Bitcoin has for long had a firm grip on Cardano (ADA), but recent findings reveal that it’s now history as Cardano has broken free. Just in case you are unfamiliar with the term and left wondering, Cardano (ADA) is a digital asset, very much like Bitcoin or any other crypto. However, Cardano breaking free from Bitcoin would not have been discovered save for the close observance and reports given by the Skew team.
Within the past 30 days, there has been some digital ‘bad blood’ between Bitcoin and Cardano. Prior to the final breakaway of Cardano from Bitcoin, there was a system upgrade— the Mary Upgrade. This Upgrade took place a few days ago— precisely on the 1st of March, 2021. On the 27th of February, 2021, three days prior to the Upgrade, the price of the ADA— in Binance— shot up to approximately $1.487.
The Mary Upgrade is bound to cause some notable changes in the ADA. Some of these changes, for instance, is the fact that Cardano is set to become a multi-asset platform. What this means is that it would provide its users with the opportunity to create customized tokens. NFT is an example of such. By implication, this means that there can now exist a direct interaction from Cardano, but without smart contracts. This also means that every trade or transaction carried out on the Cardano platform becomes very cheap, even cheaper than Ethereum.
Things might change, however, as Cardano is currently right at the centre of a correction. Observations were also made from a daily ADA/USDT chart that monitors all of its activities. Some of these include;
- The trade level which is currently undergoing the pressure to be sold or risk getting devalued.
- A confirmation has been made on the ongoing correction on Cardano by the MFI and RSI’s daily trajectories.
- In the next days and weeks to follow, Cardano will receive some logical macro support which is currently at the price of $0.80.
- There are other support zones that can be found between the ranges of $1.034 down to $0.70.
The correction on Cardano has further been confirmed by the fact that MACD crossing was just above the baseline. This is indeed good news for Cardano investors as cryptocurrency is rising to greater heights.