- Cardano Steers Towards Decentralization And Partners With A Major Brand to Ease Adoption Of Its ADA Coin
- ADA’s Price Consolidation – No Visual Sign Of Breakout
Recently, Cardano has been in the news as there have been a series of growth and partnership about the company, even though Cardano’s ADA’s market value still seems bearish. In a recent AMA session with the senior product manager of Cardano, David Desser, he revealed that the company is ready to launch the incentivized testnet for Shelley, which went viral in the middle of June.
The Shelly testnet is different from the conventional testnet which is a closed-off sandbox environment. Incentivized testnet employs real incentives in the shape of staking and delegation of rewards to improve participation. With Shelley’s incentivized testnet, the company will be able to examine how game theory and rewards are seen by the users of the network.
Shelley is planned to be combined into Mainnet in several phases upon its completion. This will open the door for solving the centralization and proof-of-stake issues that the networking is encountering. According to the founder of Cardano, Charles Hoskinson, the goal of the project is to make the ADA’s blockchain 250x more decentralized than other traditional testnet.
IOHK released details about a partnership with sneaker guru, New Balance Athletic Inc. both companies are jointing working to create the “New Balance Realchain.” This will serve as an authentication system that intends to safeguard the authenticity of its collector’s edition of shoes. The project will aid its users to easily access data that confirms if a particular product is genuine or not. The company issued in the blog post, “Bringing blockchain technology to global brands and mainstream retailers is a big step for decentralized technologies.”
ADA’s Price Consolidation – No Visual Sign Of Breakout
Regardless of the positive news surrounding ADA and the forthcoming launch of Cardano Wallet 1.7, the trading price for over a month now has been consolidating without any sign of a breakout. Cardano price analysis on the 24th September 2019 indicated that ADA nosedived up to 24% from a high of $0.047 to a low of $0.035, ever since, the coin has been consolidating between $0.037 and $0.043.
Cardano (ADA) Price Today – ADA / USD
On the 1-day chart, the Bollinger bands seem to be shrinking. This indicates the periods of low volatility and are usually followed by periods of high volatility. The longer the shrink, the higher the potential of a strong breakout that will outline the direction of the price movement. Breaking below support could see the coin at $0.033 or $0.028. However, any increment above resistance will probably allow the price to test the next support at $0.048 and $0.055. Cardano is making positive development and upgrades to better its coin.