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Altcoins Daily Preview: Monero (XMR) and Cardano (ADA) Headwinds, Sellers Firm

Latest Cardano News

Cardano’s objectives are not far-fetched. By taking a slow and measured approach in dealing with a “machine” that will in the future handle financial transactions as well as comply with regulators requirement demands diligence.

Read: Five More 2019 Crypto Predictions From Industry Executives

There should be a high level of conscientiousness and thoroughness. Without a doubt, this is the reason why Cardano and Charles Hoskinson decided to path find, open up new avenues, allow researchers to cross check and certify code while holding supervisors accountable in a strict quality assurance move.

It is solely because of these checks that the project is lagging. Notwithstanding, they simultaneously researched and published a side chain, proof of concept white paper meant for Proof of Stake system that they. For their innovation, the team made up of Kiayias Zindros, Peter Gazi and Dionysis Zindros—were invited at the Oakland Cybersecurity Conference.

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At this pace and despite the delay, commentators are arguing that perhaps ADA and Cardano may in the long term outperform platforms as Ethereum. Founding their stand is the fact that Cardano is striking milestones and as a project funded solely by the community, their motivation is to create a working platform, benefit initial investors before thinking of profit.

Cardano (ADA/USD) Price Analysis

Cardano

By adding 2.6 percent in the last day, ADA is back to the top 10. Although sellers are in pole position to drive prices lower—ADA/USD is after all trading within a bear breakout pattern set in motion by Nov 29 losses, bulls appear to be in charge rising as ADA expand in a retest phase.

Note that unless otherwise there are sharp spikes above 6 cents, conservative traders should stay in the sidelines.

On the other hand, aggressive traders can initiate longs at spot rates with stops at Dec 28 lows of 3.6 cents. First targets will be 9.5 cents and we expect momentum to pick up more so when prices rally above Jan 10 highs.

Monero (XMR/USD) Price Analysis

Monero

Like most coins, XMR is range bound as prices are held within Jan 14 high low. What’s more, Monero found support at $40 or Dec 28 lows which means the bull flag pattern of late Dec and early Jan is valid.

Besides, when we paste a Fibonacci retracement tool between Dec 2018 high low then it is clear that XMR is bouncing off the 78.6 percent Fibonacci level, a key reaction level where we expect prices to rally towards $60, a bull trigger line.

After all, prices are accumulating and from an effort versus result perspective, bulls have an upper hand. However, conservative traders should wait for clear breaks above $60 with first targets at $75.

All charts courtesy of Trading View—BitFinex

This is not Investment Advice. Do your Research.

Dalmas Ngetich
About author

Loving Crypto, Open to Technology, Engineer, Trader
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