Cardano (ADA) Determined To Give Ripple (XRP) And Ethereum (ETH) A Run For Their Money
Cardano (ADA) entered the crypto community with a mission to revolutionize blockchain and currently ranks 7th in terms of marketcap. The team behind this great project is always two steps ahead of its competitors which is why they call Cardano third generation blockchain which means that it has set out to solve problems that other coins are yet to face. It is no surprise this project is backed by IOHK (Input/Output Hong Kong) under the leadership of Charles Hoskinson. If you have not heard about IOHK before, that is fine because they are not the kind interested in publicity or promotion. IOHK, the same company which also works on Ethereum Classic is known for its low key style. Their approach of more doing and less talking can be seen in the achievements of Cardano.
The team behind Cardano is one of the most ambitious in the crypto community. They are planning to take on Ethereum and Ripple at the same time with their advanced smart contracts and layer based architecture. Investor interest in Cardano has been the highest in Cardano (ADA) during the last 6 months when its price climbed from $0.10 in December to $1.40 in early January registering a 14x growth before crashing with the rest of the market. Cardano (ADA) still is a solid crypto investment but with the rise of new cryptocurrencies, investors seem to have forgotten about this coin in the current hype dominated market.
Cardano (ADA) was one of the few coins with more than 75% loss in value following the recent correction. Fortunately for those who missed the previous rally, Cardano is back at a point where similar gains can be expected. The 50MA looks ready to cross the 200MA on the 4H chart, a bullish sign which could help ADA/BTC break out of the wedge towards the upside. On the other hand, the inverse head and shoulders formation visible on the chart seems to have been invalidated and the RSI has broken below the trend line. However, prospects seem brighter on longer timescales for Cardano (ADA) bulls.
Cardano investors are one of the most interested in the debate of decoupling. As we have seen during recent events, Bitcoin moves the market. If BTC rises, altcoins rise with it. If BTC falls in price, so does the rest of the market. Cardano decoupling would mean that Cardano is broken free of the influence of Bitcoin and that it follows its own pace. The reason for this debate is that Cardano (ADA) differs from Bitcoin and most altcoins in its trading approach by not implementing the SHA-256 Algorithm. Cardano also seems more interested in getting ADA/USD pairs on various exchanges instead of ADA/BTC. Cardano was developed with compatibility in mind and as such it has more potential to comply with future regulations than most other coins on the market. Their telegram community is rapidly growing with more than 16,000 members and the team is more active than ever on social media.
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