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Cardano Dives Into Crypto Payments, ADA Price Rallies 101
Charles Hoskinson, CEO of blockchain consultancy and research firm IOHK that is developing the Cardano platform. Source: a video screenshot, Bloomberg/Youtube

The Cardano Foundation launched a new crypto payment solution, AdaPay, aimed at merchants, making ADA, the native token of the Cardano platform, one the best performing coins among the TOP 20 digital assets today.

The solution, developed together with COTI, an enterprise-grade fintech platform, “allows merchants to accept payments in ADA with a near-instant settlement into 35 fiat currencies directly into their bank accounts,” the foundation announced on Thursday.

ADA, ranked 11th by market capitalization, rallied after the news and at pixel time (07:13 UTC) trades at c. USD 0.042. The the price is up by 8% in the past 24 hours and by 12% in the past week. It’s still down by 3% in the past month and is unchanged in the past 12 months.

ADA price chart:

Cardano Dives Into Crypto Payments, ADA Price Rallies 102

The foundation announced the development of the payment gateway in the end of October this year.

The solution can be integrated directly into merchant’s website either with an adaPay button or a QR-based point of sale (PoS) system.

The Cardano Foundation leverages COTI’s Universal Payment Solution, which is extended to provide other financial services, such as lending products and prepaid debit cards.

“These will also be made available to ADA merchants,” according to the Foundation.

In the meantime, COTI has created a demo store in order to demonstrate how payment with ADA works.

In a recent opinion piece, Martin D. Weiss, founder of Weiss Ratings, and Juan Villaverde, co-author of the Weiss cryptocurrency ratings, argued that ADA is among “true cryptocurrencies.”

“They include Bitcoin, Ethereum, Cardano, EOS and others — digital money, which could someday function like dollars, euros or yen, but with much more transparency, efficiency and monetary discipline,” they said.

Learn more: Now That Bitcoin ‘is Digital Gold,’ Which Crypto is For Payments?

Linas Kmieliauskas , 2019-11-29 09:18:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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