ADA/USD dangerously close to all-time lows as Cardano team pitches its technology to the Mongolian government
|- ADA is the worst-performing cryptocurrency of the month.
- Cardano's founder discusses blockchain technology with Mongolian leader.
Cardano (ADA), now the 10th largest coin by market value, is trading at $0.0632, down nearly 9% since this time on Monday. Launched in 2014, Cardano platform gained popularity due to its unique multi-layer structure, while the crypto boom of 2017 pushed its cryptocurrency ADA to the all-time high at $1.39 on January 5, 2018. Since that time the coin lost over 95% of its value and reached the lowest level in its history.
ADA/USD turned out to be the worst-performing coin of the month, losing 35% with no meaningful recovery in the pipeline so far.
Technically, ADA/USD is capped by $0.0680 resistance, created by a host of 1-hour SMAs. If this area is cleared, the upside may be extended towards $0.07. On the downside, the critical support comes at $0.060, which is the all-time-low reached on September 12. Once below, the price will enter the uncharted territory.
Cardano team goes to Mongolia
Meanwhile, Cardano team is on a mission to bring innovations and blockchain technology to developing countries. Thus, Cardano's founder Charles Hoskinson recently visited Mongolia to discuss how the technology can be applied in country's business sectors and governmental structures.
He shared his photo with Mongolian minister Damdin Tsogtbaatar in Twitter but refrained from disclosing details of the talks.
Back in May, the company signed a Memorandum of Understanding (MoU) with the Ethiopian government with the aim to train blockchain developers in Ethiopia.
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