Cardano Stages Recovery, Once More 12th Largest Crypto, IOHK Atala Initiative Announced

The price of Cardano has reportedly staged a comeback which has propelled it back to the 12th position among the top digital assets by market capitalization. Cardano attained this status after beating TRON to retake a position it had previously held. For now, Cardano is steady and the coin’s growth rate of 10.42% has been noted when the digital asset entered a higher level.

The daily trading volume of ADA is listed as $67.063 million by CoinMarketCap. While the overall supply of ADA has reached 25,927,070,538 ADA tokens as of press time. Cardano also has a total market capitalization of $1.387 billion as of August 11. The price of ADA is now changing hands at the $0.053523 area. There is a bullish signal and it appears the brief time that the bears held is almost out. Especially now that ADA has displaced Tron and retaken its position on the charts.

The Price of ADA Hit Resistance at $0.054

For the price of ADA, we can see that was some level of resistance just before the $0.054 area. It should be recalled that Cardano executives have received criticism in the recent months for an absence of progress in the network. There haven’t been any significant reports that detail change in the near future.

RSI for ADA is Improving After Reaching the 43.41 Level

The daily RSI of the ADA/USD pair is Improving through 10 periods. The RSI pattern entered the path to improving after reaching the 43.41 position in one day. The peak points of the Oscillator, for now, has also turned from the red region to green area which shows an improvement. The Oscillator is pointing to a higher chance of the previous bearish trend switching to bullish over an extended period. The MACD pattern for the ADA/USD pair has broken through. It is beginning to look like it might soon soar over the signal pattern. All of these readings are derived from the candlestick chart of the ADA/USD pair.

About IOHK’S Atala and its Major Divisions

In other news, there is a new initiative in the ecosystem. A new research paper on IOHK’s Atala initiative has been published. This content cites a new enterprise that is considered as a bane by divided groups in the crypto community. In the end, Atala is looking to make financial dealings less difficult and more direct for the people in developing countries like Ethiopia, Mongolia and a host of others.

The workings of Atala are similar to that of the Hyperledger Fabric. Below are several key variations between both solutions:

  • Blockchain requirement is optional, no smart contract framework
  • The focus rests on the masses instead of the Fortune 500 corporations, capitalists do not hold any form of control
  • Speeding up cryptocurrency adoption
  • The inclusion of an interoperable DLT infrastructure
  • The leveraging of permissioned and permissionless systems which is paramount for use cases

There are reportedly three major divisions in the Atala model and they include:

  1. Ledger Framework
  2. Agreement Framework
  3. Data Framework

Finally, the most anticipated network in the world which is backed by a research-driven model is back on track.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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