What is GeoGnomo and how can it affect ADA Price? - Cardano News, Price Analysis and Prediction. Tuesday, September 4
Cardano Cryptocurrency News
Cardano (ADA) Counting On GeoGnomo to Enhance Interoperability
Timestamping is a known phenomenon in coin protocols however, Cardano foundation is sponsoring GeoGnomo, a geographical location parameter that will add geolocation to time stamping. The open source project by Distributed Futures, a subsidiary of Long Finance is aimed at sharing procedures in distributed ledger geostamping.
The project has been described as a combination of timestamping and geolocation due to its ability to create a sequence that enables the ledger record areas in a way that aids efficient retrieval.
A detail of the project says that GeoGnomo used three approaches in recording areal data namely: A Quaternary Triangular System, Quaternary Rectangular System and a Variable Rectangular System.
These are used to record locations and storing them in a blockchain through source codes generated for each location. A Long Finance statement about the project said, “By using consistent geocoding data retrieval is easier. Users can share information easily – “tell the drone to come to F49PUR9B7-20”, a resolution of 7.6 metres”
Cardano plans to deploy the project on its platform soon hoping to enhance the operability of its smart contract platform with it.
Satis Group Reports Positive Future for Cardano
The Satis group report has been of interest to the crypto community as enthusiasts analyze the release to know what it says about their favorite coins and its rivals. Aside Bitcoin, another coin that the report favors is Cardano (ADA) which it says has a positive outlook if certain conditions are met. That makes it rather tricky for the digital currency as the onus now rests on the team to meet the laid out conditions if they believe in the report.
The long term appreciation expected from Cardano was premised on its economic velocity and implied velocity. In a summary, the report is saying that with the ADA token, the hodlers will have a long term view of the project behind the token and so keep the coin as a speculative instrument thereby adding to its demand and value.
However, it should be borne in mind that smart contract platforms are the worst hit in bear markets so Cardano investors may be bearing this in mind.
Cardano (ADA) will Remain Within Annual Bear Cycle
It is not certain if the challenges Ethereum has met with will not cast shadows on other smart platform networks. The long term outlook of Cardano shows a number of challenges.
At present, the 26-day EMA and the 50-day EMA are both broken by bearish candles. This signals a bearish outlooks at the $0.30 and $0.35 . At present, the coin is down 2.88 percent and trading at $0.102 according to data from Coinmarketcap. The volume traded in the past 24 hours is $49,799,883.
The ADA/USD pair is near the lower high limit with MACD at -0.010, RSI at 43.696. With the consistent breaks in critical supports, the outlook is bearish for ADA.
The coin should be able to reject prices towards $0.07. Trading view reports that if that, “If that breaks then the price will seek confirmation near the Lower High of the 1W Channel Down ( MACD = -0.036, Highs/Lows = -0.0186, B/BP = -0.0814). In both occasions, Cardano will remain within its annual bear cycle and seek our lower targets of 0.078501 (Dec 08, Nov 30, 2017) with 0.059995 as the extension.”
ADA/USD Price Chart, Tuesday September 4th:
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