Price Analysis

IOHK Aims Data Security and Cardano Will Not be the Only One to be Benefitted

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With Artificial Intelligence taking over the ground and hampering the state of privacy, we are not far from one such year when the robots will take over humans. And not that anything is done in a disguised manner; instead, we have been permitting these data management companies from dusk to dawn. With the majority of the people around the globe observing the lockdown due to the Pandemic, this has been the ultimate opportunity for data captivating as we tend to spend more time with electronics and the internet.

Now, privacy has always been a major qualitative ticker for the crypto space, which engages anonymity as a feature for the investors who join the network. However, in the early stages, when Bitcoin came into the eyes of early adopters and the world before a decade now, Bitcoin and crypto was nothing but a gambling space for many. It held many allegations like tampering the financial system and money laundering from the global systems.

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However, IOHK—the firm levied for the development of Cardano cryptocurrency, aims at having a cryptographic based proposal to address the above-mentioned data security and privacy issues. The company has produced around 60-peer research papers, and amongst these five papers are related to ZkProof Workshop, Power to the Edges, and Inclusive Accountability.

With the growing age of digitalization, Bitcoin, along with peer cryptocurrencies, has been spreading its branches with a scope of evolving even farther. Cardano, the crypto that is ranked on the 12th position in the global market, is one of those cryptocurrencies that is clearing its path to serving the community and the people aligned to its network.

Cardano Price Analysis

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ADA/USD Chart By TradingView

On the 5-hourly chart, ADA/USD has been seen breaching the 8-week top at $0.0578, while trades at $0.0523, at the press time as per the data feed on Binance. Just when the pair dipped below $0.0525, it lost support from the 50-day daily MA yet retains support from 200-day MA. Cardano price trend has maintained an edge above 38.20% Fib Retracement level, and in consideration to this level, $0.047 serves as the major support after $0.050 and $0.048. The intraday appears to be taking a bearish toll after a brief uptrend noticed when the ADA coin had hit 8-week high.

The technical indicators are drawing a negative picture as the signal line crosses above the MACD line on the 5-hourly chart of Cardano against the US Dollar due to the intraday pullback. Similarly, the RSI of the ADA coin is at 44.43 and is inclined towards the selling zone yet holds no extremities.

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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