The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.
Cardano (ADA) price gained over 25% in just two trading days on Thursday and Friday as the bulls try to unwind last week’s losses. A chance is high that short-sellers have also chosen to take profits given the gains they made recently.
On the fundamental side, Cardano’s founder Charles Hoskinson said that the ultimate aim of his blockchain platform is to create a secure framework.
In a recent interview he gave to Slot Leader, Hoskinson said that Cardano is a financial operating system that can “embrace new features and services and scale perfectly to accounts regardless of the amount of inflow of new users”.
“The general idea is that the system should be an end-to-end stack for economic identity. So what that means is that if some person in Senegal, or some person in Rwanda, or wherever, enters the system, they should be able to have someplace to place their data and their identity, to build a reputation.
ADA/USD currently trends nearly 7% higher on the week. Sellers managed to print a 3-month low around $0.075 on Thursday before rebounding to trade now at $0.0955.
PEOPLE WHO READ THIS ALSO VIEWED:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .