One of the hottest altcoins for this month is featured in our latest cryptocurrency news for its relatively good performance in the slowdown which occurred over the past two days. As we can see, Cardano loses steam and ADA is standing still while being down by 17.7% this week alone.
Presently, the main strength for Cardano stems from its position as an alternative smart contracting platform. This is what makes ADA’s value proposition strong – but is still rather research driven as analysts claim. Behind the decision are apparently views to build a reliable network that is transparent, scalable and whose products are verifiable.
Despite the delays in development and despite the fact that Cardano loses steam as we speak, the cryptocurrency system keeps on developing which shows signs of stability to many investors. As a reminder, in 2018 we saw a lot of projects folding because of dropping asset prices – but ADA is not one of them.
The founder of the cryptocurrency and system behind it, Charles Hoskinson, believes that because of the insistence on quality and research makes him distinct. Therefore, despite the recent sell-offs, the deal with AlgoZ could attract some institutional backing. Meanwhile, as Cardano loses steam, ADA is down on a weekly level.
Additionally, what made Cardano hot in the coming altcoin news was its partnership with the trading algorithm AlgoZ – in which the developers will benefit from the knowledge base for liquidity purposes. As featured on many sites, the AlgoZ solutions spread across five continents and are used by exchanges and several crypto projects.
“Our collaboration with Cardano, one of the most inspiring projects in the crypto-asset scene, is expected to increase the liquidity of the token and its accessibility,” is what AlgoZ noted on LinkedIn.
At the time of writing, ADA is down by more than 15% from last week’s close. Even though buyers stand a chance as Cardano loses steam, the massive liquidation on the market is slowing down the bulls. This is what many best cryptocurrency news sites are reporting at this time.
If ADA closes below 6 cents, prices may drop to 3.5 cents or the all-time lows of 2.5 cents which are still a possibility if the bear trend continues. On the bright side, we can see Cardano aiming past 9.5 cents with a new potential bullish run.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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