Cardano (ADA) is a peer-reviewed and scientifically studied smart contract platform advertised as a “third generation blockchain.”
Cardano’s price has dropped by 85 percent since its all-time high in January 2018. BraveNewCoin market cap now stands at $4.64 billion, with $658 million traded in the last day.
ADA Development
The development of the ADA began in 2015. An Asia-focused token presale garnered $62 million between September 2015 and January 2017, selling 26 billion tokens for $0.0024 each. On October 1st, 2017, public trading of the tokens began. A hard ceiling of 45 billion ADA tokens set, with 13.88 billion coming through staking incentives.
IOHK and Emurgo issued a detailed blog post in October 2018 describing issues with the Cardano Foundation, including a lack of strategic vision or plan, operational secrecy, and trademark infringement. Following a restructuring in December 2018, they replaced some members of the Cardano Foundation.
According to the statement, the Cardano Foundation announced legal actions initiated by Z/Yen Group Limited earlier this year. For a variety of reasons, the Cardano Foundation canceled or canceled the arrangement. The Cardano Foundation categorically denies the Z/Yen Group Limited’s assertions. Due to the continuing nature of this legal process, no additional information will be provided while the case is pending.
Hoskinson said in November 2018 that IOHK would be leaving Hong Kong and incorporating in Wyoming. Then, in February 2020, IOHK contributed US $500,000 to the University of Wyoming to build a Cardano research facility focused on producing code in the ADA smart-contract language. The lab rumors to be working on a hardware solution for Cardano authentication and anti-counterfeiting. According to CoinDesk, Hoskinson also discussed possible collaboration with BeefChain, a livestock tracking platform.
Hoskinson established cooperation with New Balance to authenticate counterfeit goods in September 2019. Despite previewing the news ahead of an official announcement, New Balance has yet to issue an official press release on the subject. Polymath, StudEx, ScanTrust, Finkda Advisors, Dust Identity, PriceWaterhouseCoopers, The Privilege Project, the Ethiopian government, and Harvard University’s Berkman Klein Center are among the other stated relationships.
Verdict
Cardano has now enabled a staking testnet and mainnet, Shelley, after years of development. If a mainnet launch with staking is successful, exchange listings and exchange staking pools will continue to follow.
Unlike other blockchains, this one has a very active development team that continually issues new protocol phases. Along with token values, on-chain fundamentals and Google Trends have risen and dropped in recent months.
Over the last two weeks, the technicals for ADA/USD have shifted from bearish to bullish. The price is now trading above the 200-day EMA as well as the daily cloud. Based on the yearly pivots, immediate upside resistance is found around US $0.177 and US $0.207. At US $0.37, the price would have reached a two-and-a-half-year high. On-trend metrics, ADA/BTC technicals are bearish to neutral, with a possible climb to 1,100 SATs in the next few months.
New generation PoS currencies and the arrival of ETH 2.0 will all challenge ADA in the coming months. Short-term bullish rallies will most likely be hampered by the over 31 billion ADA circulating supply and continuous staking benefits.
