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ADA Price Prediction: Cardano Slides Below $ 1.50 As Majors Bitcoin and Ethereum Fall

Tuesday is Cardano (ADA) fell behind after briefly recapturing the key USD 1.50 mark after the market leader Bitcoin and Ethereum cannot hold key levels of $ 50,000 and $ 4,000, respectively. At the time of writing, ADA / USD trading at around $ 1.45.

Before the current deterioration in market sentiment, the bullish sentiment was sparked last week after co-founder Charles Hoskinson posted a video outlining his goals for Cardano in 2022. In the 30-minute video, he discussed plans for creating an open source project structure, even though the Blockchain is currently supported by nearly 15 companies working on it. He envisioned expanding that number to hundreds and thousands in the future, adding that he would like to see more universities and nation-states adopting the technology in the future.

Hoskinson also suggested an idea in order to establish fixed standards for the DeFi-Create a sector, a step that could lead to more success for projects and initiatives in this area. He also discussed how the creation of standards could make DeFi not only significantly safer, but also future-proof, so that the sector can thrive in the years to come.

During the last meeting, the Cardano Foundation announced the list of partnerships for the past year with well-known names from a variety of industries. The most recent partnership is with Ecoage, a consulting firm in the field of sustainability, the one NFT– want to publish the collection on the blockchain.

Meanwhile, Idowall has announced the release of its IdoWallet to the ecosystem, a move that will allow users of the network to trade and wager Cardano tokens. IdoWallet offers users a secure way to store their private keys and conduct digital transactions and access DeFi applications, all on the Cardano network.

Another interesting development that the ADA token can support in the short term is the upcoming token pre-sale of Cardano’s largest cross-chain NFT marketplace, Verlux. In addition to its interoperability functions, what makes Verlux stand out is the integration of a staking platform that allows users to manage exclusive NFTs in special editions by staking their stocks.

ADA / USD technical analysis

On the H4 chart of ADA / USD we find a bearish trend in the smaller moving averages and the leading technical indicators MACD and momentum. However, the MAs with larger timeframes still suggest some interest from buyers.

ADA/ USD

Despite easing pressure, Cardano’s price is holding above the pivot point at $ 1.38 for the time being. The immediate one resistance at $ 1.56, however, is some distance away. We need to see investor confidence improve for a test of this level and if not we need to keep a close eye on price action around the PP.

Source: Crypto News Deutsch

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