- 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.
Cardano price forecast: ADA price fall suggests a long term trend downward
The price of Cardano is breaking out of the symmetric triangle.
- ADA price breaks out from the symmetric triangle
- The price of Cardano is set to continue the downward fall
- The cryptocurrency’s price fall may suggest consolidation in the oversold zone
Cardano Current Statistics
The current price: $0.045
Market Capitalization: $1,183,168,314
Trading Volume: $43,318,086
Major supply zones: $0.05, $0.06, $0.07
Major demand zones: $0.03, $0.02, $0.01
Cardano Price Analysis August 16, 2019
Cardano (ADA) price is breaking out of the symmetric triangle. The symmetric triangle was formed after a downward correction on July 16. After the downward correction, the Cardano bulls scored an upward movement but got resisted at the 0.06 USD price level. After trading below the resistance level, the coin’s market fell again to the low of $0.05 and consolidated, thereby forming the symmetric triangle. Now the bears have broken the bottom of the symmetric triangle.
On August 8, the bears tested the bottom of the symmetric triangle which is called the bearish pennant but was resisted by the bulls. On August 14, the bears succeeded and broke the lower line of the pennant and then signaling the continuation of the bearish trend. When this happens, the bearish sentiment will further push the market to fall. The market of Cardano (ADA) is expected to reach the demand zones of $0.03 and $0.04 price levels.
Chart Indicators Reading
The RSI period 14 is level 32, which suggests that the market is in the oversold region. The price fell to the oversold zone, and that could suggest longer-term consolidation. The 12-day and 26-day EMA are above the price and are pointing towards southward hinting that the market is bearish.
General Outlook for ADA
The coin is most likely to continue its fall after the bears successfully broke the bottom of the bearish pennant.As the bears broke, the bearish pennant short signals had been generated to enable trader’s trade the trend as it is about to continue. The RSI technical indicator confirms that the market is approaching the oversold region.
Cardano Partners With Konfidio to Push For More Adoption in Europe
According to reports, Cardano has entered a collaborative process with Konfidio. The Zug-based Cardano Foundation made the announcement on August 15. The platform revealed that it had entered a strategic partnership with the Berlin-based Blockchain firm, Konfidio. This is yet another milestone for the Cardano Blockchain as it pushes for more adoption and use cases.
Cardano (ADA) Price Today – ADA / USD
What we know About Both Firms
Concerning the two firms involved in the accord, the development of Cardano’s platform is actually determined by the below organizations:
- The Cardano Foundation: this arm is responsible for overseeing the development of Cardano itself and its ecosystem. It also oversees the protection and promotion of Cardano, along with advocating on for users and the Cardano community.
- Input Output HK (IOHK): this arm holds the responsibility of designing and building the Cardano platform.
- Emurgo: this is the for-profit arm of the Cardano Foundation. Its responsibility involves working to improve Cardano’s ecosystem by means of commercial initiatives.
All in all, the primary responsibilities of the Cardano Foundation include driving the adoption of Cardano itself, growing the global Cardano community, shaping legislation and commercial standards for the network, making sure of stakeholder accountability, and pushing for strategic partnerships.
As for Konfidio, Cardano’s new strategic partner, the company was founded in 2016. Konfidio is Berlin-based firm. It is a Germany based Blockchain expert. Hence, Konfidio can be described as:
- A Blockchain accelerator solution which is known as KAP.
- A Blockchain venture studio that has ventures ranging from decentralized energy platforms to micro-insurance to platforms. Both or all of which are using the Kstack-based technology in house”
What you need to know about the Partnership
Speaking via a blog post that was published on August 15, 2019, Bakyt Azimkanov, who serves as Cardano’s Communications and Marketing Director, said that the primary purpose of the new partnership between Konfidio and Cardano is “to integrate Blockchain models with corporations.
It is also to push for Blockchain technology in SMEs (small and medium enterprises) and governments.”
Furthermore, the Cardano executive said the Cardano Foundation is hoping that this new partnership will focus on only real-world business cases that affect the “banking, logistics, and trade as well as pharmaceutical industries. Azimkanov claims the remaining options, that is the government and public service options for use cases will follow.”
Another Cardano executive also weighed in on the latest development with the network and Konfidio. The Chairperson of the Cardano Foundation, Nathan Kaiser, had this to say on the matter:
“Cardano’s new strategic partnership with Konfidio shows that we have now made another tangible step towards the promotion and advocacy of Cardano. More importantly, this accord will ensure that we drive the real-life use cases of Cardano. Konfidio’s base, Berlin, remains a major Blockchain center around the globe. Its worldwide relevance will assist us in putting the spotlight on the Cardano platform. The collaboration will also give the Cardano Foundation increased visibility in Europe. Especially in countries like Germany.”
Dr. Mervyn G. Maistry, Konfidio’s Co-Founder and CEO stated:
“After researching the Turing-complete Blockchain’s, we agree that the third generation Blockchain of Cardano should be best-placed to make sure of stability and the business continuity of real-life models. We are working to ensure that this strategic partnership with Cardano will help push for the development of Cardano-based applications”.
Cardano Foundation partners with Berlin blockchain venture studio Konfidio, market reaction muted
- The main aim of the partnership will be to execute real-world business cases on the Cardano blockchain.
- Konfidio uses blockchain technology to build enterprise-scale dapps and business models.
- ADA/USD has fallen from $0.0473 to $0.0452 this Friday.
The Cardano Foundation revealed that they have partnered up with Berlin blockchain venture studio Konfidio. The main aim of the partnership will be to execute real-world business cases on the Cardano blockchain. According to their announcement:
“This is the first such alliance for the Zug-headquartered Foundation, one of the world’s leading not-for-profit blockchain organizations, and is in line with the mission to create and unlock value by driving the adoption of the Cardano blockchain.”
Nathan Kaiser, Chairperson of the Cardano Foundation, said:
“Our strategic partnership with Konfidio is yet another tangible step towards promoting and advocating Cardano and, more importantly, driving its real-life use cases. Konfidio’s homebase, Berlin, is a major global blockchain center and its worldwide relevance will help us put the spotlight on our one-of-its-kind platform. Our collaboration will also afford the Cardano Foundation an increased visibility in Germany and Europe.”
Dr. Mervyn G. Maistry, Founder and CEO of Konfidio, says:
“Konfidio’s strategy is based on global decentralized platforms unlocking value across the global economy. After having researched all the Turing-complete blockchains, we believe the third generation blockchain of Cardano is best-placed to ensure the stability and business continuity of real-life business models. We are working with both global corporates and the German Mittelstand and will use Cardano’s revolutionary dual-layer architecture in developing complex Turing-complete transaction platforms
This strategic partnership will help the development of real-world Cardano-based applications. We will also be able to provide young entrepreneurs with a combination of business model expertise and state-of-the-art third generation blockchain as an option for their future startups. Our aim is to increase the understanding of the protocol in both corporate and startup environments and accelerate value-add for both Cardano, the blockchain community and our clients.”
Konfidio is a company builder and venture accelerator that uses the blockchain technology to build enterprise-scale dapps and business models for both permissioned and permissionless distributed systems.
ADA/USD daily chart
ADA/USD has fallen from $0.0473 to $0.0452 this Friday, following a very brief bullish respite this Thursday. The 200-day simple moving average (SMA 200) has crossed over the SMA 50 curve, charting the “death cross” pattern, which is a bearish indicator. The price is also trending in a downwards channel formation.