Cardano, a decentralized blockchain-based system, is powered by ADA to bring solutions to some of the social, economic, and political problems in Africa. As reported recently, African countries like Nigeria have been facing issues with respect to Land ownership and registration, tax payment school certification, and supply chain system.
The aforementioned problems are directed towards blockchain-based solutions with a recent launch of an organization in South Africa named South African Blockchain Alliance (SANBA). This enterprise is supported by Cardano Foundation and has been benefitting countries like Nigeria, Ghana, Uganda, and Rwanda. In this regard, Cardano has been extending support to accessorize and unify all probable blockchain-based platforms for an effective solution to the stated problems.
Moreover, due to escalation in the activities of Cardano blockchain, ADA coin has been luring many investors on board. The on-chain analysis shows that the amount of new addresses is spiking and has hit a fresh ATH above 4,00,000. This is the major push for the Cardano blockchain platform and the native crypto to attain even higher heights and goals.
It is a very positive and bullish sign. People prepare for #staking.
— Cardanians.io (@Cardanians_io) June 26, 2020
Cardano has been minimally affected from the market volatility, as observed from the Month-to-Date movement of the coin. Almost the major coins of the market ranked amongst the top 50 are believed to be divided into two groups wherein the alts like DGB, XVG, VET, LINK have shown remarkable momentum. While, Alts like XRP, Ethereum, Tron have been traction and are more influenced by Bitcoin’s momentum. However, ADA coin seems to have taken a midway.
Cardano Price Analysis
On the 3-hourly chart, Cardano appears flat and is not exhibiting any trend or pattern against the US Dollar. The lack of momentum in the intraday has led to a bearish sentiment of the market, and the trend is seen hitting the lower 20-day Bollinger band. Moreover, the bands are seen squeezing, which projects lack traction and intraday setbacks.
The intraday bearish candlewick has led to breaching below the lower BB and below 61.80% Fib Retracement level. Over the past 25 days, the price trend of ADA/USD is in the range of $0.0635 and $0.0918 with a lack of support from 50-day and 200-day daily MA. Over the past 10 days, ADA had regained stupefying traction to rise above 50.0% Fib Retracement level, followed by 61.80% Fib, and since then, it has been maintaining the same range of trading.
The MACD chart is drawing a bearish crossover with a flattening curve due to intraday setback and lack of momentum, while the RSI of Cardano is at 46.75 and holds no trading extremities. The major support and resistance for the coin lie at $0.075 and $0.087, respectively.