Cardano (ADA) is creating a cup and handle pattern to prepare for new ATH on the road to smart contracts

Smart contracts have been a revolutionary power in the blockchain trade as they’ve enabled the creation of decentralized monetary protocols (DeFi), non-fungible tokens (NFTs), and a new type of transactions with out the want for a third occasion.

Cardano is one in all many initiatives that gained momentum over the course of 2021, and now that the prospects for smart contracts are about to turn into a actuality, the ADA token is additionally making an attempt to set new all-time highs (ATH).

Data from TradingView exhibits that after bottoming out at $ 1.02 on July 20, ADA price rose 139% to a multi-week excessive of $ 2.45.

1-day framework ADA price chart | Source: TradingView

Here are some analysts and merchants who share the ADA pricing motion and what to count on in the brief time period.

Uptrend at MA-50

The quickly rising ADA price makes it arduous for most merchants to ignore, particularly since many technical indicators have now turn into bullish.

One such indicator is the 50-day transferring common (MA-50) which is now trending up after about 2 months as highlighted on the consumer’s chart. Twitter “Pharmlord”.

ADA price chart | The supply: Twitter

As might be seen in the graph above, the ADA price has doubled after crossing the MA-50 and is now effectively on the method to establishing a new ATH at $ 2.46.

The ATH confirms that the cup and handle pattern has damaged out

According to Twitter consumer “Fidzcrypto”, ADA kinds a cup and handle pattern in the every day timeframe.

ADA price chart | The supply: Twitter

The cup and handle pattern is a technical indicator like a cup with a handle, the place the cup is formed like a “U” and the handle is barely totally different.

The cup portion of the pattern might be seen on the chart between May 14th and August sixteenth, whereas the grip might be seen throughout the decline and restoration from August sixteenth to August 18th.

Charles Hoskinson Again warning of giveaway fraud

As Cardano works arduous to meet the September 12 deadline, CEO Charles Hoskinson sees a want to rethink the drawback of giveaway scams.

In the previous, Hoskinson has repeatedly raised issues about fraud. However, with the obvious enhance in the efforts of scammers, the drawback appears to be gaining momentum lately.

In his newest social media publish, Hoskinson mentioned that giveaway fraud is a widespread drawback affecting the whole crypto trade. It entails posting cooked video content material with the promise of double earnings.

The CEO mentioned that in the Cardano ecosystem alone, thousands and thousands of {dollars} are misplaced to freebies each month. What’s worse is that there is no method to get the a refund.

“Not a day goes by with out an electronic mail saying, ‘Hey, I despatched you ADA, when are you going to ship it again?’ And there is nothing we will do about it. “

Hoskinson blamed YouTube and Google, saying each organizations are totally conscious of the drawback however proceed to enable such scams to be propagated on a every day foundation. He repeats, we are going to by no means give away ADA, it is at all times a rip-off.

Mr. Teacher

Bitcoin journal

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page