Cardano Price Analysis–Jan 11
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Not only is Cardano steady in their development but priority has been on the end user. The platform has placed them on a mantle of excellence in that every product is vetted and the supervisor—in this case, the input-output Hong Kong, is held responsible.
It’s easier said than done and the pressure to deliver is immense especially for a product that is bankrolled by the community—and an active one in that case. At this rate, we expect the team to ramp up development in readiness for Shelly.
As we know Cardano is centralized, but Shelly will kick-start the process as protocols shift from federation to complete decentralization as the underlying technology demands. However, as we have said—it is likely that Cardano wielders will urge patience as some thresholds must come true before victory is declared. Note that successful roll out not only depends on how best the quality of code or whether guiding protocols are perfect but on the readiness of the community.
Shelly execution has more social considerations than Byron now that end users must understand the implications of running nodes, joining staking pools and stake delegation. That is why in readiness of Shelly, we urge a thorough understanding of Cardano’s ins and out and the probable trajectory protocols will evolve in the early and late stages of this phase.
ADA/USD Price Analysis
There is always a risk of flipping. TRX, for example, was 11th with a lower market cap than ADA but the coin is now more valuable at ninth. At tenth, ADA has a market cap of 1,356 billion at the time of press and vulnerable despite adding 52 percent in the last month, outperforming competitors aside from TRX.
From candlestick arrangement, it is likely that ADA stretch will halt thanks to yesterday’s price collapse. In the daily chart, we have a double bar bear reversal pattern. Feeding yesterday’s bears were above average volumes—311 million versus 148 million better than Jan 9 volumes meaning it is likely that bear pressure will spill over to today.
In that case, although bulls appear to be in control, losses, as set in motion by mid-Nov 2018 meltdown, will resume, driving prices back below Dec 28 lows—3.6 cents and to 2018 lows of 2.7 cents. No doubt, this will wreak havoc to most portfolios, but for bulls to be in charge, then our trade conditions must be met.
As laid out clearly, bulls must gain enough momentum and close above 6 cents nullifying bear breakout pattern of mid-November 2018. From candlestick arrangement, we recommend selling your ADA for BTC or stable coins and waiting for support at 3.6 cents or 2.7 cents.
All Charts Courtesy of Trading View-Binance
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