- 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.
Cardano Fails to Retain its Fort; May Seek the Support at $0.045 Soon
- Cardano loses 0.5% in the last 24 hours.
- The next support for Cardano may come at 0.045 USD.
Cardano could not stand the heavy pressure exerted from the market and lost almost half a percent in the last one day. It is now roaming around 0.047 USD. The three price swings of Cardano had a trading range between 0.047 USD and 0.045 USD.
ADA to USD Price Analysis:
Cardano’s first swing started around 01:54 UTC and in the next 11 hours and 9 minutes, it lost 4.31% and got placed at 0.045663 USD, the lowest of the day. Later, it got strengthened by 3.96% and made it to trade around 0.0474666 USD by 21:38 UTC. Later it started falling towards the closing of the day. Between 21:38 UTC and 04:58 UTC, it cut 1.04% to touch 0.046973 USD. This fall had a break at 0.046882 USD.
Cardano Price Prediction:
Cardano has started the price correction process like all other coins and in the next few days, it may have to suffer more. The next support may come at 0.045 USD. However, the medium-term of Cardano is likely to be bullish.
|Cardano (ADA)||Resistance & Support Levels|
|1st Support Level||$0.046|
|2nd Support Level||$0.045|
|3rd Support Level||$0.044|
Cardano (ADA) Price Approaches Key Technical Resistance as Bulls Try to Take Over
Technically, the 11th most significant cryptocurrency is signaling to go down shortly.
- Cardano’s price is rising to a crucial resistance level at $0.049 and at the same time approaching the upper boundary of the channel
- The ADA/USD pair may go bearish if the $0.0433 level could no longer hold as critical technical support for the market
The 11th largest cryptocurrency by market cap, Cardano’s price is currently up by +1.27% in the last few hours of trading, although the market saw a slight drop of about 0.27% yesterday.
Lifting from $0.043 area on August 29, Cardano (ADA) had recorded a monthly high at $0.048. The price movement is now caught in a channel pattern on the 4-hour time frame. If Bitcoin remains in a consolidation mode for a while, we can expect the bullish trend to continue in a short-term.
Cardano’s Current Statistics
Trading Price: $0.047
Market Capitalization: $1,227,905,045
Trading Volume: $43,232,624
Key resistance levels: $0.0471, $0.048, $0.049
Key support levels: $0.0462, $0.045, $0.0444
Cardano (ADA) Price Prediction for September 16, 2019
Cardano is following a short-term bullish trend, making the price to trade around $0.47 at the moment. Now, it appears that the market is about attempting a pullback, although the buyers are still gaining control of the market. We can expect the market to sell to close supports at $0.0462, $0.045, and $0.0444 if a pullback occurs.
If the mentioned supports fail to play out, Cardano will continue to climb back to$0.0471, $0.048 and $0.049 resistance. But as it is now, the bears appeared to be looking for lower price levels. Considering long-term outlook for this market, ADA/USD is still reflecting a dominant bearish bias.
As we can see, Cardano (ADA) is trading inside a channel pattern, which suggests a bullish trend. But the pattern formation is mostly followed by a bearish breakout. If the breakout occurs, the ADA/USD pair will continue its long-term bearish move.
Technical Indicator Reading
The RSI for Cardano is showing a bullish moment after crossing up the 50 level, which means the buyers are still active in the market.
The Stochastic is conversely bullish but hovering around the upper limit for the past two days. This shows that the bulls are getting weak as the price may fall shortly.
Will Cardano Price Get Over the Bear Sentiment?
Like other altcoins, Cardano has also borne the ongoing bear sentiment in the crypto market. This has affected its prices as can be seen from the one-month price chart where the prices have been moving in the range of $0.04 – $0.05.
Cardano Price Analysis
Over the past one month, Cardano has been under the bear radar with the prices moving continually below the baseline. From a high of $0.05138 on August 18, the price of ADA has gone down to $0.04624 on August 21 to the extent of 10%. Cardano price then rallied to $0.052176 in the next 3 days to the tune of 12.76%. But it had a major fall on August 29, and it reached $0.044236 to the extent of 15.22%. Then, ADA price moved upwards slightly to the extent of 7.13% within the next 5 days at $0.04736. With the bears continuing to put pressure, Cardano again fell to $0.04464 on September 12, to the extent of 5.74%. Today, the price of ADA coin is at $0.04708, which is higher to the extent of 5.60%.
ADA to USD Price Chart by TradingView
Cardano price was able to maintain its momentum at the beginning of the year, and this upward price momentum continued till April. Then, there were intermittent fluctuations till end June. With the bears gaining a strong foothold in July, the prices were thrown off-guard and went reeling downwards on a continuous basis. Though the bulls are trying hard for recovery, they have had not much success due to continued market volatility. Cardano is expected to be in this phase for the short-term and by the year-end, when the market is expected to recover, it is likely to trade around its 30-day high value of $0.052.
Investors cannot expect any returns from this current market volatility, but they can invest from a long-term perspective.