Cardano (ADA) is trading at the lower half of the pitchfork on the ADA/BTC chart above. This means that the cryptocurrency is close to finish its correction and will likely find a bottom around mid August, if it trades with the same momentum. RSI conditions for ADA/BTC still show price action to be in downtrend even as it nears oversold conditions. Wave trend analysis for the same chart shows that the price is likely to trade lower in the next few weeks until a bottom is found.
Cardano (ADA) has so far respected lower limits of the pitchfork it is trading in. The price entered the lowest half of the pitchfork in June and is expected to continue to trade in this half until a bottom is found. Cardano (ADA) has a history of weak price action against Bitcoin (BTC). However, this time around it seems to be close to completing a full market cycle. Investors’ interest in Cardano (ADA) has been on the rise but it still is not as hyped up as cryptocurrencies like Ripple (XRP) or Litecoin (LTC). Coinbase recently expressed its intent to add Cardano (ADA) to its platform sometime in the future. A recent poll conducted by Coinbase on Twitter also showed that majority of Coinbase users would want the next coin to be Ripple (XRP). However, if Coinbase would not list Ripple (XRP) then Cardano (ADA) would be something they want to invest in via Coinbase.
Charles Hoskinson and IOHK are two well respected names in the crypto community. Anything and everything they support has an extra level of credibility added to it. However, Cardano (ADA) is different because it is not just a project supported by IOHK and Charles Hoskinson but it is also their brainchild. IOHK and Charles Hoskinson (Cardano Founder and Ethereum Cofounder) have dedicated most of their efforts to the development and adoption of Cardano (ADA). The team has been actively working on Ouroboroughs, Plutus and Prometheus solutions to enhance the blockchain and further increase its functionalities. Charles Hoskinson and his team is also focused on sophisticated sidechain solutions and aims to make Cardano (ADA) one of the most user-friendly blockchain solutions available to Dapp developers.
ADA/USD daily chart above for Cardano (ADA) shows that it the price is yet to break out of the downtrend. The resistance line has been rejected three times but it has not been breached once. Since the beginning of the year Cardano (ADA) has been on one of the steepest declines and has lost most of its gains to the correction. Interestingly, Cardano (ADA) has broken the downtrend on its daily RSI which could be a strong signal that Cardano (ADA) is likely to break out of the downtrend in the near future. Wave trend analysis for ADA/USD hints at a slow but steady rise in the days ahead. Cardano (ADA) may fall down to levels below $0.15 short term but long term the price seems ready to break out of the triangle to start another cycle.