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Cardano price hangs back as ADA bulls gather strength for 23% upswing

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  • Cardano price performance has been uneventful, as the token lagged behind while Bitcoin and Ethereum recorded new all-time highs.
  • ADA bulls appear to be struggling with the nearest obstacle at the 21 twelve-hour SMA.
  • Only a slice above $2.24 would put the 23% rally on the radar. 

Cardano price continues to confuse forecasts ADA teeters between two clearly defined technical levels. Until the Ethereum-killer can overcome the two key areas of resistance, the token can expect a 23% climb toward $2.73. 

Cardano bulls ready to tackle next obstacles

Cardano price presents a lack of clear directional bias as it continues to be sealed within a symmetrical triangle pattern on the 12-hour chart. Despite the recent uptick seen in the cryptocurrency market, witnessing Bitcoin and Ether reach new all-time highs, ADA lagged behind.

It appears that Cardano price is gearing up to tackle obstacles, despite the overwhelming strength of the resistances that are currently intimidating the bulls. The first hurdle for ADA is at the 21 twelve-hour Simple Moving Average (SMA) at $2.16. If the Ethereum-killer manages to slice above this level, the next headwind will emerge at the 23.6% Fibonacci retracement level, coinciding with the 50 twelve-hour SMA at $2.19.

According to the IntotheBlock’s In/Out of Money Around Price (IOMAP), the aforementioned level of resistance would be a challenging level to crack for the bulls, given that it is the largest cluster recorded by the technical metric, as 226,650 addresses purchased 7.82 billion ADA at an average price of $2.19.

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ADAUSDT

ADA IOMAP

If the buyers manage to slice above this stiff hurdle, would see Cardano price tag the upper boundary of the prevailing chart pattern at $2.24. Breaking above the topside trend line of the triangle would put the 23% climb on the radar for ADA, as the bulls attempt to reach for $2.73. 

ADAUSDT

ADA/USDT 12-hour chart

The bulls’ journey toward the optimistic target would still be tricky, as a resistance line given by the Momentum Reversal Indicator (MRI) has appeared at $2.30, which sits near the 100 twelve-hour SMA acting as a heavy headwind for Cardano price. ADA would also need to clear the $2.36, $2.50 and $2.64, corresponding to the 38.2%, 50% and 61.8% Fibonacci retracement levels, respectively, before reaching the projected target given by the chart pattern.

However, if a spike in sell orders occurs, Cardano price may fall toward the lower boundary of the symmetrical triangle at $2.10 to retest the trend line as support. If this level fails to hold, the bullish outlook may be ruined as ADA may drop toward the 200 twelve-hour SMA at $2.07 and at the same time put a bearish target of a 23% decline at $1.62 on the radar for the Ethereum-killer.

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Cardano introduces ERC-20 converter testnet with AI tokens for trial

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ERC-20 tokens have been going places for some time now. However, at this point in time, they’re a step closer to going native on Cardano. At press time, the sixth-biggest blockchain by market cap had some big news to share, courtesy of its developer arm IOHK.

Time for a test

Cardano founder Charles Hoskinson revealed that an ERC-20 converter testnet is now up and ready for the community to try. Using the AI service provider SingularityNET and its AGIX token, testnet users can make the most of a permissioned bridge to transfer these tokens between Ethereum and Cardano.

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The statement from IOHK highlighted the need for blockchain interoperability. It added,

“We are currently building out and collaborating on multiple bridges to connect Cardano to other blockchains, and this first converter is a vital artery in this system. The more these connections grow, the higher the network effect to boost the flow of liquidity within the Cardano ecosystem.”

According to IOHK’s release, a user can put their converted tokens into the Daedalus or Yoroi wallets. Furthermore, reconversion to the ERC-20 standard is possible. This process might sound technical but readers shouldn’t worry, according to the company. IOHK explained,

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“Users do not need technical expertise or coding experience to use the converter. They simply access the tool through a URL and then proceed by creating a new account or configuring an existing Metamask account.”

That being said, the developer also warned that the testnet is still being monitored for issues and performance optimization isn’t complete yet.

In fact, one user reportedly tried the testnet and shared their gas fees for reference.

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Get an ‘AI’-ful of this

So, what is SingularityNET? It describes itself as a “decentralized platform allowing AIs to cooperate and coordinate at scale.” However, readers might be more familiar with the robot Sophia. The AI robot’s creator is David Hanson, who is also the co-founder of SingularityNET.

According to a whitepaper, the company wants to use smart contracts to decentralize AI technology. It stated,

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“At its core, SingularityNET is a set of smart contract templates that AI agents can use to request that AI work be done, to exchange data, and to supply the results of AI work.”

The question of the hour – Is Cardano exploring AI or is crypto itself coming closer to this technological sector? Only time will tell.

Agile AGIX

At press time, Cardano’s ADA was still in the red, but SingularityNET’s AGIX was trading at $0.2575.

AGIX’s price also rose by 14.04% in the past 24 hours. What’s more, the token had a market cap of $225,073,797, making it the 298th biggest blockchain by market cap.

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Cardano Sees 7% Growth in Unique Addresses, With More Than 1 Million Currently Staking ADA

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According to data from Staking Rewards, the number of unique addresses currently staking ADA has increased by roughly 7% in the last 30 days.

According to Staking rewards data, unique addresses currently staking ADA have grown nearly 7% in the last 30 days. The recent growth matches the 1 million milestone reached in the number of staking addresses.

According to the Cardano tracking website pool.pm, there are currently 1,008,241 wallets staking the coin, with 71.4% staked.

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Cardano Stakers
ADA Stakers, Courtesy: stakingrewards.com

Cardano continues to gain traction, with new features and capabilities being added to the blockchain regularly. The Ouroboros algorithm is used in Cardano’s decentralized setup to achieve proof-of-stake consensus. At the center of it all are 3,100 stake pools managed by operators who are in charge of the network’s distributed nodes.

IOHK, Cardano’s parent company has announced the kickoff of a new initiative to support its ongoing drive toward full decentralization with the launch of a new peer-to-peer (P2P) testnet.

The price of ADA soared to an all-time high of $3.09 in September, just days before the Alonzo hard fork, which introduces smart contracts to the network and allows it to compete with the likes of Binance Smart Chain, Ethereum and Solana.

According to CoinGecko data, Cardano (ADA) is up 820% on a yearly basis having started off the year 2021 at barely $0.18. The price of ADA trades at $1.41 at press time.

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Cardano’s Community Media Launchpad Flickto (FLICK) Teases IDO and Beta Infrastructure Release

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Flickto (FLICK) Cardano-based launchpad brings together the concept of ISPO and decentralized media funding

Flickto, a Cardano-based project with real-world utility, addresses the problems of content creators with ADA-centric instruments.

Here’s how Flickto leverages Cardano (ADA) to promote content creators

Decentralized media launchpad Flickto (FLICK) announces an initial decentralized exchange offering on leading Cardano-based launchpad, Kick.io. This tokensale will introduce FLICK tokens to the majority of retail investors and allow Flickto to raise funds for next phases of its progress.

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Flickto provides the technical basis for crowdfunding for media content promotion. Crypto enthusiasts are able to support the promotion and distribution of their favorite media products with digital assets.

For such sophisticated products, there is a strong need for a low-cost, fast and resource-efficient blockchain. As such, the Flickto (FLICK) team has chosen Cardano for its high-performance and novel technical design.

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Also, Cardano (ADA) has a large and vibrant global community that is crucial for real-world decentralized projects. ADA holders are a backbone focus group for Flickto’s progress and the distribution of FLICK tokens.

FLICK rewards are the main incentive for users to take part in Flickto’s activities associated with content and staking. Then, FLICK will be listed on centralized exchanges and Cardano-based DEXes to allow holders to trade and stake it in third-party mechanisms.

Dissemination of FLICK tokens will be yet another trigger for mass adoption of Flickto solutions in the Web3 ecosystem.

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What is FLICK: Tokenomics and future plans

Initial Staking Pool Offering (ISPO) is the main way for the Flickto ecosystem to raise funds for project supporters. Not unlike Cardano’s staking pool for ADA, Flickto’s ISPOs should be considered an instrument for tokenholders to support their favorite products.

Besides FLICK rewards, participants in ISPOs will be able to receive non-fungible tokens as additional bonuses from the projects listed by Flickto. Receiving staking rewards is the only way to obtain FLICK before its official listings on CEXes and DEXes. So far, Flickto’s ISPOs have amassed 1,500,000 ADA in total value locked (TVL).

The aggregated supply of FLICK is 5,000,000,000 tokens. 40% of this supply is allocated to ISPO rewards, 20% are reserved for sales and the initial decentralized exchange offering (IDO), while liquidity and treasury initiatives will be fueled by 15% of the FLICK supply.

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The team, its advisors and partners will receive 15% of FLICK, while the remaining 10% will be transferred to marketing and operations needs.

Spreading the word about its mission, Flickto partnered with media veterans Ben Morris and Geraint Harvard Jones.

In 2022, Flickto is going to organize NFT airdrops, a token pre-sale and DEX liquidity incentives, as well as a beta launch of the main product and its associated retail application.

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