Cardano Might Settle For Consolidation, Ahead of 32% Breakout
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Cardano Might Settle For Consolidation, Ahead of 32% Breakout

November 12, 2020      Vandana Malik

Cardano (ADA) after reaching the price of $0.11, settles down at $0.1058. It has been seen that the token has maintained this price since the beginning of September 2020 and now it might settle for consolidation. 

Even though the resistance is there for quite a long time now, it is believed that Cardano might be holding an uptrend. It is also believed that now the downside price action is reduced to a quite great extent. 

Ergo Developed Oracle Solution For Cardano

In another development, the Ergo Platform which is a strategic partner of Emurgo has also developed an oracle solution. This solution has been developed y the platform especially for the Cardano ecosystem. It will be used for connecting the data from its pool to Cardano distributed ledger which will be done using tx metadata. According to the firm, the major purpose of developing oracles is to support most of the complex decentralized finance (DeFi) solutions like Ergo-Cardano swaps. 

It has been seen that ADA is among the most active crypto projects. Now after the launch of oracles, Cardano might be able to stand up as a rival against Ethereum, particularly in the DeFi sector. 

Cardano Might Remain For Longer Period in Consolidation

According to the chart by IntoTheBlock, it is revealed that Cardano token is having great support at the moment. There are around 20,500 addresses that have bought around 4.5 billion ADA tokens recently, which is showing a great uptrend for the token that is waiting ahead. For quite some time, it is seen that the network is showing quite a bullish sign which is quite great for its growth. The chart indicates that in case the hypotenuse of the triangle fails to hold the price, then the bullish outlook will go completely invalid. Hence, there is a huge need for hypotenuse to hold the same position otherwise the whole picture might go pointless. 

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#Cardano #Ergo #Ergo-Cardano swaps #Oracle Solution #Settle For Consolidation
Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.