(ADA) is currently the seventh largest coin by market cap and trades at a price of $0.39. The price is currently forming a bullish gartley pattern on the 4H chart for ADA/BTC, which looks like a good buying opportunity for a short term trade. However, things also look good long term as Cardano has quite a few interesting announcements to make this week that could drive the past beyond $1 in no time.
The team behind Cardano (ADA) is a big believer in safety and security. Currently, they are working on a paper wallet that will eliminate the risk of online theft and wallet hacks. These kinds of measures are aimed at traditional investors who do not fully understand the blockchain technology and its risks as yet. For the same reason, they feel overwhelmed by all this geeky stuff and are afraid to use digital wallets or even cold wallets especially when they hear so often about wallet thefts and exchange hacks in the news. To address these concerns, Cardano (ADA) is trying to get traditional investors to begin with more traditional ways to invest in cryptocurrencies. Imagine your 70 years old grandfather trying to move crypto in a ledger wallet. While honorable exceptions are there, I can assure that will be daunting tasks even for most non tech savvy millennials! The crypto community as of now is comprised of people who are adequately tech savvy which is currently like a drop in the ocean. As soon as traditional investors have more options to invest, the whole landscape will quickly change.
As for Cardano (ADA) their biggest challenge is to take on their rival Ethereum
(ETC), another project which IOHK is working on. Their ambitious team is signing partners left and right in blockchain supporting countries. Recently, they partnered up with South Korean mobile payment platform, Metaps Plus. This is an indirect partnership via Emurgo but has huge potential for mass adoption of Cardano (ADA) in the Korean markets. The company, Metaplus Plus is reported to process more than 10 million transactions that take place from mobile to offline channels.
Cardano (ADA) is one of those coins with the most recovery made since the recent correction. The price looks to be stabilizing before an upcoming accumulation period leading up to the next bull run. The coin continues to perform exceptionally well against Bitcoin (BTC). Debates of decoupling Cardano (ADA) from Bitcoin (BTC) are still going on. Cardano (ADA) also appears to be striving hard for ADA/USD pairs on some exchanges. The first one of these will most likely be Binance as soon as it adds fiat currencies. Binance also seems to like Cardano (ADA) and already offers ADA/USDT pair.