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Will Cardano (ADA) Overturn the Bearish Downtrend?

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Cardano (ADA)

Cardano (ADA), the dark horse of the crypto world, has been doing a decent job in the past few months, attracting many investors to its platform. The blockchain project, which boasts an impressive follower-base and well-known for its powerful development team, has witnessed a sudden setback recently. If you updated with the latest price trends, you might be aware how the currency has crashed by 32.9% within a short span of one week. Although the Cardano (ADA) investors have seen a major price drop in December 2017, this price slump has come as a surprise to many. With exciting developments like the launch of two Testnets, as well as its association with Goguen project, such a setback was totally unimaginable. As the bearish sign returns to Cardano, investors are yet to reconcile to its impact on the market. If you are still wondering what’s going on with this cryptocurrency, here’s the full story.

Cardano (ADA): A Promising Blockchain Project  

As a non-mineable cryptocurrency, Cardano (ADA) is widely considered to be one of the promising digital currencies. Often recognized for its status of being the first scientifically-based blockchain project, the platform offers some unique benefits to its investors. Apart from its highly advanced technological features, the project also boasts top-notch security features, as its code is written in Haskell language, one of the best coding algorithms. As you may be aware of, the Haskell language is based on the Ouroboros protocol, which is well-known for its proof-of-stake consensus mechanism and its updated Daedalus wallet. What’s more, Cardano is supported by some of the best teams in the crypto community – IOHK, Emurgo, and the Cardano Foundation, all of which are striving to make it one of the best smart contracts- based cryptocurrency platform.

The Bearish Sign Returns for Cardano

As evident from the previous price records, Cardano was all set to hit the moon with a number of notable developments. Last week was devastating for Cardano investors as the currency reversed its bull run, which began at the beginning of April. While most investors were hoping for a long-term bullish market, Cardano disappointed its users with a shocking 32.9% drop. Discernibly, this is the second time the coin has witnessed such a price drop, the first one occurring in December 2017. While the first downtrend was not entirely Cardano’s own fault as the entire crypto market was down with a bearish trend, the second drop was a severe blow to the investors since it was unexpected.

What Is the Reason Behind the Sudden Price Drop?

Due to unexpected price movements, some of the well-performing currencies have witnessed a dreadful week, with price dropping by major percentages. Speaking of the worst performers in the market, mention must be made of Cardano (ADA) as it featured among the top losers. As per the price records, Cardano led the downtrend in terms of its last week’s performance. The steep decline of Cardano’s price, wherein the coin has dropped -32.40%, has resulted in a catastrophic drop in the market, sending many top-performing coins in the red.

Reflecting on the sudden price drop, price analysts have suggested that the decline can be directly associated with the news from South Korean exchanges. As per the reports, one of the most influential exchanges in South Korea, Upbit made headlines for investigations based on alleged frauds.  This is the primary reason why Cardano, which has shown signs of an upward push, has declined steeply over the last week.

Cardano’s Forecast: Will Cardano Rebound From Its Bearish Trend?

The bearish trend, that took the ADA community by surprise, could have been a massive setback for the ADA community, but much to the traders’ relief, the bearish trend slowed down, indicating signs of a slow but steady recovery. The rapid decline in the prices last Friday, which closed the week with an 18% slump, has slowed down subsequently, allowing ADA to mitigate the incurred losses. Going by the price movements, the coin traded in bear sentiment during the Asian trading hours, and the 24-hour decline is tantamount to -7.6% over its earlier position. The price dropped to $0.24 against the US dollar on all the popular exchanges.

The downturn could have reversed all the progress made over the last month, but the cool-off spared the currency from any severe long-term damages. As for Cardano traders, the bear run concluded on a positive note, the price moving up by 4.52%, taking the price of ADA to $0.26. While the general sentiment of the Cardano market is still bearish, traders would be glad to know that the coin is heading towards a recovery, as the upside push can continue to benefit the investors if the support lines are formed above $0.25. Trading at $0.270667 at the time of writing, Cardano (ADA) has moved up by 0.22% from its previous position, signaling further price stability. With the bull showing signs of a comeback, the tables could turn on Cardano, especially if the upside movement continues to be present during the European trading hours.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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