ADA Falter, drops out of Top 10, is the Project a Game Changer?

 

Latest Cardano News

Primary to the success of any cryptocurrency project is whether the platform will find use cases and simultaneously comply with local laws. From the look of things, Cardano—and the team behind it—is a cut above the rest.

Read: Google Staff Woes Good for the Tech Industry and Social Networks

For two reasons, first, they are setting standards. Cardano as a project is the first of its kind to be peer-reviewed and every application that rolls out has to undergo rigorous quality assurance test with the sole objective of protecting the end user.

Heading the QA department is none other than Charles Hoskinson, a world-renowned innovator and coder behind the likes of Ethereum Classic—and by extension Ethereum. He is ingenious and attentive to detail. The technical team ought to. A simple error can be consequentially leading to a possible loss of billions.

A technical mishap is what Cardano is not taking any chances on. All the same, they continue to innovate recently releasing a well thought out, proof of stake sidechain white paper that will once more contribute positively to the nascent crypto community.

Slowly but surely, Cardano is exhibiting signs of evolving and forcing their way as an on-demand smart contracting platform.

Also read: Forget Govt Bonds, Cryptos Are Where US Pension Funds Are Growing

Like the rest, governments in Africa are seeing the usefulness of blockchain and Cardano representatives are fortifying this developing but promising market. Add that to their striking deals with businesses mainly in Asia via Emurgo and their shifting bases to the US, a global powerhouse and it’s truly not hard to see why they are builders of a blockchain juggernaut.

ADA/USD Price Analysis

Like EOS and Litecoin, ADA performance is in the double-digit zone and encouragingly back in the top 10. It was no surprise. In the process of wrestling back their control from BSV and most importantly the super pumped BNB, ADA is up 11 percent in the last week but pretty stable in the last day.

Evidently, from the chart, the trajectory is up and we shall continue to hold the same preview until after there is a dip below the main support line of 3.6 percent. From the daily chart, an important line of interest is the 6 cents mark.

It is our immediate resistance line as well as the breakout level meaning in one way or another, and as dictated by breakout rules, price action could retest it—if it hasn’t been retested by upswings of early Jan. If not, then every dip is a buying opportunity and aggressive traders can load up with first targets at Dec 2018 highs of 5.6 percent and later 6 cents.

Meanwhile, conservative traders can wait for a break above 4.5 cents or the 38.2 percent level before buying on breakouts with similar targets though with a wider stop at 3.6 cents—our main support line. On the reverse side, any loss below 3.6 cents takes us out of this trade, invalidating our projection and rendering our bullish projection null.

All Charts Courtesy of Trading View–Binance

Disclaimer: Opinions are those of the author. Do your Research.