FxWirePro- ADAUSD Daily Outlook

Cardano is a fully open-source decentralized public blockchain crypto project for Ada cryptocurrency.

Consensus mechanism-

Blockchain consensus mechanism - Proof of Stake (POS) algorithm called Ouroboros which is extremely cost-effective compared to mining. Ouroboros is an innovative Proof -- Stake that aims at higher security.  

Cardano has two types of layers-

Cardano settlement layer( Layer 1)- It is the base layer of the blockchain. It helps in tracking account balances, and processing transactions.

Cardano Computational layer (CCL)- It handles computational work on the blockchain.

Main features of Avalanche-

Current TPS- 1000

Block time- 20 seconds

Number of validators- 1619

Time to finality - 10 to 60 min

ADAUSD prices surged more than 170% from Oct low  $0.250.  Robinhood had launched crypto trading EU and includes SOL, and ADA  for trading is one of the positive developments for Cardano. The rise in development activity and transaction volumes supports ADA prices at lower levels. It hit a high of $0.647 at the time of writing and is currently trading around $589. The pair is holding above the short-term (21 and 55-day EMA) and long-term moving average (200-day EMA).

The near-term resistance is around $0.70, any indicative breach above will take the pair to $0.90/$1.On the lower side, immediate support is $0.480, and any violation below targets $0.39/$0.330.

Indicators ( Daily chart)

CCI(50)- Bullish

Directional movement index - Bullish

It is good to buy on dips around $0.480 with SL around $0.39 for TP of $0.69/$0.90.