Is Cardano a worthwhile investment?
Cardano [ADA] is making waves with its much-awaited Shelley project, which will make its network fully decentralized. Though the cryptocurrency is still in its early stages, social trading and investment marketplace eToro believes that the coin is “one of the most promising blockchain projects we’ve ever seen”. “Cardano has the potential to become a very successful project as it progresses through its long and ambitious roadmap,” said Mati Greenspan, eToro senior market analyst.
Cardano’s smart contract platform, Ouroboros is the primary reason for its popularity. This platform has the capability to tackle any possible threats to the blockchain according to the Cardano team. It has an expert bug protection program as well. Their Haskell language utilizes a mathematical approach for writing codes. These codes are precise and will eliminate any serious bugs that the network might encounter.
Security, sustainability, scalability, and interoperability are the key issues that the company tries to handle, thereby building investor trust. The company’s team comprises academicians, engineers, and scientists. This team has created a stable and strong base. They have also inked an agreement with the Ethiopian government to develop blockchain-based solutions for the country’s agricultural industry.
For now, Greenspan mentioned that it is difficult to fully analyze the coin’s valuation since the network is still in its early stages. Not all of the network’s features are fully operational yet, making it hard to predict transaction volumes. However, he noted that the price of the digital asset could rise if more decentralized applications and services launch on the platform.
Cardano [ADA] is currently trading at $0.178. It is gaining against the USD by 4.7%. ADA prices exhibit major fluctuations. The prices display consecutive rising and dipping which suggest wavering buyer and seller pressure. The prices found support at $0.172 and rose to a resistance level of $0.188. The intraday high is at $0.189. The EMA line shows an uptrend. Cardano [ADA] and Stellar are the only coins exhibiting an uptrend today in a bearish crypto market.
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