2018-11-2 16:59 |
While Charles Hoskinson the CEO of Cardano is positive on what the future holds for the platform, the coin is struggling against unrelenting sellers. ADA is down four percent in the last week and pretty stable in the last day. However, buyers need to see movements and that can only happen once there are gains (or losses) above 9.5 cents (or below 7 cents).
Latest Cardano NewsWithout a doubt, ADA and Cardano are setting the pace of what it truly means to be “quality”. Afterall, it’s not all about ADA, the cryptocurrency fueling the Cardano platform but it’s more about the features and expectations around Cardano, the smart contracting platform that many expects to rival Ethereum and EOS. It can only replace them once Project Voltaire has been declared a success and the its triumph will be best exemplified by what the end user seeks to reap.
ROI matters and with prices stuck at “tank” mode for the better part of 2018, many investors are bailing out but regardless of the shake out Charles Hoskinson is issuing a rallying call expecting the platform developers to innovate and weather the bear storm.
And they appear to be successful, milestones are being hit with the like of SCALA, IELE VM which comes in handy during smart contract deployment and Mantis Client which enable users to launch Ethereum Classic full nodes without a hitch. The space is only getting better, expanding and with regular updates, the community are definitely a part of the team.
Recently, the team made updates indicating that Project Shelly—where the main theme is driving autonomy and decentralization, will launch in Q2. It’s imperative that the team deliver on their promise and kick-start the second important step now that Shelly launch has been pushed—AGAIN!
Cardano (ADA) Price Analysis ADA/USD Weekly ChartThe fall has been deep and it could continue now that candlestick formation screams bears. Notice that the last two-three months has been full of consolidation with clear support at 6 cents—the new ADA ATLs and resistance at 12 cents. All of these levels are important and so is Sep 2018 highs at 9.5 cents.
Traders and investors alike should mark out this level knowing that-as laid out in our last ADA/USD price analysis—surges above it ushers the first wave of bulls.
But there is a caveat and it shall depend on how price action reacts in days to come and if prices will slide lower in line with week ending Sep 9 bear whose high low still confines prices. From our previous emphasis, any high-volume dips below 6 cents could lead to a price collapse to new all-time lows and it would be totally unexpected considering the flowers of Cardano promise.
Conversely, rapid gains above 9.5 cents breaching Sep highs could pad the faltering market cap.
ADA/USD Daily ChartHere the trend is clear, bearish and a simple trend line connecting recent highs reveal that. The same trend line is also a liquidating line and a mark of bulls once there is a break above.
Now, like in our previous outlooks, we shall consider ADA bullish if: one, there is strong momentum clearing Oct 11 high volumes bull bar.
This bar anchors our analysis and seem to confirm that of Sep 5. Secondly, if the 7 cents minor support holds. Failure for that and we traders can begin shorting on pull backs with first targets at 6 cents, the coin’s ATLs.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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