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- 1 Charles Hoskinson has recently taken a dig at the crypto critics and is resilient about the crypto firms future.
- 2 Technical indicators of ADA are favoring an upside trend for the future.It has seen a drop of 1.85% in intraday session.
Cardano was created with the aim of offering a more secure, scalable, and sustainable infrastructure for decentralized applications and smart contracts.It was founded in 2015 by Charles Hoskinson, one of the co-founders of Ethereum. It uses a proof-of-stake consensus mechanism to verify transactions and secure the network.One of the unique features of Cardano is its layered architecture, which is designed to separate the network’s functionality into distinct layers. This approach aims to improve the platform’s scalability, security, and flexibility while also enabling it to support multiple programming languages.In addition to their innovations, Cardano is also known for its commitment to sustainability and social impact. Charles Hoskinson has recently taken a dig at the the crypto critics and has praised the crypto firm
Cardano has a market cap of $11 Billion and is ranked 7th in the cryptoverse.Volume of the asset price has seen a gain of 23% in the intraday session.Volume to market cap ratio of ADA suggests a consolidated trend in price.
Is A Downside Trend For ADA Coming?
The weekly technical chart of Cardano suggests a consolidated trend in price. On the daily chart it is trading near the value of $0.322 with a drop of 10% in the intraday session. It has seen a breakout from the downside parallel channel. There is a strong bearish candle formed in the daily chart. Resistance of the ADA can be seen near the value of $0.5.Meanwhile support of the asset price can be seen near $0.25.It is trading below the 50 and 100 Daily Moving Average.There is a negative crossover which can push the price to a new low.
RSI of the asset price is near 40 suggesting its presence in the neutral zone. There is a downside slope suggesting a downside trend in price.
Conclusion
Cardano has been seeing a strong bearish momentum from the past couple of days. There is bearish signal in ADA price but can see a breakout to a new high in the future.
Technical Levels
Major support:$0.25
Major Resistance:$0.45
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
