Fundamental Development: Cardano (ADA) leads by a wide margin in a Twitter poll by the crypto community on May 18, 2022, getting 82% of votes over three other altcoins.A Twitter user with 26.7k followers ran a poll requesting people to vote for the coin they believe will remain until 2030. Along with ADA, they listed Solana (SOL), Avalanche (AVAX), and Algorand (ALGO). At the time of writing, 12,983 Twitter users voted. 82% of the respondents favored Cardano’s ADA, while only 3% picked Avalanche.However, a commenter expressed zero confidence in the four listed tokens. Citing the unfortunate implosion of Terra (LUNA). They said their conviction remains with Bitcoin (BTC) and Ethereum (ETH).While it is impractical to tell which coin is the next Bitcoin, experts have parameters in place to vet the sustainability of a crypto project. The sustainability of a coin may be from its use cases, team, web presence, community, etc.
The Case for Cardano
Cardano has a community of 1.3 million followers on Twitter. Its blockchain was developed by Charles Hoskinson, the co-founder of the Ethereum network. From its official website, Cardano claims to be a blockchain platform for change makers, innovators, and visionaries, with the tools and technologies to bring about positive global change. Its blockchain can authenticate pharmaceutical products to eliminate the risk of buying counterfeit drugs, among other fascinating use cases.Nonetheless, every cryptocurrency has a reason to exist. It may exist as a payment method like BTC, or a utility token, like ETH, to verify transactions on a blockchain. The absence of a use case for a coin is a strong indication of something fishy.A crypto project’s website and social media presence also gauge its activity level and give an insight into the project. Knowing the team behind a project adds an extra layer of credibility to the project. All of these are true for Cardano (ADA).
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $31,400-$28,400 ranges.BTC is made low 25,200 and now consolidating within a range. Yesterday it made low near $28,600 and then it continue to climbed up to near 200 simple moving average. Bitcoin is struggling to gain momentum above $30,500.The price is now trading near the $29,800 level and the 200 hourly simple moving averages.
Alternative Scenario: if Bitcoin fails to gain pace above the $30,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $28,800 level and the next major support is near the $28,300 level.
The Case for Cardano
Cardano has a community of 1.3 million followers on Twitter. Its blockchain was developed by Charles Hoskinson, the co-founder of the Ethereum network. From its official website, Cardano claims to be a blockchain platform for change makers, innovators, and visionaries, with the tools and technologies to bring about positive global change. Its blockchain can authenticate pharmaceutical products to eliminate the risk of buying counterfeit drugs, among other fascinating use cases.Nonetheless, every cryptocurrency has a reason to exist. It may exist as a payment method like BTC, or a utility token, like ETH, to verify transactions on a blockchain. The absence of a use case for a coin is a strong indication of something fishy.A crypto project’s website and social media presence also gauge its activity level and give an insight into the project. Knowing the team behind a project adds an extra layer of credibility to the project. All of these are true for Cardano (ADA).
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $31,400-$28,400 ranges.BTC is made low 25,200 and now consolidating within a range. Yesterday it made low near $28,600 and then it continue to climbed up to near 200 simple moving average. Bitcoin is struggling to gain momentum above $30,500.The price is now trading near the $29,800 level and the 200 hourly simple moving averages.
Alternative Scenario: if Bitcoin fails to gain pace above the $30,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $28,800 level and the next major support is near the $28,300 level.