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Cardano coin: A detailed analysis of highly undervalued altcoin

BINANCE:ADAUSD   Cardano / US Dollar (calculated by TradingView)
Cardano is fully open source decentralized public block chain crypto project for Ada cryptocurrency. The designers have initiated aground up scientific philosophy that create a secure and workable block chain to protect user privacy.

Block chain consensus mechanism - Proof of Stake ( POS ) algorithm called Ouroboros which is extremely cost effective compared to mining

Block chain is a decentralized peer-to peer system with no central authority figure. To make decision. The consensus mechanism is used to verify that information added to new block is valid.

Proof of Stake: It is a type of consensus algorithm with no mathematical puzzle and new block is chosen based of no of coins or stake a person holds. If a person has a stake of 5 coins and other with 50 coins. The person with 50 coins will be chosen as next block Validator.

Ada has two layers actually one is computational layer and Cardano Settlement Layer ( CSL ). CSL (Settlement or accounting layer) which functions as currency/store of value and computational layer is the layer of implementing smart contracts.

Latest news update:

The entire cryptocommunity got shocked and speechless when ADA co founder proposed a cooperation between ADA and Tron ( TRX ). If this proposal comes true it will be highly beneficial for both coins

Charles Hoskinson ,Cardano founder and leader at IOHK tweeted that new wallet complementary to the Daedalus wallet will be coming to the market before 2019.

The IOHK’S chief Charles Hoskinson was invited by Google to discuss future of Cardano and other cryptocurrencies and advancements in technology.

CNBC “Crypto trader” labels Cardano ( ADA ) as most undervalued altcoin.

Technical:
The major support is around $0.11 and any violation below will drag the pair till $0.0790.The pair declined more than 85% from the high.

On the higher side, $0.1470 (20 day MA) and any break above targets $0.1887 (55- day MA)/$0.2375/$0.3390 ( 200-day MA).

It is good to buy on dips around $0.125-0.13 with SL around $0.0785 for the TP of $0.2345/$0.3300.

Comments

great analysis.
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