Cardano (ADA): More Reasons To Love It In 2018
Cardano (ADA) is trading above the $0.30 price level after struggling to break the resistance level. At the opening, ADA traded at $0.2850 against the US dollar.
In the 24 hr chart, ADA has now gained +4.79% to rise to $0.302 and 0.00002641 BTC (rising by 2.09%). Though marginal, this price jump is a testament to Cardano’s staying power. But if you are holding on to your bag of ADA, this couldn’t be any better.
For the past week, Cardano (ADA) had its price staying marginally in the green to leave many investors firmly convinced that it will break the $0.30 price resistance level. There appeared a glimmer that the resistance would be broken at $0.2950 but that too didn’t materialize, the price staying much in that bearish outlook.
There’s a struggle to break that resistance level and all likelihood has been that Cardano coin would settle back to the $0.28 support level witnessed throughout last week.
Well, all that could be about to change. I am using the word “about” because this is cryptocurrency and such price movements aren’t unusual. Yet, I am holding out for ADA to edge this one out and embark on a run.
Cardano price had continued to struggle against both the USD and BTC, failing to build any momentum towards the $0.30 trend line. It is expected that ADA will form another support base at $0.2850 for much of the week. The all-time high of $1.26 is achievable with the release of Shelly update coming in Q2.
And so we wait to see if it can go a run and jump over the resistance line. If it does, then it could be due to what the Cardano team is trying to achieve with the platform.
Prices interest market players differently. Those who are in to make some quick bucks out of fear of missing out on this or that crypto, find the daily fluctuations and price resistance quite annoying.
But there are those who come prepared for the long haul. To us, the true hodlers, the current price struggle doesn’t matter. It’s the product and how the broader picture is set to unfold down the line that gets our attention.
This is why I say that the $0.30 price shouldn’t bother Cardano holders. Why? Because that alone doesn’t give a true state of affairs of the Cardano project; what the team led by IOHK, Emurgo, and Cardano Foundation want to achieve with ADA is what matters.
Expect the delivery of the Cardano 1.1 patch tomorrow.
On 3rd March, CEO of IOHK, Charles Hoskinson tweeted that Cardano’s upcoming 1.1 patch would be available from March 6, 2018. Then he added that he’d release more notes once the patch had been finalized. This is definitely good news for the Cardano family, even if prices continue to slide down.
The patch may not be that major, but it still shows that the team is working to make the Cardano platform secure. It is also likely the patch will contain some sort of software improvement regarding the Linux installer of the Cardano wallet. Keeping in line with IOHK’s ethos, everything needs to be reviewed before being released. The patch is a correction in the software that we hope Charles’ notes will shed further light on.
At the moment, it would be safe to assume that this patch is related to the upcoming Shelly release scheduled for Q2 this year.
The Shelly Update in Q2 of 2018
The Cardano roadmap clearly states what Shelly is all about. The first milestone was Byron. This phase of the Cardano project was meant to establish a baseline for the launch of Cardano, and giving Cardano users an opportunity to trade and possibly transfer ADA. However, Shelly will be aiming to give the platform two key principles: decentralization and autonomy of the system.
Shelly’s update in Q2, is focused on making the Cardano technology grow and become bigger in the cryptocurrency. You can access and watch the video about the roadmap updates by following them on Twitter.
Every ADA holder should be excited about the impending release of Shelly. It’s going to have a big impact on prices. However, speculation that someone or some people (a very small percentage of whales), will continue to drive prices into the ground for their own selfish gains. It may be true because every crypto begins with only a few people holding the largest share of coins. My advice here is that even those whales will be looking to make a profit at some point. So, instead of selling your ADA coins, why don’t you just hodl them? Better still, buy low and wait.
What direction do you think Cardano (ADA) is going to take in the coming days? Let’s share and engage each other on this.