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EOS And Cardano Form Golden Cross, Further Increase Ahead

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Cardano's ADA drops

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.

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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Cardano News

Cardano Price Doesn’t Respond To The New Scaling Solution

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The Cardano price has not been moving upwards following the announcement of a new scaling solution. The solution was meant to make the ADA network more stable and trigger the altcoin to rise more this month. Still, we are not seeing anything promising from the Cardano price now despite the blockchain news showing the new implementation. Earlier today, ADA traded with only a 0.34% increase over the past 24 hours to a price of $0.0299 before going lower to $0.0292. Currently, the price of ADA is at $0.0297. The protocol that Cardano added, dubbed Ouroboros Hydra (known as "Hydra") is being developed by the Cardano-focused development firm IOHK and is meant to work as a second layer blockchain scaling solution that will be placed on top of the original Cardano blockchain. If everything goes to plan, the new solution would increase the speed at which the Cardano network can operate according to IOHK. Even though the release of the white paper on the online research database ePrint was discussed in a video by Charles Hoskinson (the co-founder of Cardano CEO of IOHK), the news is now official. Hoskinson said that the work now begins to "translate the science into code." Ever since the word came out about the new solution, ADA is down by nearly 30% in a wide sell-off that has largely mirror similar tokens in the altcoin news. Charles Hoskinson published more about this on on Twitter recently in a live video. https://twitter.com/IOHK_Charles/status/1237116959692447744 According to Hoskinson, the simulations have shown that each Hydra head can perform up to 1,000 transactions per second, with each stake pool being able to host one head each. If the network were to reach a thousand stake pools at some point in the future, “you could be looking at a maximum theoretical performance of a million transactions per second,” the CEO said in the video. The Cardano news now show that the Cardano price is not moving based on these adjustments. Hopefully the movement will be initiated in the couple of days ahead. As reported before, in November 2019 the Cardano Foundation launched a crypto payment solution named ADAPay, aimed at merchants. Even following that, the price of ADA did not respond well or surge high as it was expected.
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Cardano Will Launch Scalability Via Hydra Sharding

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There have been years of research and development for the team at Cardano in order to create scaling through the second layer solution, Hydra. As the latest Cardano news show, Hydra is projected to majorly increase the scaling through its many "heads." The news show that Cardano will launch scalability through the sharding happening on Hydra, which is the network's latest scalability innovation. According to the chief at the project Charles Hoskinson, Hydra is the outcome of five years of intensive research and efforts of more than two dozens of team members. The Cardano staking paper was released in November and submitted to USENIX in September. For the first time, the paper is now available to the general public. As Hoskinson added, Hydra is a major part of Cardano's primary efforts to establish Ourobouros, a scalable Proof-of-Stake (PoS) protocol that can maintain performance as the adoption increases. Hoskinson added that “the capstone of this entire research agenda is Ouroborous Hydra.” IOHK is forming a Hydra team that will come and execute Hydra in parallel with Cardano's other development stages. When it comes to staking, Hoskinson said that the developers will not "start from zero" mainly because of the existing work done by Lighting Labs and other state channel researchers. Cardano will launch the sharding feature on Hydra and if it is executed successfully, then the network may have to resolve the obstinate scalability issues encountered by Ethereum and its challengers. This is what the blockchain news today show, along with some Reddit updates on the specific thread. The ADA price analysis shows that the cryptocurrency is down by 5% and ADA is vulnerable at $0.04. The altcoin also got to the ADA market cap and pulled it below. While at its peak the market cap was around $24 billion, while today it is only above $1 billion. ADA has recently traded in a zone from $0.0407 to $0.0438 and over the past seven days, ADA has encountered a decline in value as it lost around 15%. The volume of the ADA coin traded in the past 24 hours was around $131 million of the whole volume of all cryptocurrencies. Today's price of ADA comes in a bearish market where a lot of coins dropped huge percentage points.  The biggest loser in the top 10 is Tezos (XTZ) with 5.15% losses, followed by Litecoin (LTC) and its 4.50% price drop.  
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Cardano’s ADA Drops 8%, Reaching New Monthly Low Soon

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Cardano’s ADA drops by 8 percent and fails to get to the new key resistance so a new monthly low is on its way as we are reading in the Cardano latest news. After the weekly recovery, Cardano resumed with a selling pressure that ended up in an 8 percent price drop. Against the USD, Cardano’s ADA broke below the weekly triangle pattern within two days of consolidation. Only a few days ago, Cardano’s ADA saw a mild recovery of about 9 percent after the two-week long correction which led the price to the $0.045 region at the start of March. As a result, Cardano’s ADA recorded a weekly high of $0.053 but the price got rejected and consolidated for two days before getting to a new low yesterday following the recent price action of Bitcoin. As we can see on the charts in the Cardano latest news, the triangle breakdown shows a new bearish mode for the ADA/USD pair so if the price goes lower than the red horizontal line of $0.045, there will be a mid-term bearishness that will be confirmed. Cardano is still looking quite bearish in the short-term and the price is approaching significant support of $0.045 so if this level breaks, we can expect the altcoin to retest a new low around $0.042 according to the altcoin news analysis. In any case, ADA regains the momentum back, the first critical level for the buyers will be the $0.0524 resistance where the prices started going down yesterday. Another major breakup will likely propel buying in the orange resistance area of $0.056. The RSI dropped back below the 50 levels to suggest a downtrend so a further drop in the oversold territory could cause serious trouble on the market. The MACD is showing some bearish signs currently nearing a crossover in the negative. Following the Cardano latest news, ADA continued to decline inside the channel boundary that was forming and it seems to be resuming the downtrend after meeting further rejection around the 580 SAT level back on Thursday. Cardano’s ADA drops below the critical level which could confirm a short-term bearish continuation so the setup seems more bearish than bullish. If the bulls lose their defense, ADA could establish a new low of 500 SAT levels.
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Cardano’s Charles Hoskinson Believes They Will Sort Out All Clients’ Issues

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Cardano’s Charles Hoskinson believes that they will be able to sort out all of the problems that the clients have regarding the dislike of the technology due to the latest changes. When the governance was launched, he stated that two different categories will be looked into such as the idea of updating the protocol itself which could change the entire Cardano network or consensus rules of the system. The other category is the enhancement of the system and this could be about creating more functionality and features as Cardano’s Charles Hoskinson said, ‘’we want to create a client, we want to create a light client. We want to support a new platform like windows.’’ The corporation truly cares about the stability while the consumers care about the use case, utility and value of the token. Using voting models and treasury, the customers can accommodate both features pretty easily. The crypto expert Sydney Ifergan tweeted:
 “It is good to look at it two ways Cardano (ADA) in terms of Corporation and Consumer. Each of them has different expectations on the blockchain indeed. Charles Hoskinson thinks 360 degrees!”
Caradno wants to make sure that the people will get interested in the process. Making the users participate means that you value their opinion and you want to make sure that you have high participation incentives to do so since you can end up having small tyrannies of the minority where only a small group of people will end up influencing the entire platform. For example, in a hard fork, there are only 8-10% of the people that are able to vote, and they voted for the fork. The people in Ethereum classic, for example, stated that it was not legitimate since the voting didn’t have the majority representation. It turns out that it’s not just good enough to have these systems but you also have to cover other stuff as well. The stability makes it a good target for enterprises to create products which is what Cardano offers as well. We live in a blockchain-powered world so you are not going to have one system that has just one blockchain rule for everything but you will have many blockchains connected together that will interact. As per Hoskinson, we will live in a world where the corporations will have multiple blockchains that they are dealing with and some of the systems could be connected to a public system with a free flow of information.
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