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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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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip

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 like Bitcoin and Dash, to help protect their assets and hard-earned…

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