- 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’s Shelley mainnet could include Ledger integration, reveals team
Cardano network’s implementation has been pretty successful, with the ecosystem led by Charles Hoskinson all set to launch the incentivized testnet for Shelley which involves real incentives in the form of staking and delegation rewards to stir participation. CEO of IOHK, Hoskinson had previously revealed that the testnet had received “remarkable participation as the network currently runs about 100 stake pools and the stake pool channel consists of about 2,400 people.” The testnet went live in the second half of June this year.
While responding to a question on Reddit, on whether staking will be available through Yoroi with HW wallets, the moderator of r/Cardano, ‘kao0112,’ stated that while Ledger, Trezor and any other hardware wallet would work at this stage, the EMURGO team was been looking forward to enabling the same on the Shelley mainnet. kao0112 alluded,
“The Ledger integration takes some time which means that it wouldn’t/ won’t be ready before the snapshot. Ledger integration should definitely be available for Shelley mainnet.”
Talking about the new version of Daedalus/Yoroi on Shelley, the moderator added,
“The current flavors of Daedalus and Yoroi will be exclusive to mainnet [byron] and eventually Shelley, when it’s upgraded in mainnet. There are going to be new flavors for Daedalus and Yoroi exclusive for the Rewards testnet.”
Besides, the team had previously explained that ADA on hardware wallets can be transferred to either Daedalus or Yoroi wallets, before the snapshot. Users can return the tokens to cold storage after the completion of the snapshot. The ADA token on the testnet won’t be spendable, which means that ADA does not exit the network. The tokens earned by staking or delegating can be deployed on the mainnet. The rewards earned by the user in the testnet won’t be pulled into the mainnet automatically, and the team has been working towards a mechanism wherein the users will be able to manually move their rewards.
Cardano Exhibits Loss for the Intraday Traders
The crypto market has stepped in the last quarter of the year. The previous quarter was quite devastating for the investors as the entire market dropped including big forces like Bitcoin, Ethereum, Ripple, etc. Cardano also fell due to the heavy pullback and now, the traders rely on the ongoing quarter. The market is quite volatile but still, the coins have been making moderate profi with moderate volatility.
However, the uptrend might let loose in the future and the coin could be seen facing losses. The change in the trend is highly anticipated. Let’s have a look at the price chart.
ADA to USD Price Chart:
Last month began with a trading price of $0.045. The price immediately jumped to $0.047 by 5.16%. Later, the price fell, but soon escalated and took the price to $0.048 by 10.41%. A major escalation took place that hiked the price to $0.055 by 24.94% just to slip to $0.035 by 36.88% and the month closed around $0.039 by 11.64%. The ongoing month experienced uptrend around October 10, 2019. The price touched $0.043 from $0.037 by 15.45%. The current price is at $0.0402. The support level 1 has already been breached and observes the next support near $0.0399.
Cardano price exhibited recovery a few days ago, but there is again a downtrend indicated. The indications are that the coin would be seen hovering around $0.040 for some time. The improvement is expected to take place within some time.
For now the resistance levels and support levels are calculated as follows:
Cardano is anticipated to escalate after a short while. The traders can dig-in with a prospect of upsurge. The traders are suggested to opt for short-term investment to earn a colossal profit.
Cardano News Today – Top Headline for ADA
- Cardano’s Team Recently Unveiled Information About the Incentivized Testnet Generating Staking Platform to the Network
- Benefits of the Testnet
Quite a few of the Cardano team held an AMA session to reveal the company’s plans and present status about the launching of the Shelley incentivized testnet. The senior product manager of Cardano, David Desser, the company’s DevOps engineer Sam Leathers, Jormungander testnet product manager Dynal Patel, education team leader Alejandro Garcia and Jormungander engineer Nicolas Di Prima,
The Cardano blockchain clocked its second year this month, two years of broad research leading to the launch of a testnet for the new era of its development. As per the report by Esser, Cardano has been soaring high in the last few weeks, the network execution of Jormungander, the node that carries out the protocol that administers Cardano, supposedly got a good response from the community, which according to Esser influenced the development of Cardano.
The Cardano network is ready to launch the incentivized testnet for Shelley, whose testnet went viral in the second half of June. An incentivized testnet employs real incentives in the shape of staking and delegation profits to bring in participation, unlike the traditional testnet which is a closed-off sandbox environment. Esser reported that in Shelley’s incentivized testnet, the company will be able to see how game theory and profits are gotten by actual people on the network.
Added Benefits of the Testnet
During the live session of AMA, several users were interested in the benefits attached to the testnet. Esser was able to give vivid answers to all the questions, he also went further to explain that the whole snapshot of Cardano blockchain will be booked to regulate the number of users and the number of ADA on it.
Cardano (ADA) Price Today – ADA / USD
The testnet will permit users who save their ADA on hardware wallet to transfer their funds to either Daedalus or Yoroi wallets before the snapshot and then return them to cold storage after the snapshot is completed. This process will allow users who want to engage in the testnet to have all of the ADA they have in real life copied in the testnet.
The education team leader of Cardano, Alejandro Garcia stated that they were working on creating a repository for aid questions on Zendesk. Currently, Cardano is ranking 12th by market cap, the market value is up at 0.09% over the past 24 hours, and ADA has a market cap of $1.07 billion with a 24 hours volume of $42.39 million.