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Cardano breaks through resistance, signals 20% advance

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  • Cardano price action is attempting to push above the monthly pivot. 
  • The 55-day SMA is keeping bulls’ price action in ADA capped. 
  • With a clear bounce off the red descending trend line, bulls have plenty of volume to break the 55-day SMA, paving the way for $2.90.

Cardano (ADA) price saw some choppy price action this week. The turn came on Wednesday with bulls entering at $2.01, a level that showed its importance already in September. Bulls are now attacking the 55-day Simple Moving Average (SMA) around $2.45, which is putting a price cap on ADA for the moment.

ADA price bulls need to break $2.45 to have a free ride toward $2.90

Cardano price offered a solid entry on Wednesday at $2.01. That level already provided plenty of support back in September and did seem to be up for the chore again this month. Price ranged higher, attempting to break above the monthly pivot. But the 55-day SMA at $2.45 capped further price action in ADA.

ADA bulls have added more volume and fresh buyers to the rally, bouncing off the red descending trend line today. Bulls are now trying to regain control of the monthly pivot and with a possible second attack on the 55-day SMA just above there. Bulls are helped with the favorable tailwind of global markets.

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Cardano ADA US dollar price chart


ADA/USD daily chart

When bulls in Cardano price action can push beyond the 55-day SMA at $2.45, expect price action to shoot up further with a price target at $2.90. On that level, there is the double top from September 11 and the monthly R1 resistance level forming a barrier and profit-taking area for the bulls. 

When buyers fail to break the 55-day SMA in their second attempt, expect a fade in the Cardano price action, with a dip back toward the red descending trend line and $2.01 flat line. A quick spike lower is possible as most bulls will have their stops placed between $2 and $1.89. Expect the 200-day SMA to be near $1.70  to stop any further continuation to the downside in the short term

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Charles Hoskinson Starts Cardano Africa Tour to Support Future Cardano-Based Innovations There

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IOG CEO has begun the promised Cardano tour around Africa, seeing a great potential for this country in the future regarding blockchain adoption.

Chief of Input Output Global and head of Cardano, Charles Hoskinson, has posted some photos from Africa and the CiTi even in Cape Town, which means the Cardano African tour is underway.

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Cardano Africa tour takes off

On October 10, Hoskinson returned from his ranch in Wyoming and tweeted that he was getting ready to go in the Cardano tour that would go from South Africa up to Egypt.

On Friday, October 15, he flew to Cape Town to take part in the “fireside chat” of the CiTi event (“Cape Innovations and Tech Initiative”).

In his speech, Hoskinson stated that he believes Africa will play a big role in the global future as it will be one of the first countries that will start using and producing blockchain-based products in their economy, business and other spheres.

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IOHK to support Cardano-based innovations in Africa

Earlier, U.Today reported that IOHK, the company that created Cardano, entered into a new partnership. The company will team up with a venture capital fund that plans to invest $6 million to support local IT companies that will be building their products on Cardano.

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Guernsey regulator approves Jacobi Asset Management’s Bitcoin ETF launch

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Jacobi Asset Management, a London-based multi-asset investment platform, received approval from the Guernsey Financial Services Commission (GFSC) to launch a Bitcoin (BTC) exchange-traded funds (ETF). 

Speaking to Cointelegraph, Jacobi Asset Management CEO Jamie Khurshid said that the regulatory clarity helps corporations and institutions to get involved in Bitcoin investments safely without all the risks associated with the technology and counterparties.

According to an official statement, Jacobi Bitcoin ETF is a centrally cleared, crypto-backed financial instrument that is supported by Bitcoin custody provided by Fidelity Digital Assets.

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The approval from GFSC allows investors to trade Jacobi Bitcoin ETFs on traditional stock markets across “all jurisdictions outside of America and others with similar restrictions.”

Khurshid, who is also a former Goldman Sachs investment banker, highlighted that the funds are “centrally cleared with securities held at the leading central securities depository (CSD),” a process familiar to traditional asset managers. Addressing investors across the authorized jurisdictions, Khurshid said:

“We have feeder funds being set up around the world that will be investing solely in Jacobi Bitcoin ETF to service their domestic demand.”

Moreover, the company intends to list the Jacobi Bitcoin ETF on the Cboe Europe equity exchange, which has yet to be granted listing approval by Financial Conduct Authority (FCA), a financial regulator in the United Kingdom.

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On Sept. 6, Charles Randell, chair of the FCA and Payments Systems Regulator, raised concerns about the lack of risk awareness among crypto investors in a speech written for the Cambridge International Symposium on Economic Crime.

Randell highlighted the role of influencers such as Kim Kardashian promoting unverified tokens on Instagram, which according to him could potentially mislead underinformed investors. “Why should we regulate purely speculative digital tokens? Will the involvement of the FCA give them a ’halo effect’ that raises unrealistic expectations of consumer protection?”

On the other hand, the United States Securities and Exchange Commission has taken a proactive approach to allow ETF offerings on traditional exchanges. Crypto financial services company Bakkt will become the latest company to be listed on the New York Stock Exchange, under the ticker symbol “BKKT.”

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Bitcoin [BTC] mining system is coming to Jack Dorsey’s Square

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ack Dorsey, the founder of Square, has announced reviewing plans to build a decentralized Bitcoin [BTC] mining system based on custom-designed silicon intending to make it more accessible to both retailers and large institutions on a global scale. In his latest tweet, the CEO of the social media giant, Twitter pointed out the current BTC mining scenario in terms of distribution, energy efficiency, concentration, etc, and stressed the urgent need to transform the prevalent system. Revealing more about the master plan he said,

“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.”

Accordingly, Dorsey said the proposed project, if successful, would align with the ideals of Square’s own hardware wallet model i.e, to build an open-source and in collaboration with the community as a whole. In his tweet, the CEO also revealed that the technical specifics would be handled by its team of engineers led by Hardware Exec Jesse Dorogusker and concluded the post by hoping for suggestions or queries from the community with regards to its proposed plan.

The latest details caused the price of Bitcoin [BTC] to surge briefly and climb nearly $62,700. This was enough to send the market investors into a frenzy, renewing hopes to cross the all-time high of $64,863. At the time of writing, BTC was trading at $61,521 after an increase of 3.57% in the past 24-hours.

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Jack Dorsey’s tryst with Bitcoin [BTC]

The Twitter head is known for his staunch support towards the crypto industry and has always been a big Bitcoin bull. In September this year, the micro-blogging website officially integrated Bitcoin tipping services through Lightning Network [LN] focused third-party payment app, Strike. MicroStrategy’s CEO Michael Saylor, on Twitter, shared a video of Strike Founder Jack Mallers showing how the firm’s API integration had opened up opportunities for a faster and unified global remittance payment system.

In addition to that, Square recently doubled up its BTC investment from $220 million to $470 million adding 8,027 Bitcoins in its reserve ranking third behind blockchain intelligence company Microstrategy and Elon Musk-led Tesla.

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