Cardano Uses Charlie Lee’s Invention. ADA Making Gains As Coin Enters Bullish Territory - Cardano News, Price Analysis. Saturday, September 1st
Important Cardano News
Cardano Uses Charlie Lee’s Invention
Charlie Lee, the Litecoin inventor has announced that “Follow the Satoshi”, an algorithm invented by him in 2012, is in use by Cardano and Tezos. Lee made the tweet after watching a video made by Jack Palmer explaining Cardano.
In the tweet, Lee wrote, “After watching this, I realized that Cardano’s slot leader selection algorithm uses the follow-the-satoshi algorithm that I invented in 2012! … @IOHK_Charles @IMOK_Charles // Oh, Tezos also. Who else uses the follow-the-satoshi/follow-the-coin algo?”
Lee praised Jack Palmer for his superb videos in another twee. He said that they are easy to follow and a good way of understanding any cryptocurrency. Palmer who is the founder of Dogecoin explained the Journey of Cardano from its 2015 to 2017 ICO.
He classified Cardano as a third generation blockchain after Bitcoin and Ethereum as the first and second respectively. He said that Cardano combines the features of maintaining a ledger as in Bitcoin, smart contract as seen on Ethereum and scalability which has been a challenge to both first and second generational blockchain.
Cardano (ADA) Making Gains As Coin Enters Bullish Territory
Cardano (ADA) is making gains against the USD and BTC as the coin breaks the $0.1000 resistance. It further tested and moved past the next resistance located at $0.1050.
In the hourly charts, a bullish trendline has been formed with a support at $0.1020. Even though it seems to be correcting lower, it is likely to have a strong support at $0.1000 and $0.0970 as the buying momentum is not likely to ease.
CryptoComes Trading View analysis says indicates that ADA has picked up some positive signs:
“Around $0.09 area, we have found a bottom what we have tested two times and we can call this a "Double bottom" (W-formation)
After we made a second touch around $0.09 we have a steady climb upwards. Firstly, we break the down-trendline (which is pulled from 02.05.2022 and the second touch 18.07.2022) and we made a breakout from "Descending Triangle". The descending triangle is a bear-ISH pattern but the triangle patterns have a breakout opportunities to either direction and at the moment we made a breakout upwards - bullish sign, and after those breakouts, we made a structure change, we manage to make HH (higher high) on the market!”
The suggestion is that price dips even marginally is an opportunity to enter the market. The Trading View report continues:
“So, at the moment we could see that we may start to make a pullback because on the 4h chart has formed a three candle candlestick pattern called "Evening Star" ( bearish pattern ).
Currently looks like the solid spots where to enter the trade are:
$0.1 - criteria: round number, Fibonacci retracement level 38% and supported with EMA's
$0.095 - criteria: it would be close to retest area, perfect Fibonacci retracement level 62%”
ADA/USD Price Chart, Saturday September 1st:
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