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Cardano Upgrades On Its Way To Offer Better Tokenization Than Ethereum

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The Cardano (ADA) testnet is officially in the multi-asset era, announced Cardano development firm IOHK.

On February 3, at 20:20 UTC, “we successfully forked & applied the Goguen ‘Mary’ native token upgrade. Next stop mainnet, by the end of the month,” tweeted IOHK after the event.

The time of the hard fork was announced the same day, stating that the application of the Goguen native token upgrade, aka Mary, to the Cardano testnet, transforms it into a multi-asset network.

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While IOHK stated that the mainnet is targeted for the end of February, its CEO Charles Hoskinson said last year that it’s scheduled “tentatively, tentatively, tentatively for February 20.” Also, according to crypto researcher Messari, this may happen on February 24.

Messari stated that Cardano has released almost all of the Mary-compatible versions of Cardano’s software components, to which service providers and node operators need to upgrade before Mary comes to the mainnet.

IOHK also plans to release a new, Mary-compatible version of the Cardano wallet within the next week.

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The Cardano network has started its transition from the Shelly Era to the Goguen Era, which is happening through three upgrades, starting with two hard forks: Allegra activated in December 2020, Mary, then Plutus.

“Goguen introduces a mechanism whereby tokenization is handled natively,” said an IOHK post, meaning that “the logic is based on the Cardano ledger, rather than smart contracts.”

This they claim will bring forth a tokenization strategy “superior” to those supported on the Ethereum (ETH) blockchain, stating that native tokens on Cardano have advantages over ERC-20 and ERC-721 tokens in terms of security and affordability. This means that there would be no need to use expensive smart contracts or custom code, as is the case with Ethereum.

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The strategy enables the representation of custom assets on the blockchain without the need for smart contracts, while also enabling those assets to behave in a similar way to the principal currency, ADA. However, unlike ADA, native tokens can be created and destroyed, and only ADA can be used to service fees, rewards, and deposits, said the firm.

The final hard fork combinator (HFC) event will add Plutus support, Hoskinson said. Plutus will become a platform for building apps (decentralized apps) for supply chains, track and trace, medical records, identity voting, property registration, peer-to-peer payments, and financial systems, said another post. It’ll be deployed on the Cardano mainnet later this year, and in the meantime, the firm released the refreshed version of Plutus Playground in January as an environment for writing and testing smart contracts before they are released on the Cardano blockchain.

Meanwhile, major digital asset firm Grayscale filed a Grayscale Cardano Trust, and several others, though this does not suggest or guarantee their launch. It’s quite common for a company to “proactively” register a name, said Hoskinson recently, adding: “manage your expectations accordingly. Until I see an approved application from the Securities and Exchange Commission, I’m not gonna hold my breath.”

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The 6th coin by market capitalization, ADA, is up 2% in a day and 38% in a week, to the price of USD 0.431 at 14:00 UTC. Overall, it appreciated 97% in a month and 659% in a year.

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Cardano Price Analysis: ADA bulls and bears remain within a tight spot at $2.15

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  • Cardano price analysis is bullish today.
  • ADA/USD set a lower low overnight.
  • Cardano is likely to regain some of the loss today.

Cardano price analysis is now bullish, with a new lower low being established after a solid decline over the previous 24 hours. As a result, we expect ADA/USD to recover some of its loss later today as bears become weary.Cardano Price Analysis: ADA bulls and bears remain within a tight spot at $2.15 1 Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum both traded in the red, with a loss of 2.88 and 2.99 percent, respectively. Meanwhile, Solana and VeChain (VET) dominate the market, with a gain of around 7.5 percent.

Cardano price movement in the last 24 hours: Cardano spikes below $2.15 previous low

During the last day, the ADA/USD pair fluctuated from a low of $2.13 to a high of $2.164, suggesting significant swings throughout that period. Volatility has increased by 27 percent, trading volume has increased by 27.43 percent and totaled $2.78 billion as of this writing, putting the coin in third place overall.

ADA/USD 4-hour chart: ADA set to reverse today?

On the daily chart, we can see Cardano’s price drop beginning to reverse as bears run out of steam after a significant fall.Cardano Price Analysis: ADA bulls and bears remain within a tight spot at $2.15 2ADA/USD 4-hour chart. Source: TradingView

Cardano’s price has remained stagnant for the previous several weeks. Cardano saw consolidation in a tighter range, with a lower peak at $2.30 near the start of October, after establishing a high low of $2.30 in early October.

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The next higher high of $2.30 was followed by a lower low set during the subsequent retracement, which was below $2.15. As a result, the overall trend for ADA/USD is still unclear.

We may see Cardano’s price recover some of its losses in the coming days. If a lower high is broken, we can anticipate bearish momentum to continue into next week.

Cardano Price Analysis: Conclusion 

Today’s Cardano price is in an upswing, according to most market forecasters. After a big drop, a new lower low was established today. Bearish momentum, on the other hand, has run its course, and we may expect a retracement in the next 24 hours.

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Cardano price hangs back as ADA bulls gather strength for 23% upswing

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  • Cardano price performance has been uneventful, as the token lagged behind while Bitcoin and Ethereum recorded new all-time highs.
  • ADA bulls appear to be struggling with the nearest obstacle at the 21 twelve-hour SMA.
  • Only a slice above $2.24 would put the 23% rally on the radar. 

Cardano price continues to confuse forecasts ADA teeters between two clearly defined technical levels. Until the Ethereum-killer can overcome the two key areas of resistance, the token can expect a 23% climb toward $2.73. 

Cardano bulls ready to tackle next obstacles

Cardano price presents a lack of clear directional bias as it continues to be sealed within a symmetrical triangle pattern on the 12-hour chart. Despite the recent uptick seen in the cryptocurrency market, witnessing Bitcoin and Ether reach new all-time highs, ADA lagged behind.

It appears that Cardano price is gearing up to tackle obstacles, despite the overwhelming strength of the resistances that are currently intimidating the bulls. The first hurdle for ADA is at the 21 twelve-hour Simple Moving Average (SMA) at $2.16. If the Ethereum-killer manages to slice above this level, the next headwind will emerge at the 23.6% Fibonacci retracement level, coinciding with the 50 twelve-hour SMA at $2.19.

According to the IntotheBlock’s In/Out of Money Around Price (IOMAP), the aforementioned level of resistance would be a challenging level to crack for the bulls, given that it is the largest cluster recorded by the technical metric, as 226,650 addresses purchased 7.82 billion ADA at an average price of $2.19.

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ADAUSDT

ADA IOMAP

If the buyers manage to slice above this stiff hurdle, would see Cardano price tag the upper boundary of the prevailing chart pattern at $2.24. Breaking above the topside trend line of the triangle would put the 23% climb on the radar for ADA, as the bulls attempt to reach for $2.73. 

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ADA/USDT 12-hour chart

The bulls’ journey toward the optimistic target would still be tricky, as a resistance line given by the Momentum Reversal Indicator (MRI) has appeared at $2.30, which sits near the 100 twelve-hour SMA acting as a heavy headwind for Cardano price. ADA would also need to clear the $2.36, $2.50 and $2.64, corresponding to the 38.2%, 50% and 61.8% Fibonacci retracement levels, respectively, before reaching the projected target given by the chart pattern.

However, if a spike in sell orders occurs, Cardano price may fall toward the lower boundary of the symmetrical triangle at $2.10 to retest the trend line as support. If this level fails to hold, the bullish outlook may be ruined as ADA may drop toward the 200 twelve-hour SMA at $2.07 and at the same time put a bearish target of a 23% decline at $1.62 on the radar for the Ethereum-killer.

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Cardano Price Prediction: ADA poised to break out to $5

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  • Cardano price was rejected from moving higher against a fundamental Fibonacci retracement level (38.2%).
  • Bulls push higher during the Friday trade session despite solid selling on Thursday.
  • Technical analysis levels remain overwhelmingly bearish, but sellers are unable or unwilling to capitalize.

Cardano price has officially entered a whole month’s worth of increasingly constricted trading ranges. Neither buyers nor sellers have been able to throw any conviction in a single direction. Ichimoku Kinko Hyo levels show Cardano has a clear bearish bias.

Cardano price awaits bullish breakout despite the bearish setup

Cardano price action is a kind of an enigma with regards to the Ichimoku Kinko Hyo system. When an instrument has moved to a position that places it below Senkou Span A, Senkou Span B, the Kijun-Sen and Tenkan-Sen, that instrument often sells off. It will almost always drop within two to three periods if it doesn’t sell off right away. Cardano, however, has not done this.

Cardano is approaching a milestone of having seven consecutive daily closes below the Cloud. Because of the length of time in these bearish Ichimoku conditions and because of any strong push by sellers, Cardano is likely coiled for a bullish breakout. Over the next four days, the bottom of the Cloud rises and becomes thinner until the Kumo Twist on October 27th. Bulls eye any close at or above $1.36 to confirm the beginning of a probable bullish expansion phase.

ADA/USDT Daily Ichimoku Chart

However, Cardano has a technical bearish bias within the Ichimoku Kinko Hyo system, so it is more susceptible to downside pressure than upside potential. Considering there are a large number of Ichimoku levels that Cardano must breakout above to resume a bull market, the current weakness may be enough to cause the bears to step in over the weekend and pounce on Cardano to drive it lower. Failure to hold $1.90 as a support level will likely mean a return to the $1.70 value area.

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  • Cardano price was rejected from moving higher against a fundamental Fibonacci retracement level (38.2%).
  • Bulls push higher during the Friday trade session despite solid selling on Thursday.
  • Technical analysis levels remain overwhelmingly bearish, but sellers are unable or unwilling to capitalize.

Cardano price has officially entered a whole month’s worth of increasingly constricted trading ranges. Neither buyers nor sellers have been able to throw any conviction in a single direction. Ichimoku Kinko Hyo levels show Cardano has a clear bearish bias.

Cardano price awaits bullish breakout despite the bearish setup

Cardano price action is a kind of an enigma with regards to the Ichimoku Kinko Hyo system. When an instrument has moved to a position that places it below Senkou Span A, Senkou Span B, the Kijun-Sen and Tenkan-Sen, that instrument often sells off. It will almost always drop within two to three periods if it doesn’t sell off right away. Cardano, however, has not done this.

Cardano is approaching a milestone of having seven consecutive daily closes below the Cloud. Because of the length of time in these bearish Ichimoku conditions and because of any strong push by sellers, Cardano is likely coiled for a bullish breakout. Over the next four days, the bottom of the Cloud rises and becomes thinner until the Kumo Twist on October 27th. Bulls eye any close at or above $1.36 to confirm the beginning of a probable bullish expansion phase.

ADA/USDT Daily Ichimoku Chart

However, Cardano has a technical bearish bias within the Ichimoku Kinko Hyo system, so it is more susceptible to downside pressure than upside potential. Considering there are a large number of Ichimoku levels that Cardano must breakout above to resume a bull market, the current weakness may be enough to cause the bears to step in over the weekend and pounce on Cardano to drive it lower. Failure to hold $1.90 as a support level will likely mean a return to the $1.70 value area.

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