Sometimes when the markets are bleeding, investors throws the value aspect of that digital asset. That and long term projection goes out of the window. Yes, ADA and Cardano are struggling and thus far, persistent sell pressure has wiped more than 90 percent of ADA valuation since peaking in Dec 2017.
Regardless of these price swings, Cardano is technically superior and has features that makes it a long term buy. Even the host of CNBC Africa Crypto Trader thinks there is a serious “undervaluation” in Cardano, a DApp platform.
Cardano In the News
When titans clash, it’s usually the small fish who hurt. So, how wonderful it was for the blockchain community when we saw two of the leading minds in the sphere thawing and suggesting technical improvements. Well, unlike many figureheads in the crypto sector like Vitalik of Ethereum, who like mocking others in public, Charles Hoskinson often takes the sober approach.
He’s been part of Ethereum before the DAO event necessitated the hard fork but still remained true to the immutability aspect present in the Ethereum Classic. Being a leader in two of the world’s largest blockchain projects gives makes him influential and experienced.
He of course knows what he is talking about and in a series of tweets that generated diverse reaction from the community, Charles suggested the Mantis Client to Justin Sun of Tron. It’s a technical choice to him and Tron-not new to controversy since after they were accused of plagiarizing their white paper did consider “looking into” his recommendation.
Needless to say, Cardano prides itself as a blockchain project emerging from a research driven approach and most of their important codes are peer reviewed. Their Proof of Stake algorithm, the Ouroboros, has been thoroughly checked by security experts and approved.
Besides there are developments happening in their Plutus Core which despite being a simple language, it is precise and secure. Plutus core will be implemented in their CCL layer. Others crucial updates that are bullish for Cardano (ADA) includes: their IELE VM which is 50 percent complete and their paper wallets which is now available.
Cardano (ADA) Technical Analysis
The mere fact that ADA prices are 4 cents away from its all-time lows goes on to show how sell pressure has been strong. In fact as the charts shows, this year alone has seen ADA sellers reversing more than 90 percent of 2017 ADA rally. The prices peaked at $1.40 and at current spot prices of 11 cents, it’s unbelievable. Technically, and seeing how strong alt-coin prices are coupled with BTC prices, it could be worse. In my view and taking hints from previous trade plans, selling and trading with the trend should be the right approach.
On a day over day basis, ADA is down six percent helping push ADA prices deep into negative territory. From previous trade plans and a highlighted above, our sell triggers were at 12 cents but courtesy of June 28 bearish engulfing and break down candlestick, sellers are now in charge. I suggest selling at current spot price with stops at 14 cents. That’s just above June 28 highs and with immediate targets at 7 cents or Cardano’s ATLs.