Cardano’s Rollercoaster Ride: Is It Dead or Just Napping? 🚀💀

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Ah, Cardano (ADA), that lovable rascal of the cryptocurrency world, has decided to play a little game of hopscotch today, bouncing back to the illustrious $1 mark after having a dramatic tumble beneath it. It’s like watching a cat trying to land on its feet, only to realize it’s a bit more of a clumsy dog instead. 🐾

After gallivanting up to a lofty $1.16 on the 17th of January (which, let’s face it, was probably a tad too ambitious), Cardano found itself in a bit of a pickle. Profit-taking, a fancy term for “I’ll take my money and run,” led to a swift drop. The price wobbled down to $0.95 on Tuesday, which is about as welcome as a soggy biscuit at a tea party. ☕

Now, in today’s thrilling episode, ADA is valiantly attempting to cling to the daily SMA 50 (that’s “Simple Moving Average” for those who don’t speak crypto), currently hovering around $1.01. As of this very moment, it has mustered the strength to gain a whopping 1.02% in the last 24 hours. Bravo, ADA! 🎉

But wait! There’s a storm brewing on the horizon, and it’s called the “death cross.” Sounds ominous, doesn’t it? This little gem occurs when the short-term moving average (the sprightly young thing) crosses below the long-term moving average (the wise old tortoise), signaling potential doom and gloom. In Cardano’s case, the 50-hour moving average has decided to take a dip below the 200-hour moving average, prompting everyone to clutch their pearls in concern. 😱

However, not all is lost in the land of cryptocurrencies! The market is showing subtle signs of recovery, like a flower blooming through the cracks in the pavement. According to Ali, our resident crypto oracle, Cardano’s network activity is still bustling, with daily active addresses reaching a staggering 50,828. Who knew that many people were interested in watching this rollercoaster? 🎢

Progress made for Plomin hard fork

Onward and upward, dear readers! The Plomin hard fork is making strides, with over 90% of Cardano blocks produced in the last 24 hours using node version 10.1.4. This is like putting on a sturdy helmet before riding a bike downhill—sensible and necessary! 🚴‍♂️

The Plomin hard fork is also checking off its to-do list, having met three crucial thresholds. In a recent twist, the SPO vote and upgrade requirements were met, with four out of seven constitutional seats casting their votes. It’s like watching a parliamentary debate, but with more excitement and fewer stuffy suits. 🗳️

For the hard fork governance action to proceed, at least 51% of stake pools must give it a thumbs up, and the interim constitutional committee needs to ratify it with a threshold of 66.7% or above. That’s five out of seven seats saying “yes, please!”—a bit like herding cats, but we believe in miracles! 🐱✨

Oh, and let’s not forget that at least 85% of active stake pools need to upgrade to a Cardano node version that supports the hard fork. Because what’s a party without everyone showing up with the right snacks, right? 🍕

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2025-01-22 18:28