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Latest Cardano News
As much as the community is bullish on what Cardano has to offer once Voltaire is live, there is a lot of ground to cover before that dream is actualized. As a matter of fact, it might take anywhere between five to 10 years before we get a test of what Cardano and Charles Hoskinson has to offer. In the meantime, it’s all talk and with the realization that Cardano is still a centralized platform, ADA/USD could end up sinking lower as deadline after deadline is missed.
It’s all thanks to the design, the check, and balances in place to ensure quality. Add that to the peer review nature of the platform and development is slow. However, the market expects Cardano 1.4 update to be out later this month or early December. At the moment, the team is subjecting tweaks to a regression test and while it is not of major concern, some regressions that could affect overall functionality have been found.
While this pans out, CoinBase, the $8 billion US-based exchange now offers support of ZCash. The privacy centric coin is one of the five coins which were under exploration by CoinBase. Now with XLM and ADA remaining, the community has resorted to speculation. Both coins are pre-mined and with XLM sharing some characteristics with XRP, many are confident that ADA will hit the exchanges before XLM does mostly thanks to its level of transparency and ambitions to decentralize.
Cardano (ADA) Price Analysis
ADA/USD Weekly Chart
Despite recent resuscitation, ADA/USD is still perched at 10th with a $1.18 billion market cap. Week over week losses stand at 14 percent and with 10 percent declines in the last 24 hours, it appears as if sellers might erase gains made early this week.
And this was expected. Clearly, from the weekly chart, bears are in charge and with ADA/USD price action trending within a bear breakout pattern which was confirmed last week, it’s a tall order for buyers.
All we need are strong signals of a trend reversal and that means before we initiate longs, we must see a double bar bull reversal pattern thrusting prices above our immediate resistance level at 6 cents. Before that happens, conservative traders should take a neutral stand aware that drops below 3 cents could signal trend continuation.
ADA/USD Daily Chart
Even though there is a resistance of higher highs causing a 10 percent drop of ADA/USD in the last 24 hours, aggressive traders should interpret every low as buying opportunity until of course there is a complete reversal of Nov 28 gains—that’s when prices drop below 3 cents.
At spot prices, our bullish outlook is intact and all we expect is ADA to find support as bulls confirm the three-bar bullish reversal pattern set in motion by Nov 25. Ideally, we expect to see positions opened once prices surge above 5 cents triggering longs with first targets at 6 cents and later 9.5 cents assuming upward momentum is strong.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.