CARDANO (ADA): PRICE END Q2 2019, BULLISHT O BEARISH?

2019-04-04T02:02:29.000Z Honest Cash

TECHNICAL ANALYSIS.

At the time of writing, ADA is the eighth ecosystem cryptocurrency with a spot price of $ 0.090 and a positive change of + 2.95% in the last 24 hours. Its capitalization market is $ 2.34 trillion dollars and a strong volume of almost $ 300 million in the last 24 hours.

The ADA / USDT represents the largest trading among investors with 44.7% of Cardano’s total market, distributed between the largest exchange Binance and ZBG.

CARDANO Q2 2019.

Cardano presents the downward trajectory of the medium-long-term chart as it moves from levels of $ 0.35 in May 2018 to current levels of almost 10 cents ($ 0.091).

The Aroon Indicator is bullish, with an Aroon Uptrend at the top of the chart and its bearish counterpart at the bottom.

The Chaikin Money Flow (CMF) indicator is at the top of the graph indicating a strong uptrend.

The Stochastic indicator, on the other hand, indicates levels of overbought characteristic of the uptrend.

As we can see, ADA presents a strong uptrend at this time despite its general behavior, this allows us to deepen the search for matching patterns to try to establish a solid correlation that allows us to infer its price band for the rest of Q2 2019; almost a year since the last bullish break.

For this, we extended our previous graph logarithmically and set a study limit between maximum and minimum peak levels and the Relative Strength Index (RSI).

In this graphic we find several important facts to highlight:

1.- Wedge and support pattern with an ascending channel formed from the inflection point generated on December 12, 2018.

2.- Cardano (ADA) is fulfilling its second wave of Elliot, which must end on May 26 at the approximate price of 0.082 (point “D”). According to Elliot Wave Triple Correction, this correction should push Cardano back to levels of R1 ($ 0.189) by mid June 2019.

3.- Support levels for ADA are 44% lower than the current price, at the moment of the trend break for the end of Q4 2018.

4.- On March 22, 2019, the ADA made an affirmation of the uptrend thanks to the positive short-term vs. long-term EMA cross, which generated an exit from a possible opposite trend to the current one. By this date, ADA was already anticipating the current bullish moment.

5.- The ELLIOT WAVE TRIPLE CORRECTION analyzes have a common entry point between the maximum and minimum change (swing) vs RSI. If we look at the ADA bullish scenario for January 2018, a fall in prices occurred at -87.82% until the middle of that same year.

Similarly, a similar change occurred on July 17, 2018 when ADA passed from similar current prices of R1 to levels of S1, a fall of 87.09%, almost identical to the previous period mentioned above.

This indicates that the ADA must still reach the point of R1 so that this scenario of -87% is repeated, therefore it affirms the theory of ELLIOT for ADA until the rest of Q2 2019, as previously indicated.

Therefore, any investor looking for profits in this asset, must enter right now to be able to obtain 2x earnings at the current price for the end of Q2 2019; this considering the worst scenario for ADA.

SHORT TERM.

For this scenario, we see the ADA chart at 1H, and we can see a strongly bullish trend with a corrective level just now, but still far from the immediate support level S1 ($ 0.073).

In the short term, the immediate resistance is at $ 0.109 and we do not see a panorama on the horizon contrary to the bullish sentiment to achieve it.

This theory is reinforced by the Momentum indicator, which has begun to reverse the corrective trend, indicating that its current level is the lowest price for the next few hours before raising new peaks.

Awesome Oscillator (AO) is highly positive, with strong histograms in bullish sense with green bars supporting it.

As we can see, in the short term, the ADA could soon reach R1 levels without any problem for the next few hours, this would represent a 10-15% increase.

FUNDAMENTAL ANALYSIS

Cardano [ADA] is a cryptocurrency with a totally decentralized and open source public blockchain (blockchain) and cryptocurrency project, this project is developing a platform of intelligent contracts which seeks to deliver more advanced and specific features than any other platform that offers these services, is a pioneer in the blockchain sector since it is largely based on a scientific philosophy and an approach driven by research, the team is made up of people prepared in development that consists of a large global collective of expert engineers and researchers.

At the moment Cardano [ADA] has large closed deals and everything makes it look like 2019 can be his big year since today he has reached great brands as market capitalization, ranking among the first 10 cryptocoins. This altcoin can not be mined by any machine or computer, the amount of coins in circulation is 25,927,070,538 ADA together a total of 31,112,483,745 and a maximum of 45,000,000,000.

The basics

Cardano is a decentralized system based on blockchain, driven by the ADA currency, the cryptocurrency that runs on the Cardano platform. Like Ethereum, it is an intelligent system based on contracts and can be used to run decentralized applications (called DApps). But Cardano is a layered system; that is to say

* Has a separate layer that executes the ADA exchange, and

* A separate company that executes the Intelligent Contracts.

Cardano claims to be the first cryptocurrency executed in a peer-reviewed scientific review, which guarantees its security.

1.- Not in vain, Cardano was developed by Charles Hoskinson, one of the co-founders of Ethereum, and its development is financed by Input-Output Hong Kong.

2.- The Ethereum can be called a second generation cryptocurrency (Bitcoin being the first), the Cardano cryptocurrency can be considered third generation technology.

3.- The objective of this project is to create a sustainable ecosystem that separates the ADA currency transaction and the use of intelligent contracts in different layers, and improves the shortcomings of Bitcoin and Ethereum.

Benefits.

1.- Cardano is the first system of peer to peer transactions based on scientifically proven theories. Its objective is to combine the transactional properties of Bitcoin with the intelligent contract and the DApps system of Ethereum.

2.- According to The Bitcoin Magazine, Hoskinson is working to develop a different language for Intelligent Contracts promoted by Cardano, calling it Plutus, which will have strict contracts that can not be modified without the consent of any of the parties.

3.- Cardano’s transactional processes work on the basis of intelligent contracts. However, these Intelligent Contracts are more secure than those of other cryptocurrencies, since they are in layers and allow much less manipulation of the data once entered.

4.- Since they are based on block chain technology, the systems will be decentralized and will not reside with restricted people. Once the information is stored, a contract is executed or a transaction is made, it will be stored permanently in the accounting book.

The DApps created in this platform use ADA as their currency in the virtual ecosystem of the application, and use their Smart Contract technology to create an interactive virtual economy.

Unique properties of Cardano

While it is still in its development stages, Cardano is named as the third generation cryptocurrency, with Bitcoin and Ethereum being the first and the second respectively.

While it is similar to Ethereum in concept, it comprises several layers, which are used to separate its various functions.

Bitcoin peer-to-peer transactions are comprised in one layer, while the execution of the Intelligent Contract is in another. Cardano’s Smart Contract system could be much faster and smoother, since it will use the use of a new language, Plutus.

Cardano in the market

In the second quarter of 2018, Coinbase stated that they were exploring five currencies to list them in their exchange and that the currencies also included ADAs.

Of the five currencies that the cryptography exchange said it was considering for the listing, only ADA remains.

NewsBTC reported that “the Coinbases were aggressive, listing tiny, low-liquid assets such as BAT, OX and ZCash (ZEC).”

They also write that “to some extent, this was understandable, since the ADA remained centralized as the development progresses. However, Byron’s recent conclusion and the transition to Shelly will increase Coinbase’s chances. ”

The price of Cardano has risen those days and it is quite clear that a quote in Coinbase could have triggered an additional increase in the price of this digital asset, in December 2018 as we saw in our technical analysis.

In addition, Cardano (ADA) and Binance Coin (BNB) are the only ones in the top ten of the market with a real trade volume of ~ 50% according to the OpenMArketCap metric.

As seen from the group shown above, within the current top ten according to CoinMarketCap, only Cardano (ADA) and Binance Coin (BNB) are the only ones among the top ten that have a real trading volume of more than 50%.

The reason why Cardano experiences less volume of false transactions than most other major cryptocurrencies can be speculated to be because there is actually a lot of genuine interest in the promising intelligent contract development platform and dApps.

Cardano (ADA) recently appeared in a Forbes article that said Cardano could be a rival to Bitcoin. This news, together with the recent version 1.5 of Cardano’s main network, or its recent support in the Ledger hardware wallet, are possible positive developments that have generated the sustained growth of Cardano that we have seen even a week before April Fools.

Responses


RE: CARDANO (ADA): PRICE END Q2 2019, BULLISHT O BEARISH?

by @siddartha

I heard that Cardano will require a lot of time to be built. Right now it seems more of a speculation than anything else.