Technical Analysis and Market Entry: ADA/USDT On A Launchpad For Much Greater Heights
- ADA is pushing aggressively higher, up over 90% since the beginning of the year.
- Cardano’s founder Charles Hoskinson continues to provide positive fundamental updates on the foundation’s developments.
ADA/USDT: Recent Price Behaviour
Cardano’s ADA has been on a strong run to the north of late, moving towards its third consecutive session in the green. It has recently jumped to its highest levels seen since August 2019, up at $0.062500. Following ADA/USDT bottoming out at the back-end of 2019, it was allowed to lay the foundations for a very healthy start to 2020.
The price has rallied a whopping 92% from January, rising from depressed levels of $0.030500. It had been trading at its lowest since December 2018, another time when ADA/USDT had bottomed out before rallying in the first half of 2019. It is worth recapping that the price previously went on a bull run from January – June. The bulls pushed the price from $0.036000 up to heights of $0.106600, before completing reversing the gains and more.
In terms of the current run higher, it does appear to be very promising, multiple technical bullish structures have been broken. These noted formations have been pennants, which continue to help the price push to the north. There is a lack of signage that this run will lose any momentum in the near-term.
Solid Fundamental Cardano Update
IOHK CEO and Cardano founder Charles Hoskinson was recently speaking on a live stream, covering ground on the progress and development at The Cardano Foundation. He additionally addressed a recent security audit report, that was looking into its updated code to check for security flaws. Hoskinson said “It has within it the good, the bad, and the ugly,”, detailing Hoskinson how the auditing team has given the foundation some time to clean up the reported issues before it goes public.
Hoskinson also covered ground on Shelley incentivized testnet, how the release had been intended to incite a broad discussion within the community about the experience of staking and why it is important. He said “We have had overwhelming participation and support from the community in that respect,” detailing how it is another vital tool for them. Hoskinson added:
When we started the incentivized testnet, our wildest hope was to have a hundred reasonable stake pools running, and we thought we’d get fifty. We’re almost at a thousand registered pools, and we think there’s no end in sight.
Given the promising price behaviour, further moves to the north are still eyed. In terms of entry, a retest of the recently breached pennant would be attractive, around $0.057000. If a pullback cannot be seen here, then the current market price would also be of interest. Targets to the upside; $0.065000, $0.070000 and then $0.075000 in the near-term. Stops would be placed below daily support at $0.055500.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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