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- 1 Charles Hoskinson is currently optimistic about the future of crypto and the adoption of crypto in Africa
- 2 Technical indicators of ADA are favoring a consolidated trend. It has seen a drop of 1.5% in ADA/BTC pair
Cardano is one of the biggest blockchains which uses the Proof of Stake mechanism. It is a third-generation blockchain that aims to address the shortcomings of previous ones. Cardano was developed by IOHK (Input Output Hong Kong), and its cofounder is Charles Hoskinson. They also prioritize security and scalability with a multi-layered architecture.It also helps in the faster transaction process for the network. Cardano also supports smart contracts which enable dapps to be built on the blockchain. Cardano blockchain also uses very less energy as compared to others. There is a total of 25.08b ADA staked in the network. Cardano has a total of 3174 staked pools with daily transactions increasing. Charles Hoskinson the founder of Cardano is optimistic about the future of crypto despite various setbacks and anticipates the higher adoption of ADA in Africa. Meanwhile, ADA is getting a stronger presence in the GrayScale smart contract platform fund.
Cardano is currently ranked 7th in the crypto verse and has a market cap of $13.2 Bn. ADA has a market dominance of 1.12% and its volume has seen a decline of 10% in the intraday session. The volume to market cap ratio of ADA suggests a consolidated trend in price.
Is ADA Looking For A Bullish Crossover?
The weekly technical chart of ADA suggests a consolidated trend in price. It is currently down by more than 87% from its all-time high. On the daily chart it is observing a consolidated trend in price.ADA is trading near the value of $0.38 with a small drop in the intraday session. The upside momentum of Cardano can see a halt near the value of $0.5.Meanwhile, the support of the asset price can be seen near $0.25.It is trading above the 50 and 100 Daily Moving Average.There can be a positive crossover in the future which can assist the asset price to a new high in the future.
RSI of the asset price is near 60 suggesting its presence in the neutral zone.There is no slope in the RSI hinting towards a consolidated trend in price.
Conclusion
Cardano founder charles Hoskinson is optimistic about the future of crypto and higher adoption of ADA in Africa. Various analysts are expecting a strong trend in the asset price in future.
Technical Levels
Major Support:$0.25
Major Resistance:$0.5
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
