Monat: Mai 2022

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Cardano (ADA) set for a 40% upswing

Cardano (ADA) is set for a nice bump over the days ahead as it establishes a consistent price range. The coin has somewhat recovered some of the losses seen in the middle of May and could give investors more returns in the near term. Here are some of the details.

Over the past week, ADA has established a range of between $0.487 and $0.677

The coin is currently trading at the lower side of this range

ADA will likely trace $0.487 in the coming days before it shoots up again

Data Source: Tradingview 

Cardano (ADA) – Price analysis or prediction

After bottoming in mid-May, ADA has seen some slight recovery. The coin has managed to return above $0.5 and appears to be consolidating. However, over the last week, ADA has established a consistent range.

As long as nothing drastic happens in the market, we expect ADA to retrace this range in the days ahead. This will deliver an upswing of around 35%. Besides, if bullish demand grows and ADA investors continue to hold the coin, we may say a decisive breakout towards $0.8. 

But for now, a likely upside of at least 30% appears very likely. However, this analysis will become invalidated if ADA falls out of the range above and loses its $0.471 support. If this happens, the coin will likely fall towards $0.38 before it pulls up again.

Has ADA fully recovered?

ADA is yet to fully recover from the steep losses in May. The coin was above $1 just recently so there is a long way to go. However, from a long-term standpoint, the outlook for Cardano is very robust. 

For this reason, investors keen on accumulating the coin for the long haul should do it now when the price is heavily discounted.

The post Cardano (ADA) set for a 40% upswing appeared first on Coin Journal.

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Fantom (FTM) jumps 6%: Github data shows Andre Cronje coding for Fantom stablecoin

Fantom native token, FTM, has surged by more than 6% today after Andre Cronje, one of the most prolific DeFi developers, was spotted doing some coding for the Fantom stablecoin platform.

Github data revealed the coding of the developer sparking an intraday FTM price rally from a low of $0.3243 to a high of $0.3755 outpacing all the top 100 cryptos.

At the time of writing, FTM was trading at $0.3599 up 6.78% in the last 24 hours.

Cronje back to the crypto space

Earlier in March, Cronje and Anton Nell announced that they have left Fantom and the crypto space at large. Their announcement caused a sharp sell-down of the token from which it had been struggling to recover.

Additionally, earlier in April, the developer declared in a blog post that “crypto is dead,” calling for more crypto regulations. He had also said that he had no intentions to come back to the crypto space but his Linkedin profile shows that he is currently heading an investment banking platform.

However, his return comes amid troubled times when FUSD, Fantom’s stablecoin, has been de-pegging gradually in the past week and is yet to recover. Its de-pegging comes after Terra UST also de-pegged from the US dollar making investors more skeptical about stabelcoins.

Working on the Fantom catastrophe

Cronje seems to be working on the Fantom FMint protocol, a platform on which FUSD is minted. The move comes amid the market pressure that has de-pegged the FUSD stablecoin, besides, the changes that Fantom introduced to its stablecoin mechanism also seemed to have tumbled FUSD, which is still below the $1 peg ($0.7013, down 12.74%).

The protocol did outline some of the measures they will take to maintain the position through the stablecoin but did not specify the time it will allow position covering. 

FUSD interest rate is expected to rise but according to the gradual FUSD de-pegging, it seems that the traders are not yet convinced by the move. 

The post Fantom (FTM) jumps 6%: Github data shows Andre Cronje coding for Fantom stablecoin appeared first on Coin Journal.