Cardano (ADA) is currently ranked 8th on the cryptocurrency marketcap list, but it has the potential to make a significant jump this year and the next. A few of the drivers for this optimistic trajectory are fundamentals and the possibility of new publicity.
Let’s start with the team and technology behind ADA. Charles Hoskins is the CEO of IOHK, developer of the Cardano project, and also a co-founder of Ethereum. Hoskins is quite face-forward on social media and understands the market very well. He believes that ADA will be the first trillion dollar coin and will be known for real-world practical value. ADA’s e-Wallet is called Daedalus, one of a kind in the market. It gives users the ability to activate decentralized applications within the cryptocurrency’s Blockchain. So, it’s both very powerful, versatile and safe.
“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,” Hoskins said in a AMA interview.
Hoskins has also assembled a very sophisticated team around him applying high level academic computer science to raise the standard of quality assurance.
But, one of the other most important factors in the potential rise of ADA is a jump in notoriety. It’s been suggested that a Coinbase add could be a possibility. Hoskins is deeply involved with Ethereum Classic and could feasibly put Cardano in the mix. This would boost visibility significantly. ADA also fits the profile of coins on the exchange – a decentralized platform with strong software and code underneath it. This would pump the price exponentially and boost the blockchain bringing in Dapp developers and raising that market cap significantly.
Most people think that Ripple (XRP) is the next coin to jump on Coinbase, but this move would be unexpected and fit the mold of the Ethereum Classic add.
Looking at the chart currently, there were a couple of attempts by cardano price to clear the $0.1780-0.1800 resistance against the US Dollar. The ADA/USD pair failed to gain traction and formed swing highs near $0.1800, $0.1780 and $0.1750. It moved down and broke a short-term support at $0.1700. There was even a close below the $0.1680 level and the 100 hourly simple moving average.
However, the downside move stalled near the $0.1600 support. The price is currently consolidating above the $0.1600 support with a few bearish signs. On the upside, an initial resistance is near the 50% Fib retracement level of the last decline from the $0.1755 high to $0.1601 low