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Will Cardano (ADA) Overturn the Bearish Downtrend?

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Cardano (ADA)
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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

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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