Straight from Algorand endorsement by Charles Hoskinson to Trezor’s support of ADA, the ground is set for ADA/USD rally. All things constant, we maintain a bullish outlook. Regardless, we still retain a neutral stand for now until after prices edge past 9.5 cents.

A team made up of academic luminaries in cryptography, finance and science are ready to roll out their business ready protocol after securing $62 million in funding following a successful ICO. In Algorand, Charles Hoskinson said they have found a real competitor and like Cardano, the team is working towards creating a blockchain platform that bids to beat the blockchain Trilemma of decentralization, security and scalability.

Charles Hoskinson is known for his academic and technical acumen. He’s thorough and over time, his critical analysis on several projects has been known to be ruffling. Therefore, his endorsement of Algorand and subtle swipe at existing smart contracting platforms as EOS and Tron is a cause why enthusiasts should take a look at Algorand and analyze its value proposition. It should be noted that like Cardano, Algorand employs proof of stake and though they have a definite road map as they seek to roll out a platform that is ready for immediate use, the team plans to be thorough and avoid avoidable pitfalls of yielding to community pressure of fast mainnet release.

At the same time, Trezor’s Model T now supports ADA, the platform’s native currency. Of course, this is boosting especially now exchanges are listing ADA as they open up their fiat market. As such, it is only necessary for the smart contracting platform to partner with community approved hardware wallet companies as Trezor as the need of reliable and safe storage of ADA rise.

There are two opposing moves in the daily chart and both are important. The first is price movements leading to week ending Sep 9 is bearish and complementing the bear break out pattern of early August. This is bearish and bulls are yet to reverse those losses. Secondly, the bullish engulfing pattern of week ending Sep 23 reacting right at Cardano’s ADA all time lows. Accompanying this revival was high trade volumes as visible from the chart.

Now, though bears are technically in charge because bulls are yet to print above week ending Sep 9 highs, odds are we might see a shift of trend as long as prices trend above Sep 2018 lows. Besides, the simple fact that ADA is down 100 percent from 2017 peaks means bulls have an upper hand and could edge higher as the year concludes.

Here, it is clear that prices are consolidating and as long as ADA trends inside Oct 15 high, then odds are bulls are in control. Aside from volume and momentum consideration, specific candlestick formations hints of bulls.

In the last three to five days, ADA bears did end up printing with long lower wicks as they trade within tight ranges hinting of bulls. That’s apart from tapering volumes convincingly eclipsed by Oct 15 volume spikes which again points to underlying bull pressure.

Now, combining all of these front buys but before we commit trades, the best stand is to wait for rallies above 9.5 cents and the minor resistance trend line. Thereafter, aggressive bulls can buy on dips upon break outs with first targets at 12 cents.

However, losses below 7 cents or Oct 15 could trigger a spate of sellers aiming at 6 cents and new ADA ATLs.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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