ADA Indecision, Down 4.8% As Confidence in Cardano Increase

News


  • Cardano (ADA) slides 4.8 percent
  • Weiss Ratings endorsement is bullish

For fronting quality and research, Weiss Ratings is confident of Cardano. On several occasions, the rating firm has expressed their optimism of ADA future and Cardano’s path towards becoming a leading dApp platform. Presently, ADA is down 4.8 percent.

Cardano Price Analysis

Fundamentals

Behind Cardano and Charles Hoskinson is the desire to stay on top of things and promote quality. It is perhaps one of the few crypto projects that will audit dApps before rolling them out to the public. Charles Hoskinson heads the IOHK wing of Cardano triage.

Known for his stand and insistence on true decentralization, priority on quality and adherence to blockchain principles, he shapes the path of Cardano. To that end, Weiss Ratings, a US rating firm, is optimistic that Cardano will eventually topple EOS and other dApp platforms as the best in the world.

Taking to Twitter, Weiss Ratings, who bashed EOS, downgrading them because of centralization concerns said:

“ADA’s commitment to the high-assurance code and thorough testing before release means its dApps will rest atop a solid foundation. Emphasis on security while transitioning to PoS is unique to the project. These features may ensure its sustainability and market dominance.”

Earlier, noting them for their quality and investment of time on releasing the best, Weiss said:

“Cardano is one of the best projects in the space, and also one of the cheapest cryptos out there. Led by Charles Hoskinson, Cardano largely stays away from the press and hype, keeping its focus deep into providing a ripe environment and climate for dApps.”

Candlestick Arrangement

Cardano ADA

Thus far, ADA is all over the place. By oscillating against the USD, there is an air of indecision. If the series of doji bars are anything to go by, risk-off traders can find opportunity in lower time frames. Meanwhile, risk-averse traders can be on the sidelines, aware that gains above 9.5 cents could spur participation.

In line with previous ADA/USD trade plan, buyers are in control. However, with strong liquidation ceiling at 9.5 cents, the best approach is to adopt patience. It’s easy to see why. Any upsurge with high trading volumes clearing 9.5 cents shall confirm bulls of March.

In that case, every dip will be a loading opportunity for enterprising traders with targets at 12 cents and later 20 cents. On the flip side, losses below 7.5 cents and more specifically 6 cents will automatically cancel this trade plan as bears step up aiming at 3.5 cents or lower.

Technical Indicators

Because of the above, close above 9.5 cents with high participation exceeding 603 million of June 26. Conversely, a signal of weakness that authoritatively cancel this outlook must be with equally high trading volumes driving prices to 6 cents or lower.

Chart courtesy of Trading View. Image Courtesy of Shutterstock



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