Cardano (ADA) Threatens to Slide Under $2: Good Time to Buy?
Aiswarya Gopan • 2 min read
Cardano (ADA) is holding steady after posting quite the decline through Monday despite many exciting partnerships announced over the weekend which could see its adoption skyrocket in the coming weeks and months. At the time of writing, ADA/USD is trading at around $2.12.
Cardano Forges More Partnerships
One of the most futuristic applications being built on the blockchain is an AI-powered humanoid nurse called Grace. Cardano’s blockchain will power the robot’s AI modules and allow the bilingual robot to assist in providing healthcare and eldercare services, complete with stimulating facial expressions and emote to offer realistic social interactions and process biodata rapidly. In addition, the underlying blockchain technology will also securely store medical records of patients in a tamper-proof and encrypted manner.
On the fundamentals front, another development that could offer the ADA token some support is IOHK’s partnership with Oasis Pro to develop an alternative trading system that leverages blockchain technology in primary bond markets among developing economies. Oasis Pro’s technology enables the use of digital cash for conducting digital transactions in securities and integrating Cardano’s blockchain will bring about decentralization, making the process faster while bringing down trading fees by 50%.
The Cardano Summit over the weekend also saw the blockchain announce a partnership with Rival – an esports, gaming and fan engagement enterprise platform, to launch its NFT marketplace on the blockchain. Rival chose Cardano’s technology to develop its NFT offering, allowing brands and organizations to engage with their fans by creating and distributing NFTs and even offer the option to redeem their NFTs for physical goods and marketplace-based royalties on the Rival platform.
A popular crypto analyst and trader who goes under the pseudonym ‘Crypto Capo’ predicts that Cardano’s ADA can rally all the way up to $10 and possibly even higher this year. Although, before this happens, he expects a price correction which can take its price down to $1.85-$1.90 in the near-term.
Key Levels to Watch
Taking a look at the H4 price chart of ADA/USD, we find a strong bearish bias among moving averages as well as the MACD. Although, other leading indicators such as the Stochastic and momentum are suggesting some interest among buyers as well.
Cardano’s price is sitting under the pivot point at $2.19 and appears to be making its way down under the key $2 level. A break below this point can see a test of the immediate support at $1.92.