Forex Analysis & Reviews: Cardano allocates $200 million for the development of its own ecosystem
time 30.09.2022 09:10 AM
time Relevance up to, 01.10.2022 09:10 AM

And while the crypto–winter continues, and this is not surprising - especially against the backdrop of geopolitical events and the slide of the global economy into recession, the developers of Cardano Emurgo have announced that they will invest more than $ 200 million to support the growth of the ecosystem over the next three years. Emurgo is the founder of the Cardano protocol and develops products, services, and applications designed to support the growth of the network.

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It is reported that the funds received from Emurgo's capital will be provided to projects directly working on Cardano and projects from other networks that create products that integrate the Cardano network with their own.

The Emurgo representative also noted that $100 million would be allocated for investments in Africa as part of the African Investment Initiative. He also explained that the key growth factor in the region was the use of crypto lending and borrowing services designed for everyday life and not for speculative purposes.

The development of such services in these countries, not on a speculative basis, is a real breakthrough in the crypto industry, which is still more investment-speculative than settlement.

The growth of the Cardano network has been relatively slow recently compared to other networks. However, Cardano is now ready for the new infrastructure needed to expand and grow the network in the coming years safely.

Remember that the long-awaited Cardano Vasil hard fork took place this month. The fork will allow the use of smart contracts and decentralized applications in the network that work on the blockchain system without a central administrator.

As for today's technical picture of bitcoin, the recent failure has been compensated, and the market situation has returned to balance. This indicates that investors have no interest in risks. The focus is now on the resistance of $ 19,500, the return of which is necessary to build a new upward correction of the pair. In the case of a breakthrough in this area, you can see a dash up to $20,000. To build a larger upward trend, you need to break above the resistances: $20,540 and $21,410. If the pressure on bitcoin increases, and all the prerequisites for this, the bulls should make every effort to protect the supports of $19,100 and $18,625. Their breakdown will quickly push the trading instrument back to the lower boundary of the $18,100 side channel and clear the way for an update of the $17,580 level.

Ether has recovered from the rather significant support of $1,275, and now there is trading in the side channel. A breakdown of $1,275 can lead to significant changes in the market. Only a fix above $1,343 will somehow calm the situation and return the balance to the ether. Consolidation above $1,343 will stabilize the market direction and push the ether to another correction in the area of $1,402 and $1,457. The areas of $1,504 and $1,550 will be a further target. If the pressure on the trading instrument remains and at the breakdown of $1,275, we can see a new movement of the trading instrument down to the support of $1,210. Its breakdown will push the ether to $ 1,150, where major players will manifest themselves in the market again.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2023
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