Cardano (ADA) has now lost 95% of its value since its all time high of January. The above weekly chart for ADA/BTC shows that Cardano (ADA) which until now has been trading in a pitchfork as well as a falling wedge is now at the end of its correction. RSI for the above chart has also been trading in a falling wedge and is now at the point of a break out as it has reached the full extent of its movement.
The recent headlines about Bill Cosby have done nothing to warm public sentiment to the confirmed sex offender and disgraced comedian. According to rumors on tabloid website Radar Online, Cosby bought 750 BTC (~$ 5 million) in a bid to shield his diminishing fortune from his wife Camille.
The article goes on to say that Cosby owes millions to the government along with some $ 25 million in unpaid legal fees. Sensational stuff indeed. Not only does this story serve to drag Cosby’s reputation to a new low, but it also muddies the waters about Bitcoin. Once again, the world’s number-one cryptocurrency is labeled as a vehicle for illicit deeds and tax evasion, with sex offenders as paying customers.
Unibright is a German blockchain company that is seeing some growth off the back of its successful in April 2018. According to reports, Unibright actually raised $ 13.5 million in around ten days, quite a stunning feat in the grand scheme of things.
Since their successful ICO, Unibright have also bridged a partnership between three firms that you might have heard of, tech giants Microsoft, airline giants Lufthansa and crypto giants, NEM.
What will this bring?
Cardano (ADA) is now down more than 90% since its all time high but that has not stopped it from entering a new bear trend. The price just broke below the 21 EMA on the 4H chart for ADA/USD above. Having already broken below the 50 EMA, Cardano (ADA) was expected to find support at the 21 EMA but the price failed to hold its ground and broke below it. Furthermore, the 21 EMA has now become a strong resistance for Cardano (ADA) which means the RSI is likely to break out of the falling wedge at this point.
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Yukio Noguchi, a famous economist in Japan and an advisor to Waseda University’s Business and Finance Research Center argues we can’t expect Bitcoin’s prices to rapidly surge again. In his books and in recent articles, Noguchi makes his case eloquently. He wrote a recent article in Diamond Weekly clarifying his position but has been making his case since January of this year and published a book last December.