- Cardano price bullish above $0.25
- Jihan Wu of Bitmain to resign
- Ethereum Foundation to partner with Reddit
- Ethereum bulls accumulating as per Coin Metrics data
Trending News: Bitmain CEO to Resign, Ethereum Foundation to Partner with Reddit while Grayscale Expands
As Bitcoin consolidates above $30k, Jihan Wu, the CEO of Bitmain, will step down and end internal power wrangles.
Following his resignation, Micree Zhan–the co-founder of the chipset manufacturer, will purchase $600 million worth of Bitmain shares.
Therefore, he is requesting for a $400 million loan from Bitmain and would raise the balance from outside the company to enable this.
Ethereum Foundation and Reddit Partner as Whales Accumulate
Meanwhile, Reddit is partnering with the Ethereum Foundation. In a release on Jan 27, the social media site said the objective would be to accelerate addressing scaling challenges in the smart contracting platform to “Reddit-scale production.”
In short, their immediate goal is to fast-track the building of scaling tools for Ethereum. Although Ethereum developers are working to resolve this and ultimately bring down Gas fees, a boost from the social media giant is welcomed.
Coincidentally, this is amid increasing interest from institutions.
While ETH/USD prices consolidate below the coin’s all-time high, Coin Metrics data reveals a possible accumulation. Instead of liquidating, investors are buying into ETH, pushing whale count higher.
Grayscale Incorporates Cardano, EOS, and Four Other Trusts
Grayscale has incorporated six more trusts, including EOS, Polkadot (DOT), Monero (XMR), and Cardano.
According to Grayscale CEO Michael Sonnenshein, this doesn’t mean they will launch them. However, it will be in line with their objective of offering products meeting their clients’ demands.
Cardano Price Prediction
The ADA/USD price remains in an uptrend, shaking off bears of the last few days.
As of writing, ADA is up 10 percent on the last day of trading.
As of writing on Jan 28, ADA buyers are flowing back. The result is a double-bar bullish reversal pattern from around the middle BB, the main support trend line.
Notably, ADA bulls are finding support at important reaction levels. From the daily chart, higher highs from between $0.25 and $0.30 (the 38.2 and 50 percent Fibonacci levels) could strengthen buyers aiming at $0.40—the coin’s 2021 highs.
With gains in smaller time frames, aggressive traders can buy the dips as long as prices trend above $0.25. The first target above the ascending triangle is $0.40. However, for trend continuation, a sharp close above $0.40 should be with high trading volumes exceeding those of Jan 6.
Losses below $0.25 could see ADA/USD fall back to $0.15—the 78.6 percent Fibonacci retracement level of the November to January 2021 trade range.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.