Cryptocurrency Cardano reduced on Friday morning in tandem with the U.S. dollar. Morning auction go for $0,0913, the reduction is estimated at 1%. Watching the Cardano last week, we can say that the amplitude of sales is declining – earlier loss of investors increased faster than the changed external environment. A basic look at Cardano is now close to neutral, according to a leading analyst RoboForex Dmitry Gurkovsky.
If we consider the dynamics of quotations of Cardano from the point of view of technical analysis, the 3-hour chart can see the development of the correction phase relative to the previous trend of decline. Correctional trend reached the level of 23.6% according to Fibonacci scale, and can continue its development to the levels of 38.2% ($0,12073) and 50.0% ($0,13227). Support the current movement advocates a minimum of $0,08319.
On the 1 hour timeframe dynamics Cardano presented in a more detailed view and here we can see the downtrend channel convergence, which may indicate the beginning of a reversal. The main changes in the trend will break through resistance at $0,09640. The nearest promising growth target may be $0,10631 located on the resistance line projection of the channel. Also the supporting factors are: thrust lines of the MACD indicator up, and the output of the Stochastic lines from “oversold”.
Among the interesting news for Cardano should pay attention to the information about updating company system functionality. In August, the head of IOHK, Mr. Hoskinson (C. Hoskinson) spoke about new opportunities for projects that are based on blockchain Cardano.
So, the Icarus project is a base for the development direction of “light” wallets – in fact, it is the basis on which you can “build” the developer needs the functionality depending on the purpose of the future product. “Easy” because it does not require downloading the entire blockchain fully – you can copy only the server option.
In addition, in August, was presented with the project Prometheus. This is another supporting element for the development of their own wallets, written in the Rust language and is available for use directly in the browser. In addition, there are developments on the use of smart contracts is a very promising direction, which can be widely deployed in Finance in the near future.
Global information relating to the cryptocurrency market as a whole, mainly associated with the decisions of the SEC. It became known yesterday rejecting several proposals to create a bitcoin ETF. Immediately after that, the Twitter SEC Commissioner pierce has a record that these negative decisions can be further reviewed. It is clear that the adopted SEC decision is not final, but now this is the verbal confirmation.
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