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#Cardano Price Analysis

ADA a great investment? Cardano Full Analysis

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Cardano (ADA) is one of the coins that have received a lot of attention this year. It made a lot of progress despite the constantly bearish 2018.

Cardano

Cardano work is similar to Ethereum as it is also a smart contract platform with a focus on security through a layered architecture. It has a distributed computing platform which helps to runs the Blockchain for the Ada cryptocurrency. Daeduals is currently the only cryptocurrency wallet that holds ADA and allows transfers to other wallet addresses.

 

“Cardano is basically called the Ethereum of Japan”

The basic purpose of Cardano is to send and receive money. This blockchain was created by blockchain development firm input Output Hong Kong (IOHK) and led by Charles Hoskinson, former co-founder of BitShares, Ethereum and Ethereum Classic, and its aim to run a smart contract with decentralized applications on side chains and multi-party computation, and metadata as well.

Cardano was released on September 29, 2017, under the ‘Byron’ bootstrap phase with the official launch in Japan and uses Ouroboros proof of stake model instead of Proof of work algorithm in which the important part of the infrastructure is to support the ADA Cryptocurrency.

 

Features of Cardano

1. Cardano is a platform like Ethereum or NEO which allows for the creation of new tokens and decentralized applications.

2. More than 60% of ADA tokens were allocated at the time of the Initial Coin Offering.

3. Cardano was created, and is managed by, a firm called IOHK and is the brainchild of Charles Hoskinson, a co-founder of the Ethereum project.

4. Importantly, ADA tokens will be required for later applications, therefore creating an inherent value in the same way that ETH has value, if nowhere else, in its ability to move other tokens around the Ethereum network.

5. Cardano ADA token holders can earn more tokens by validating future blocks of transactions, receiving a mixture of block reward and a portion of network fees.

6. Cardano holders are able to vote on protocol changes, creating a flexible future for the blockchain.

 

Advantages of Cardano

1. It tries to fix the problem such as speeding up the transactions per second and increase the computational power of Ethereum.

2. It saves energy on mining.

3. It is very easy to use as the user just needs to install the wallet and can use it to transact

4. The modification is implemented on the basis of the votes and based on that, the changes are done for ADA which is suggested by their holders.

5. It is the third-generation Cryptocurrency which is much more effective and allows adding extra information and details while performing the transaction.

 

 

Future of Cardano

The future of every cryptocurrency is as uncertain and subjected to change as its price on the current market. Although, it’s not good enough for investors, since they are in need to be able to estimate whether or not the coin is worthy to invest.

Cardano (ADA) is one of the coins that have received a lot of attention this year. It made a lot of progress despite the constantly bearish 2018. Of course, its price is still pretty low compared to other crypto champions. However, it will not remain low forever.

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4 Comments

4 Comments

  1. Pingback: ADA a great investment? Cardano Full Analysis - Satoshiuncle

  2. Pingback: ADA a great investment? Cardano Full Analysis – The Coinage Times

  3. Pingback: ADA a great investment? Cardano Full Analysis – Coins News Update

  4. noddy holmes

    December 17, 2018 at 12:37 am

    Trust is a big issue in the cryptocurrency world.There are many many criminals involved in defrauding investors of money,manipulating the market etc because regulatory concerns are in their infancy.Dent coin Vechain Thor examples.But my investment is with Cardano. You can trust them,they are honest and transparent and hardworking. ADA tokens have dropped 95% in 2018,now for 4k you can own 100,000.No way you could have imagined this a year ago.The fundamentals are still the same and lots of progress is being made.A small investment now,sure,you could lose if they go from 4 cents AUD to zero but the potential upside is enormous. A long term hold for sure.

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#Cardano Price Analysis

ADA Daily Trading Signals: 24 October

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Dominant bias for CARDANO (ADA)- Bearish

Resistance Levels- $0.08800, $0.09000, $0.09200

Support Levels- $0.07000, $0.06800. $0.06600

 

ADA is in a bearish trend.  After the loss of the bullish pressure that saw ADAUSD at $0.07939 in the resistance area on 21st October, the bears’ return was gradual. Initially, the cryptocurrency was down to $0.07680 in the support area before closing same day. The increased bearish pressure led ADAUSD to $0.07610 before minor bullish pullback on 22nd October that pushed the cryptocurrency up $0.07771 in the resistance area. Today’s 4-hour opening candle at $0.07616 formed a bearish railroad an indication that the bears are back and price may head south.

 

ADA 4-hour chart

ADA 4-hour chart

 

Price is below the 34 EMA a plus to the bears’ pressure coupled with the relative strength index signal pointing down it implies downward price movement of the cryptocurrency may be inevitable.

The downward trendline serves as a strong resistance. Each touch of price on it result in a breakdown. A breakdown may be expected as the price is around it. $0.07200 in the support area may the initial bears’ target

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#Cardano Price Analysis

ADA Daily Trading Signals: 23 October

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ADA is in a bearish trend.  After the loss of the bullish pressure that saw ADA at $0.07939 in the resistance area on 21st Oct, the bears' return was gradual

Dominant bias for CARDANO (ADA) – Bearish

Resistance Levels- $0.08800, $0.09000, $0.09200

Support Levels- $0.07000, $0.06800. $0.06600

 

ADA is in a bearish trend.  After the loss of the bullish pressure that saw ADAUSD at $0.07939 in the resistance area on 21st October, the bears’ return was gradual. Initially, the cryptocurrency was down to $0.07680 in the support area before closing same day. The increased bearish pressure led ADAUSD to $0.07610 before minor bullish pullback on 22nd October that pushed the cryptocurrency up $0.07771 in the resistance area. Today’s 4-hour opening candle at $0.07616 formed a bearish railroad an indication that the bears are back and price may head south.

 

ADA 4-hour chart

ADA 4-hour chart

 

ADA Price is below the 34 EMA a plus to the bears’ pressure coupled with the relative strength index signal pointing down, it implies downward price movement of the cryptocurrency may be inevitable.

The downward trendline serves as a strong resistance. Each touch of price on it result in a breakdown. A breakdown may be expected as the price is around it. $0.07200 in the support area may the initial bears’ target

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#Cardano Price Analysis

ADA Daily Trading Signals: 19 October

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ADA Price is below the two EMAs with the stochastic oscillator signal pointing down at 43%. This implies further downward movement within the range.

Dominant bias for CARDANO (ADA) – Ranging

Resistance Levels- $0.08800, $0.09000, $0.09200

Support Level-$0.07000, $0.06800. $0.06600

 

ADA is in a range-bound market   The loss in bullish momentum at $0.08091 in the resistance area for the continued upward journey after the retest gradually set the bears back in the market. The doji opening candle of 18th October at $0.08001 followed by the bearish hammer confirmed the bears’ takeover. ADAUSD was initially down to $0.07752. Increased bears pressure pushed the cryptocurrency further down to $0.07537 in the support area as ADAUSD enters the range.

ADA Price is below the two EMAs with the stochastic oscillator signal pointing down at 43%. This implies further downward movement within the range.

 

ADA 4-hour chart

ADA 4-hour chart

 

ADA is in consolidation and trading between $0.08050 in the upper supply area and at $0.07200 in the lower demand area of the range. A breakout at the upper resistance area or breakdown at the lower support area may occur hence patience is required for either to happen. Confirmation with good reversal candles after retest will be of great importance.

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