Cardano News And Price Analysis: Cardano (ADA) Slips By 1.31 Percent. Tuesday, August 7
Cardano Slips By 1.31 Percent
Cardano has continued to see losses as it descends the triangle pattern after being unable to hold at $0.13. The southward journey has taken the coin to the support level of $0.12 where it is holding up in the meantime. If the bears break below the mark this could result in further slide to $0.111 for the ADA/USD pair. This situation means that traders may not be willing to hold long positions at the moment.
However, with the pressure mounting on the bulls, it is possible that the coin could successfully bounce back to the $0.13.
Cardano ADA demand Soaring Amidst Wealth Concept of Founder
Coinbase recently revealed plans to add support for a number of coins. ADA the Cardano token is among the beneficiaries and the coin ranked at number 8 in the coin market based on capitalization is among investors’ favorite due to its low price and utility.
Charles Hoskinson, the Cardano creator is a co-founder of Ethereum and has taken the advantage of insider of the workings and failings of Ethereum to build a coin that has more advanced features, giving it an edge over many coins that precede it.
In a recent tweet, Hoskinson wrote,“What’s often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, wall street is showing up to the party with all their locked up capital. That’s tens of trillions of dollars entering the space eventually. Future is bright.”
Analyst Predicting A Bounce Back for ADA
The interest ADA has generated among investors has spawned some wild speculations based mainly on its potentials. Cardano, the ADA network is known to have decentralized app building and smart contract features more advanced than that of Ethereum. Low priced, its potentials as an investment instrument has made some analysts predict that the coin would be worth up to $10 in a couple of years.
ADA/USD Price Chart, Tuesday August 7th:
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