ADA/USD Price Analysis: Cardano Neutral to Bullish above 7 Cents

For now, the differences between IOHK and Cardano Foundation isn’t affecting price. But should it escalate and the other side of the story leaks from CF, then we might have a glance of what the team thinks of Charles Hoskinson, the Founder. As it is, ADA/USD is level and above 7 cents meaning our previous Cardano price analysis is valid.

Latest Cardano News

Charles Hoskinson is clear: Cardano is a community organization and a platform where investors have put their monies on and they expect results. Unfortunately, he feels that the Cardano Foundation is not working hard enough to meet the community’s expectation. This is so because for one reason or another, they are led by a king who have control over the Cardano project and are not overseen by anybody.

As such he strongly believes that the Cardano Foundation lacks transparency. Concurrently, they also fail to build necessary bridges to link the community with the project developers because they are not risk takers and they should therefore ship out of the project.

This tirade by Charles, a maverick and an innovative genius behind several high cap blockchain projects as Ethereum, Ethereum Classic and now Cardano shouldn’t be taken lightly. If anything, members running these projects should embody the spirit of blockchain.

One of its pillars is openness where anyone can contribute to the overall good of the project while fronting transparency. Cardano Foundation is yet to release details of their inner workings including how they spend community’s funds and work progress in form of quarterly or half-year meetings.

As CF and IOHK spate, IOHK confirmed that Trezor’s Model T shall support ADA by November this year as the platform works towards rolling out Project Shelly. The theme of Project Shelly will be decentralization and autonomy.

ADA/USD Cardano Price Analysis

Weekly Chart

ADA/USD Cardano Price Analysis

Thing is ADA is down 100 percent from 2017 highs and at current prices, ADA seems to be finding support at around the 6 cents and 7 cents support. Moving on, we shall maintain a bullish outlook though it appears that prices are consolidating following a bear break out pattern of early August.

Therefore, considering the significance of 12 cents—the break out level—which is former support now resistance, it would be monumental if bulls build enough momentum and thrust past 12 cents. If they do then buyers would be in charge and could instead ignite a wave of buyers lifting ADA prices back to 20 cents or even 40 cents.

Despite this, from a top-down approach, we recommend patience until our trade conditions goes live. However, in lower time frames, buyers should be upbeat and should begin looking for buying opportunities in lower time frames.

Daily Chart

ADA/USD Cardano Price Analysis

For now, the indecision should be a cause for caution regardless of our bullish expectations. Therefore, as long as prices are contained between Oct 15 lows and the minor resistance trend line, then we remain bullish but holding off trading until there is expansion above 9.5 cents.

Like in our last ADA/USD price analysis, the level marks October highs and reversal of Oct 11 losses is overwhelmingly bullish for ADA. Before then, we prefer taking a wait-and-see approach on ADA/USD pair.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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