As a seasoned crypto investor with a knack for spotting potential, I find myself intrigued by the recent developments surrounding Cardano (ADA). After a tumultuous period that saw ADA’s price plummet and the much-anticipated Chang upgrade fail to provide the expected respite, the latest announcement from Charles Hoskinson has once again ignited hope among the community.
Since early July, the cost of Cardano has been dropping steadily, reaching a peak at $0.46 and encountering resistance. The anticipated Alonzo upgrade was thought to halt this slide, but it failed to impact the direction of Cardano’s price significantly. Yet, merely weeks after the launch of Alonzo, also known as ‘Chang’, Cardano has once again garnered attention due to renewed enthusiasm.
Charles Hoskinon, the founder of Cardano, has hinted at the creation of a potential competitor to Solana, sparking curiosity among crypto enthusiasts. With Cardano striving to establish itself as a prominent host for decentralized applications and smart contracts, could this upcoming enhancement lead to a price increase and rekindle the ADA‘s upward market trend?
Can Charles Hoskinon’s Ouroboros Upgrade Aid Suffering Cardano Price?
As a researcher delving into blockchain technology, I recently came across an intriguing discussion by Charles Hoskinson on platform X, where he shed light on Ouroboros Leius and the advancements in ‘Praos.’ Fascinating stuff!
In response to a survey asking about preferred proposals, Hoskinson expressed his preference for Leios over creating a new Rust node. He believes that choosing Leios would help Cardano match Solana’s speed without compromising on decentralization, as opposed to building a new Rust node which could make Cardano faster than Solana but at the potential cost of decentralization.
Option A: The Rust node doesn’t provide any unique, distinguishing benefits for users. However, Leios outperforms Solana in terms of speed without compromising on its decentralized nature.
— Charles Hoskinson (@IOHK_Charles) September 15, 2024
In simpler terms, Ouroboros Leios surpasses Praos in the family of proof-of-stake (PoS) mechanisms that secure the Cardano blockchain. By incorporating Leios, Cardano will introduce a tiered fee system for transactions and improve chain synchronization speed, potentially making it quicker than Solana.
After the Chang update, Cardano emerged as one of the most decentralized blockchain networks. Through Leios, it aims to maintain its decentralization while increasing its speed.
Currently, the price of ADA hasn’t shown significant growth, increasing merely 0.1% in the past day to reach $0.3342. On the other hand, Solana’s price has climbed 0.7%, trading now at $132.
Can ADA Price Reach $0.45?
Currently, the price of Cardano is moving lower, and there’s a clear downward trendline that has frequently functioned as a barrier for further price increase. But, the latest price fluctuations hint that ADA might be approaching its lowest point, considering it’s now trading within an essential support region.
As a crypto investor, I’ve noticed that the price range between $0.32 and $0.33 has consistently held steady after numerous tests, making it a significant level that could potentially signal a turnaround. The next challenge lies at the falling trendline around $0.35–$0.36, which serves as my immediate resistance point.
Should a breakout take place, the subsequent notable objective could be the $0.45 resistance point – a substantial barrier due to past price trends.
According to the data from Coinglass, it appears that traders are cashing out their short positions at a profit. Typically, when traders do this, they move towards long positions. This suggests that the price of Cardano might be gearing up for an upward swing.
At the moment, the candle indicates some burned-out wicks close to the support level, implying that potential buyers might be entering the market. Yet, it’s essential to note that a clear bullish reversal pattern hasn’t shown up just yet, so additional confirmation should be sought before making any definitive conclusions.
If ADA‘s price manages to surpass its $0.36 falling trendline, it might indicate a shift from the downtrend, potentially leading to an extended goal of around $0.45. Maintaining above this level could pave the way for further targets in the $0.50 region.
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2024-09-17 10:18