Cardano (ADA) Under Pressure, Bear Momentum is High And Prices Could Sink To 6 Cents
Today’s Cardano (ADA) News
Charles Hoskinson, resolute and leading, acknowledges that making software is hard. It is even complex when done at Cardano’s scale. With clear ambitions to topple Ethereum and competing platform, the project’s creators opted for a peer-reviewing route. Arduous and bumped by red-tape, this bureaucratic approach assures quality. All products ought to be audited by a team led by none other than Charles.
Astute and demanding, he personally rallied the Cardano community calling for the resignation of the former Cardano Foundation chair, Michael Parsons, whom he said was lax and slowing down the project advance and worse still, introducing centralization. Then Charles and Kodama, in an open letter, alleged that:
“Since 14 July, 2017, the Foundation has, in effect, been controlled by Mr. Parsons. He has been acting as the Foundation’s de facto sole decision-maker in respect of the day-to-day business of the Foundation and ruling its staff like a monarch. For more than 15 months, there appear to have been no reasonable attempts to fill the 2 council vacancies. There appears to be no oversight and there appear to be no checks and balances beyond those required by Swiss law.”
With the same vigor, he is resolute that Facebook won’t add anything to the emerging markets in need of the revolutionizing power of crypto. Instead, his view is that the tech company simply enslaves without giving anything back to the community. In an interview with Finance Magnates, the crypto figure head said:
“I am not entering a market and looking to extract value from people. Facebook has to come into countries it doesn't know a lot about and convinces them to enslave themselves to an economic monopoly and give nothing in return. And their only pitch is that you'll pay less on fees.”
ADA/USD Price Analysis
1 ADA/USD =$1.1035 change ~ -7.33%
Meanwhile, Cardano’s ADA is sliding. Shedding 18.7 percent at the time of press, bears are getting started. Even so, traders should not that the asset is largely consolidating against the green back within a 4 cents range with caps at 9.5 cents.
Following the spike in participation on June 22nd, that is when prices wildly fluctuated without registering immense gains or losses but simply closing as a doji candlestick, the path of least resistance has been southwards.
If anything, it is imperative for prices to break away from this range, rally past 9.5 cents and even 12 cents as ADA bulls swarm back, rewinding losses of the last two days. If not, and bears press lower today, odds are ADA prices will dip to 6 cents.
Considering candlestick arrangement and the alignment relative to the lower Bollinger Bands, it appears as if bears are at a fore front. Therefore, while buyers have a chance, the best approach for enterprising traders is to sell the pull backs with modest targets at 6 cents.
The only time this trade plan will be null is when there is a spike of participation with trading volumes exceeding 603 million of June 26 as prices erupt past 9.5 cents in days ahead. Conversely, the same move confirms bears if prices slide below 6 cents complete with high trading volumes exceeding 603 million.
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.