Cardano (ADA) Poised For A Major Breakout In November

Cardano (ADA) is perhaps the only large cap coin that most believe to be truly undervalued. The price has already broken resistance against Bitcoin (BTC) as shown by the ADA/BTC weekly chart. Just like the rest of the market, Cardano (ADA) is now waiting for Bitcoin (BTC) to make a move. We saw cryptocurrencies like Ripple (XRP) make independent moves in the past few weeks. However, Cardano (ADA) has remained below the 10 Week EMA. It is pertinent to note though that during the last few weeks, the 21 Week and 10 Week EMAs have come very close. It will thus be quite easy for Cardano (ADA) to pierce through a strong weekly resistance in no time once Bitcoin (BTC) gives it the green light.

The team behind Cardano (ADA) is a big believer in safety and security. Currently, they are working on a paper wallet that will eliminate the risk of online theft and wallet hacks. These kinds of measures are aimed at traditional investors who do not fully understand the blockchain technology and its risks as yet. For the same reason, they feel overwhelmed by all this geeky stuff and are afraid to use digital wallets or even cold wallets especially when they hear so often about wallet thefts and exchange hacks in the news.  To address these concerns, Cardano (ADA) is trying to get traditional investors to begin with more traditional ways to invest in cryptocurrencies. Imagine your 80 years old grandfather trying to move crypto in a ledger wallet. While honorable exceptions are there, I can assure that will be a daunting task even for most non tech savvy millennials! The crypto community as of now is comprised of people who are adequately tech savvy which is currently like a drop in the ocean. As soon as traditional investors have more options to invest, the whole landscape will quickly change.

Cardano Chart With Values

As for Cardano (ADA) their biggest challenge is to take on their rival Ethereum (ETH) with both hands such that they project themselves as a better alternative to Ethereum (ETH) in terms of use, scalability, speed and safety. Currently, Charles Hoskinson and IOHK are more focused on the technological side of things. In fact, this is how they operate most of the time, with little emphasis on any marketing or promotion. The same is true of Ethereum Classic (ETC), another project which IOHK is working on. Their ambitious team is signing partners left and right in blockchain supporting countries. Recently, they partnered up with South Korean mobile payment platform, Metaps Plus. This is an indirect partnership via Emurgo but has huge potential for mass adoption of Cardano (ADA) in the Korean markets. The company, Metaplus Plus is reported to process more than 10 million transactions that take place from mobile to offline channels.

Cardano (ADA) is one of those coins that have a long way to go after the recent correction. The price of ADA/USD appears to be stabilizing during an accumulation period leading up to the next bull run. Cardano (ADA) has performed exceptionally well against both Bitcoin (BTC) and the US Dollar (USD) during previous bull trends. It is thus likely to remain a favorite among cryptocurrency investors during the upcoming rally in November.

Your email address will not be published. Required fields are marked *