Tanya Abrosimova
Independent Analyst
- 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
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