- Cardano recovered from Previous week's low, but the upside is limited.
- Charles Hoskinson is a firm believe in Cardano's bright future.
Cardano (ADA) has recovered from the low reached at $0.2295 on May 18, but the upside momentum is fading away on approach $0.26 The coin lost over 6% amid general market sell-off. Cardano is the seventh biggest cryptocurrency by market value, according to CoinMarketCap, with current capitalization of nearly $6.7B and daily trading volume over $116M.
Cardano's CEO Charles Hoskinson is very optimistic about the future of the coin. He believes that Cardano will beat both Bitcoin and Ethereum within a year because the team behind the project concentrates the efforts in technological improvement.
“Why is anybody worthy of their positions in the market cap? Bitcoin is advertised as a payment system and a means of exchange, and then everybody who’s ever tried to use it for that, it’s been a miserable failure. They usually stop taking it, or they find ways to take cash, and through a creative structure like what Bitpay has done. Ethereum claims to be a world computer, but then CryptoKitties breaks it.”
Technically, ADA/USD touched $0.2635 during Asian hours, before retracing to current level $0.2570. The local support is created by 200-SMA (hourly chart) at $0.2529, followed by $0.2470 (50-SMA) and $0.2445 (100-SMA). The upside is limited by $0.27 with the ultimate upside goal at $0.2900.
ADA/USD, the hourly chart
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.