Short term hike for Cardano [ADA]

Out of the five top altcoins, four are displaying a green trend in the market now.  The top-ranked Bitcoin [BTC] is still reflecting weak demand.

At Davos,

“Many developing countries, where just to start with they don’t even have credit cards, there’s no particular infrastructure, it’s almost easier to see sort of blockchain-enabled payments, to see in Asia, you will see more action happening in Asia more than U.S. and Europe,” said EdithYeung , Partner of 500 startups told CNBC.

At the same time, Jeff Schumacher, the founder of BCG digital Venture has predicted that the value of Bitcoin will nosedive to Dollar zero.

The beginning of the year was quite positive for Cardano as the company published white paper on the proof of stake algorithm which is first of its kind academic research paper on PoS algorithm. Cardano ADA is holding an 11th position in the crypto market on the basis of market cap.

Cardano project was established in 2015 with an objective of providing a balanced and sustainable environment for blockchain development. Cordano better than other crypto-currency platforms in different aspects such as separating computation and accounting into different layers,  highly adaptive and functional code, development of decentralized funding for future work, etc.

The Cardano is currently working on Shelley. The blockchain community is excited about the launch of Shelley, a roadmap of Cardano that will introduce updates such as, enhanced Wallet backend, multi-sig transactions, paper wallets, light client mode, networking, consensus and incentive fees, open Ouroboros delegation,  a voting centre, quantum resistant, and human-friendly addresses. The co-founder and CEO of Cardano, Charles Hoskinson has expressed his views to lead Cardano to be in the top 5 in 2019.

The second half today was a bit bullish for Cardano (ADA). ADA has gained steadily after the price decline on January 23. The highest value touched today was $ 0.04398859 and the low reached was $0.04316565. The current Market Cap of $1.13 million. The value of ADA now is $0.043788 in terms of US dollars while the ADA/BTC ratio stands at 0.00001214. The value had slipped down to $0.42941 on January 20. The trend has remained fluctuating since then. According to the data on CoinMarketCap, the Cardano ADA has gained approximately 0.75% in the past 24 hours. The has analyzed that the market is still running on a short term bullish trend in both USD and BTC valuations. Overall, the indicators are giving a neutral signal for the ADA market.

The website stated that- “If ADA/USD can continue and break above $0.050, we could see ADA heading further higher. However, this will require ADA/BTC to break above 1,344 SATS or BTC/USD to climb higher.”
According to the predictions, the resistance level will move up.

The candlestick graph for one day is illustrating a sluggish market from midnight to morning to midday as discussed earlier. The prices were rising after 15.00  but the sliding has started again from 19.00.

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