As a seasoned crypto investor with a few battle scars and countless lessons learned from the volatile world of digital assets, I find myself constantly balancing hope and caution when it comes to Cardano (ADA). The recent Hydra Update 0.18.0 is undoubtedly a significant step forward for the platform, but as we’ve seen time and again, technology doesn’t always translate directly into price action.
On Saturday, the cost of Cardano (ADA) dropped slightly by 0.37% to $0.34 in a relatively calm market. As Bitcoin stayed steady above $60,000, many significant altcoins have been holding their ground after the mid-week surge. The question remains: Will the ADA price rebound with the Hydra Update or will the downward trend continue?
Cardano Rolls Out Hydra Update 0.18.0
Sebastian Nagel, one of the developers for the Cardano main framework, has recently brought attention to the launch of Hydra version 0.18.0. This new release introduces an essential function that enables users to withdraw funds from an active head without the necessity to shut it down first. This enhancement boosts the protocol’s overall adaptability.
Furthermore, this update incorporates numerous enhancements in documentation, rectifications for internal wallet fee computations, and preparatory steps for the Conway upgrade. Nagel also hinted at continuous work on incremental commits and previewed an exciting, possibly difficult demonstration set to be presented at the Rare Evo event.
Hydra version 0.18.0 is out!
Major feature: withdrawing funds from an open head without needing to close
Also fixes to ready up for Conway – make sure to update.
Now back to work on incremental commits..and ofc a hellish demo coming up at Rare Evo
— Sebastian Nagel (@ch1bo_) August 9, 2024
Nevertheless, over the past two days, the price of Cardano did not significantly increase, instead moving laterally above $0.34. This suggests a lack of continuation after the rally on Thursday, implying that buyers’ confidence may be waning.
Cardano Price Hints Bearish Reversal
As a long-time cryptocurrency investor with a keen interest in the Cardano project, I have witnessed its steady growth and progress over the years. This week, I was particularly excited to see the impressive 25% surge in the price of Cardano, pushing it from $0.275 to $0.346. While the broader market recovery has played a role in this upward trend, I believe that the recent announcements of the Chang Hard Fork and Hydra update have greatly contributed to this bullish sentiment among investors like myself. With my personal experience and understanding of the project’s potential, I am optimistic about Cardano’s future prospects and eagerly await further developments.
On examination of the day-to-day graph, it appears that the recent surge has shaped into an expanding channel pattern. This pattern is characterized by two sloping lines moving apart from each other, often indicating hesitancy among investors and possibly leading to a lengthy decline.
As an analyst, I’m observing a bearish configuration in the Daily Exponential Moving Averages (EMAs), specifically the 20, 50, 100, and 200 EMAs. This suggests that the market may be inclined to move downwards. If apprehensions about further correction remain dominant, the price of Cardano could potentially retreat from its current position around $0.34, which is supported by the 20-day EMA.
The potential reversal may plunge the ADA price 18% down to seek support around $0.28.
Instead, if the price manages to burst through the 20 Exponential Moving Average (EMA), it would signal a victory for buyers regaining previously lost ground for the first time. The Relative Strength Index (RSI) bounced back from an oversold state, now standing at 40%, indicating robust demand for this asset, which seems undervalued.
If continuous purchases continue, it’s possible that the price of Cardano might increase by approximately 22%, reaching around $0.423. However, this growth could be halted when it encounters significant resistance at the trendline formed by the channel pattern.
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2024-08-10 20:28