Cardano Price Analysis: ADA up 12% But Slip out of the Top 10

Latest Cardano News

In the Cardano network, the main determiner for progress may be on one hand how fast they are on transiting from Byron to Shelly ensuring the process is as flawless as possible but it is also on how they onboard new fans and let the community flourish while they set a standard crypto coding.

Read: Best Cryptocurrency Community Reactions to JP Morgan’s JPM Coin Launch

ADAtainment is one of the many ventures that plan to add value to the burgeoning Cardano ecosystem by focusing on entertainment apps. The founders behind ADAtainment also run a staking pool now that Cardano will adopt the proof of stake consensus algorithm which is the trend nowadays.

Besides, ADAtainmen have been tracking how Cardano’s community has been growing in the last few years. Accompanying, well-labeled and clear charts show that Cardano though struggling with dipping prices have been rather successful in the social media section and their marketing has managed to attract new flock keen on contributing numbers if not investment.

Also Read: New Bank Of Canada Report ‘Crypto Money’ Concludes Bitcoin Is An Aging Rockstar

In Twitter, for example, Cardano grew by around 50 percent after expanding from 109k to around 148k in Jan 2019. The trajectory is clear and the double-digit expansion in social interest shows that the masses are getting interested, flowing into cryptocurrency and Cardano like the rest of the industry are set to benefit from this influx.

Cardano ADA/USD Price Analysis

At the time of pres, ADA—the native currency of Cardano, is changing hands at 4 cents, up 12 percent in the last week.

All the same, ADA is technically in a short to medium term uptrend inside a larger bear breakout pattern in what we can say is the second stage—the retest. Clearly, from the chart, the main resistance line is visible at 6 cents. The level is previous support and after the meltdown of mid-Nov, prices caved in and the result was a free fall to taking ADA prices further deep in negative territory from 2017 peaks to 3 cents.

Now, as classic breakout patterns dictate, a reversal is common and it is the retest phase where prices are trending in. Because prices are finding support at the 61.8 percent Fibonacci retracement level of Dec 2018 high low, we expect a resumption in the direction of late Dec and Jan 2019 higher highs.

But, for assurance, risk-averse traders should set conservative buy triggers above Feb 8 highs at the 38.2 percent Fibonacci retracement level at 4.5 cents. Meanwhile, risk-off, aggressive traders can buy on dips in lower time frames with fitting but tight stops at around 3.7 cents. First targets will be at 5.6 cents and later 6 cents.

All Charts Courtesy of Trading View—Binance

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.