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Cardano Rallying Towards Next Resistance After Release of Payment Solution

source-logo  newslogical.com 29 November 2019 07:46, UTC

The entire crypto market is yet to stay on the bullish side despite the slight recovery from the $6K dip area as most cryptocurrency in the ecosystem, including Bitcoin, return to the red zone.

Nevertheless, Cardano and a few numbers of altcoins trying to work against the next possible bearish tide, and they remain profitable over the last 24 hours. Cardano and its contemporaries with strong footing in the green zone are targeting another resistance for a breakthrough which may mean significant move out of the bearish zone.

Of all cryptocurrencies in the top 20, Cardano is the second highest gainer at press time. Cardano has upped its value by 6.08% since yesterday while the like of leading cryptos like Bitcoin, XRP, Ethereum remains subjective to the forces of the bear.

Since 2 weeks ago, Cardano has been maintaining a strong resistance below $0.4 against the US dollars. However, the cryptocurrency has surpassed the psychological resistance $0.39. Cardano earlier rallied above $0.417 resistance at the early hours of the European trading session before dropping below $0.415.

A unit of Cardano ADA is currently valued $0.041232 as it adds 6.08% to its worth against the US dollar. Against BTC, ADA trades at 0.00000547 BTC with 6.18% added value in the last 24 hours. Cardano remains strong on the upside trend, and there are indications that if the momentum is maintained for the next 24 hours, the cryptocurrency will break $0.042 resistance.

This came at the heel of an announcement that Cardano released a payment solution for merchants.

Cardano’s AdaPay payment solution, an initiative of Cardano and COTI, was launched to allow merchants settle transactions instantaneously into 35 fiat currencies directly into bank accounts. Cardano Ada spiked following the announcement.

There are more reasons for Cardano to remain on the rising wedge or further increase its momentum. The Cardano community is gearing up for their Shelley incentivized testnet balance today.

Snapshot of the balance will be released by 2 pm (midday) UTC. Earlier, the CEO of IOHK Charles Hoskinson said the snapshot will hold today at epoch 159, slot 6886.

The snapshot will take place tomorrow at epoch 159, slot 6886. Have your ada in daedalus or yoroi during that time.

— Charles Hoskinson (@IOHK_Charles) November 28, 2019