Price Analysis

Cardano Works Towards Excelling the 3rd Generation Asset Type

Cardano Escalates in Scalability, Interoperability & Sustainability

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Charles Hoskinson has recently explained what Cardano is and what the difference is between Cardano in comparison to Bitcoin and Ethereum. To simplify and draw a difference between the given three cryptos, Hoskinson, while comparing in common parlance, said that Bitcoin is the first mover in the crypto space.

To splurge in any particular space or branch, there has to be a certain first mover. In this regard, Bitcoin is the first mover in the crypto space, and back then, people knew cryptocurrency from the sole name of Bitcoin.

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In general, Bitcoin is a first mover to proof check and confirm if we can have a decentralized money system. To maintain this decentralized network, Bitcoin was the very first inception and the prototype of the first generation to push the concept of decentralization and the idea of digital money. Cryptocurrency turned out to be the only domain wherein the users were free to join, invest, and mine without any interference or rules.

Bitcoin—the first decentralized network is the simplest model that the executors have just pushed throughout the decade and are still by way of mining. Hoskinson added that a few years ago, Bitcoin was valued around $0 and recently has spiked to $10k leading to 5000 more cryptocurrencies in the global crypto market. Therefore, Bitcoin did not encourage dApps, DeFi, cannot issue assets and complex contractual relationships.

Ethereum—the 2nd generation cryptocurrency learned from the 1st generation model of Bitcoin and therefore became dynamic and held decentralized control and decentralized ledger.

Hoskinson than explaining about the Cardano network said that it is a 3rd generation smart contract platform and that it is trying its best to cover all the limitations of the other two generations. Cardano is having asset ledgers, better and understandable programmability, dynamic centralization with the aim of having billions of users.

Amongst all the cryptocurrencies of the crypto market and government systems amidst the growing competition, Cardano is planning to have such a system that is a full-proof asset in the crypto space. The team of IOHK and Charles Hoskinson are continually working towards developing Cardano, its most overlooked project—Shelly, to be rare and should offer adequate communication to revolutionize crypto space.

To conclude, the basic difference that Hoskinson drew was that the following generation would cover all the qualities and fill in the loopholes of previous projects.

Cardano Price Analysis

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ADA/USD Chart By TradingView

On the 8-hourly chart, Cardano is trading with a lack of steady momentum against the US Dollar, and a bullish candlewick has breached above 61.80% Fib Retracement level. The intraday is appearing quite promising, yet ADA awaits a blow of traction to breach the flat curve.

Over the past month, Cardano price has hit the highest and lowest at $0.0906 and $0.0689 while currently trades at $0.0813. Around the given trading price, ADA coin is retaining steady support from 50-day and 200-day daily MA at $0.0798 and $0.0646 on the 8-hourly chart.

The 20-day Bollinger Bands are seen holding a normal momentum and is not withstanding any extremities. The price trend of Cardano has been majorly above 38.20% Fib Retracement level; however, it is yet to have a complete bullish crossover.

The other technical indicators laid are drawing complex conclusions wherein MACD of ADA is holding a bearish crossover, and the RSI is lying at 53.01 with no trading extremities. The immediate support and resistance for Cardano lie at $0.075 and $0.090, respectively.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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