Cardano Price: Indecision Moment as Bears’ and Bulls’ Pressure at Equilibrium

19 October 2021 | Updated: 19 October 2021

ADA Price Analysis – October 19

A breakout at $2.30 resistance level may push the coin to $2.68 and $3.0. On the other hand, a breakout at the support level of $1.87 may reduce the price to $1.64 and $1.46 levels. However, the relative strength index is at 40 levels pointing down to indicate sell signal.

ADA/USD Market

Key Levels:

Resistance levels: $2.30, $2.68, $3.0

Support levels: $1.87, $1.64, $1.46

ADA/USD Long-term Trend: Ranging

Cardano is on the ranging movement in the long term outlook. The crypto reduced to $1.87 support level and the sellers’ momentum failed. The bulls have not enough pressure to push up the coin above the resistance level of $2.30. This scenario led to ranging movement within $2.30 resistance level and $1.87 support level.

ADAUSD Daily chart, October 19

The 9 periods EMA is interlocked with the 21 periods EMA while the price is hovering over the two EMAs. Ranging movement may continue until there is a breakout at south or north. A breakout at $2.30 resistance level may push the coin to $2.68 and $3.0. On the other hand, a breakout at the support level of $1.87 may reduce the price to $1.64 and $1.46 levels. However, the relative strength index is at 40 levels pointing down to indicate sell signal.

ADA/USD Medium-term Trend: Ranging

Cardano was ranging in the 4-hour chart last week. The price is range-bound within the resistance level of $2.30 and Support level of $1.87, this might be due to weakness in the bulls’ and the bears’ momentum. Low volatility may continue in the Cardano market until there is a breakout.

ADAUSD 4-hour chart< October 19

The 9 periods EMA weaves around the 21 periods EMA and ADA price is trading around the two EMAs. The Relative Strength Index period 14 is at 40 levels pointing down to indicate a sell signal.

You can purchase crypto coins here.  Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Cardano Price: Bears’ Pressure Increase, $1.87 May Be Penetrated

12 October 2021 | Updated: 12 October 2021

ADA Price Analysis – October 12

In case the support level of $1.87 is retested, it may be penetrated, and expose the price to $1.64 and $1.46. In case the bulls’ momentum becomes stronger and the resistance level of $2.30 is penetrated, then, $2.68 and $3.0 may be tested.

ADA/USD Market

Key Levels:

Resistance levels: $2.30, $2.68, $3.0

Support levels: $1.87, $1.64, $1.46

ADA/USD Long-term Trend: Bearish

Cardano is bearish in the long term outlook. Sellers have been in control of the crypto market for more than three weeks. Meanwhile, the buyers were opposing the sellers; the scenario leads to ranging market.  The price declined and turned the former support levels of $2.68 and $2.30 to resistance. The price is ranging within the $2.30 and $1.87 price levels.

ADAUSD Daily chart, October 12

The 9 periods EMA is crossing the 21 periods EMA while the price is trading below the two EMAs. Today, the coin starts the Cardano market with a daily bearish candle below the $2.30 price. Further decrease in the price of Cardano is envisaged. In case the support level of $1.87 is retested, it may be penetrated, and expose the price to $1.64 and $1.46. In case the bulls’ momentum becomes stronger and the resistance level of $2.30 is penetrated, then, $2.68 and $3.0 may be tested.

ADA/USD Medium-term Trend: Bearish

Cardano was bullish in the 4-hour chart last week. The price broke up the resistance level of $2.30 and it was heading towards the resistance level of $2.68 before it was interrupted by the bears. On September 21, the sellers opposed the bullish movement. The price reversed below the support level of $2.30 trending down towards $1.87 level.

ADAUSD 4-hour chart, October 12

The 9 periods EMA has crossed below the 21 periods EMA and ADA price is trading below the two EMAs. The Relative Strength Index period 14 is at 20 levels pointing down to indicate a sell signal.

You can purchase crypto coins here.  Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Cardano to Partner with Chainlink for Better Smart Contract Functionality

27 September 2021 | Updated: 27 September 2021

IOHK has announced a partnership with decentralized blockchain oracle network Chainlink in its ongoing Cardano (ADA) Summit 2021.

Based on the announcement, the partnership will allow Cardano to integrate Chainlink’s oracles in supporting developers as they begin building Smart Contracts (SC) for decentralized finance (DeFi) applications. This comes after the Alonzo Mainnet upgrade on September 12.

Commenting on the new development, Head of Blockchain Partnerships at Chainlink Labs Niki Ariyasinghe noted that the oracle network possesses a “tremendous amount of respect for the Cardano ecosystem,” especially the project’s technical team and the collaborative nature of the ADA community.

The Chainlink executive added that he believes the partnership is perfectly timed considering the recent launch of Smart Contracts compatibility, while Chainlink facilitates the movement of tamper-proof data from off-chain sources to on-chain SC. Ariyasinghe stated that:

“A lot of this comes down to timing. Cardano obviously has had an extended period where it had different drops of upgrades, and the most recent is Alonzo – really about enabling smart contracts. So for us, this is really like the right time to engage with the Cardano ecosystem.”

Finally, Ariyasinghe asserted that the integration could allow hundreds of billions of dollars of value to get secured on the Cardano Protocol, especially regarding the DeFi industry.

Key Cardano Levels to Watch — September 27

ADA continues to trade on a sideways bias despite the renewed upbeat sentiment across the broader market. The third-largest cryptocurrency remains restrained under the $2.300 resistance line amid mild inflows of trading volume (both bullish and bearish).

ADAUSD – 4-Hour Chart

This sideways action probably comes as a result of the ongoing battle between bears and bulls, with the former wanting to keep the cryptocurrency along the descending tripwire and the latter striving to climb back above the critical $2.470 mark.

Until we see a break into the $2.400 — $2.350 pivot zone, ADA will likely remain in its range-bound status between $2.300 — $2.200.

Meanwhile, our resistance levels are $2.300, $2350, and $2.400, and our support levels are $2.200, $2.100, and $2.000.

Total Market Capitalization: $1.95 trillion

Cardano Market Capitalization: $71.6 billion

Cardano Dominance: 3.67%

Market Rank: #3

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Cardano CEO Slams Token Burning, Equates It to Stealing Food

20 September 2021 | Updated: 20 September 2021

The founder and CEO of Cardano (ADA), Charles Hoskinson, has spoken strongly against the sweeping idea of deflationary economics in the cryptocurrency industry. Mr. Hoskinson made his opposing stance known in a recent AMA (ask me anything) session on YouTube, comparing the practice of token burn to stealing food. He noted that the activity reflects human greed and ignorance, explaining that:

“We are so glad that you can tell us that we gotta destroy other people’s money so that you can make a little extra money and then sell the ADA and move on to something else.

The token burn or deflationary tokenomics proposes to remove a certain amount of tokens from the circulating supply making the existing tokens more valuable. Ethereum ($ETH) became the latest to join on the deflationary token bandwagon post-London Hardfork, and it has already burnt over $1 billion worth of Ether since Eip-1559 implementation. Apart from $ETH, Binance also burns its BNB supply on a quarterly basis.”

Hoskinson has the habit of being crude in his criticisms and does not mince words despite the barrage of criticism and trolling he gets. Nonetheless, the CEO previously encouraged developers to create a “Proof-of-Burn” that allows users to upload their ADA and destroy it permanently. That said, he noted that those interested are free to partake but at no one else’s cost.

Key Cardano Levels to Watch — September 20

Along with most of the cryptocurrency market on Monday, ADA has come under renewed bearish pressure, as the fourth-largest cryptocurrency fell by -10% below the critical $2.300 support. Cardano consistently recorded lower high asking or descending trendline over the weekend.

ADAUSD – 4-Hour Chart

That said, bears appear to have posted a slowdown at the $2.100 level. It is not clear whether this came due to bullish reemergence or bearish repositioning for further declines. Buyers need to exercise patience to see if ADA resurfaces above $2.200 in the coming hours, which could restore a modest bullish outlook.

Meanwhile, our resistance levels are $2.200, $2300, and $2.350, and our support levels are $2.100, $2.000, and $1.950.

Total Market Capitalization: $1.98 trillion

Cardano Market Capitalization: $67.8 billion

Cardano Dominance: 3.4%

Market Rank: #4

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Cardano Records Over 2,000 Smart Contract Application in Four Days

17 September 2021 | Updated: 17 September 2021

Following the recent Alonzo Mainnet upgrade, Smart Contracts (SC) compatibility has become a reality for Cardano (ADA) developers. The upgrade allows developers to create decentralized applications (dApps) and decentralized finance (DeFi) services.

With the recent creation of new SC projects, the network could witness a massive influx of new dApps. Reports show that the network recorded over 100 Smart Contact projects in the first 24 hours after the upgrade. This impressive performance has only grown exponentially over the past few days. At press time, the total SC count on the network stands at a whopping 2,280 projects.

While most of the SC projects are “time-locked,” which means that developers are saving a spot ahead of the release of their decentralized applications, it shows that many developers are excited to launch SC projects on the Cardano ecosystem.

The timelock contract allows developers to secure a spot on the network for a stated period, thereby allowing them to focus on developing their SC projects.

Although there have been no immediate effects of this development on ADA, Cardano’s native token, there is no doubt that it will have a long-term and lasting impact on the price of the cryptocurrency.

Key Cardano Levels to Watch — September 17

Following a prolonged consolidation between $2.420 and $2.350 since Monday, Cardano finally posted a sharp leg-up towards the $2.600 resistance on Wednesday. However, this goodish uptick got repelled by the resistance level, which sent it spiraling down back into the consolidation zone. This bearish momentum comes amid a widespread market consolidation.

ADAUSD – 4-Hour Chart

We expect to see a continued decline to the $2.350 base, where a bullish rebound could occur again. A sustained fall below this zone could precipitate a swift retest of the $2 psychological mark, making this zone a critical defense post for bulls in the near term.

Meanwhile, our resistance levels are $2.420, $2471, and $2.600, and our support levels are $2.350, $2.300, and $2.200.

Total Market Capitalization: $2.13 trillion

Cardano Market Capitalization: $75.8 billion

Cardano Dominance: 3.56%

Market Rank: #3

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Cardano Comes Under Fire Following Concurrency Issues on Alonzo Testnet

6 September 2021 | Updated: 6 September 2021

Cardano (ADA) has come under criticism following reports of a concurrency issue discovered in the Alonzo testnet. The Cardano team announced some days ago that the Smart Contract functionality had gotten integrated on the Alonzo Testnet. The Alonzo Mainnet upgrade will go live on September 12.

However, a recent Twitter thread by Ethereum enthusiast Anthony Sassano, which contained screenshots, exposed a concurrency problem on Cardano-based decentralized exchange (DEX), Minswap. Reports show that Minswap became the first Dapp that launched on the Cardano testnet On September 4.

Concurrency problems typically manifest in actions that disallow multiple utilization by developers with a program or protocol simultaneously. For Cardano, this issue likely emanated from the lack of a “Cardano Virtual Machine”—similar to the Ethereum Virtual Machine—that grants Smart Contract smooth concurrent operations.

One of the screenshots posted by Sassano highlighted a transaction error by a user while attempting to swap tokens. Some community members worry that Minswap can only handle one transaction per block, making it grossly inefficient.

Commenting on the problem, Cardano founder Charles Hoskinson noted that the concurrency flak getting thrown around was a dishonest characterization of the project. Hoskinson added that building a decentralized, scalable distributed system is not a walk in the park.

Also, IOHK has labeled the criticisms as misinformation about Cardano’s ledger, citing SundaeSwap Labs as an example.

Key Cardano Levels to Watch — September 6

Despite the strong bullish presence in the crypto market, ADA can not seem to post a goodish push above the $3 mark. The third-largest cryptocurrency fell from the $3 mark last Friday to the critical $2.8000 support. ADA posted a rebound from that support but got stopped in its tracks around the $2.9500.

ADAUSD – 4-Hour Chart

The cryptocurrency has fallen again, recently, to the critical support and a broader market correction triggered by Bitcoin. With a market-wide rebound coming soon, ADA needs to tap into that bullish bounce and clear the $3 resistance. Failure to do so could restrict its movement to the $2.9500 resistance to $2.8000.

Meanwhile, our resistance levels are $2.9500, $3.0000, and $3.2000, and our support levels are $2.8000, $2.6000, and $2.4705.

Total Market Capitalization: $2.41 trillion

Cardano Market Capitalization: $90.5 billion

Cardano Dominance: 3.73%

Market Rank: #3

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Cardano Foundation Pushes for Better Regulatory Compliance with Coinfirm Integration

30 August 2021 | Updated: 30 August 2021

The Cardano Foundation appears to be toeing the line towards better regulatory compliance practices following a recent announcement to integrate Anti-Money Laundering analytics firm Coinfirm into the Cardano ecosystem.

Coinfirm confirmed the development last Tuesday with an announcement to deploy its top-notch AML/CFT analytics system to ensure best regulatory-compliance practices by Cardano with the FATF’s (Financial Action Task Force) guidelines, 6AMLD, and other regulations.

With this move, the blockchain should attract increased confidence from governments, institutions, regulatory bodies, and users.

However, the recent move has faced some opposition from some members of the cryptocurrency community who believe that it goes against the basic fabric of crypto guiding principles.

Commenting on the move, crypto firm Weiss Crypto noted that the move was an “all-around disappointing development” that favors regulators. The firm explained in a tweet that Cardano has no business adopting regulatory compliance, instead, stand-alone projects on the blockchain should. The firm worries that the regulatory compliance move pushes it towards becoming a censorship-prone” financial system. Weiss Crypto tweeted that:

“The whole point [of blockchain technology and cryptocurrencies] is to build a new financial and economic layer, free from the control and repression of those who have brought our world economy to the brink of total failure, able to be sustained only by excessive and aggressive centrally planned intervention.”

Key Cardano Levels to Watch — August 30

Cardano (ADA) remained in a sideways momentum on Monday as the broader cryptocurrency market exhibited bearish underpinnings. That said, bulls have managed to keep the price of the third-largest cryptocurrency above the $2.8000 support through the consolidation.

ADAUSD – 4-Hour Chart

That said, we expect to see a bullish recovery over the coming hours as bullish activities pick up across the broader market. At the moment, a sustained dip below the $2.8000 level seems unlikely given the confluence of sport around that line (50 SMA, three-week-long ascending trendline, and the support line).

Meanwhile, our resistance levels are $2.8000, $3.0000, and $3.2000, and our support levels are $2.4507, $2.4000, and $2.3000.

Total Market Capitalization: $2.16 trillion

Cardano Market Capitalization: $90.5 billion

Cardano Dominance: 4.16%

Market Rank: #3

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Cardano to Launch ERC-20 Converter Amid Market-Wide Correction

27 August 2021 | Updated: 27 August 2021

Cardano (ADA) has announced that it plans to launch an ERC-20 converter to grant usability of Ethereum-based assets to its testnet. According to the video announcement posted by IOHK, a test of the ERC-20 compatibility should occur next week and could become a significant game-changer for Cardano should it scale the test.

According to Francisco Landin, from the Arch Case commercial team, the converter would serve as a connector between the Ethereum and Cardano networks and allow for the seamless movement of Ethereum-based assets. This movement includes moving liquidity and many more to use ERC-20-based apps.

According to the announcement, this transaction tool is a “self-service tool” worth ease of use and broad applicability. There is also a focus on attracting users of larger platforms in conventional ways.

This development comes amid the excited frenzy surrounding the Cardano network’s progress with its development blueprint. The network recently announced the testnet launch of Smart Contracts, with the mainnet update set for later this year.

ADA has significantly outperformed most other cryptocurrencies and has recorded new record highs. Cardano and its native cryptocurrency have performed extraordinarily in 2021, with ADA being one of the top market performers. Also, individual interest recorded a significant increase this year, with searches for ADA reaching new record highs.

Key Cardano Levels to Watch — August 27

After peaking a few points below $3 on Monday, ADA fell into a bearish correction amid a market-wide decline. The third-largest cryptocurrency recorded a dip below the $2.8000 level, where it fell into a short consolidation between $2.8000 and $2.6000. Following the mild consolidation, ADA retested its May high at $2.4705 and bounced off immediately, indicating healthy support at the level.

ADAUSD – 4-Hour Chart

That said, the cryptocurrency has broken back into the $2.6000 area as bearish momentum weakens. A break above the $2.8000 resistance should signify an end to the correction.

Meanwhile, our resistance levels are $2.8000, $3.0000, and $3.2000, and our support levels are $2.4507, $2.4000, and $2.3000.

Total Market Capitalization: $2.02 trillion

Cardano Market Capitalization: $84 billion

Cardano Dominance: 4.15%

Market Rank: #3

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Cardano Records Massive Rally Amid Renewed Investor Euphoria

23 August 2021 | Updated: 23 August 2021

Investor euphoria is back in the market again, and this time it is driving Cardano (ADA) higher. While Bitcoin has reclaimed the $50k line after a 3% rally which has sparked excitement in the market, Cardano stole the shine with a 12% rise over the past 24 hours and trades at $2.8200.

The recent rally has placed ADA firmly in the number three spot in the top cryptocurrency rankings.

That said, investors have their eyes on the $3 mark, which could trigger a massive spike for ADA. On-chain analytics platform Santiment argues that a price increase above $3 is very likely amid the heightened investor euphoria in the market. The data provider noted that:

“Mentions of both the #Cardano hashtag and $ADA hashtag have absolutely exploded with the #crypto asset’s new #AllTimeHigh of $2.63. The crowd & its euphoric behavior at this level will have a major hand in whether prices continue toward $3.00 & beyond.”

This upbeat investor outlook comes amid the upcoming Alonzo hard fork scheduled for launch on September 12. The Alonzo hard fork would give the Cardano blockchain the highly-anticipated Smart Contract compatibility. This addition should exponentially increase the blockchain’s capacity in hosting DeFi projects, NFTs, and other similar projects.

Key Cardano Levels to Watch — August 23

Ever since it reclaimed a footing above the May ATH at $2.4705, the third-largest cryptocurrency has been in price discovery mode as it approaches the pivotal $3 mark. While trading conditions are nearing overheated territories, ADA has enough room to push above the $3 mark before warranting correction.

ADAUSD – 4-Hour Chart

Nonetheless, the $2.5000 axis remains the critical pivot level for ADA moving forward. A fall below that line could stall bullish efforts.

Meanwhile, our resistance levels are $3.0000, $3.2000, and $3.5000, and our support levels are $2.8000, $2.6500, and $2.5500.

Total Market Capitalization: $2.16 trillion

Cardano Market Capitalization: $90.5 billion

Cardano Dominance: 4.19%

Market Rank: #3

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Cardano Announces Official Release Date for Alonzo Mainnet Upgrade

13 August 2021 | Updated: 13 August 2021

The Cardano team has announced an official date for the release of its long-awaited Smart Contract capability rollout. According to IOHK, the host company of Cardano, the Alonzo hard fork will go live on September 12.

The integration of Smart Contracts on the proof-of-stake platform will allow developers to create dApps satisfying use cases like DeFi, NFTs, and gaming codes in its native programming language, Plutus.

Speaking on the new development, Cardano Head of Delivery Nigel Hemsley noted that:

“We are rapidly moving towards the hard fork on the mainnet.

Our engineering and test teams are working extremely hard to make sure components are updated and ready for the final Alonzo release.”

Cardano Releases Alonzo Purple to Test Run Mainnet

Last week, IOHK announced the implementation of the Alonzo Purple update, the platform’s first public test network version. The network currently operates on the second-last phase in a series is Alonzo testnets, which would end with the mainnet hard fork scheduled for next month.

The Alonzo Purple update test runs the Smart Contract code by the community, runs validator nodes, and stake assets. Meanwhile, the focus is on software testing and last-minute checks to advance the network towards the final deployment.

The IOHK team noted that crypto exchanges would have to get prepared before the mainnet launch with the complete software package, including elements like DB-Sync, Cardano wallet, Rossetta API, and GraphQL Explorer. To achieve this, the Cardano Foundation announced that it is in talks with 140 exchanges to begin the integration of Alonzo Purple.

Once all the software elements are in place, the next course of action is to implement a final testnet on September 1, which should usher in the mainnet launch.

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.