Several US States Consider Cardano For Voting — ADA Price Remains In A Downtrend
Several U.S. states are in the talk with Cardano representatives about utilizing their platform for voting purposes. Credit: Bettmann
Key Takeaways
- US states consider Cardano for blockchain voting.
- ADA price trends downward, despite optimistic developments.
- Cardano’s price action indicates a potential bearish future.
Several US states are exploring the possibility of developing a blockchain-based voting system in collaboration with the Cardano Foundation, as revealed by CEO Frederik Gregaard. The states want a “lightweight” solution to enhance election transparency and accountability.
While this news instills optimism in Cardano’s blockchain, ADA continued trending down, losing 16% of its value since March 31.
Will Cardano Be The Go-to Solution?
The specifics of these discussions were not fully disclosed. However, the Cardano Foundation does have prior experience with its Catalyst voting system letting ADA holders vote on project proposals. This, therefore, could serve as a basis for expanding blockchain technology into government voting systems.
However, challenges such as voter identity verification and the adaptation of blockchain technology to meet the demands of state-wide elections remain. Despite these hurdles, the move toward blockchain voting highlights its potential to improve election security, accuracy, and transparency.
Cardano (ADA) Price Analysis
Cardano’s last significant price surge began on October 19. It rose from a support level of $0.23 to nearly $0.70 by December 13. Following this peak, the price corrected downward, dropping to $0.45 by January 22, matching its April 14, 2023, high. This downturn marked the beginning of a new upward trend, with Cardano reaching a new high of $0.81 on March 14, as part of a broader five-wave upward trajectory, indicating the third phase of this pattern.
Subsequently, a decline ensued from March 14, with Cardano falling out of its ascending support channel to $0.57 by March 20, suggesting a bearish outlook as the primary scenario. As it made a slightly lower low today, April 3, we could get a confirmation of a larger downtrend being in development.
As the price tests the previously breached support for resistance at the 0.382 Fibonacci level, the market’s next direction needs confirmation. A rebound above this support could hint at a potential short-term rally. Conversely, a rejection is likely to lead to a deeper fall, potentially taking ADA down to the $0.40 region.
The future trajectory of Cardano will largely depend on its interaction with the ascending channel’s support. Currently, a bearish trend appears more probable.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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