In a tweet on August 13, 2019, Charles Hoskinson, CEO of Input-Output Hong Kong (IOHK) said the 1.6 Cardano update would take off in a few days. Hoskinson also revealed a lot of work went into releasing the new Daedalus ADA wallet. Cardano’s community, on the other hand, has shown excitement over the news of the impending update.
Cardano’s 1.6 Update Scheduled to Take Off
According to Charles Hoskinson, Cardano’s 1.6 update will be live within a matter of days. The CEO also asked the Cardano community to send screenshots of Daedalus, a hierarchical deterministic (HD) cryptocurrency wallet for storing ADA, Cardano’s virtual currency.
Furthermore, Hoskinson revealed that a lot of work had been put into the new Daedalus ADA Wallet. He also said he is proud of the IOHK team that had strived to bring about the wallet’s release.
Cardano Community Expresses Excitement Over Impending Update
On the other hand, the majority of crypto enthusiasts who made comments on Hoskinson’s tweet applauded the impending new release of Cardano. While some specifically encouraged the CEO’s and team’s efforts in delivering quality, others asked if this version will be a significant improvement over version 1.5.
Cardano 1.5, on the other hand, was released in March this year. According to IOHK in ablog post on March 22, 2019, it marked the beginning of a shift from the Cardano Byron era to the Shelley era. The blockchain company added that in Cardano 1.4, the last major work that was meant for the Byron code base was completed. However, in 1.5, only changes that would aid the smooth transition to Shelley were made.
A lot of news has emerged from IOHK of recent. An instance is Charles Hoskinson’sannouncement on June 17, 2019, that IOHK has signed an MOU with the Georgian government. According to the CEO, the agreement will enable IOHK to create the latest credential verification system using Atala and Cardano for the Georgia country.
ADA, Cardano’s virtual asset is currently priced at $0.052 and has gained 2.42% within the past 24 hours despite the decline in Bitcoin’s price.
Nonetheless, the crypto asset’s market capitalization is valued at $1.3 billion today, which is a significant decline from its $2.4 billion as of June 2019. ADA market cap’s drop has displaced it as the 11th largest crypto asset to the 12th position.
Cardano Price Analysis: Cardano (ADA) price chart reflects a recovery in the intraday chart
- Cardano (ADA) price escalates on the intraday chart.
- The intraday traders could have a great day today.
Cardano (ADA) is walking upon the price chart. However, the market is dealing with the bear, but there are some coins which are turning green. The currency was also seen getting affected by the market pressure.
Well, the coin has carried itself out from the pull-back pressure and started rising again. We are assuming that this could be a sign of recovery. Tomorrow, there could be a visible improvement in the price of many other coins.
ADA to USD Price Comparison:
The chart is taken from Trading View on 18th August 2019 at 05:32:26 UTC for price analysis.
Yesterday, the coin started at $0.047. The coin escalated to $0.0474 from $0.0470 by 0.93%. Later, the coin took another jump from $0.046 to $0.047 by 2.22%. Further, the coin fell to $0.046 from $0.047 by 2.32%. The coin closed with a profit of 0.99% at $0.0474. Today, the coin started with a drop of 1.22% from $0.047 to $0.046. However, the coin has embarked a recovery on the chart.
Current Statistics of Cardano:
|Circulating Supply||25,927,070,538 ADA|
|Total Supply||31,112,483,745 ADA|
|Market Cap||1,224,885,896 USD|
|24hr Volume||28,826,713 USD|
Cardano Price Prediction and Conclusion:
Cardano (ADA) has impressed many traders lately. The coin has replaced Tron (TRX) on the rank chart and is slowly moving up. It wouldn’t be a surprise that in some time, the coin would be seen dealing among the top 10 cryptocurrencies.
We are anticipating that the coin would be seen dealing around 0.080 USD by the end of 2019. In the coming years, the coin would be seen around USD 0.1. The currency would be most suited for the long term traders. They might be seen drawing huge dividends in some years.
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”.