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Is Cardano set for an explosive move as key breakout gets underway?

  • Cardano’s Vasil upgrade remains on course amid delays

  • Investors have been snapping ADA ahead of the final mainnet launch

  • The token eyes a key breakout as the price turns bullish

Cardano ADA/USD investors are anxious. The much-publicized Vasil upgrade on the mainnet remains on course. The Vasil upgrade was already deployed on the Cardano testnet in early July. That strengthened the expectations that the final upgrade was well on course. While the final deployment was expected at the end of July, the Vasil upgrade has been delayed. The Cardano team is still optimistic of the final upgrade in the next few weeks.

The fear of missing out or FOMO is very real. Investors are scrambling for the slightest opportunity in the market. ADA remains those tokens investors remain keen on. That, of course, is due to the anticipated upgrade, which will improve the scalability of the network. There are high expectations that the price of ADA will skyrocket once the upgrade occurs. As a result, whale accumulation has been ongoing.

Cardano eyes a breakout at key $0.52 resistance as price pumps

Source – TradingView

While the Vasil upgrade remains on the to-do list, the price of ADA is pumping. This time, the token is eyeing a breakout of the key level at $0.52. The token already trades at $0.539. We can’t say with sufficiency that the breakout has occurred. We need to wait for the closure of the daily candlestick to ascertain that.

A breakout will be confirmed if the candlestick closes above the resistance zone. If the candlestick closes below the resistance, Cardano will enter another moment of consolidation. For now, we remain watchful, minding that the moving averages and MACD indicators are bullish.

Summary

Cardano is eyeing a break above $0.52. FOMO and improved crypto sentiment are boosting the token. Investors should buy on a breakout above $0.52. The next resistance is at $0.65.

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English FA announces plans for an NFT platform

The Football Association (FA) says its NFTs will be based on the Three Lions and Lionesses teams.

England’s national football governing body, the FA (Football Association) has announced plans to launch a non-fungible token (NFT) platform. The England soccer governance body is currently seeking a potential partner to help realise the NFT goal, according to details posted on its website.

The RFP and the tender process is part of a long term NFT strategy set to focus on fan engagement, the FA added in the release.

“We have today launched a Request for Proposal [RFP] tender process to appoint a partner to build a long-term Non-Fungible Token [NFT] based platform, focused on the England Senior Men’s and Women’s teams,” the FA wrote in the press release.

Fan engagement and new revenue stream

According to the FA, tapping into the blockchain-based technology will offer fans new ways to engage with the national teams. NFTs will also allow the organisation to leverage new revenue streams, with the income flowing back into the game.  

Navin Singh, FA Commercial Director, added in a comment:

“NFTs present a unique and innovative opportunity to engage with our fans through the imagery of The FA and the England Senior Men’s and Women’s teams. Any revenue generated will be for the benefit of the game, whilst importantly offering flexibility for fans to express their fandom in this new exciting medium.”

The FA has released key Intellectual Property [IP] for its use as part of the RFP effort, including names of current national team players, match footage, and the Three Lions and Lionesses logos among other imagery.

The FA’s plans come a few months after the UK government signaled it would be minting its own NFT, with this seen as one step towards enhancing the country’s position as a leader in the crypto space.

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CoinFLEX cuts staff amid efforts to trim costs by up to 60%

CoinFLEX co-founders Sudhu Arumugam and Mark Lamb say the goal is to be lean staff-wise and to remain ‘right-sized’ should potential acquisition proposals come in.

Crypto exchange CoinFLEX has announced that it has cut its headcount by a significant number amid ongoing efforts to bring the embattled company back to its feet.

The exchange, which is in a tussle with one of its customers over an unpaid loan said to be about $84 million, says the move to lay off so many of its staff members is informed by the need to be lean “staff-wise” as they navigate the murky waters they found themselves in June.

“The staff cuts and non-staff costs that we have made will reduce our cost base by approximately 50-60%. The majority of the team that remain are focused on product and technology, which remains the core of our business,” the exchange’s co-founders Sudhu Arumugam and Mark Lamb wrote in a blog post.

Remain ‘right-sized’ for any potential acquisition

According to the co-founders, the layoffs touched almost every section of the platform’s operations and impacted employees across various geographies.

The company will, however, continue to monitor its costs even as they target efficiency, with plans to start scaling on the staff once business hit levels where volumes permit hiring.

In the meantime, CoinFLEX intends to “remain right-sized for any entity considering a potential acquisition of or partnership opportunity.”

CoinFLEX announced partial customer withdrawals had resumed mid this month following a freeze that had also hit major crypto lender Celsius Network and other beleaguered crypto firms amid market woes in a biting crypto winter.

Other big casualties of the market contagion are Three Arrows Capital, Vauld, Voyager Digital and Zimplex.

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The ‘macroeconomic situations’ drive adoption into Bitcoin, says Binance CEO

Binance CEO, Changpeng Zhao says Bitcoin has strong support near or at the $20,000 price level, and believes the crypto market is generally likely to see further adoption catalysed by the macroeconomic environment.

Speaking in an interview with ‘Squawk on the Street’ on Thursday, the Binance chief noted that while no one can accurately predict the market – whether the next big move can be higher or lower – the $20k level offers a good buffer zone due to its psychological importance and the market cycle around it.

What next for Bitcoin?

Basically, noone can tell – it could go higher, or a retreat after relief bounce – but…

“Nobody really forecasted NFTs [and] DeFi, which probably drove the last bull run,” Zhao told CNBC, adding that even the 2017 bull market rode on the ICO (initial coin offering) boom. And more likely, the 2017 all-time high is proving the new bottom from where bulls could retreat to before springing higher.

Also, even though the crypto market has grown significantly and it’s not easy to tell which sector will drive the next bull run, growth all across the industry shows we are “moving in a positive direction.”

“The regulatory landscape is shaping to be quite well,” he added, with most countries and jurisdictions moving to adopt regulatory frameworks instead of undertaking outright bans on Bitcoin or cryptocurrencies.

These developments are key and can aid further growth in the industry, as well as buoy the next upside in prices, Zhao said.

According to the Binance CEO, a combination of macroeconomic situations, including high inflation and even talk of recession are all potential drivers of the next bull cycle. This week, Bitcoin rose sharply after the US Federal Reserve raised interest rates by 75 basis points, with BTC breaking above $24k on Thursday amid recession chatter.

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