Cardano (ADA) fund & technical analysis
Updated
❇️What Is Cardano (ADA)?
Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change.
The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent and fair.
Cardano was founded back in 2017, and the ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.
The team behind the layered blockchain say that there have already been some compelling use cases for its technology, which aims to allow decentralized apps and smart contracts to be developed with modularity.
Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
It is also widely used in sensitive fields of medicine and military science due to its language-based programming language
Who Are the Founders of Cardano?
Cardano was founded by Charles Hoskinson, who was also one of the co-founders of the Ethereum network. He is the CEO of IOHK, the company that built Cardano’s blockchain.
What Makes Cardano Unique?
Cardano is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy intensive than the proof-of-work algorithm relied upon by Bitcoin. Although the much larger Ethereum is going to be upgrading to PoS, this transition is only going to take place gradually.
In 2020, Cardano held a Shelley upgrade that aimed to make its blockchain “50 to 100 times more decentralized” than other large blockchains. At the time, Hoskinson predicted that this would pave the way for hundreds of assets to run on its network.
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❇️Technical analysis For the weeks ahead
Cardano’s ADA would need to avoid a fall through the $0.084 to support a run at the first major resistance level at $0.12
Support from the broader market would be needed, however, for Cardano’s ADA to break back through to $0.12 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another breakout, Cardano’s ADA could test the 23.6% FIB of $0.12 and the second major resistance level at $0.16.
Failure to avoid a fall through the $0.09 would bring the first major support level at $0.084 into play.
Barring an extended crypto market sell-off, however, Cardano’s ADA should steer clear of sub-$0.090 levels. The second major support level sits at $0.060.
Cardano’s ADA left the major support and resistance levels untested at the start of the week.
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👉This analysis is my personal opinion and you are responsible for your own trades or invests.
❤️with Best Regards and successful trades.
Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change.
The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent and fair.
Cardano was founded back in 2017, and the ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.
The team behind the layered blockchain say that there have already been some compelling use cases for its technology, which aims to allow decentralized apps and smart contracts to be developed with modularity.
Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
It is also widely used in sensitive fields of medicine and military science due to its language-based programming language
Who Are the Founders of Cardano?
Cardano was founded by Charles Hoskinson, who was also one of the co-founders of the Ethereum network. He is the CEO of IOHK, the company that built Cardano’s blockchain.
What Makes Cardano Unique?
Cardano is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy intensive than the proof-of-work algorithm relied upon by Bitcoin. Although the much larger Ethereum is going to be upgrading to PoS, this transition is only going to take place gradually.
In 2020, Cardano held a Shelley upgrade that aimed to make its blockchain “50 to 100 times more decentralized” than other large blockchains. At the time, Hoskinson predicted that this would pave the way for hundreds of assets to run on its network.
------------------------------------------------------------------------------------------------------------------------------------
❇️Technical analysis For the weeks ahead
Cardano’s ADA would need to avoid a fall through the $0.084 to support a run at the first major resistance level at $0.12
Support from the broader market would be needed, however, for Cardano’s ADA to break back through to $0.12 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another breakout, Cardano’s ADA could test the 23.6% FIB of $0.12 and the second major resistance level at $0.16.
Failure to avoid a fall through the $0.09 would bring the first major support level at $0.084 into play.
Barring an extended crypto market sell-off, however, Cardano’s ADA should steer clear of sub-$0.090 levels. The second major support level sits at $0.060.
Cardano’s ADA left the major support and resistance levels untested at the start of the week.
--------------------------------------------------------------------------------------------------------------------
👉This analysis is my personal opinion and you are responsible for your own trades or invests.
❤️with Best Regards and successful trades.
Note
TARGET 1 ✅ 31% 💰TARGET 2 ✅ 110% 💰💰
TARGET 3 ✅ 226% 💰💰💰
TARGET 4 ⏱⏱⏱
Trade closed: target reached
TARGET 4 ✅1400% 💰💰💰
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