• Cardano’s creator shared plans on the project development.
  • ADA/USD recovers from recent lows, remains under pressure.

The creator and founder of Cardano (ADA), the 10th largest digital asset with the current market value of $1.7 billion, shared his plans on the project development.

He said that he and his colleagues were focused on creating an innovative product, based on new ideas. Answering criticism about the delays in Cardano network upgrade known as Shelley, he explained that the work on Cardano project is time consuming as it requires a lot of in-depth research. That’s why no one can guarantee that the deadlines are met, even of the researches and developers do the best they can.

“Generally speaking, when this happens in industry, what happens is that the R&D phase concludes before it’s consumerized or productized … So you guys see the end result of projects,” he said. 

Shelley upgrade will make proof-of-stake (PoS)-based Cardano protocol “fully decentralized”. 

Meanwhile, Cardano’s coin had a good start in 2019 with over 60% of gains, but it seems to have run out of luck recently. ADA/UAD as lost nearly 5% of its value in recent seven days and over 25% in the recent month to trade at $0.0643 at the time of writing. The coin has recovered from the recent low of $0.0630. The local resistance is created by psychological $0.0700-$0.0730 area strengthened by SMA100 4-hour and DMA50. Once it is out of the way, the recovery may be extended towards $0.0800.

On the downside, the support is seen at $0.0575 (DMA100) followed by psychological $0.0500.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano price is primed for new all-time highs as ADA protocol prepares for new upgrade

Cardano has been trading in a robust uptrend for the past two months as investors are looking for better alternatives to Ethereum. The upcoming update for the digital asset will allow users to create tokens from scratch on top of the Cardano blockchain.

More Cardano News

VET is ready for a quick jump to $0.05 if key level holds

Vechain had a significant rebound already climbing by more than 35% since its low of $0.0346. VET managed to climb above a critical resistance level which is now acting as a robust support point.

More VeChain news

Algorand may become the standard smart contracts protocol fuelling ALGO price uptrend

In the past two months, Ethereum has seen a lot of competition as the massively high fees forced investors to look for better alternatives. Algorand has announced several positive developments and aims to become a solution by providing faster and cheaper transactions.

More Algorand News

Crypto bull run on track amid surge in US inflation expectations

The crypto bull run has taken a breather after the gruesome drop in value at the beginning of this week. Bitcoin led the freefall, dropping from $58,000 to $45,000. Generally, all cryptocurrencies retraced and are now holding above key support levels to prepare for another upswing to new yearly highs.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP