Cardano Reacting At A Key Technical Zone, ADA Prices May Rally To 9.5 Cents
Today’s Cardano (ADA) News
If there is anything that Cardano and Charles Hoskinson are known for is their emphasis on quality and peer reviewing every piece of code before release. Well, there are evidence to put on the table revealing their contribution to the blockchain space as a whole.
Aside from setting the quality bar high and diving deep in research, releasing the first white paper detailing a side chain architecture based on proof of stake, which is undoubtedly the first of its kind, Charles Hoskinson who doubles up as a lead developer at Ethereum Classic is hard at work with Atlantis.
Atlantis is a necessary upgrade that perhaps will lift Ethereum classic out of its obscurity, through dApp interoperability with the dominant spin off Ethereum. Good as it is, Cardano may link with Ethereum Classic in the future as both are smart contracting platform.
Presently, Cardano has the endorsement of Weiss Ratings. Although their wishy-washy moves erased their validity following their endorsement and then thrashing of EOS, Weiss Ratings is impressed by Charles Hoskinson and Cardano as a whole.
Last month, their Twitter post read:
“ADA’s commitment to high-assurance code and thorough testing before release means its dApps will rest atop a solid foundation. Emphasis on security while transitioning to PoS is unique to the project. These features may ensure its sustainability & market dominance.”
Not meeting deadline and developing despite last year’s biting winter, their trudging to Voltaire will be worth the waiting. Add that to their release of Shelly Test Net website and their joining of the Global Digital Finance (GDF) in an overt drive for compliance, ADA prospects are bullish.
ADA/USD Price Analysis
1 ADA/USD =$2.2334 change ~ 16.57%
Ranging within a 4 cents zone with caps at 9.5 cents and floors at 6 cents, ADA is technically bullish. Note that unless otherwise there are strong upswings above 9.5 cents, risk-averse traders ought to be on the side lines. Even so, note that ADA is trading against a bullish breakout pattern against the USD. Because of March break and close above 6 cents, bulls have an upper hand.
Thus far, support is at 7.5 cents, the 61.8 percent Fibonacci retracement line of the 4 cents trade range. A key reaction point, bulls may resume, printing higher in their path towards 9.5 cents and eventually 20 cents. However, for a crystal-clear confirmation of buyers then it is essential that any break out must be with high trading volumes exceeding 603 million of June 26.
If not and sellers take charge as BTC and altcoins diverge, then any close below 7.5 cents or 6 cents must be with at a similar level of participation. All in all, breaks above 9.5 cents could see ADA float to 20 cents or higher. Conversely, liquidation below 7.5 cents and 6 cents could spur panic sells as bears aim at 3.5 cents or lower in days ahead.
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.