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Cardano Price Technical Analysis – ADA/USD Bearish Below $0.35

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Key Highlights

  • ADA price is struggling to recover and it recently declined below the $0.3200 level against the US Dollar (tethered).
  • There is a major declining channel forming with resistance at $0.3205 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is currently correcting higher, but it may face a lot of resistance near $0.3250 and $0.3500 in the near term.

Cardano price declined further against the US Dollar and Bitcoin. ADA/USD is currently trading well below the $0.3500 level and in a bearish zone.

Cardano Price Decline

There was no major recovery in ADA price above the $0.3600 level against the US Dollar. The price did not move above the $0.4000 resistance and declined once again. During the recent slide, it broke the $0.3500 and $0.3300 support levels. It even traded below $0.3200 to test the $0.3000 area. A low was formed at $0.2995, and the price is currently consolidating losses around the $0.3000 level.

It is testing the 23.6% Fib retracement level of the last drop from the $0.3866 high to $0.2995 low. It seems like the price may find it hard to break the $0.3200 and $0.3300 resistance levels in the short term. There is also a major declining channel forming with resistance at $0.3205 on the hourly chart of the ADA/USD pair. The channel resistance at $0.3205 is near the 23.6% Fib level. If there is a break above $0.3205, the price may correct further higher. The next major resistance is near $0.3430 and the 50% Fib retracement level of the last drop from the $0.3866 high to $0.2995 low.

Cardano Price Technical Analysis ADA USD

On the downside, the $0.3000 level is a major support. If the price fails to stay above $0.3000, it could even trade back towards the $0.2500 level in the near term.

Hourly MACD – The MACD for ADA/USD is slowly recovering and is showing positive signs.

Hourly RSI – The RSI for ADA/USD is moving higher towards the 45-50 levels.

Major Support Level – $0.3000

Major Resistance Level – $0.3500

 

Charts courtesy – Cryptowat, Bittrex

The post Cardano Price Technical Analysis – ADA/USD Bearish Below $0.35 appeared first on NewsBTC.

Cardano Foundation Publishes Research on Threat of Quantum Computing

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Blockchain technology and cryptocurrencies can be threatened in some ways. Quantum computing is perhaps of the biggest concerns as of right now. The Cardano Foundation and think-tank Z/YN recently released their findings on this potential threat to public key cryptography.

Cardano Wants to Become Quantum Computing-Resistant

Quantum computing is the next logical evolution in the world of technology. It allows for must faster calculations and unparalleled processing power. At the same time, this technology also poses concerns for public key cryptography. Most cryptocurrencies and blockchains rely on this type cryptography. As such, addressing potential future problems at an early stage is incredibly important.

Cardano is one of the cryptocurrencies focused on building quantum-resistant solutions. More specifically, the currency’s developers will support additional signature schemes in the future. Ensuring their cryptography and blockchain is quantum computing-resistant is a top priority as of right now.  This particular cryptocurrency project prioritizes security and interoperability over anything else.

One of the main reasons Cardano is so appealing is because of its intriguing design. At its core, the currency offers special extensions which allow for adding more signature schemes through a soft fork. With this focus on quantum computing, any major security layer can be added without network disruption. Thus, the only question is if and when quantum computing may become a problem for Cardano.

Conducting Research for Industry Standards

According to the recent study by the Cardano Foundation and think-tank Z/YEN, that is only a matter of time. The study concludes how large-scale quantum computing will effectively break the security of public key cryptography. This will have all kinds of different consequences for solutions built on top of this technology. It extends well beyond cryptocurrencies and blockchain as well. Most online communication services in the world rely on public key cryptography as of right now.

It is evident the Cardano Foundation wants to proactively deal with this threat whenever possible. There are some available solutions to nullify this issue, yet an industry-wide response standard will need to be established first and foremost. Cardano Foundation Chairman Michael Parsons added:

“As part of our extensive blockchain research programme with Z/Yen, we are exploring a range of issues from the technological, to regulation and governance and industry applications. The topics explored are forward-looking by their very nature, and the possible impact of quantum computing on the blockchain is a case in point.”

A future without cryptography is unthinkable as of right now. This technology forms the foundation of virtually everything we do online. With a growing interest in cryptocurrencies and blockchain, public key cryptography will only become more commonly used as well. The Cardano Foundation wants to lead the charge in addressing future issues associated with quantum computing.

The post Cardano Foundation Publishes Research on Threat of Quantum Computing appeared first on NewsBTC.

Cardano Price Technical Analysis – ADA/USD Accelerates Decline

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Key Highlights

  • ADA price failed to correct higher and it declined below the $0.3500 support level against the US Dollar (tethered).
  • There is a key bearish trend line forming with resistance at $0.3650 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is currently trading below the $0.3500 level and it could decline further in the near term.

Cardano price extended its decline against the US Dollar and Bitcoin. ADA/USD is now in a bearish zone and it may continue to decline towards $0.3000.

Cardano Price Resistance

In the last analysis, we discussed the chances of further declines below $0.3600 in ADA price against the US Dollar. The price failed to move above the $0.4000 resistance and started a downside move. It declined sharply and broke the $0.3600 and $0.3500 support levels. There was a lot of pressure on ADA, which pushed its price below the $0.3400 level as well.

A low was formed near $0.3300 from where the price is currently attempting an upside correction. It tested the 23.6 Fib retracement level of the last decline from the $0.3872 high to $0.3300 low. However, a recovery in ADA won’t be easy as the price is now well below $0.3500. On the upside, there is a key bearish trend line forming with resistance at $0.3650 on the hourly chart of the ADA/USD. The trend line resistance is very important since it is near the 50% Fib retracement level of the last decline from the $0.3872 high to $0.3300 low. As long as the price is below the $0.3500 and $0.3600 levels, it remains at a risk of more declines.

Cardano Price Technical Analysis ADA USD

On the downside, the recent low of $0.3300 is a decent support. A break and close below $0.3300 could push the price towards the $0.3000 level.

Hourly MACD – The MACD for ADA/USD is showing a low of bearish signs.

Hourly RSI – The RSI for ADA/USD is now near the oversold levels.

Major Support Level – $0.3300

Major Resistance Level – $0.3600

 

Charts courtesy – Cryptowat, Bittrex

The post Cardano Price Technical Analysis – ADA/USD Accelerates Decline appeared first on NewsBTC.

Cardano Price Technical Analysis – ADA/USD to Decline Further

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Key Highlights

  • ADA price declined recently after forming a high near the $0.4185 level against the US Dollar (tethered).
  • There was a break below a major bullish trend line with support at $0.3850 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is currently holding the $0.3600 support, but it remains at a risk of more declines.

Cardano price is under bearish pressure against the US Dollar and Bitcoin. ADA/USD could break the $0.3600 support and decline further in the near term.

Cardano Price Downtrend

There was a slight upside move in ADA price above $0.4000 this past week against the US Dollar. The price traded as high as $0.4185 and it later started a downside move. It declined and broke the $0.4000 support. It also traded below $0.3800 and the 14 hourly simple moving average, which is a negative sign. Moreover, there was a break below a major bullish trend line with support at $0.3850 on the hourly chart of the ADA/USD pair.

The pair traded towards the $0.3600 support and formed a low at $0.3601. It corrected higher and moved above the 23.6% Fib retracement level of the last decline from the $0.4185 high to $0.3601. However, the pair is finding it difficult to move above the $0.3800 resistance. Moreover, the 38.2% Fib retracement level of the last decline from the $0.4185 high to $0.3601 at $0.3824 is also a major resistance. There is also a connecting bearish trend line forming with resistance at $0.3800.

Cardano Price Technical Analysis ADA USD

Therefore, there is clearly a major resistance forming near $0.3800. ADA price has to move above $0.3800 to retest $0.4000. On the downside, the $0.3600 support holds a lot of importance, which must hold to avoid further declines.

Hourly MACD – The MACD for ADA/USD is slightly placed in the bullish zone.

Hourly RSI – The RSI for ADA/USD is moving higher towards the 50 level.

Major Support Level – $0.3600

Major Resistance Level – $0.3800

 

Charts courtesy – Cryptowat, Bittrex

The post Cardano Price Technical Analysis – ADA/USD to Decline Further appeared first on NewsBTC.

Cardano Price Technical Analysis – ADA/USD Just Broke Crucial Support?

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Key Highlights

  • ADA price struggled to gain momentum above the $0.40 level and moved down against the US Dollar (tethered).
  • There was a break below a major ascending channel with support at $0.3800 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair has to stay above the $0.3700 support to avoid further declines in the near term.

Cardano price is slightly bearish against the US Dollar and Bitcoin. ADA/USD may decline a few points, but it may later bounce back to retest the $0.40 resistance.

Cardano Price Resistance

There was a steady price action in ADA price recently above the $0.3500 level against the US Dollar. The price even traded above the $0.4000 resistance, but it was not able to gain upside momentum. A high was formed at $0.4044 from where the price started a downside correction. It moved below the 23.6% Fib retracement level of the last wave from the $0.3420 low to $0.4044 high.

More importantly, there was a break below a major ascending channel with support at $0.3800 on the hourly chart of the ADA/USD pair. The pair is now trading below the $0.3900 level. However, the downside move was protected by the 50% Fib retracement level of the last wave from the $0.3420 low to $0.4044 high. The pair is currently holding the $0.3700 support and it must stay above the mentioned levels. If it fails to stay above the $0.3700 level, it could even test the 76.4% Fib retracement level of the last wave from the $0.3420 low to $0.4044 high at $0.3553.

Cardano Price Technical Analysis ADA USD

On the upside, the price may continue to struggle near $0.4000. A successful break above the $0.4000 level could ignite more gains toward $0.5000 in the near term.

Hourly MACD – The MACD for ADA/USD is currently in the bearish zone.

Hourly RSI – The RSI for ADA/USD is moving lower and is currently below the 50 level.

Major Support Level – $0.3700

Major Resistance Level – $0.4000

 

Charts courtesy – Cryptowat, Bittrex

The post Cardano Price Technical Analysis – ADA/USD Just Broke Crucial Support? appeared first on NewsBTC.

Cardano Price Technical Analysis – Can ADA/USD Break $0.38-0.40?

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Key Highlights

  • ADA price is holding the $0.3400 support very nicely and is currently moving higher against the US Dollar (tethered).
  • There was a break above a connecting bearish trend line with resistance at $0.3625 on the hourly chart of ADA/USD (data feed via Bittrex).
  • The pair is likely to extend gains, but it won’t be easy for buyers to break the $0.4000 resistance.

Cardano price is slowly rising against the US Dollar and Bitcoin. ADA/USD must clear the $0.4000 resistance to gain further upside momentum.

Cardano Price Support

There was a slow and steady upside move formed from the $0.3200 low in ADA price against the US Dollar. The price traded above $0.4300 before correcting lower. The recent low was formed at $0.3395 from where the price started a fresh upside wave. A connecting bullish trend line with support at $0.3500 on the hourly chart of ADA/USD acted as a support.

The pair moved above $0.3600 and the 23.6% Fib retracement level of the last decline from the $0.4386 high to $0.3395 low. There was also a break above a connecting bearish trend line with resistance at $0.3625 on the same chart. However, the upside move was limited by the $0.3650-0.3700 area. Moreover, there was no complete test of the 38.2% Fib retracement level of the last decline from the $0.4386 high to $0.3395 low. It seems like the price is facing important resistance levels on the upside at $0.3800 and $0.4000. The $0.4000 level is also the 61.8% Fib retracement level of the last decline from the $0.4386 high to $0.3395 low.

Cardano Price Technical Analysis ADA USD

Therefore, a break and close above $0.4000 is needed for buyers to push the price further higher. On the downside, the $0.3400-0.3500 support zone is a decent buy area.

Hourly MACD – The MACD for ADA/USD is slowly moving higher in the bullish zone.

Hourly RSI – The RSI for ADA/USD is just around the 50 level.

Major Support Level – $0.3400

Major Resistance Level – $0.4000

 

Charts courtesy – Cryptowat, Bittrex

The post Cardano Price Technical Analysis – Can ADA/USD Break $0.38-0.40? appeared first on NewsBTC.