Technically, the altcoins market—including that of Cardano (ADA) is on a recovery path. We can see this panning out in the charts and despite sell attempts in the daily chart, still ADA is up a market boosting 10 percent in the last week. On the fundamental front, ADA should benefit from the extra liquidity following Bittrex’s move to open up USD market for individuals and approved corporate accounts.
From the News
As the market bottom out, several events stand out in the Cardano markets. In the past 24 hours, these Cardano specific news have been commanding the headlines:
Bittrex shall avail the ADA/USD markets for their customers
In a tweet, Bittrex, the Seattle based crypto exchange, said beginning Sept 5, the trading platform shall introduce two new trading pairs: ADA/USD and ZEC/USD. Though the service will be available to only select account holders in six US states and pre-qualified international account holders, individual accounts must white-list their bank accounts to allow deposit and withdrawal from Bittrex. Additionally, only accounts older than one month will be allowed to trade the USD market while corporate accounts desirous of fiat trading must fill in and submit a request form. Overly, Bittrex is rolling out this service to test the market and to establish quality controls now that they have a working partnership with Rialto Trading as they aim to create a next gen digital asset trading platform.
Cardano Targeting Nigeria
After Rwanda and Ethiopia, the Cardano Foundation is setting their eyes on Nigeria, an African power house. This comes days after Cardano sponsored a well-attended community meet up in the coastal town of Port Harcourt where many expects more collaboration and announcement will be made in coming days. Overly, this is not surprising and as an emerging market, Cardano and IOHK should strategically position themselves to offer several blockchain based solutions in this thriving African market which has seen Bill Gates sink in more than $1.6 billion in several start-ups in the country.
Cardano (ADA) Technical Analysis
At position nine in the liquidity list, Cardano (ADA) is up 10% in the last day even in the face of resistance in lower time frames. While this week has been emphatic for buyers who have been successful in reversing last week’s losses, that long upper week visible in the current bar should be a pointer to slowing bull momentum.
After all, price action is technically bearish with ADA trading below the psychological resistance level at 12 cents. On top of this ADA prices are trading inside week ending Aug 12 initiated bear break out pattern.
As mentioned before, ADA reversals are on the cross roads. And we can see these developments happening in the daily chart.
While yesterday signaled the completion of a three bar bear reversal pattern, the evening star, we shall still hold on to a bullish projection unless there is a dip past our immediate support line at 8 cents.
Before then, our previous Cardano (ADA) long trades are valid and that path way should apply for consequent ADA traders searching for long opportunities on every dip.
However, on a conservative approach, risk on traders must first wait for a conclusive close and break above 12 cents, our immediate resistance line as spelled out in our last Cardano (ADA) trade plan.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.
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