- Cardano founder Charles Hoskinson has responded to the criticism over the partnership of Cardano’s foundation with Coinfirm.
- The ADA/USD is trading slightly bearish at $2.77, losing -2.15% so far.
- Forex trading participants may look for a sell trade below the $2.87 level to the target of $2.610 and $2.490.
On Monday, the ADA/USD is trading slightly bearish at $2.77, losing -2.15% so far. The day before, ADA/USD closed at $2.852683 after placing a high of $2.928658 and a low of $2.725055. Unlike other cryptocurrencies, Cardano’s token ADA remained green for the day during the recent depressing mood surrounding the whole crypto market. If you are wondering what to expect and where to buy ADA, let’s find out below…
Cardano has become the third-largest digital coin.
The digital token, which was a little-known crypto coin previously, has become the third-largest digital coin in the world by market cap. The network developers decided to add smart contract functionality to the blockchain. The ADA/USD has surged by about 120% over the last month alone, as the optimism related to technological enhancement spread throughout the market.
The addition of smart contracts functionality will make Cardano an efficient competitor to Ethereum. The second-largest cryptocurrency blockchain, Ethereum, currently dominates in offering services like DeFi, but Cardano has promised to provide the same services at lower costs.
All this optimism pushed ADA prices higher, and the total market value of the token increased to $69 billion, which is bigger than all the rivals except Bitcoin and Ethereum. Hence, it secured the third position in the market.
Charles Hoskinson responded to the criticism.
Cardano founder Charles Hoskinson has responded to the criticism over the partnership of Cardano’s foundation with Coinfirm. He said that the partnership was necessary for the adoption of ADA.
On Tuesday, the ADA foundation announced a partnership with the blockchain analytics provider to ensure compliance with frameworks such as the 6th Anti-Money Laundering Directive and the Financial Action Task Force’s guidelines. The latest partnership was made to use tools and services provided by Coinfirm, which will enable every exchange, custodian, and third party to track the history of ADA held in their wallet.
Everyone did not welcome this partnership, and some financial rating firms, including Weiss Ratings, criticized the move and described it as a bad move all-around. This criticism kept ADA/USD under pressure, and gains were limited for the weekend.
Cardano Price Prediction – Technical Levels
Support Resistance
2.742272 2.945875
2.631862 3.039068
2.538670 3.149477
Pivot Point: 2.835465
ADA/USD Completes 2.618% The Fibonacci Extension – Where to Buy ADA?
Cardano price prediction is strongly bullish above an intraday pivot point level of 2.835465. On the 2 hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) extends support at 2.600. Since the ADA/USD has crossed above this level, the chances of a bullish trend remain pretty solid.
On the 2 hour chart, the Fibonacci retracement tool is likely to provide resistance at the $2.87 level. This level marks the 2.618% Fibonacci extension level for ADA/USD. The breakout above this level could drive additional buying until the 3.618% extension level of $3.26.
The ADA/USD is facing immediate support at $2.60, and a bearish crossover at this level could extend the selling trend until the next support level of $2.4800. Since the ADA/USD price is closing above 50 EMA, the bullish bias remains potent.
Furthermore, the ADA/USD’s Stochastic RSI indicator has entered the overbought zone, suggesting bulls are exhausted. Thus, the failure to break and close above $2.87 could trigger profit-taking in the ADA/USD pair.
Therefore, forex trading participants may look for a sell trade below the $2.87 level to the target of $2.610 and $2.490. Alternatively, we may see a buying trend upon the $2.87 level breakout with a target of $3.27. All the best.
Where to Buy ADA?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
Looking to buy or trade crypto now? Invest at eToro!
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