Key takeaways
Cardano‘s community, in a fit of madness, approved a $70 million grant to IOE for upgrades. With ADA holding key technical support levels, a breakout above $0.74 could set the stage for further upside. 🧙♂️💥
Cardano [ADA], that noble steed of the crypto world, is gearing up for a major leap forward. The community has approved a $70 million grant for Input Output Engineering (IOE) to lead key upgrades across the network. 🐎🚀
With funds released based on milestones and built-in transparency checks, the move would strengthen trust and potentially bring fresh momentum for ADA’s price. 🤝💰
Cardano community approves $70 mln grant
The Cardano community has approved over 96 million ADA (worth roughly $70 million) for Input Output Engineering (IOE) to execute major upgrades on the network. 🧱🧱
Backed by nearly 74% of voters, the proposal is one of the largest treasury allocations in Cardano’s history. 🏰👑
“The roadmap, developed in alignment with community priorities and approved earlier this year, outlines one of the most ambitious development phases in the chain’s history.” 📜📜
With this, IOE announced its focus on improving scalability, cross-chain functionality, and developer tools through upgrades like Ouroboros Leios, Hydra, and Mithril. 🦎🌊🧙♀️
The grant will be disbursed in phases, tied to specific milestones, with oversight from Intersect and on-chain smart contracts to ensure transparency and accountability. 🔍⚖️
The IOE has also announced intent to publish regular updates and budget reports, to keep the community informed and engaged. 📢📢
Development activity spikes
Cardano’s development activity has surged notably, with a rising number of contributors driving consistent code updates in late July. 🧑💻🧑💻
This uptick came even as ADA’s price dropped below $0.62, so builder confidence remained strong despite market weakness. 🧱📉
As of early August, ADA has rebounded to $0.735, in line with a fresh rise in dev activity and contributor count. 📈📈
These would be a sign of growing investor optimism tied to the $70M grant approval and upcoming upgrades, making a case for a sustained recovery. 🧙♂️✨
ADA holds support as bulls test key MAs
ADA attempted a rebound after finding support near $0.69, just above the lower Bollinger Band. 🧱📉
Trading at $0.7304 at press time, ADA sat above the 200 EMA ($0.7067) and was retesting the 50 EMA ($0.7240) as resistance. 📊📉
The MACD remained in bearish territory but showed signs of easing momentum, hinting at a potential bullish crossover. Bollinger Bands were tightening, suggesting a volatility squeeze could happen. 🧱🌀
If ADA reclaims the midline and clears $0.74, it could target $0.79 next. Failure to break above the 50 EMA may trigger another drop toward $0.68. Price structure will remain neutral-bullish as long as support holds. 📈📉
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2025-08-04 12:13