- Cardano (ADA) down 17.7 percent week-to-date.
- AlgoZ and Cardano partner for liquidity
Charles Hoskinson’s Cardano is distinct because of their insistence on quality and research. Therefore, despite recent sell-off, their deal with AlgoZ could attract institutional backing. Meanwhile, ADA is down 17.7 percent week-to-date.
Cardano Price Analysis
That Cardano has potential as a top-tier digital asset and smart contracting platform is true. Boasting high trading volumes and managing to compete with the likes of Ethereum and Tron in the liquidity leaderboard, ADA is proving that it deserves to be watched.
Presently, Cardano’s value proposition stems from its position as an alternative smart contracting platform, which is rather research driven. Behind this decision is the creators’ view of building a reliable network that is transparent, scalable, and whose products are verifiable.
Although hampered by delays in development, the fact that Cardano continues developing, despite last year’s chilly winter, is a mark of stability. In 2018, many projects folded because of dropping asset prices and general price-dwindling induced apathy. However, with changing fortunes, this space is once again sparkling.
Additionally, the test of Shelly not only prepares Cardano for complete decentralization, but for dominance of the cryptocurrency market too. Through a new partnership, Cardano will leverage AlgoZ’s trading algorithm and knowledge base for liquidity purposes.
Already, exchanges and several cryptocurrency projects spread across five continents make use of AlgoZ solutions. Announcing via LinkedIn:
“Our collaboration with Cardano, one of the most inspiring projects in the crypto-asset scene, is expected to increase the liquidity of the token and its accessibility.”
At the time of writing, ADA is down 17.7 percent from last week’s close. Even though buyers stand a chance, massive liquidation of this week is slowing down bulls.
Predominantly ranging, it is imperative that buyers find support at 6 cents. The level is an important support line, and if bears press lower, breaching June and May and June lows, ADA prices may tumble.
Note that if ADA closes below 6 cents, prices may drop to 3.5 cents or the all-time lows of 2.5 cents in a bear trend continuation. Conversely, any resurgence driving ADA past 9.5 cents confirming Mar 2019 bulls could be the impetus for 12 cents and beyond.
From above, June 26 candlestick leads. As a doji, any close above 9.5 cents ought to be with high trading volumes. Preferably this should exceed 603 million as it would cement buyers. On the flip side, losses below 6 cents with equally high participation may catalyze a sell-off with targets at 3.5 cents.
Cardano (ADA) In Preparation To Bounce Back As Altcoins Season Begins
Cardano ADA is one of the many cryptocurrencies feeling the bite of the bearish trend facing the cryptocurrency market. Its attempts to stabilize have meet pressure that has kept it below the price of last week. Cardano ADA had a 10% drop that saw it priced at $0.063. Unlike some other cryptocurrency, ADA hasn’t been able to shrug off the bearish weight dragging it under.
Cardano News Today – Cardano Price Prediction 2019 – Cardano ADA Fell By 10% In Preparation For A Bull Run
Looking at Cardano ADA price prediction made by experts, it can be seen that ADA reached the 61% Fib retracement level after moving between 16% and 38% Fib retracement levels in the previous two months. The analysis shows that if Cardano ADA can remain at this level, it could bounce up in price value. The market cap for Cardano ADA is $1.5 billion and the Return On Investment stands at 167.45%. The number of ADA token in circulation as at today stands at almost 26 billion. The 24-hour volume of the coin is $100 million.
Cardano ADA reached the highest value for the day at $0.060. It dipped by a slight margin to $0.059 but was able to recover and rise back to $0.060. Cardano ADA resistance levels are $0.0620 and $0.0630 while the support levels are $0.0550 and $0.0500. ADA needs to climb above the resistance levels to show positive growth. Though the support levels may come to bear, Cardano price predictions show that Cardano ADA has what it takes to shoulder the bearish trend in the market today.
Cardano platform runs on a proof-of-stake system that reduces the electrical power needed. This reduction in power requirement makes the system more scalable. Cardano also runs a Recursive InterNetwork structure that allows for a subnetwork to exist with a network. The subnetwork aims to allow the network to grow but remain its efficiency.
Cardano latest update reveals that Cardano plans on becoming a network of blockchains, intending to allow all cryptocurrencies to run side by side and be able to make the instant conversion from one cryptocurrency to another without intermediaries. Cardano hopes to make their network friendlier to government institutions and traditional financial bodies by allowing the attachment of metadata to transactions by users. This move will guarantee a higher level of security and privacy for each transaction.
Cardano Price Prediction 2019 – Cardano News Today – Cardano Latest Update – Cardano Working With A Platform That Makes Sense
Though Cardano has released some important network platforms, Cardano remains in its early development stage. It will take some years for Cardano to function to its full capability but for now, Cardano ADA stands with the major players as one of the viable cryptocurrency in the market. In the long term, Cardano has the potential to rise to a dominant position in the cryptocurrency arena.
Cardano (ADA) Price Today – ADA / USD
In the short term, Cardano ADA must slowly rise to the challenge and turn the bearish pressure its currently facing to a bullish one. With the strengthening of more of the project mapped out for the future, analysts give a Cardano price prediction that sees the ADA climb to $1 soon.
What do you think about the Cardano price prediction 2019 in our Cardano news today? Share your thoughts about the current price action of Cardano in the comment section below.
Cardano (ADA) Price Analysis: Significant Downtrend Below $0.060
- ADA price remained in a strong downtrend and broke the $0.0600 support area against the US Dollar.
- The price declined heavily and broke the $0.0550 and $0.0520 support levels.
- There is a major declining channel forming with resistance near $0.0568 on the 4-hours chart (data feed via Kraken).
- The price remains in a downtrend and it could continue to move down below $0.0520.
Cardano price is trading with a bearish bias against the US Dollar and bitcoin. ADA recently tested the $0.0500 support area and it remains at a risk of more losses.
Cardano Price Analysis
After cardano price failed to climb above $0.0850, it declined heavily against the US Dollar. The ADA/USD pair broke the $0.0700 and $0.0650 support levels to register nasty losses. Moreover, there was a break below the $0.0630 support level and the 55 simple moving average (4-hours). Finally, the price broke $0.0600 and tested the $0.0500 level. A new monthly low was formed at $0.0498 and the price is currently correcting higher.
An initial resistance is near the $0.0549 level plus the 23.6% Fibonacci retracement level of the last decline from the $0.0712 high to $0.0498 low. Moreover, there is a major declining channel forming with resistance near $0.0568 on the 4-hours chart. Above the channel resistance, the next key resistance is near the $0.0600 level. The 50% Fibonacci retracement level of the last decline from the $0.0712 high to $0.0498 low is also near the $0.0605 level.
The main resistance is near the $0.0630 level, which was a major support earlier. A successful close above the $0.0600 and $0.0630 levels is needed for a fresh increase in cardano in the near term. The next key resistance above $0.0630 is near the $0.0762 level. If the price fails to climb above $0.0568 or $0.0600, it could start a fresh decline.
An immediate support is near the $0.0510 level, below which the price may break the $0.0498 swing low. The next stop for the bears may be near the $0.0480 level in the near term.
The chart indicates that ADA price is currently trading in a significant downtrend below the $0.0600 resistance level. In the short term, there could be an upside correction, but the price is likely to struggle near $0.0600 or $0.0630. If the bulls fail to gain momentum, the price is likely to slide towards or below $0.0500 in the coming days.
4 hours MACD – The MACD for ADA/USD is currently losing momentum in the bearish zone.
4 hours RSI – The RSI for ADA/USD is currently correcting higher towards the 40 level, with a positive angle.
Key Support Levels – $0.0510 and $0.0500.
Key Resistance Levels – $0.0568 and $0.0600.
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.