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Cardano to the moon and beyond has some caveats attached

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Ready to lead the charge for a variety of tokens dubbed as ‘Ethereum Killers,’ Cardano certainly makes a good case for itself. With scores of projects already in development after the Alonzo hard fork, sentiment is likely to be bullish going forward.

However, ADA seemed to battling against some selling pressure at press time. As highlighted in a previous article, a distribution phase loomed large as investors locked in their profits. This article will take a look at what ADA needs to do to maintain its bullish thesis and negate a bearish outlook.

At the time of writing, ADA was valued at $2.47 with a market cap of $78.89 billion.

Cardano Daily Chart

Source: ADA/USD, TradingView

Despite some lower lows set by ADA over the past week, sellers respected the 38.2% Fibonacci level which hadn’t been breached. If ADA holds on to this trend as some of its indicators reset their positions, the next upcycle would be in effect.

Before Q4 of 2021 concludes, long-term targets at the 138.2% and 161.8% Fibonacci levels could be achievable, provided projects built on the Cardano platform face little to no hiccups.

However, it is imperative for ADA to hold above key levels for this outcome. Moreover, a close below the 50% Fib level and $1.88 would open the floodgates for an extended market decline.

Reasoning 

The RSI was in stabilization mode after declining steadily from overbought levels. Such a correction was healthy before ADA kickstarted its next leg upwards. While the MACD has also been easing from record levels, it is yet to close below equilibrium – A good sign.

Finally, the Chaikin Money Flow has seen higher lows since early April. Even though the index threatened to move below the mid-line due to weak capital inflows, it can be expected to bounce back from its lower sloping trendline.

Conclusion 

To assert itself above the 138.2% and 161.8% Fibonacci levels, ADA needs to hold above a few key areas. This would allow its indicators to take back bullish positions after selling pressure fizzles out.

Till then, the 38.2% Fibonacci level would be key to ADA’s trajectory.

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Source: https://ambcrypto.com/cardano-to-the-moon-and-beyond-has-some-caveats-attached

Blockchain

Pakistani high court orders government to regulate crypto in three months

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The High Court of Sindh (SHC), the highest judicial body in Pakistan’s Sindh Province, has asked the government to come up with modalities for cryptocurrency regulation.

According to Pakistani English daily The Express Tribune, the SHC gave the instruction while hearing a petition brought before the court challenging the legality of the country’s 2018 crypto ban.

The SHC instructed regulators such as the Securities and Exchange Commission of Pakistan (SECP) and the central bank to work with government agencies such as the Ministries of Information Technology and Law to develop crypto regulations within three months.

As part of the proceedings, the SHC also requested that a report on the steps taken to regulate cryptocurrencies be submitted in the same time period.

As previously reported by Cointelegraph, the SECP has been considering crypto regulations since November 2020.

Combating money laundering and terrorism financing is reportedly at the heart of government consultation surrounding cryptocurrencies especially amid pressure from the Financial Action Task Force.

The SHC’s instruction on Wednesday puts Sindh as the latest province to demand some form of recognition for cryptocurrencies in Pakistan.

Back in December 2020, the Khyber Pakhtunkhwa assembly called on the federal government to legalize crypto. At the time, the lawmakers pointed to the broad-based nature of digital currency adoption as an indication that cryptocurrencies were poised to replace fiat in the future.

Related: Pakistan’s central bank is ‘carefully studying’ CBDCs, says governor

In March, Khyber Pakhtunkhwa, another of Pakistan’s four provinces, announced plans to pilot crypto mining farms in the region.

Meanwhile, the State Bank of Pakistan (SBP), like many other central banks across the world, is also studying central bank digital currencies.

In a separate crypto-related case before the Lahore High Court involving stakeholders such as the SECP, the SBP and the federal government, the court asked for participants to present legal points on the matter in subsequent proceedings.

Lahore is the capital of Punjab, another of Pakistan’s four provinces.


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Source: https://cointelegraph.com/news/pakistani-high-court-orders-government-to-regulate-crypto-in-three-months

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ADALend Makes It On “The Essential Cardano List” By IOHK

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Input-Output Hong Kong (IOHK) has listed ADALend on their “Essential Cardano List” of projects that are considered part of the ecosystem supporting and providing Cardano users with products and services.

“The Essential Cardano List” gives an overview of the Cardano ecosystem with an accompanying map, a central library of materials, Cardano Foundation, and Emurgo resources, as well as community-generated materials and a list of current stake pools.

ADALend’s inclusion in the list marks a milestone for the project and its plans to broadcast consumer awareness for the project and its features.

About IOHK

Input-Output Hong Kong (IOHK) is a technology firm dedicated to employing peer-to-peer innovations to bring financial services to the world’s three billion unbanked individuals. They are a software development firm that creates cryptocurrencies and blockchains for academic institutions, government agencies, and businesses. IOHK is considered one of the world’s leading blockchain infrastructure research and engineering firms, founded in 2015 by Charles Hoskinson and Jeremy Wood. The company is an entirely decentralized organization dedicated to academic rigor and evidence-based software development. The business creates high-assurance blockchain infrastructure solutions. It’s also the brains behind Cardano.

About ADALend

ADALend is a decentralized lending protocol governed by the Cardano system. Within this Cardano system, ADALend will influence the flexibility of digital finance markets by providing a basis for immediate access to loans and collaterals, resulting in sustained liquidity of the blockchain assets of the lender.

The ADALend protocol will power the new wave of flexible financial services to the digital asset markets.

Key Features of ADALend

  • Permissionless Lending on Any Pairing: Our governance will ensure that the best offers are available and that only the safest oracles are used. We guarantee trustworthy options for utilization by our clients. To achieve this feat, secure authorization channels are used, limiting the need for permission on pairing.
  • Incentivised Liquidity: Liquidity is predicated on having enough assets in each pool to facilitate lending. ADALend addresses this requirement by incentivizing users to deposit assets and provide liquidity.
  • Community Governance: Token holders can establish consensus by voting on governance proposals or introducing new proposals for a vote.
  • Ecosystem Foundation Layer: The ADALend project has the ability to attract assets and build incentives that can empower an ecosystem of financial products.

Benefits Of Using Cardano

  1. Lower Transaction & Contract Fees
  2. Higher Transaction Speeds
  3. Better Code Security & Robustness
  4. Uses Multiple Oracles
  5. Environment-Friendly

To find out more about ADALend, visit the website.

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Source: https://www.newsbtc.com/news/company/adalend-makes-it-on-the-essential-cardano-list-by-iohk/

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Supra Partners #25 — SupraOracles partners with Web 3.0 powerhouse reBaked

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SupraOracles

SupraOracles is delighted to partner with reBaked on a variety of projects in the NFT, metaverse, and DAO (decentralized autonomous organization) space. reBaked is a crowd building DAO platform that grows Web 3.0 ecosystems and finds innovative solutions to DeFi’s most pressing challenges.

SupraOracles will supply real-time data feeds for reBakeds Playshare, an exciting play-to-earn platform that encourages creativity and community gameplay. SupraOracles’ oracle services also track off-chain voting data and distribute it on the blockchain, allowing DAOs to execute decisions transparently — a solution that will be used for reBaked BUILD. Other reBaked-SupraOracles collaborations include cross-chain bridges for NFTs in the metaverse, fast-paced hackathons using reBaked’s CrowdHack, and other stealth-mode projects.

Nikolaos Kostopoulos, Co-Founder of reBaked, commented: “We are excited to work closely with the SupraOracles team, which is undoubtedly one of the strongest technical teams we have worked with. This is verifiable by the number of grants they have received from leading blockchains and tech organisations such as NEAR, Arweave, Digital Ocean, Polygon, Tezos, Dfinity, Zilliqa, and more. SupraOracles team will play an integral role in bringing to life promising projects such as reBaked BUILD, Pioneers, and PlayShare which are DAPPs and Governance Protocols with case studies that involve external data.”

Joshua D. Tobkin, CEO and Co-founder of SupraOracles, commented: “reBaked’s impact in the Web 3.0 ecosystem is admirable, to say the least. We are proud to be working with them on such a diverse range of projects! SurpaOracles is looking forward to a long-term and symbiotic partnership with reBaked.”

About SupraOracles

SupraOracles strives to bridge the gap between traditional capital markets and the Web3.0 ecosystem. Our vision and driving mission is to empower the developer community with a novel oracle toolset so that they may conveniently create, deploy, and manage data applications with superior performance, robustness, and agility.

Our project is supported by seasoned professionals with experience in the architecture of consensus mechanisms, randomness research, real-time data services, investment banking, digital securities, traditional stock exchanges, big data, doctoral academia, big 4 consulting, blockchain/DLT, and DeFi.

Together with our developer community and growing list of partners, SupraOracles aims to solve the oracle dilemma and ultimately, power the future of finance.

Join SupraOracles’ community: Website | Twitter | Telegram | LinkedIn | Announcements | Medium

About reBaked

reBaked is building a set of governance, management, and operations tools for DAOs and Web 3.0 ecosystems to better distribute and manage their treasuries- by focusing on value creation.

Our projects across different niche markets help networks to align incentives with contributors- safeguarding the long-term success, and financial well-being of blockchain ecosystems. Tools are designed to offer collaboration tools, growth mechanisms, and governance infrastructure to help projects achieve shared goals

Our protocol allows Web 3.0 Projects to get enhanced deliverables faster, build stronger community bonds, decentralize faster, and achieve a better return of value to the stakeholders.

Our native token $BAKED is backed by ecosystem treasuries accumulated by incubated projects, which are actively managed by the RBKD DAO.

Join reBaked’s Community: Telegram Community | Twitter | Youtube | Medium | Announcements

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Source: https://medium.com/@SupraOracles/supra-partners-25-supraoracles-partners-with-web-3-0-powerhouse-rebaked-da94149bf670?source=rss——cryptocurrency-5

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