Cardano Plans To Boost Liquidity As ADA Bears Strike
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Cardano Plans To Boost Liquidity As ADA Bears Strike

July 12, 2019      Cryptoknowmics

 

  • 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

Fundamentals

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.

READ  Crypto Ratings Agency Downgrades EOS For “Serious Centralization Problems”

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.”

Candlestick Arrangements

Cardano ADA

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.

READ  Two Factors Signal A Decline in Bitcoin Price

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.

Technical Indicators

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.

READ  Bitcoin Ethereum Litecoin Technical Analysis Chart 5/17/2019 by ChartGuys.com

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Go to Source
Author: Dalmas Ngetich

#Altcoins #Cardano #Crypto News #Cryptocurrency #Cryptocurrency News #Price Prediction #Technical Analysis
Cryptoknowmics
Cryptoknowmics

The dynamics of Crypto Fraternity is changing at a lightning speed. Access to most critical information in a timely and curated manner is extremely critical for the health of your investments. Cryptoknowmics is the fastest platform to bring and deliver news and critical information from above 3000 sources at your fingertips. We cover almost all aspects of cryptoworld from exchange, tokens, coins, dapps, ICOs, IEOs, STOs, events, airdrops, jobs, services, wallets, etc. We strive to be the complete solution for your crypto needs.