Written by Rob The Watergod | 3/1/21
Many investors believe that Cardano will be the next big transformation of wealth. For instance, Cardano offers advanced innovative systems that will change the way we do business online. I realized this coin was a success when I heard one of the engineers left Ethereum to help build the Cardano platform. When I first heard that Cardano was trading at 24 cents, I felt that this was a great deal. Currently it is trading at $1.30 cents. Therefore, we are going to explain if you should or should not invest in Cardano.
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What Is Cardano?
What can I do with ADA
Since, Ada is a digital currency. Any user, located anywhere in the world, can use ada as a secure exchange of value without requiring a third party to mediate the exchange. Therefore, every transaction is permanently, securely, and transparently recorded on the Cardano blockchain. Every ada holder also holds a stake in the Cardano network. Although, Ada stored in a wallet can be delegated to a stake pool. To earn rewards to participate in the successful running of the network or pledged to a stake pool to increase the pool’s likelihood of receiving rewards. In time, ada will also be usable for a variety of applications and services on the Cardano platform.
Wallets for ADA
As an ada holder, it is important to keep your funds secure. That means you need to keep your private keys private. It is highly recommended to avoid keeping your cryptocurrency in an exchange longer than necessary, and instead to use a cryptocurrency wallet. We recommend either a full-node wallet like Daedalus, or the browser-based Yoroi. Firstly, A Daedalus wallet is a full-node desktop wallet developed by IOHK. Daedalus is unique in that it downloads Therefore, a full copy of the Cardano blockchain. Independently validates every transaction in its history. This provides maximum security and completely trustless operation, without centrally hosted third-party servers. Secondly, A Yoroi wallet is EMORGO’s one-click-install, light wallet for Cardano. With Yoroi, it is not necessary to download a copy of the blockchain’s history. This makes it a simple, fast way to store and transact your ada (₳).
Yoroi is the perfect day-to-day wallet for any Cardano user available as either a web-based extension or a downloadable app.
Carano’s massive price rally
Cardano is now the third biggest crypto currency after bitcoin and ethereum and has soared a stunning 2000% in the last twelve months, outpacing even bitcoin’s massive rally. Therefore, the cardano network floats around a value of $40 billion. Cardano tweeted “We can today confirm that the ‘Mary’ cardano protocol update is now fully confirmed for March 1, Another key milestone in the Goguen rollout, the update introduces native tokens and multi-asset support, bringing exciting new use cases for cardano”. In addition, The update will allow Cardano to support traditional-currency-pegged stablecoins. Also, let users create non-fungible tokens (NFTs) a way to prove ownership and authentication of everything from social media posts to digital art. While using public blockchains.
Moreover, “Cardano is a rising star in the booming crypto sector,” Nigel Green, the chief executive of financial advisory group deVere, said earlier this month. “It has had a highly impressive run in recent weeks and there’s no reason why this will not continue. Cardano could, quite realistically, become an increasingly dominant rival to bitcoin, ethereum and tether.”
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Ada Analysis
Ada rose by 19.61% in the week ending 28th February. Following on from a 19.72% rally from the previous week, Cardano’s ADA ended the week at $1.3161. Therefore, A bearish start to the week saw Cardano’s ADA fall to a Tuesday intraweek low of $0.8072 before making a move. While steering clear of the first major support level at $0.7167, Cardano’s ADA briefly fell through the 23.6% FIB of $0.9496. Bullish through to Saturday, however, Cardano’s ADA rallied to a Saturday intraweek high and a new swing hit $1.5467. Also, Cardano’s ADA broke through the first major resistance level at $1.2689 and the second major resistance level at $1.5278.
The rally also saw Cardano’s ADA break back through the 23.6% FIB of $0.9496. A choppy end to the week, however, saw Cardano’s ADA fall back through the resistance levels before ending the week at $1.31 levels. Surprisingly, The move back through to $1.31 levels saw Cardano’s ADA also break back through the first major resistance level at $1.2689. Although, 5-days in the green included a 9.24% gain on Wednesday and a 15.62% rally on Friday contributed to the upside in the week.
Conclusion
In conclusion, Cardano is a great coin to invest in. as we’ve seen it even outpaced bitcoin’s massive rally. I have a class on Crypto Empire Tv to help build your portfolio and cryptocurrency tips. If you want Rob the Watergod to Build your portfolio then email us at info@Thompsonempire.com
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