Categories: Ethereum

Cardano (ADA) Loses Steam Amid Broader Crypto Slowdown

Click here to view original web page at www.newsbtc.com
  • Cardano (ADA) down 17.7 percent week-to-date.
  • AlgoZ and Cardano partner for liquidity

Charles Hoskinson’s Cardano is distinct because of their insistence on quality and research. Therefore, despite recent sell-off, their deal with AlgoZ could attract institutional backing. Meanwhile, ADA is down 17.7 percent week-to-date.

Cardano Price Analysis

Fundamentals

That Cardano has potential as a top-tier digital asset and smart contracting platform is true. Boasting high trading volumes and managing to compete with the likes of Ethereum and Tron in the liquidity leaderboard, ADA is proving that it deserves to be watched.

Presently, Cardano’s value proposition stems from its position as an alternative smart contracting platform, which is rather research driven. Behind this decision is the creators’ view of building a reliable network that is transparent, scalable, and whose products are verifiable.

Although hampered by delays in development, the fact that Cardano continues developing, despite last year’s chilly winter, is a mark of stability.

In 2018, many projects folded because of dropping asset prices and general price-dwindling induced apathy. However, with changing fortunes, this space is once again sparkling.

Additionally, the test of Shelly not only prepares Cardano for complete decentralization, but for dominance of the cryptocurrency market too. Through a new partnership, Cardano will leverage AlgoZ’s trading algorithm and knowledge base for liquidity purposes.

Already, exchanges and several cryptocurrency projects spread across five continents make use of AlgoZ solutions. Announcing via LinkedIn:

“Our collaboration with Cardano, one of the most inspiring projects in the crypto-asset scene, is expected to increase the liquidity of the token and its accessibility.”

Candlestick Arrangements

At the time of writing, ADA is down 17.7 percent from last week’s close. Even though buyers stand a chance, massive liquidation of this week is slowing down bulls.

Predominantly ranging, it is imperative that buyers find support at 6 cents. The level is an important support line, and if bears press lower, breaching June and May and June lows, ADA prices may tumble.

Note that if ADA closes below 6 cents, prices may drop to 3.5 cents or the all-time lows of 2.5 cents in a bear trend continuation. Conversely, any resurgence driving ADA past 9.5 cents confirming Mar 2019 bulls could be the impetus for 12 cents and beyond.

Technical Indicators

From above, June 26 candlestick leads. As a doji, any close above 9.5 cents ought to be with high trading volumes. Preferably this should exceed 603 million as it would cement buyers. On the flip side, losses below 6 cents with equally high participation may catalyze a sell-off with targets at 3.5 cents.

Tags:ADAAlgoZCardano Play BTC Games, ETH Games, USDT Games, BCH Games, LTC Games

AlgoZ and Cardano partner for liquidity

Charles Hoskinson’s Cardano is distinct because of their insistence on quality and research. Therefore, despite […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoins and Cryptocurrency: Myths and realities

Part 2: The Journey This is a story of secret beginnings. A story of a brilliant idea, born of trying… Read More

5 hours ago

Twitter is Losing its S%# Over This $4 Million Golden Toilet

An solid gold toilet from Churchill's birthplace goes missing. | Source: AP Photo, File Golden toilets don’t come around very… Read More

5 hours ago

eToro Aims to Put Derivatives on the Blockchain With Lira Programming Language

eToro , an Israel-based exchange platform, revealed a new programming language designed to simplify derivatives trading.Speaking ahead of the Ethereal… Read More

5 hours ago

Gartner sees blockchain as ‘transformational’ across industries, in 5-10 years

Credit: Dreamstime Research firm Gartner, whose past evaluations of blockchain have been conservative to say the least , expects the… Read More

11 hours ago

The Future Lies in Blockchain: Circle CEO Jeremy Allaire Backs China’s Cryptocurrency and Facebook’s Libra

The year is 2017. Cryptocurrencies and their underlying blockchain technology are sternly poised to take over the world. Investors, all… Read More

11 hours ago

Ethereum-based Staked Not Efficient, Claims DeFi Builder

Much like banks, there is competition with the Ethereum decentralized finance (DeFi) ecosystem; each protocol and ecosystem offers different benefits… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More