Cardano, Terra, Polkadot: Advanced Blockchain AG secures a slice of the pie

Investing.com – Cardano, and failed to maintain their recent winning streak. The fell -4.67% to $1.2450, while it lost -5.13% to $78.41 and fell -1.28% to $26.93.

Cardano: ever-increasing relevance and demand

Cardano founder Charles Hoskinson explained that the relevance and demand for ADA has grown across the crypto ecosystem. One clue is that ADA is now traded on over 100 exchanges.

However, not everything has always gone according to plan in the past, as Hoskinson explained in an interview on the Crypto Capital Venture YouTube channel:

“We had to rewrite the software three times. Also, there were big changes in the architecture and in the vendors. Approaches were taken that didn’t work and of course there were delays.”

Terra could break out of the downtrend

Despite today’s bearish move, Terra is still recording a nearly ten percent gain on a weekly basis.

The upper boundary of the trend channel and the 50 percent Fibo retracement of $83.01 offered too much resistance, triggering a correction.

On the 4-hour chart, we can see that the 38.2% Fibo retracement at $78.18 was already providing support. If this one still holds, a new attempt to exit from the top of the downtrend could take place.

Above the 50 percent Fibo retracement, the 61.8 percent Fibo retracement of $87.84 would then be the next target for the rally.

If, on the other hand, the price pulls back below the 38.2 percent Fibo retracement, expect losses towards the 23.6 percent Fibo retracement of $72.20.

Polkadot: a German public limited company secures a stake

Composable Finance managed to secure one of Polkadot’s parachutes. Thus, a German limited company now participates in the success of the parachutes. Indeed, Composable Finance is a subsidiary of Advanced Blockchain AG.

The project raised $160 million through a crowdloan campaign. That was enough to win the Polkadot Network’s 8th Parachain.

The native composite token (LAYR) has reached a market capitalization of $350 million. Advanced Blockchain AG owns 5.7 percent of the tokens worth $20 million, the company said.

By Marco Oehrl

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