Cardano price spikes by more than 150 percent and is now trading at $0.0903 at the time of writing. In the coming altcoin news, we take a closer look for the reasons for the price increase.
Cardano is known as the Ethereum Killer since it made big gains this year but this seems to only be a warm-up. A Twitter user under the name of Beastlorion believes that Cardano is preparing up for major pump in the upcoming weeks. The climb comes after the extremely anticipated release of the crypto token’s testnet. The analyst believes that the ADA token will make up to $117.72% price jump over the next week. Based on the charts, the analyst believes that Cardano will start a massive rally to $0.197. These gains represent an increase of about 117% in under 27 days. Before this development occurs, the cryptocurrency must first break the resistance level of $0.096353.
If you take a look at the chart for the ADA token there are plenty of reasons to look into the Beastlorion’s predictions closely. The Cardano price looks bullish in both long-term and shorter time frame. By looking closely on the cryptocurrency and its performance, it reveals a massive inverse head-and-shoulders pattern. The visible pattern in both the daily and the weekly charts shows a construction for the long term price. Cardano will likely double in value soon when it breaks after a long accumulation period and generates a huge bullish momentum. Also, as noted in the latest cryptocurrency news, Cardano could double or triple in volume in a short period of time or better known as a parabolic run. Bitcoin is currently in the middle of one.
Based on Beastlorion’s tweet, the Cardano price will launch its own parabolic run ones it reaches the neckline of the inverse head-and-shoulders. Cardano’s chart shows the possibility of an extensive base building period and has virtually no resistance above $0.0963. ADA will ignite a massive rally after breaks out and could double in value in less than 30 days. The smart way to dive into this trade is to wait for Cardano to clear the resistance level of $0.963 and to retest the support level. When this happens, the ADA token will likely beat the other assets and will increase twice as much.
IOHK Established Cardano Research Center At Wyoming University
"This is a very applied laboratory, where instead of doing peer theory, we're actually building real-life things and writing real software that will enter production very quickly.’’Hoskinson attended a ceremony that marked the opening of the research lab at UW’s main campus in Laramie back on Friday. The butterfly logo of IOHK will be added to the research lab and can be found at the center for IOHK’s future work with the traceability platform of BeefChain. As part of the collaboration, IOHK provided a $500,000 donation to ADA in order to fund the research and development into the new blockchain applications including new tools for traceability and supply chain management. Wyoming is expected to match the dollar value of the grant which means that UW will get $1 million worth of initial funding for the new blockchain facility according to the university spokesperson. The university will also contribute more funds as per the UW acting president Neal Theobald:
"The University of Wyoming is proud to be at the forefront of blockchain research and education, and we are grateful for this significant financial contribution from IOHK. This support will help us continue to move forward in a very exciting and promising field of innovation and discovery."Wyoming is a very attractive destination for the US-based crypto companies that want to take the crypto-friendly legislation of the state that formally recognized digital assets and provides financial services to companies:
"Our hope is to have a very substantial presence in Wyoming and write a lot of very good software there.’’
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