Cardano[ADA]nears oversold level as sellers overpower:Technical Analysis

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Cardano[ADA]nears oversold level as sellers overpower:Technical Analysis

After a shining period of market performance, the coins are back in dark pits with Cardano [ADA] witnessing a gradual decline. As the bears are back in action, the 11th most valuable digital asset failed to resist the downward thrust. The increasing selling pressure in the market spawned the altcoin to post a solid loss of nearly 158 million from its market cap in a short span of less than an hour at noon. The downward spiral of  Cardano is making it trade in red with a sluggish momentum.

ADA/USD

The MACD, at the time of writing, shows that the digital currency is nearing the bearish territory. The 100 EMA line suggests that the virtual asset is exhibiting a downtrend. The resistance level for the altcoin is found at $0.0480 and currently, the coin is trading slightly above the mark. The hourly RSI indicator currently stands at 38.6, which indicates that the coin is approaching the oversold level due to pressure from the sellers in the market. At the moment, the digital asset is trading at $0.04870, witnessing a dip of nearly 2.67% against the U.S.dollar. The total market cap of the cryptocurrency stands at $1.26 billion, as per the data from CoinMarketCap.

Cardano

Cardano [ADA] price chart

ADA/BTC

Currently, the token has edged up 2.51% against Bitcoin [BTC] and one ADA is worth around 0.0000126 BTC.

Cardano [ADA] Latest Updates

  • Cardano’s Shelley phase is in the pipeline and set to launch in Q1 2019. The Cardano community is eagerly waiting for the Shelley phase as it will make its blockchain fully decentralized. The blockchain is currently in the Byron phase. The Shelley phase will also mark the release of Cardano 1.5. Charles Hoskinson, the CEO of IOHK, Cardano’s venture builder, recently tweeted that he was attending an internal workshop at Berlin to finalize the design of Cardano’s delegation mechanics. The delegation mechanics is known to be one of the chief obstacles before the launch of the Shelley phase.
  • Cardano [ADA] recorded the most Github activity happening in cryptocurrency repositories in 2018. The blockchain registered over 45,000 commits last year and has become the most actively developed cryptocurrency in the cryptoverse. ADA currently ranks 11th among cryptocurrencies by market cap. According to Coincodecap data, the project has recorded the most number of commits beating major cryptocurrencies like Bitcoin and Ethereum. The project features 45,758 commits on all of its repositories consisting of 16 different programming languages

See also:

Cardano’s Shelley release in the pipeline for Q1 2019
Trust Wallet adds support for Bitcoin (BTC), Litecoin (LTC) & Bitcoin Cash (BCH), more “exciting news” in coming weeks

Image via Shutterstock

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