Cardano On White House Crosshair Can Push ADA Up This Route

Christian Encila

2 years ago

3 mins read

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The recent White House announcement has placed the spotlight on Cardano as the leading Proof-of-Stake blockchain that’s currently on the market. This recent news follows the announcement of the Vasil upgrade which aims to improve usability and scalability.

A simple Twitter search of ADA will result with tweets of happy and confident traders and investors.

“Here is the White House energy report showcasing #Cardano as the largest proof of stake blockchain in the world. Probably something,” said Dan Gombardello in a recent tweet.

Chart: TradingView.com

At the day of the announcement, ADA’s price went up 7.43 percent with a high of $0.5243 before stabilizing at the range $0.5215 to $0.4992.

Using the regression trend tool, we can clearly see an uptrend forming even several days before the White House announcement. This uptrend formed clearly after the recent crash in the early half of August.

Chart: TradingView.com

Cardano Gets Some Lift From White House Announcement

During this crash, the coin experienced a 25.18 percent drop in price. It continued stabilizing at the $0.4354 support line. Trade volumes have also risen since the announcement at 3.63 million.

This solid but slow uptrend coupled by the announcement further solidified confidence in the coin.

Trade indicators also point to buy signals as the price further stabilizes at the 50% percent Fib level which sits at the $0.4992 range. The bulls have also tested the 38.20 Fib level which sat at $0.5219 range.

If the uptrend continues, investing in ADA will be very beneficial to traders and investors. As of this writing, the CCI 80.20 level says a lot about the investors and traders. This means that confidence in the coin might not be very high, but it is stable.

Stoch RSI also points to a rising buy signal. Just like the CCI indicator, it means investor sentiment is slowly rising.

ADA Poised For A Bullish Run

With the Vasil upgrade around the corner and the White House placing Cardano as the top PoS blockchain, it might place ADA on a slow, bullish run.

But if the price falls because of a variety of reasons, the crucial support at the 78.60 Fib level should not be broken.

This line has been the support range that backed the slow uptrend in the past few weeks. If this is broken, this can reverse ADA’s upward price movement.

The next few days will determine if the gathering storm of the bulls will further push the price up.

ADA total market cap at $17.3 billion on the daily chart | Source: TradingView.com

Featured image from E&E News, Chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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.