- Cardano (ADA) down 17.7 percent
- AlgoZ and Cardano partner for liquidity
Charles Hoskinson’s Cardano is distinct because of their insistence on quality and research. Therefore, despite recent sell-off, their deal with AlgoZ could attract institutional backing. Meanwhile, ADA is down 17.7 percent week-to-date.
Cardano Price Analysis
That Cardano, as a top tier cryptocurrency project and ADA as an attractive tradable digital asset, has potential is true. Boasting of high trading volumes and competing with the likes of Ethereum and Tron in the liquidity leader board, ADA is a top-tier asset.
Presently, Cardano’s value proposition is from its position as an alternative smart contracting platform that is research driven. Behind this decision is the creators’ view of building a reliable network that is transparent, scalable, and whose products are verifiable.
Although hampered by delays in development, the fact that they continue developing despite last year’s chilly winter is a mark of stability. In 2018, many projects folded because of dropping asset prices and general price-dwindling induced apathy. However, with changing fortunes, the space is once again sparkling.
Additionally, the Shelly test net not only prepares Cardano for complete decentralization but their sign up with AlgoZ is hinting. Through their partnership, Cardano will leverage AlgoZ’s trading algorithm and knowledge base for liquidity purposes.
Already, exchanges and several cryptocurrency projects spread across five continents make use of AlgoZ solutions. Announcing via LinkedIn:
“Our collaboration with Cardano, one of the most inspiring projects in the crypto-asset scene, is expected to increase the liquidity of the token and its accessibility.”
At the time of writing, ADA is down 17.7 percent from last week’s close. Even though buyers stand a chance, massive liquidation of this week is slowing down bulls.
Predominantly ranging, it is imperative that buyers find support at 6 cents. The level is an important support line, and if bears press lower, breaching June and May and June lows, ADA prices may tumble.
Note that if ADA closes below 6 cents, prices may drop to 3.5 cents or the all-time lows of 2.5 cents in a bear trend continuation. Conversely, any resurgence driving ADA past 9.5 cents confirming Mar 2019 bulls could be the impetus for 12 cents and beyond.
From above, June 26 candlestick leads. As a doji, any close above 9.5 cents ought to be with high trading volumes. Preferably this should exceed 603 million as it would cement buyers. On the flip side, losses below 6 cents with equally high participation may catalyze a sell-off with targets at 3.5 cents.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Author: Dalmas Ngetich