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The Growth Of Cardano (ADA) And Its Rising Popularity In South Korea

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The Growth Of Cardano ADA And Its Rising Popularity In South Korea - The Growth Of Cardano (ADA) And Its Rising Popularity In South Korea

Cardano (also known as ADA or pronounced as “aeda”) is one of the most popular cryptocurrencies in South Korea right now. It is growing at an exponential rate due to UpBit, which is South Korea’s second largest cryptocurrency.

 

Also, Cardano is the first peer-blockchain that is powered by scientists, whose goal is to roll the best of Bitcoin (when it comes to store of value), Litecoin (embracing its cheap and fast p2p transactions) and Ethereum (adopting its smart contracts technology). This mixture makes Cardano (ADA) one of the rising stars on the market.

 

The cryptocurrency has been growing on a multi hundred-percent scale without the release of any news which made people wonder why that is the case. Cardano managed to surpass IOTA and Dash without even stopping to say hi along the way. With a volume of approx. $1 billion in a couple of days, it is one of the most prominent cryptocurrencies with a market cap that is really close to $15 billion.

 

Despite the recent sink of around 11% in a single day, Cardano is the fifth largest cryptocurrency in terms of market cap. What’s interesting is that the single market for ADA in Korea is not one of the top Korean markets.

 

As we mentioned above, the growth has a lot to do with UpBit which is an exchange launched by some big sharks in the Korean business space. The value of UpBit is best seen through its 15 million users and the ability to use all of the payment options of Kakao which is another trading app managed by the company.

 

The news that South Korean officials have recently regulated crypto trading gives a greater push to this situation. The real question is the following….Will we see Cardano surging again and coming closer to the top?

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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IOHK Established Cardano Research Center At Wyoming University

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IOHK
IOHK established a new Cardano research center at the University of Wyoming after receiving a donation of $500,000 in the ADA cryptocurrency as per the latest Cardano news. The Cardano blockchain's leading development firm announced back on Friday that the IOHK established a new research and authentication center will create part of UW’s blockchain research and development lab which will promote the company’s academic approach to further blockchain engineering and development. The center will feature the new Plutus development facility which provides the blockchain developers with a new laboratory for writing code in Cardano’s smart contract language along with new tools and resources that will experiment with new solutions. There will also be a new design studio for a new hardware tool that can provide authentication applications along with anti-counterfeiting applications for Cardano. IOHK CEO Charles Hoskins explained:
"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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Cardano’s ADA Tries To Hold Crucial $0.7 Resistance: Analysis

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Cardano's ADA tries
Cardano’s ADA tries to hold onto the crucial $0.7 resistance level after it created a fresh 7-month price high and increased by more than 5 percent to reach a price of $0.72. The cryptocurrency experienced strong growth over the past 30-days and even surged by 82 percent as per the Cardano latest news. It even created a fresh 7 month high against Bitcoin and now Cardano’s ADA tries to break above the 650 SAT level. Cardano has seen a very strong price increase since it rebounded from $0.033 in January and it later increased by more than 122 percent as the year started, entering a price resistance level of $0.072 which was provided with a bearish .618 Fib retracement. The cryptocurrency is now trying to stay above the $0.070 as the bears push it down because of the major resistance. The altcoin is trading within a strong bullish condition and has to drop beneath $0.049 in order for it to be invalidated. If the buyers try to boost ADA above $0.07 and enter the previously mentioned resistance at $0.0726, they will meet even higher resistance at $0.075 and $0.080. Above this, additional resistance will be met at $0.083 and $0.090. As per the Cardano news today, we can see that strong support is forming at $0.065 and beneath this, more support lies at $0.055. The RSI is trading in an overbought position that was not seen since September 2019 and a pullback has to be expected soon to bring the momentum to a sustainable level. Cardano even surged after rebounding from the 455 SAT support level during January and climbed further above the 100-days EMA until it found support at 620 SAT. The cryptocurrency broke past this resistance during the trading session yesterday and it continued to climb higher to meet the resistance at a bearish level at .382 Fibonacci Retracement level at 695 SAT. Cardano was bullish even since it managed to climb above the 545 SAT resistance and had a little bit of a hard time, especially for the bulls so now it has to drop back beneath this position for the bullish trend to go neutral again. If the bulls break the resistance again and reach 700 SAT, the immediate resistance will be expected at 722 SAT or 762 SAT. Towards the downside, initial support lies at 620 SAT and more support lies at 600 SAT.
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EOS And Cardano Form Golden Cross, Further Increase Ahead

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Cardano's ADA tries
EOS and Cardano have had a similar action regarding the price this year so far and both of the cryptocurrencies saw a formation of a major bullish pattern forming at the same time as the price surge. Now, they are preparing for another retracement before continuing the bullish trends as we can see in the Cardano news today. More than $110 billion flood the crypto market since the start of 2020 and the inflow of capital allowed a lot of digital assets to surge including EOS and Cardano. Both of the altcoins increased by 106.50% and 95% respectively. As EOS and Cardano started climbing, a golden cross started forming according to the 1-day charts. This pattern developed in the 50-day moving average and it crossed above the 200-day moving average as well. Some of the major technical analysts in the industry said that this pattern is one of the most definitive buy signals that could start a bull market and the last time these cryptocurrencies saw a golden cross forming was between their 50 and 200-day MA in early April 2019. As per the EOS news, the altcoin skyrocketed by 105 percent while Cardano surged more than 50%. A similar scenario is in the making but they will first have to retrace after the latest exponential price increase. The TD sequential indicator shows that a retracement could soon be underway based on the EOS charts since, over the past few days, the technical index presented two new sell signals. The bearish formations show that a one to four candlesticks correction can be a new beginning of a downtrend before the continuation of the bullish trend. EOS seems to be getting rejected by the upper boundary from 2019 and since then, every time when the crypto gets down, it went to hit the top and drop again. If the technical pattern continues to hold, a retrace to the middle boundary of the channel could be expected which could eventually prevent this cryptocurrency from further correction. With a bearish impulse such as this one, EOS will have to break below the 78% Fibonacci retracement level at $4.42 to then hit the 61.8% which is where the parallel channel sits. Cardano also presents multiple bearish signs and there was even a divergence between the price of ADA and the relative strength index. The divergence usually happens when the price is making a lot of highs while the RSI is making lower highs as well.
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How To Buy Cardano: 4 Ways To Get To ADA

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IOHK
In today’s Cardano news, we will show you a small guide on how to buy Cardano four ways and how to do it with no trouble at all. Let’s start. If you are looking for a secure solution to store your ADA you can use a hardware wallet and they will keep your private keys offline on the device itself. This will make the hardware wallets much more resistant to hacking than the software ones that are connected to the internet. For storing your ADA coins, you can use the Ledger hardware wallet with AdaLite. Both the Ledger models support the ADA coins but the NANO X also has mobile support. You can buy Cardano through exchange and maybe eToro is the probably easiest way to go if you are into Cardano only for a few reasons which are buying low and selling high for profit. eToro is one of the leading companies in the crypto space which gives the users the option to buy Cardano at many options with low fees and a variety of payment options. You can also buy Cardano through Coinmama as one of the oldest crypto exchanges around. Coinmama acts as a broker which means that they send you your coins instead of holding them in a dedicated account. Coinmama allows you to buy Cardano with a credit card, SEPA or debit card. Verification is extremely quick and the fees are really low compared to the competition. As a how-to buy Cardano guide, we will mention Binance here as well. Binance is a Shanghai-based crypto exchange that has become one of the most popular crypto exchanges around and you can find dozens of cryptocurrencies including Cardano which can be bought with ETH and BTC. There’s not a way to buy Cardano with Cash but you can buy Bitcoin with cash then exchange it for coins on one crypto exchanges that we listed above. Buying Cardano with PayPal is not yet possible to buy ADA directly and the only possible option is through eToro but then you won’t be able to withdraw the coins. however, it is expected that there will be more options in the future as the cryptocurrencies continue to grow in popularity. You will have to have direct access to the coins or go to LocalBitcoins which allows you to buy Bitcoin via PayPal.
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