnight
Following the market pattern, Cardano has fetched a hike of 5.38% over the last 24 hours. The value of each ADA coin against USD has finally gone beyond 0.050 USD. The medium-term of the coin is likely to be bullish. Before analyzing the four major price swings, let us look at the current data of the coin now.
Current Statistics of Cardano-
|Cardano (ADA)||23rd August 04:55 UTC|
|ROI (Return on Investment)||131.36%|
|Coin Circulation||25,927,070,538 ADA|
|Market Cap||1,300,097,276 USD|
|Value in USD||0.050075 USD|
|Value in BTC||0.00000492 BTC|
|24h Volume||62,551,357 USD|
ADA to USD Price Comparison-
Cardano faced a blow right at the starting of the day and between 01:11 UTC and 08:28 UTC, the coin was down by 3.27% losing 0.001 USD. It was followed by a hike of 9.16% and by 16:39 UTC, Cardano price was being traded near 0.051192 USD. This makes the highest point of the day for ADA coin. The third swing came as a shock to the investors as it made a cut of 0.0022 USD from the coin by 20:27 UTC. The last variation was a small and gradual hike of 2.63%, and this hike added 0.0012 USD to the coin and made the coin to go beyond 0.050 USD rising from 0.048 USD.
Cardano Price Prediction-
Cardano has finally touched its temporary target. But in order to cope with the major coins of the market, it needs another push. As past data and analysis, ADA coin is likely to have a bullish run before this year ends.
|1st Resistance||0.051467667 USD|
|2nd Resistance||0.053525333 USD|
|3rd Resistance||0.055889667 USD|
|1st Support Level||0.047045667 USD|
|2nd Support Level||0.044681333 USD|
|3rd Support Level||0.042623667 USD|
Cardano’s venture arm partners with Korean trade associations to drive adoption
Cardano’s official commercial and venture arm, Emurgo, signed a memorandum of understanding with two government-approved trade associations in Korea. The partnerships will focus on implementing Cardano for Korean digital content and mobile gaming.
Emurgo enters the Korean market
Cardano adoption continues to grow in Asia. The company’s official partner and commercial arm, Emurgo, partnered with two trade associations in Korea. According to an Aug. 20 press release, Emurgoformally signed a memorandum of understanding (MOU) with the Korea Blockchain Contents Association (KBCCA) and the Korea Mobile Game Association (KMGA), both of which are approved by the South Korean Ministry of Science and ICT.
The partnership will bring the companies together and help them develop Cardano’s blockchain-based solutions. Emurgo will work on integrating Cardano into the digital content and mobile gaming industries, two of the fastest-growing sectors in Korea.
Ken Kodama, the CEO of Emurgo, said that mobile gaming was a lucrative industry with a huge potential for blockchain implementation.
Korea’s gaming craze a perfect environment for blockchain
Considering that Korea has the highest smartphone penetration and mobile gaming rates in the world, the country is the perfect tech-savvy environment for driving blockchain-related adoption.
The high rate of smartphone ownership (9 out of 10 South Koreans own a smartphone) has made South Korea one of the biggest consumers of online content. An eMarketer study found that Korean adult consumers spend more than half of their time online on digital content platforms.
In combination with mature technological infrastructure, Korea will be a perfect place to implement Cardano’s third-generation blockchain-based solutions, Emurgo said in its press release. Leading game development and content creation enterprises, hundreds of which are members of both KBCCA and KMGA, will be able to benefit from these solutions.
We are yet to see whether these partnerships have any major effect on Cardano’s ADA, which saw a slight price increase in the past couple of days, growing over 6 percent between Aug. 21 and Aug. 22.
Cardano ADA Bounces Back Rising By Over 6% Outperforming Bitcoin Following Bearish Fall
Cardano News Today – The cryptocurrency market is known globally for its high volatility. The price action of cryptocurrencies starting with Bitcoin is totally unpredictable. One minute, the prices can be surging while the following minute they can be falling. This is exactly what happened to Cardano ADA today. The cryptocurrency fell significantly but subsequently started moving higher against the USD and BTC rising by over 6% within a few minutes. The Cardano price prediction 2019 in our Cardano news was bullish at the beginning of the year but the overall bearish pressure in the cryptocurrency market doesn’t seem to favor the token anymore.
Cardano News Today – Cardano Latest Update – Cardano Price Surges After Falling Significantly Within The Same Period
This morning, the price of Cardano ADA fell significantly against the USD as there was no support to hold the cryptocurrency from experiencing a decline. The trend remained bearish for hours with no recovery in sight. The fact that the cryptocurrency has fallen from the $0.100 despite the Cardano Shelley upgrade and every other major development by the Cardano Foundation is discouraging. Ever since it dropped below $0.100, it has faced a steady decline.
Cardano (ADA) Price Today – ADA / USD
The more the price of Cardano ADA falls, the more difficult it is for it to recover. The Cardano price prediction 2019 in our previous Cardano news placed the price of ADA as high as $0.3 by the end of the year. However, with the current price action of the token, the chances of the cryptocurrency moving this to this level are now slim. It is still important to note that the volatility in the cryptocurrency space can quickly take the price of cryptocurrencies higher against the USD. So, there is really no way to predict the trend in the coming months.
Cardano (ADA) Price Today – ADA / USD
Shortly after the price of Cardano ADA fell against the USD, it started to rise moving higher by more than 6%. At the time of writing, the price of Cardano ADA was $0.049989. This means that it is up by 6.58% against the USD and up by 6.36% against the price of BTC. The trading volume over a 24 hour period is $50,233,023 and the market capitalization is $1,296,067,789.
Bitcoin is currently struggling to hold the support at $10k thanks to the market-wide volatility. If BTC moves back to the 9k level, there is a high chance that it will retest $8.5k if care isn’t taken. Right now, investors are trading with caution and hoping that the volatility of cryptocurrencies will drive them upward soon.