Cardano Price Analysis: ADA Surges 11% Week to Date But Still Range-Bound
Today’s Cardano (ADA) News
Well, the altcoin season may be here. Maybe not. But what is crystal is that Cardano (ADA) bulls are back. Propped by strong fundamentals and perhaps appreciation for their research and development, peer reviewing and building, ADA is trading in the top 10 after surging 11 percent week-to-date. However, it’s more than what meets the eye.
Charles Hoskinson, Emurgo and the team are keen on launching a platform that is not only bug free but scalable, fast and above all, secure. Considering the billions of transactions that will be executed on the Cardano platform, security is a priority. True, Shelly is on course and with its test net scheduled for this month, the network will end up completely decentralized. Safe transition from this phase and the path towards Voltaire will be smooth as decentralization and functionality is what sets apart any ambitious platform.
Although scalable and “secure”, Tron and EOS are often times disparaged by accusations of centralization. As a matter of fact, Weiss Ratings did downgrade EOS because of “serious centralization problems” posed by their validation architecture introduced by the dPoS consensus algorithm.
It is the same Weiss Ratings that is hopeful of Cardano, expecting the team to “launch a truly decentralized PoS blockchain.” Weiss Ratings are wishy washy and commentators accuse them of their lack of nerve and stand. As a result, they couldn’t be a “respected judge of technology.”
All the same, Cardano is respected for their determination and general grit especially after last year’s winter. They are unwavering in their drive and relentless to see Shelly a success, they have since hired Azimkanov to collaborate with the Cardano Foundation as well as advice IOHK and Emurgo.
ADA/USD Price Analysis
1 ADA/USD =$1.5077 change ~ -2.93%
Presently, ADA is on a roll. Surging 11 percent and changing hands at 9.5 cents against the Green back, bulls are optimistic. Nevertheless, that is not a pass for buyers. As a matter of fact-and a simple glimpse on the daily chart, prices are ranging, capped at 10 cents.
Therefore, although we are optimistic, expecting further price surges in days ahead, it is only safe to say that conservative traders should have to wait for a clear-cut surge above 10 cents before loading the dips. However, for risk-off, aggressive type of trader, every low going forward is another opportunity to buy with targets at 12 cents.
On the reverse side, any form of liquidation forcing ADA to drop below 7.5 cents could spur selloffs towards 6 cents in a retest further confining prices to within a 4 cents trade range. It may be another opportunity for buying the dips but it could also mean the start of another extended accumulation before a wave up towards our price targets—or a distribution forcing a meltdown to 6 cents.
All of Today's Cardano (ADA) Price Analysis, Chart Forecasts and Industry News
Chart courtesy of Trading View—Binance
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.