Cardano (ADA)

 

Cardano

Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, ADA. Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson.

Cardano hits new one-year lows as bulls abandon ADA below $1

Cardano price action has recently achieved (and developing) some historical behaviors not seen in any of the top ten market cap cryptocurrencies – or nearly the entire altcoin space. Nevertheless, a slow bleed-off of value continues, with little sign of it abating until the very end of February 2022.

Cardano price is one of the worst-performing top ten cryptocurrencies and altcoins

Cardano price action is well on its way to achieving what none of the top 10 or top 40 cryptocurrencies by market capitalization have achieved: six consecutive months of losses. Cardano recently broke its record of four consecutive red/black monthly candlesticks in January 2022 to five consecutive red/black months – and unless something dramatic changes between now and the following Monday, it will extend the losing streak to a staggering six months.

An astonishing 65% of Cardano hodlers are now in the red. This is extremely surprising given multiple on-chain metrics and reports that confirmed ADA wallets that hold between 10,00 and 1 million ADA have more than doubled their holdings in the $1 value area.

A spectacular flash-crash could occur at any moment. From the extended 2021 Volume Profile perspective, almost nothing prevents Cardano from capitulating well below the $1. The following high-volume node for Cardano price doesn’t appear until $0.35. In that scenario, ADA would extend its gap from 70% below its all-time high to nearly 90% - essentially repeating the same percentage loss from the 2018 bear market.

However, one of the most epic and violent bear traps in cryptocurrency history may be developing. Cardano has hit new all-time lows in the Composite Index on the monthly chart. At the same time, hidden bullish divergence developed between the candlestick chart and the Composite Index – a condition almost no cryptocurrency has created in almost four years. Finally, the monthly candlestick itself is a rare and massively influential bullish reversal candlestick known as an inverted hammer.

From an Ichimoku perspective, a violent reversal that could generate over a 110% gain is highly probable due to the enormous gaps between the bodies of the monthly candlesticks and the Tenkan-Sen.

Another consideration for Cardano’s imminent reversal is the completion of one of the most potent Gann cycles of the inner year: the 180-day cycle. 180-days from the all-time high lands precisely on March 1, 2022.

 

 

 

Dogecoin (DOGE)

 

Dogecoin

Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a "joke", making fun of the wild speculation in cryptocurrencies at the time. It is considered both the first "meme coin", and, more specifically, the first "dog coin". 

Here’s why Dogecoin’s core developer is stepping away from the crypto project

It should be noted that Nicoll also works as a full-time employee for another company, the name of which is currently unknown. According to Nicoll, his departure is not absolute and there’s “further complication” as his employer is moving into the blockchain space, which could stoke the risk of conflict of interest if he were to remain as director of the Dogecoin Foundation.  “I’m handing over everything I can to the Dogecoin Foundation. I will remain as an advisor to the Foundation, to enable transition,” he wrote in a blog post.

The chief developer also wrote about the number of threats that Dogecoin Foundation continues to face. In 2021, several parties were registering trademarks for Dogecoin, presumably to claim “they” were Dogecoin. “External parties we had never heard of managed to get articles published which referred to them as Dogecoin developers. In the summer of 2021, there was a potential lawsuit against the developers from someone who claimed we were responsible for their funds,” Nicoll said, adding that he is not in the right mindset to steer Dogecoin into the next phase. 

It is considered both the first "meme coin", and, more specifically, the first "dog coin". Despite its satirical nature, some consider it a legitimate investment prospect. Dogecoin features the face of the Shiba Inu dog from the "doge" meme as its logo and namesake. It was introduced on December 6, 2013, and quickly developed its own online community, reaching a market capitalization of over $85 billion on May 5, 2021. It is the current shirt sponsor of Watford Football Club.

Dogecoin.com promotes the currency as the "fun and friendly Internet currency", referencing its origins as a "joke". Software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency to make fun of Bitcoin and the many other cryptocurrencies boasting grand plans to take over the world. With the help of Reddit, the site became an instant hit. Within two weeks, Dogecoin had established a dedicated blog and forum, and its market value has reached US$8 million, once jumping to become the seventh largest electronic currency in the world. Dogecoin is based on Script algorithm, and the transaction process is more convenient than Bitcoin. Dogecoin takes only 1 minute to confirm, while BTC takes 10 minutes.