Cardano risks losing its position in the top ten cryptocurrencies globally. MACD instills a sense of optimism, primarily based on how the upcoming events turn out. Charles Hoskinson has confirmed that CIP-69 will be included in Chang hard fork. This is expected to benefit developers planning to develop decentralized applications (dApps) on the network.
CIP-69 takes a hint from the community feedback and aims to provide security and flexibility to developers. It will practically allow a single validator script to serve multiple roles. The fact that the confirmation comes directly from the founder of Cardano adds tons of weight to it.
Hoskinson has also come out in criticism of CBDC, an acronym for Centralized Bank Digital Currency. Charles Hoskinson has based his criticism on the ground that the prevalence of CBDC’s existence will contribute to an increase in financial surveillance while restricting the privacy & autonomy of the user. Hoskinson took to social media and expressed this thought through a post.
Next on the list is the possibility that the Gemini exchange platform will list ADA. For reference, Gemini has been reluctant to list Cardano on the board. But if history has set any trend in the crypto market, a platform will cave into the community’s demands. ADA gaining accessibility via Gemini will prove the platform’s support for the community.
The recently published post by Charles Hoskinson on Gemini’s educational platform triggered this speculation. The platform has not been officially commented on yet.
ADA is testing the crucial resistance of $0.43. A fall beneath that level will pave the way for a higher number of downswings – possibly taking a dip to $0.38. The majority of the indicators are bearish for Cardano except for MACD. It has been suggested that there is a chance for ADA to recover and stay on the list of the top 10 cryptos in terms of market cap.
The market cap of ADA is rallying around $16.05 billion, up by 2.63% at the press time. The 24-hour trading volume has jumped by 54.41%. The token value also demonstrates an upward trajectory, with a surge of 2.62% in the last 24 hours. The value remains down by 4.73% and 10.81% in the last 7 and 30 days, respectively. ADA may set the target of inching closer to $0.51 if it does not ride the bear.
All four factors, collectively, are expected to set the stage for MACD to be proved right. MVRV has dipped, and NVT has spiked. Whale activity is down. ADA is having difficulty coming ahead as Bitcoin attempts to break out of the consolidation phase. Its movement has been between $61,000 and $64,000.
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