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Price Analysis 26 August: XRP, Chainlink, Cardano

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There wasn’t anything positive above the last 24-hours in the cryptocurrency space as the collective altcoin industry clocked in a loss of $15 billion. Top cryptos faced the brunt of the force with XRP, Chainlink, and Cardano witnessing significant drops. At the time of the press, there is active recovery taking place but the overall trend remains strong bearish at the moment.

XRP 1-hourly chart

XRP 1 1 e1598432698289

XRP is currently nursing a long-term downtrend where the valuation has reached a monthly low in the charts. The token was valued at $0.275 at the moment, while the market capitalization was around $12.4 billion.

With a trading volume of $1.39 billion, XRP witnessed a negative return of 2.75% over the last 24-hours. Speaking about recovery, The assets’ Awesome Oscillator suggested that bullish momentum was rising up again in the charts as the green candles were evident in the analysis.

On the other hand, the Aroon indicator wasn’t so pricing friendly as the bearish crossover was attained between the orange line and blue line.

Chainlink hourly chart

LINK 6 e1598433122648

One of the top performers of the year, Chainlink did not escape the bearish assault as well. Chainlink has been surprisingly uncorrelated to other crypto assets over the past few weeks, but the asset dropped alongside the industry, clocking in a 4.20% decline. For Chainlink, the valuation of $20 seems like a distant dream, as it is presently valued at $14.33 with a market capitalization of $5.05 billion.

In spite of the bearish situation, the MACD indicator for LINK indicated a bullish presence as the MACD line was observed to be above the signal line in the charts.

Chaikin Money Flow of CMF suggested a neutral stance between the capital coming in and going out.

Cardano hourly chart

CARDANO 1 e1598433173548

Lastly, Cardano’s long-term decline continued at the asset facilitated a whopping 7.54% collapse. With ADA tokens, August hasn’t bee exactly exciting considering it rallied fervently during May-June 2020.

With Relative Strength Index or RSI suggestive of a recovery after the asset was over-sold, the selling pressure remains dominant in the market. Parabolic SAR offered a bit of relief, exhibiting a bullish turn with the dotted line observed under the candles.

With a market capitalization of $2.92 billion, Cardano maintained its position outside the top-10 at 11th.

Bitcoin(BTC), Bitcoin Cash(BCH), Cardano(ADA) Technical Analysis on 4th August 2020

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After the prices faced a sudden decimation on the 1st of August, the dominant bullish trend had suddenly become a little uncertain for major digital assets, Top coins such as Bitcoin, Bitcoin Cash, and Cardano were feeling the turbulence at these coins pictured different returns over the past 24-hours.

Bitcoin

Bitcoin(BTC)

After reaching $12,000 on 1st August, Bitcoin appeared to consolidated between $11,444 and $11043 over the past 48-hours. Heading towards the support at $11,043, Bitcoin exhibited a declination of 0.68 percent over the past day. BTC’s market capitalization crossed $200 billion, which is positive, and the trading volume over the past day was also around $23 billion.

Upon analyzing three of the indicators, the trend was divided between the markers. Parabolic SAR was bullish for Bitcoin as the dotted lines approached under the candlesticks. Relative Strength Index was initially dropping but a buying pressure seems to be back up again in the charts.

Finally, MACD was bearish for the token as the orange marker trailed the blue marker in the charts.

Bitcoin Cash

Bitcoin cash(BCH)

Bitcoin’s forked coin Bitcoin Cash appeared to mirror a similar image to Bitcoin as the asset struggle to rise above its recent losses. With the support at $278, the price at the moment was around $287, far below the $325 point reached on 1st August. BCH had a market cap of $5.27 billion at press time.

Bollinger Bands indicated that turbulence should be expected as diverging bands suggest high volatility in the charts.

Chaikin Money Flow or CMF exhibited more money coming in for BCH than going out but it was barely above the zero-line in the industry.

Aroon Indicator was positive but in the hindsight, it may undergo a trend reversal, which will end up with the bears taking over the valuation.

Cardano

cardano(ADA)

Finally, one of the top performers in 2020, Cardano appeared to be more bullish than Bitcoin and Bitcoin Cash as the asset registered a growth of 3.51 percent in the charts. Cardano could be heading towards $0.15 again, after witnessing more than 500 percent throughout the year. With a market capitalization clocking in at $3.68 billion, the asset also had an extremely impressive trading volume of $1.36 billion.

Bollinger Bands were diverging for ADA’s market suggesting that volatility will be high in the near future.

Chaikin Money Flow or CMF deflected from the zero-line at the time of writing, implying that new capital has been injected over the past day.

However, Awesome Oscillator indicated a neutral trend with bullish momentum slightly dropping down for the 8th largest digital asset.

Chainlink [LINK] and Cardano [ADA] Enjoy Greener Pastures as altcoins show how its done

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July has been a consistent week for the cryptocurrency industry as several of the major tokens maintained their price support. Even though users expected resurgent movements, they were forced to be content with a minute increase in market cap and volume.

On Monday, users expected bigwigs like Bitcoin, Ethereum and XRP to gain but it was the altcoin gang that stood the test of the bear. An analysis of the cryptocurrency charts showed that IOHK’s Cardano and LINK were one of the best performers at the start of the new week.

As the altcoins resurgence began, Cardano led the charge as the sixth-ranked cryptocurrency saw a 6.6 percent value increase over the previous 24-hours. This spike was an added boost to the cryptocurrency’s surge, which had gained by a mammoth 34 percent in the last week. At press time, ADA was trading for $0.13 with a total market cap of $3.43 billion. The bull run also lifted the daily trading volume to $473.76 million.

ADA

Cardano’s Relative Strength Index had broken above the overbought zone, making it a profitable buy-in sector for investors. This was also a sign that there was a reversal in the negative sentiment associated with purchasing ADA tokens. The Chaikin Money Flow indicator was also positive for Cardano as the graph was much higher than the zero line.

Despite its reputation of being low-lying, Chainlink was the best performer in the top 10 club. The tenth-placed cryptocurrency was well above the pack with a daily growth rate of $24.5 percent. Chainlink was also the biggest weekly grainer with a stellar 62 percent spike in the last seven days. At the time of writing, LINK was trading for an increased $7.75 while holding a market cap of $2.7 billion. The daily volume had clinched a better spot with a value of $1.612 billion.

Chainlink

Chainlink’s CMF was well above the zero line as the capital coming into the market overtook the capital leaving the market. At the same time, the Relative Strength Index followed a similar path to that of Cardano’s, breaking above the overbought threshold zone. The week has started off well for the altcoins giants and it is safe to assume that there will be a slight flattening soon.

Is Ethereum, Cardano and Ethereum Classic leading the “Altcoins Season”?

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In the first few months of 2020, as the collective crypto industry witnessed a boom, a strong narrative gained traction in the “Altcoins Season.” With Ethereum leading its march from the front, an unexpected collapse as a result of COVID-19 ‘s impact on the traditional market spilled cold water on the argument.

However, as observed in May, after Bitcoin’s halving momentum came to an end, other altcoins started to pick up the pace and attracted a considerable amount of attention.

Now, according to Coinmetrics’ recent state of the network report, it was indicated that another “Altcoins Season” could be on the cards.

Per the report, a radical shift has started towards the end of April. From April to May, there was a significant change in the spot-volume markets of major exchanges such as Kraken and Coinbase. It has been noted that May has turned out to be extremely positive for retail activity as online brokers such as Robinhood, Fidelity, TD Ameritrade, etc. have all recorded a huge amount of activity.

Inspired by an old-school financial trait, investors might turn “overconfident” on the market and possibly try to take on more risk-on assets. As a result, the trading volume could have shifted from fiat on-ramp exchanges to those platforms that cater to a list of riskier digital assets.

Coin

From the above chart, the shift in spot trading can be observed. As pictured, major assets such as Bitcoin registered a minor dip in terms of its spot volumes as other assets such as Cardano, Ethereum Classic, THETA, and Matic facilitated an increase in the industry.

As the trading volume moved into these riskier Altcoins, the report speculated on the possibility of the beginning of an “Altcoins Season.”

Altcoins Season and its Question Marks

Now, the argument is quite constructive in the report, but a closer look is needed for assets that have improved their spot volumes.

Ethereum led the charge in the built-up, but the largest altcoin has been steadily increasing in activity due to the advancement of Ethereum 2.0.

Another increasingly active asset was Cardano, but a large part of the community believed it was due to the anticipation of Shelley Testnet.

It is therefore conceivable that the “Altcoins Season” is yet to arrive and it is imperative that the performance of another month be taken into account before filing those bags with the top altcoins.

Cardano Set to Open Shelley Testnet Today as Price Spikes by 60 Percent

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It is an extremely important day for the 10th ranked Cardano. After days of anticipation and development over the last few years, Cardano Shelley’s testnet is about to go live, as the ADA phase will open to its stake pool operators on 9 June. Back in May, the test was only open to a specific group of people considered to be ‘Friends and Family,’ which included about 50 stake pool operators.

The announcement on Twitter was made by the Input-Output HK(IOHK) official page, where Tim Harrison, Marketing, and Communications Director of Cardano revealed the ecosystem plan to open its stake pool and preparing the mainnet staking and delegation for later this summer.

However, Harrison pointed out that the system is far from perfect, as though it will be a mirror representation of the Shelley manner, it is a testnet for a reason to identify other bugs and issues.

Cardano Price and Social Engagement

With a sense of excitement surrounding the Cardano space, the start of June has been extremely positive from a valuation perspective. Since May 28th, Cardano’s price has spiked by a massive 64.09 percent as the valuation stretched an uptrend from $0.055 to $0.090. The momentum might have slowed over the past two days at $0.09 but continued to consolidate right under at $0.085.

Other data sets also suggested that the recent announcement has spiked Cardano’s social engagement according to LunarCrush. The organization recorded over 1 million interactions for the 10th ranked digital assets across multiple social media platforms.

ADA

However, according to intotheblock’s analysis, the recent surge might have been due to the influence of large investors. Around $7 billion worth of digital asset, which is almost 3 times more than Cardano’s market cap was transacted by the large ADA holders on May 31st.

Although the volume of large transactions continued to taper off since the peak, these price of ADA remained at high levels, as mentioned above.

“Crypto is a political movement”

The ever-active founder of IOHK, Charles Hoskinson recently stated in his Live AMA that all the crypto-fueled disruptions that have been indicated which respect to monetary relations, with not arrive in the space with hiccups as the digital asset industry is slowly becoming involved in a political cobweb. On June 5th, Hoskinson said,

“Crypto is as political as it gets. We are going to re-invent the concept of money and take it out of the government’s hand and control int ourselves.”

Cardano’s 1st Shelly Block has been produced!

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On 27th April, the founder of Cardano and Redditors celebrated the first block of Shelly that was produced earlier on 25th April 2020.

Recently, IOHK announced the release of Daedalus 1.0 an ADA wallet made after 1.5 years of hard work. The team yesterday exclaimed its success when Hoskinson said that it had received an “overwhelming response”. 

Just a day later, today the community celebrates Shelly’s first block. The Shelly phase of Cardano starts with users delegating their stakes – the key ingredient to produce new blocks in a Proof-of-Stake protocol. 

As Cardano’s plan is to move to a completely decentralized network, Shelly plays as a stepping stone to make history in terms of decentralized financial systems leveraged by blockchain.

Redditor, u/rawriclark posted on r/Cardano, stating how the genesis block of Shelly had been produced.

 

#cardano #shelly #genesisblock

The same was tweeted by Charles Hoskinson with the comment “Meanwhile in Cardano land, a Wizard arrives precisely when he means to!”. 

Right now Shelly is in its Testnet phase and Mainnet is expected to roll out by Q2 of 2020. Usually, incentivization and staking structures are planned for the Mainnet phase of a project, in the case of Cardano the Testnet itself allows ADA holders to participate in the network to earn ADAs through delegating their stake or by operating a stake pool. According to Cardano, this enables them to “test something earlier testnets couldn’t: real behavior – and real behavior requires real rewards”. 

Considering the Shelly phase is all about decentralization, the team has made it a point to be as careful and secure as they can be to keep the network from malicious plays.

As of now, large blockchain projects are controlled by less than 10 mining pools, making them vulnerable and exposed to attacks. With an incentive structure designed to achieve an equilibrium of around 1000 pools, Cardano could be 50-100 times more decentralized than the existing blockchain networks by the end of the Shelly era. 

Cardano claimed how Shelly can make the network 100% decentralized. Using a blockchain delegation certificate, operators can transfer their participation rights to stakeholder pool operators when they are offline.

The Shelly phase opens doors for a decentralized cryptocurrency ecosystem, much like Bitcoin, but faster in terms of synchronization and more effective client support among other benefits.

 

Cardano Chooses Georgia as the Starting Point For Mass Adoption; Tech Will be Used in the Education Sector

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The use of cryptocurrencies and blockchain technology has become common practice in a number of countries, albeit in a small capacity. It was a slow start to decentralized technology, but 2020 seems to have brought massive changes to space.

According to legitimate sources, it has been confirmed that the country of Georgia is planning to adopt Cardano for storing and verifying educational credentials. 

Local newspapers reported that Charles Hoskinson led IOHK, the Georgian Ministry of Education and the Free University, and the Business and Technology University of Tbilisi had jointly signed a Memorandum of Understanding [MoU]. The three organizations will work in tandem to help Georgia create the world’s first credential verification system in the field education.

Reports said that IOHK’s Cardano will allow Georgian schools and universities to store their data on the blockchain. The system is designed in such a way that clients can confidently access a student’s academic qualifications. Additional features include the authentication of the mark and the credibility stamp.George Shekriladze, the Georgian IOHK representative said:

“Today we use centralised data systems. What does that mean? Any digital data is stored in any specific server, or cloud, or someone’s computer …. Different from this, blockchain (which is also called DLT ‘distributed ledger technology’) enables us to save data not only in one localised place but in several places.”

IOHK added that using blockchain technology, data could not be deleted. This was important in a sector where student data was of paramount importance. Students will be provided with a secure network to preserve, share and access their academic qualifications. The Cardano-backed system will also comply with the General Data Protection Regulation [GDPR].

Georgia was selected to be a base for Cardano because of its open legislation and leaders who are conducive to new technology. This adoption makes Georgia the first country in the world to use blockchain technology in the state sector. Cardano has been scanning multiple regions in the European Union out of which Georgia came out as the winner.

At the time of writing, Cardano claimed that the alpha version was ready and the Ministry of Education was in the process of integrating it into various departments. Data about diplomas and certificates are also stored on the MoE’s server, which will be copied to the blockchain system. Georgia also revealed that they were not footing the bill on the project with IOHK aiming to launch as soon as possible.

IOHK also plans to support new businesses in fintech as well as provide aid for supply chain implementations. Apart from this, the company will integrate smart contract functionality into the Georgian government.

 

Cardano [ADA] Price Analysis: Cryptocurrency rallies as long term bearish dips undergo reversal

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The bull may have returned to the cryptocurrency market again as a majority of the assets were blinking green on the charts. This positive run has not just boosted Bitcoin but also altcoins such as Ethereum, XRP, and Cardano.

Cardano, currently ranked 11th on the charts had a tough 2019 in terms of price. But at the same time, Charles Hoskinson claimed that internal developments were going on in full swing which will enable the cryptocurrency to grow in the months to come. At press time, Cardano was trading for $0.046 with a total market cap of $1.196 billion. The IOHK founded cryptocurrency held a 24-hour market volume of $86.003 million after 11.4 percent climb over the previous week.

1 hour:

Cardano [ADA] Price Analysis: Cryptocurrency rallies as long term bearish dips undergo reversal
One Hour Chart

The hourly chart for Cardano showed a steady increase in its value over the past few days. ADA has been waiting for this climb and investors will be relieved to see that a bullish run was upon them. The immediate support was at $0.041 while the ADA resistance held at $0.046.

Cardano’s upper and lower Bollinger band moved parallel to each other after a bearish outbreak on January 19th. The parallel movement meant that the cryptocurrency was going through a sustained hold, mostly skewed towards the bullish territory.

The Chaikin Money Flow indicator was below the zero line for the first time in two days. The graph staying below meant that the capital coming into the Cardano market was lesser than the capital leaving it. Investors have been on the fence about diving into the sector because of rapid fluctuation, but the small rise indicated that ADA’s fortune may be turning.

The signal line and the MACD line both showed a bearish connotation. At the same time, the MACD histogram blinked red. Prior to this, Cardano enjoyed a more bullish atmosphere according to the MACD graph.

1 day:

Cardano [ADA] Price Analysis: Cryptocurrency rallies as long term bearish dips undergo reversal
One day Chart

Cardano’s one-day graph painted the picture of a cryptocurrency escaping from the bear’s clutches. The analysis showed that Cardano was enjoying a significant price climb for the first time since October 2019. The immediate support in the long term was at $0.041.

The Chaikin Money Flow indicator had shot up massively above the zero line for the first time in a long time. The CMF was now at its highest point since June 2019.

The MACD indicator witnessed a bullish crossover in the long term. The upward rise on the chart went hand in hand with the bullish MACD histogram.

The Bollinger bands for Cardano reactivated recently after a sustained price hold. The upper band and the lower band diverged from each other, indicating a bull run. This was also the first major Cardano bull run in 5 months.

Conclusion:

The current atmosphere seems to be bullish for Cardano after half a year of a bearish trudge. A majority of the aforementioned indicators sided with the bull and the cryptocurrency will be happy to know it is part of the altcoin surge. Although the price was climbing at the time of writing, holders need to be wary of the dynamic cryptocurrency market.

 

Here is all you need to know about Cardano light wallet Yoroi 1.8 update

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Cardano (ADA) is a prime mention when it comes to cryptocurrency. Web-based wallets and extension based wallets handle ADA. Yoroi is a Cardano wallet, which was named after the ancient Japanese samurai armor which was made of leather and iron.

Yoroi is chrome based extension later developed by EMURGO considering the security loopholes in web-based wallets. EMURGO is a third generation blockchain, who developed Yoroi in partnership with IOHK.

Web-based wallets are not so secured, considering their norms to run a local copy of Javascript code to create the password and private key. Also, web-based wallets are prone to DNS hijacking, where people will be fooled to redirect toa dubbed site which is a clone of the original and chances of losing Cardano are vast. And in another scenario, people at times download a virus assuming it is Daedalus. But with chrome extension, it is entirely different and with better security.

Yoroi in Chrome provides rapid development, with entirely built APIs and it’s also very secure considering the fact it runs inside a sandbox. Also, with Chrome’s inspection options, this becomes simple. The mere difference between Yoroi and Daedalus is that the first one is a light wallet, meaning it doesn’t download the entire blockchain, but instead it connects to other trusted servers that contain the full blockchain copy.

Now with Yoroi being a very prime option when it comes to Cardano, EMURGO has recently released an update for this light wallet- Yoroi 1.8.

Yoroi 1.8 has been released for Firefox and Chrome (Auto Update).

The update comes with the following new features,

  • Function for adding Cardano (ADA) payment URL
  • Balance hidden option
  • A new warning message if the device has failed to connect to the server
  • Support for the Indonesian Language

If you are using Daedalus and yet to download this light wallet, do it now and it will auto-update to Yoroi 1.8.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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