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Cardano price prediction: ADA finally moving above $0.35 with a strong impulse

TL;DR Breakdown  ADA/USD currently trades above the previous monthly high of $0.36  Cardano continues bullish momentum  Resistance turned support at $0.35  Cardano currently trades around $0.36, having a market cap of $11 billion. After several days of sideways movement, ADA has finally managed to break higher after a brief retest of $0.28 support as predicted […]

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TL;DR Breakdown

  •  ADA/USD currently trades above the previous monthly high of $0.36
  •  Cardano continues bullish momentum
  •  Resistance turned support at $0.35 

Cardano currently trades around $0.36, having a market cap of $11 billion. After several days of sideways movement, ADA has finally managed to break higher after a brief retest of $0.28 support as predicted in our Cardano price prediction yesterday. ADA/USD has set a new yearly high as it peaked at $0.367 hours ago.

Cardano price prediction: ADA finally moving above $0.35 with a strong impulse 1

Cryptocurrency heat map by Coin360

Cardano Price Prediction: ADA is ready to move higher

ADA/USD has been trading in a symmetrical triangle pattern for the past days after several day bullish moves resulted in a new yearly high of $0.358 earlier this month. Since then, the price has been setting lower highs each time it finds support and reverses.

This week, ADA made both a higher low around $0.28 and a lower high around $0.33. Both of these turning points resulted in clear respect of the symmetrical triangle pattern. 

Today, the price of Cardano finally made its decision on where to go next. A clear breakout above the $0.33 resistance, as well as the descending trendline, was made.

Cardano price movement in the last 24 hours

The price of Cardano has increased by more than 14 percent over the past 24 hours. As mentioned before, a clear breakout was seen today. Cardano broke above all three previous highs of $0.33, $0.34, and $0.358. Therefore, we can expect further bullish momentum in the upcoming week.

Before the breakout, ADA retested the previous minor support area around $0.28. An obvious rejection was seen around this level, inviting traders to enter the market in preparation for another breakout attempt. This time it was successful.

Cardano price prediction: ADA finally moving above $0.35 with a strong impulse 2
Cardano Price prediction 16.01.21.

Cardano price chart by TradingView

ADA/USDT 4-hour chart – Cardano broke the symmetrical triangle

Let’s consider that the previous bullish wave, seen from the 3rd of January to the 7th of January, resulted in a more than 100 percent gain. We could expect the market to continue much higher in the upcoming days in a similar way.

For the current move of Cardano, the next resistance could be seen around the psychologically important $0.4 level. Other than that, there are no clear resistances ahead, and ADA/USD could keep on moving higher over the weekend.

In case a rejection for further upside is seen later today. A good support level to watch for the ADA is the previous minor high of $0.33. The $0.33 level, together with the several week ascending trend line, will likely offer support for ADA once again.

The retest then could be used to enter a long position with the expectation that the price will continue moving higher next week. If this area does not hold Cardano in place, we will likely see a much larger mid-term reversal in the remainder of this month.

Cardano Price Prediction: conclusion – ADA shows strength after a breakout

Cardano has spent several days in an increasingly tighter range, which formed a symmetrical triangle pattern. Earlier today, the pattern broke with a strong bullish impulse to the upside. All three previous local swing highs could not provide enough resistance, resulting in a new yearly high being made for the ADA/USD.

Currently, the price should have a short-term correction, which would retest the previously mentioned resistance levels as support. Additionally, several week ascending trendline will likely offer additional support for ADA.

Right now, the best move would be to stay on the sidelines and wait for Cardano to make a confirmation pullback. This would allow for the best risk/reward setup in preparation for further upside over the upcoming 24 hours.

While waiting for the pullback, check our Cardano Price index report.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Blockchain

Santiment Reveals Top 10 Ethereum Projects by Developer Activity

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Despite record highs for network charges in February, development on some of the industry’s leading Ethereum based projects has continued unabated.

The research stated that development activity is an often-underrated indicator of project success. It demonstrates the ongoing commitment to creating a working product, continuously polishing and upgrading its features, and staying true to the long-term roadmap.

The research focused solely on pure ERC-20 projects that are currently committed to developing on Ethereum. It has used 30-day Github activity to track development status and action.

The Ethereum Project Top Ten

At the top of the list for developer activity in February is the decentralized prediction market platform Gnosis. Despite a 28% slide in GNO token prices for the second half of the month, the Gnosis team has been busy working on the product.

Gnosis launched on the xDai Ethereum sidechain, joined the Open DeFi alliance, and launched a new collaborative grants initiative for Gnosis Safe Apps last month.

Status was the second most developed Ethereum based project with a number of updates for the open source mobile dApp browser and messenger. SNT prices hit a three-year high of $0.125 in February.

Virtual metaverse and NFT protocol Decentraland was third in the list of developer activity with a number of features introduced to improve user experiences.

DeFi synthetic asset protocol UMA came in fourth with two main focuses for the month; getting some major protocols out the door, and there was a collaboration with BadgerDAO.

Coming in at number five for developer action was Chainlink which announced the official mainnet launch of Off-Chain Reporting (OCR). This significantly improves the efficiency of how data is computed across Chainlink oracles, reducing operating costs by up to 90%, it added.

“The most immediate benefit to DeFi and its users will be a 10x increase in the amount of real-world data that can be made available to smart contract applications.”

DeFi Dominates

These were the five most developed platforms in the Ethereum ecosystem for February 2021, and they were dominated by DeFi.

Also featuring in the top ten list was Skale Network, a decentralized modular cloud for running Ethereum-based dApps. MakerDAO, which is consistently in the top ten for development, was in seventh place.

Decentralized data exchange protocol Ocean, computing sharing economy Golem, and analytics platform Santiment itself rounded out the top ten.

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Source: https://cryptopotato.com/santiment-reveals-top-10-ethereum-projects-by-developer-activity/

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Blockchain

Santiment Reveals Top 10 Ethereum Projects by Developer Activity

Avatar

Published

on

Despite record highs for network charges in February, development on some of the industry’s leading Ethereum based projects has continued unabated.

The research stated that development activity is an often-underrated indicator of project success. It demonstrates the ongoing commitment to creating a working product, continuously polishing and upgrading its features, and staying true to the long-term roadmap.

The research focused solely on pure ERC-20 projects that are currently committed to developing on Ethereum. It has used 30-day Github activity to track development status and action.

The Ethereum Project Top Ten

At the top of the list for developer activity in February is the decentralized prediction market platform Gnosis. Despite a 28% slide in GNO token prices for the second half of the month, the Gnosis team has been busy working on the product.

Gnosis launched on the xDai Ethereum sidechain, joined the Open DeFi alliance, and launched a new collaborative grants initiative for Gnosis Safe Apps last month.

Status was the second most developed Ethereum based project with a number of updates for the open source mobile dApp browser and messenger. SNT prices hit a three-year high of $0.125 in February.

Virtual metaverse and NFT protocol Decentraland was third in the list of developer activity with a number of features introduced to improve user experiences.

DeFi synthetic asset protocol UMA came in fourth with two main focuses for the month; getting some major protocols out the door, and there was a collaboration with BadgerDAO.

Coming in at number five for developer action was Chainlink which announced the official mainnet launch of Off-Chain Reporting (OCR). This significantly improves the efficiency of how data is computed across Chainlink oracles, reducing operating costs by up to 90%, it added.

“The most immediate benefit to DeFi and its users will be a 10x increase in the amount of real-world data that can be made available to smart contract applications.”

DeFi Dominates

These were the five most developed platforms in the Ethereum ecosystem for February 2021, and they were dominated by DeFi.

Also featuring in the top ten list was Skale Network, a decentralized modular cloud for running Ethereum-based dApps. MakerDAO, which is consistently in the top ten for development, was in seventh place.

Decentralized data exchange protocol Ocean, computing sharing economy Golem, and analytics platform Santiment itself rounded out the top ten.

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Source: https://cryptopotato.com/santiment-reveals-top-10-ethereum-projects-by-developer-activity/

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NEXT Chain: New Generation Blockchain With Eyes on the DeFi Industry

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[Featured Content]

The cryptocurrency industry is booming throughout the past year, and the increase in the total market capitalization is definitive proof.

The market is, at the time of this writing, valued at about $1.5 trillion. The same can be said about the DeFi industry. The total value locked in various protocols exceeds $39 billion, and the direction has been up only for quite some time.

However, this has also brought certain inefficiencies in different solutions, including Ethereum. Transaction fees on the network surge as it’s clogged by new participants. This is the reason we’ve seen plenty of alternative solutions being developed to tackle these issues.

NEXT chain is a new-generation blockchain that allows the tokenization of various assets, making them instantly tradeable at quick speeds and low fees.

What is NEXT Chain?

NEXT Chain is a blockchain that allows anyone to create and maintain their own digital assets in a manner that’s easy and rather similar to the ERC20 protocol standard running on Ethereum. All assets are tradeable directly as the team’s aim is to deliver transparent liquidity to existing and new projects.

The capabilities of the network include but are not limited to:

  • Issuing digital fungible assets such as bonds, stocks, and other securities
  • Creating non-fungible tokens (NFTs)
  • Creating and managing sovereign and decentralized identities
  • Design and run other types of arbitrary-complex smart contracts

It’s also worth noting that the blockchain is up and running since April 2019. It already has almost 200 master nodes, and, as the team reports, it doesn’t have a single failed transaction.

Additionally, the team aims to deliver the most profit for its community by taking advantage of different financial activities while also putting real-backed assets on-chain such as company stocks or commodities like gold, for example. It will also be connected to a fiat gateway, so there’s no middleman if the user decides to swap to EUR or USD, for instance.

The team has implemented a combination of Proof of Work and Proo of Stake consensus algorithms with master node validators acting as a Layer 2 technology. This allows the network to achieve high transactional throughput, typical of PoS networks, while also keeping the PoW principles to guarantee that miners calculate hashes with strong encryption.

Some of the advantages of these integrations include low transaction fees, high speeds, and scalability.

What Are the Benefits for Projects and Investors?

Teams are incentivized to build on NEXT Chain through a variety of different mechanisms, mainly through the capabilities of the blockchain itself.

They can create assets quickly and easily and also take advantage of crowdfunding opportunities. The transactions are quick, and the fees are comparatively lower. The team reports that the blockchain can handle up to 10,000 transactions per second (TPS) which is considerably more than Bitcoin or Ethereum’s chains.

On the other hand, investors can benefit from liquidity farming, staking rewards, master node rewards, mining, as well as from master node governance.

The NEXT Exchange

Another important part of NEXT’s ecosystem is the NEXT Exchange. It’s built on the proprietary blockchain, and it’s fueled by master nodes that allow it to reach a very high transactional throughput.

Each user retains full custody over their funds and gains access to their own private keys. It’s also worth noting that the team is building an alternative to Uniswap and PancakeSwap as the leading decentralized exchanges on Ethereum and Binance Smart Chain, respectively.

In addition to that, there are other initiatives that the project has in store, such as:

  • New and updated desktop wallet
  • Upgraded block explorer
  • A mobile app
  • Integrating smart contracts on NEXT chain
  • Atomic swaps
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Source: https://cryptopotato.com/next-chain-new-generation-blockchain-with-eyes-on-the-defi-industry/

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