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- Cardano CEO made a statement against Ethereum.
- ADA to launch new sidechain proof of concept.
- Whales Alerts and protocol upgrades stir ADA prices.
Amid the rumors of United States Securities and Exchange Commision (SEC) planning to veto crypto staking services, Cardano founder Charles Hoskinson shared their opinion on the matter. According to Hoskinson, Ethereum, one of the prominent protocols, offered what he considers as problematic staking. Per his point of view, the absolute isolation of ETH tokens locked in staking smart contracts makes them resemble regulated products.
According to Cardano CEO, his team dealt with the subject of staking on the protocol by a model that is community driven. To pursue the same path, ADA is launching a new sidechain proof of concept that adapts to the Ethereum Virtual Machine (EVM). In an announcement, Input Output Hong Kong, the development team for Cardano, mentioned about launching a public testnet compatible with the EVM. Allegedly, for the same reasons, ADA has experienced increased whale activities. The increased activity of ADA holders in the past few days posed a possibility of another round of significant price rallies.
The Pictorial
ADA prices forming a rising regression channel. The volume observed investors vacating the platform steadily. The EMA ribbon forms the possibility of a bullish crossover (green circle). The rising OBV contradicts the bearish signals and shows it to be positive for ADA.
The CMF moves near the baseline to show persisting pressure in the market. The MACD observes negative cross and records seller bars. The RSI fell from the higher ranges to 50-60 range, showing declining buyers.
A Closer Window
The 4 hour time frame shows prices to face resistance and can rectify anytime. The CMF moves above the zero-mark to show possibilities of retaining the bullish momentum. The MACD records both buyers and sellers to interact in the market. The RSI moves in the 40-50 range, showing initial seller dominance.
Conclusion
ADA bulls seem tired to keep up the momentum and can lose control of the price action. With indicators signaling bears, ADA can enter a correctional phase in the coming days. Despite all the changes in the protocol, ADA buyers can face pressure and face resistance near $0.42.
Technical levels
Support levels: $0.32 and $0.24
Resistance levels: $0.42 and $0.48
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.
