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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

ADA Indecision, Down 4.8% As Confidence in Cardano Increase

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis cardano ADA

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  • 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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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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