Cole Petersen · 2 hours ago · 2 min read · Insights via Glassnode IntoTheBlock
Cardano › Technical Analysis
The Cardano Foundation’s achievements could pay off as ADA turns bullish
Disclaimer: This article contains technical analysis, which is a methodology for forecasting the direction of prices through the study of past market data, primarily price and volume. The content presented in this article is the opinion of the author. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence and consult with a financial advisor before making any investment decisions.
The Cardano Foundation shared the goals it achieved during 2019, which could pave the way for ADA’s price action this year.
Cardano’s 2019 review
The Foundation’s team expanded to more than 20 people across 12 countries including Canada, China, Germany, Japan, and Portugal. Consequently, pushing the growth of the Cardano community to more than 1.1 million individuals worldwide.
Nathan Kaiser, chairperson at the Foundation, said that last year was all about getting the Foundation “back on track” and operating within a “robust sustainable framework.”
“We have looked at our legal affairs, tax, partnership, and administration. We have applied more than 100 control measures taken from more than 100 decisions in these areas and we have strengthened the Council with new appointments.”
Kaiser added that some of the greatest achievements of 2019 were the strategic partnerships that the Foundation scored to expand the utility of ADA.
The firm teamed up with Konfidio, a Berlin-based blockchain venture studio, to increase Cardano’s use cases ranging from “supply chain and logistics, IoT to identity management.” In addition, the collaboration with COTI, an enterprise-grade fintech platform, was essential for the release of AdaPay. This a payment solution that allows merchants to accept ADA and receive fiat on their bank account.
According to Kaiser, this year will bring even more opportunities for the Foundation. It will assume more responsibilities regarding the development of ADA. Additionally, it will focus on adoption in “key industries and real-world use cases in vital sectors.”
As the Cardano Foundation prepares for a “very busy 2020,” ADA could be on the cusp of a major bullish impulse.
ADA technical analysis
From a long term perspective, Cardano could soon start a new uptrend. Based on the TD sequential indicator, there is a high probability that a buy signal will be presented next week in the form of a red nine candlestick on ADA’s 1-week chart. If validated, the bullish formation estimates that this crypto could surge for one to four weeks or begin a new upward countdown.
Along the same lines, the bullish impulse seen in the last few days took the moving averages to form a golden cross on ADA’s 1-day chart. As the 7-day moving average crossed above a 30 and 50-day moving average the potential for a significant bullish breakout increased. Many investors see this technical pattern as one of the most definitive and strong buy signals that could start a long-term bull trend.
It is worth noting that a spike in the selling pressure behind this cryptocurrency could jeopardize the bullish outlook. If Cardano moves below $0.03, it could aim for lower lows prolonging the bearish trend seen since late June 2019.
The different partnerships that the Cardano Foundation achieved in 2019 could begin to pay off soon. According to the non-profit organization, 2020 will be even more “transformational” since the focus will be directed at expanding the utility of ADA. From a technical perspective, it seems like this cryptocurrency will indeed benefit from the accomplishments made last year as it begins to turn bullish.