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CardanoEvo – The First Cardano Token Reflection Project

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In the crypto universe, there are thousands of crypto projects, but only a few of them survive the market’s wrath, waning numbers of new users, and harsh criticism from non-blockchain experts. There have also been many reflection tokens that came before CardanoEvo, but this is the first ADA reflection token.And CardanoEvo’s team says you shouldn’t view it as a meme-coin, but an up-and-coming altcoin.Let us delve deeper into this project and unfold what it has to offer to better understand it.

CardanoEvo Overview

CardanoEvo is a revolutionary project that has been operational for a few months (starting May 2021). But that has not stopped it from delivering over-the-top performance. Having already paid out over 1/2 million dollars’ worth of Cardano rewards to investors, CardanoEvo strives to mirror the ethics, transparency and charitable status of Cardano.  Since the beginning, the team behind CardanoEvo built a strong and supportive community inclusive of investors who are interested in the long-term performance of this particular project.

Unique Features:

  • CardanoEvo is based on the BSC blockchain which is a smart contract that stands for frictionless yield and liquidity generating.
  • The blockchain rewards holders with reflections in Cardano that are funded by transaction taxation.
  • The CardanoEvo token also comes with in-built investor protection which means there is a limit on how many tokens a wallet can hold and transact.
  • There is an anti-bot function embedded in the fabric of CardanoEvo to avoid running into hackers and scammers.
  • Panic sell-off and hoarding which are inevitable woes of several crypto projects are discouraged in CardanoEvo smart contract.
  • There is an auto-added liquidity option that adds 3% of each transaction into liquidity providing.
  • Burn functions are not automatically activated but require manual indication so that deflation can be maintained when it is needed.
  • The Cardano evolution ecosystem applies a 15% ‘buy’ and a 17% ‘sell’ fee to each transaction respectively. Wallet transfers are also included in this fee which has several functions.
  • The various functions of the CardanoEvo smart contract help stabilize token price and thus the market capitalization.

Detailed Tokenomics Data:

Cardano is already one of the most prominent cryptocurrencies due to its decentralized nature and use-cases. But cardanoEvo in itself has an interesting token model that we have explained below:

The CardanoEvo token’s majority (around 66.4%) is available on Pancakeswap. Developer wallets make up 2% of the total. The taxation model requires all buy transactions to bear 15% tax out of which 5% goes to marketing wallet, 3% to enhance liquidity, and 7% to Cardano token reflections. On the other hand, sell transactions levy 17% of sell tax out of which 8% is used for Cardano token reflections, 3% for liquidity, and 6% for marketing wallet.

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The way the members of the community of CardanoEvo, contract, and the token reflections communicate with each other is exemplary and it unfolds as follows:

  1. Investors put capital into a project
  2. A tax is collected for each buy/sell transaction
  3. A fraction of the tax goes to the buyback system
  4. 7% of the remaining taxes are swapped into Cardano to be redistributed among holders.

CardanoEvo token is under the process of getting listed in several well-known crypto exchanges and is already listed and traded on Coinsbit. For now, you can track all information of the token at CoinMarketCap, Crypto.com, Coinbase, and on Trustwallet.

What is EvoSwap Beta?

EvoSwap is a decentralized exchange that the CardanoEvo dev team has launched in its Beta mode. It is a system that would allow the swapping of cryptocurrencies. Using EvoSwap, any crypto can be swapped on the Binance Smart Contract.

According to the official notice, EvoSwap Beta is the first stage in the EvoSwao system. This decentralized exchange platform by the CardanoEvo team would also support future staking and more pairings in the days to come.

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Roadmap of CardanoEvo

A glance at the project’s ambitious roadmap and achievements completed tells us that CardanoEvo has a long way to go. According to the roadmap available on their website, the project has already completed its phase 1 & 2. It is currently in phase 3 at the moment and the dev team has planned until phase 5 of this unique project. Information regarding the upcoming phase would be released soon.

During phase 1 of its development, CardanoEvo achieved the following:

  • Token design & collaboration with associated contract designers
  • Draft whitepaper and creation of a roadmap
  • Confirmed the leadership team to guide the project.
  • Created International and ancillary boards along with Telegram main.
  • Started negotiations with influencers

During phase 2 of its development, CardanoEvo achieved the following:

  • Launched main website design
  • Social media presence built
  • Released the whitepaper
  • Completed contract testing
  • Marketing campaign awareness
  • Fairlaunch
  • Applied to CoinMarketCap and Coingecko
  • Added Cardano news blog
  • Coding started for EvoSwap DEX
  • Coding started for EvoNFT marketplace
  • Held AMAs in various Telegram group chats

Now in phase 3 of development, CardanoEvo is working on improving its service to cater to professional investors and all other community members. By now they have already;

  • Launched daily AMAs
  • Applied on Blockfolio App
  • Completed listing on Coinhunt and Gemfinder
  • Applied for Binance Smart Chain

Upcoming Plans for CardanoEvo

The best thing about CardanoEvo is its constant evolution. So far, CardanoEvo has launched its official website, EvoDashboard, EvoSwap beta, and also a merchandise store.

Prior to the end of 2021, the team is wrapping up some extremely ambitious enhancements and features to the CardanoEvo ecosystem includomg;
– Updates and enhancement to EvoSwap
– Staking abilities
– Additional currency pairings within EvoSwap
– NFT Marketplace
– A new companion utility token
– A new buyback mechanism
– A new boost mechanism

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And while the CardanoEvo team won’t go into specifics, they say two of the upcoming releases before the end of 2021, will include features never before seen on the BSC.

Being a community-led project, CardanoEvo shows immense potential to grow into something useful for investors professionally, ethically, and legally.

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Cardano on the edge: Why and what it needs to make a recovery

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These are not the best of times for Cardano. While the asset may have maintained its sixth position in the rankings with a market cap of $49.1 billion, it is consistently reaching new lows over the past week, and at present, it is possibly at the last key support before an evident bearish reversal.

This article will draw estimates around the current price movement of Cardano and explain why it should recover moving forward to avoid further corrections.

Red-Flags for Cardano

Source: Trading View

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While a sense of optimism is appreciated for one of the top performers of 2021, ADA’s price structure is anything but ideal. Earlier in November, the asset finally breached above its long-term ascending channel pattern but it was followed by immediate invalidation. It was a sign of things to come for the asset, and Cardano barely recovered ever since.

Now, at press time, the asset has finally dropped under the pattern in a bearish direction, eliminating any chance of immediate bullish recovery. $1.80 was an important high-time frame support, which did not hold ADA‘s crashing valuation.

Source: Trading View

The importance of $1.80 can be understood from the Fibonacci levels. $1.80 marked the 0.618 Fibonacci level, which fundamentally is the last support during a correction phase of a bull run.

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During the Q3 correction period, Cardano dropped down to $1.00 which was the Fib level of 0.618 for a market top of $2.47. The same situation hasn’t panned out this time, with the market falling sharply beyond the retracement levels.

Is there still hope?

Source: Trading View

Well, never say never in crypto trend, and volatility could swing in Cardanos’ favor as well. According to data from intotheblock.com, 4.93 billion ADA currently resides between the range of $1.34-$1.63 amongst 394,ooo addresses. While this suggests that ADA may drop down to as low as $1.40 in the next few days, the flip side is, it can recovery strongly as well.

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However, failure to do so may see Cardano enter price discovery between $1.11 and $1.34. Close to 8.37 billion ADA resides in that range distributed amoong ~590,000 addresses. The situation is definitely on the edge for Cardano, and major sentiment indicates a bearish outlook.

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Cardano Foundation Facilitates The Improvement Proposal Process

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Cardano has been making headlines a lot in 2021 due to the various exciting projects that the team has been working on.

ADA is also showing a great price trajectory and this probably mirrors the success of the project as well.

Now, it’s been revealed that the Foundation is facilitating the Cardano Improvement Proposal process.

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Check out the revealing tweet that the team shared recently:

Someone said: ‘until the number of coins decreases, you will not have the upper hand, and as long as there is one conversation, everything will be all the same. and you have only one conversation.! scarcity creates supply, this is the law! and it always works!’

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One other follower said: ‘The price is only one element. Price will recover, don’t look only at the price movement’s. The technology and the vision is the key and Cardano is on the right way.’

ADA is embracing more investors amidst market correction

A few days ago, we were revealing that CoinShares’ reports note the fact that top smart contract platforms like Ethereum, Solana, and Cardano (ADA) are seeing a huge amount of investments.

“Ethereum saw inflows totaling US$14m last week, marking its fourth consecutive week of inflows totaling US$80m…”

The same notes continued and said:

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“Inflows into world computer assets suggest that investors favor Solana. By measure of total inflows over the last month, Solana has seen inflows totaling US$43m over the last month versus Cardano at US$23m.”

Despite the market corrections, there are all kinds of optimistic predictions about the prices of cryptos these days. ADA is one of the coins that saw a correction.

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The ADA Coin Stands At The Last Fibonacci Retracement Support Of 0.718. Is There Still Hope For Bulls?

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After rejecting from the $3 mark, the ADA coin entered this retracement phase. The coin price tried hard to sustain above the $2 support but overpowered bears didn’t let that happen. The coin has steadily dropped lower and has re-established another significant support level of $1.5. Watch out for these technical levels to spot good opportunities. 

Key technical points:

  • The ADA coin chart shows the 20-and-50-day are on the verge of a bearish crossover
  • The intraday trading volume in the ADA coin is $3.2 Billion, indicating a 1.37% gain
TradingView Chart

Source- ADA/USD chart by Tradingview

As mentioned in my previous article on ADA/USD, the ADA price breached the crucial support of the $2 mark. The coin price offered a proper retest to check for sufficient resistance at this level and continued to drop lower. Right now, the price is plunged to a significant support level of $1.5, which is in confluence with the weak but valid support level of 0.718 FIB.

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According to the crucial EMAs(20, 50, 100, and 200), the coin price is currently under a downtrend. Moreover, this chart shows the 20 and 50 EMA may soon offer a bearish cross, which could attract even more sellers in the market.

The Relative Strength Index(28) states the dominance of sellers in ADA coins. However, the RSI line has entered the oversold zone, suggesting good potential if a new rally emerges.

Important Weekly Announcement For Cardano(ADA)

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What fueled the strong sell-off in ADA coin was an announcement from eToro, which is an online broker and investment platform, saying that it would be limiting trading on ADA and Tron coin for its U.S.users. 

ADA/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- ADA/USD chart by Tradingview

The ADA Coin price is currently hovering near the $1.5 support, indicating an intraday loss of 7.28%. However, the price has not yet displayed any sufficient reversal signs that can reinforce a bullish sentiment.

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The crypto traders can observers the coin for some time and wait for sufficient demand pressure to confirm a long trader. Anyhow, if the bears even managed to drop the price below this support. The ADA coin may return to the $1.

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