ADA Holds Positive Bias Due to Enticing Cardano Platform
Cardano—the generation crypto after Bitcoin and Ethereum have been gaining impetus due to its recent push from activation of Shelly, the most important project of Cardano. The efforts of the project and the Cardano platform have yielded improvements and accelerating dynamics on the price front as it stands to be one of the top 10 cryptos of the global market.
Haskell a general-purpose programming language, which as general as Java and is undoubtedly important for Cardano blockchain to push decentralized finance at the most. A smart contract-based platform is a strong way for a distributed network to generate value. This will lead to the execution of information and wealth by individuals and organizations without the interference of 3rd parties.
Alongside this, Cardano serves to be an ideal example of a complete decentralized platform and has a distinct PoS consensus. If Cardano keeps working towards decentralization and its unique PoS, in this regard, PoW and DPoS networks are likely to turn into centralized networks eventually. Decentralization will lead to the perfect distribution of decision and power equally among all users.
The team at IOHK and Cardano CEO Charles Hoskinson have been stringently working towards making the platform worth investing in, and in this regard, the platform can readily lure partnerships. This makes Cardano and investing in ADA coin a solid base for a powerful portfolio.
Decentralization and powerful network have led to Cardano is one of the best and significant networks in the global crypto market. Cardano will soon be the go-to platform for many projects that will eventually build alternatives to the current financial services.
Cardano Price Analysis
On the 3-hourly chart, Cardano is drawing an uptrend straight after the massive sell-off in March and has gained approximately 800% making its one of the most luminous attractions in the crypto market this year.
Cardano, at the time of penning down this analysis, was trading at $0.145 and marked a bullish intraday as the ADA/USD price trend hits the upper 20-day Bollinger Band. With Shelly ready to come in action, Cardano will be the most attractive project after two years of trading sideways, and it was just in the ongoing month when the coin had breached a 2-year long resistance.
Moreover, Cardano over the past four weeks has been trading well above $0.100 and retains complete support from 50-day and 200-day daily MA. The major support and resistance for the ADA coin lie at $0.11 and $0.17, respectively. This is believed to be a real growth based on the platform’s success on account of its most awaited project—Shelly, and therefore the 20-day Bollinger Bands do not exhibit any extremities on the 3-hourly chart.
Moreover, the massive cryptocurrency by market capitalization—Bitcoin has also strengthened after an enormous consolidation period and is now trading close to $11k at $10.9k. The influenced cryptos have also regained the lost momentum; however, Cardano is having its own independent growth based on its platform attractions.
The technicals are drawing a bullish picture on the 3-hourly chart, and due to positive intraday sentiments, the MACD is crossing above the signal line. The RSI of the coin is lying at 55.34 and holds no trading extremities.