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Cardano Price Hit A New All-Time High Price Of $ 1.43 – This Marks An Increase Of Approximately 2600% Over The Past Year

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Cardano price hit a new all-time high price of $ 1.43 – this marks an increase of approximately 2600% over the past year.

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ADA/USD 4-hour chart | Source: TradingView

Caught within the recent crypto bull market, Cardano price hit a new all-time high price of $ 1.43 this evening

In fact, this milestone brings with it more good news for the smart contract platform. Over the past 24 hours, the surge of interest in Cardano has brought its on-chain transaction volume to $19.8 Billion, soaring past Ethereum’s $13.2 billion and second only to Bitcoin at $27.2 billion.

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All this activity has brought ADA’s market cap has exceeded both BNB and USDT to the third highest in the market, behind Bitcoin and Ethereum.

Initially released in 2017, Cardano was created by Ethereum Co-Founder Charles Hoskinson, through his company Input Output Hong Kong (IOHK) and the Cardano Foundation. Although he had previously expressed apathy towards the value of ADA, Hoskinson appears to be celebrating Cardano’s achievements on Twitter:

Cardano’s recent success comes as a surprise given its lack of major projects utilizing the blockchain. Although it has surpassed Ethereum in terms of transaction volume, Ethereum remains far more popular concerning blockchain-based applications. This raises the question, will Cardano be able to maintain this success without dApps to legitimize it as a platform for developers?

However, Cardano’s lack of major applications may eventually change due to the publicity of ADA’s recent bull run. Cardano’s previous lack of volume may have acted as a deterrent to developers looking for a platform for their application, ultimately attracted by the ensured popularity of the Ethereum network.

Alternatively, a developer might also consider the EVM-compatible Binance Smart Chain (BSC), which has found recent success in the realm of smart contracts. BSC remains noteworthy due to its popularity with recent larger applications despite a far lower market cap than Cardano.

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This incredible surge of price may act as a resolution to the chicken and the egg scenario of lacking dApps due to lower volume and popularity and lacking volume and popularity due to the lack of major dApps on the Cardano network. This bull market may very well put not only ADA’s future value in question but Cardano’s future usage as a smart contract platform.

At the timing of writing, ADA remains just beneath its ATH and is holding steady, up 34% over the past 24 hours. Transaction volume continues to grow as ADA shows no signs of backing down.

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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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What’s In-Store For Cardano, Ethereum, MATIC, and 4 More Altcoins

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The cryptocurrency market traded with mixed results as the market leaders Bitcoin and Ethereum retraced, leading to a loss of 3.45 and 1.18 percent, respectively. Meanwhile, Solana is among the top performers.

Austin Arnold, the host of Altcoin Daily, believes that six big altcoins are poised for massive rallies in the coming year. 

Polygon (MATIC)

As per the YouTuber Ethereum layer-2 (L2) scaling solution Polygon (MATIC) is gaining traction following a deal with the $20 billion gaming giant DraftKings.

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Arnold quotes Paul Liberman, DraftKings’ head of global product and technology, who explains how the company is positioned itself to develop alongside Polygon in a statement. 

“Although The DraftKings Marketplace Is In Its Infancy, We Are Optimistic About The Opportunities That Blockchain, NFTs, Cryptocurrency, And Other Technologies Will Present As We Prepare For Web 3.0 With Polygon And The New Digital Collectibles Breakthroughs Ahead.”

Polkadot 

Arnold then examines Polkadot, a decentralised interoperability platform (DOT). He cites a recent tweet from Polkadot founder Gavin Wood, who stated that the DOT treasury currently has slightly under 19 million DOT tokens to sponsor community projects. 

Any DOT that is not used is burnt. According to Gavin Wood, the Polkadot treasury is now burning 239,988 tokens every month.

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The DOT token is becoming increasingly rare when it is burned or used. The price of DOT has just increased. This could be tied to impending interesting developments, like the upcoming parachain launch and slot auctions, which will also remove DOT from the market. 

With the first 11 parachain auctions coming to Polkadot next month, as well as the 100 or so available spots to be filled, Polkadot’s influence in the crypto sector might be boosted, and the multichain system’s rising status could be cemented.

Vechain

The supply chain management protocol VeChain is the third coin Arnold examines (VET). VeChain has announced a cooperation with large logistics business DHL for enterprise NFT (non-fungible token) issuance, according to the trader. 

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“One Of The First Things Users Will Be Able To Do With This Collaboration With DHL China Is Designed The DHL Mascot And Then Mint It As NFTs On The VeChainThor Blockchain Technology.” 

Cardano

The smart-contract platform comes next. Cardano appears to be gaining pace, according to Arnold, after establishing partnerships with television satellite provider DISH and announcing a $100 million investment in Cardano-related projects in Africa.

Simply Put, There Are So Many People In More Developing Areas Of The World That Don’t Have Financial Stability, And That Can Be Changed With Cardano With Blockchain.”

Chainlink

Chainlink, a decentralized oracle network, is another coin on Arnold’s list (LINK). Despite the token’s poor performance in recent months, he feels there is still significant upside for LINK in the market, as partnerships continue to grow month over month, with 84 integrations in September alone. 

“I Understand, But Chainlink, In My Opinion, Still Has A Lot Of Room To Expand.” Consider This: Chainlink Already Has A Slew Of Exclusive, High-Profile Collaborations – Google And Oracle, To Name A Few – And Its Technology Is Used By Over 75 Distinct Blockchains, As Well As Several Data Feeds, Including USD [US Dollar] Currency Pairs.

My Speculation Is This: Over These Next Few Years, As DApp [Decentralized Application] Platforms Like Ethereum [ETH], Cardano, Solana [SOL], Polkadot, Elrond [EGLD], Etc. Continue To Fight For Market Share… Chainlink Is Integrating With All Of Them… Something To Think About.”

Ethereum

Finally, the crypto trader believes that Ethereum, the premier smart contract platform, is poised for a massive 2022. He points out that Ethereum developers announced in May-June 2022 that ETH will move to Ethereum 2.0, which will convert the blockchain to a proof-of-stake system. 

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“Around February 2022, The Code Should Be Ready.” At The Earliest, The Merge To Mainnet, To ETH 2.0, Will Take Place In June 2022. The Year Of ETH Will Be Celebrated Next Year. That’s Where DeFi And NFTs (Networked Financial Technologies) Reside.”

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Cardano-based ADALend Pioneers “Green Blockchain” Practices in DeFi

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Here’s how ADALend, one of the first DeFis on Cardano, is implementing eco-friendly practices in decentralized segment.

ADALend is a multi-purpose decentralized finance protocol on the largest proof-of-stake (PoS) network, Cardano (ADA). Its team stresses its commitment to the values of “green blockchain.”

ADALend and “green blockchain”

ADALend promotes itself as a decentralized finance protocol governed by its community through DAO (decentralized autonomous organization). ADALend offers its users a wide range of services that are set to replace classic banking tools, such as lending/borrowing, asset collateralization, flash loans and so on.

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ADALend is going to accomplish all the milestones of its ambitious roadmap in an eco-friendly manner. Its representatives are certain that all mainstream blockchains of the future will be carbon-neutral. Their consensuses will work to consume a negligible amount of electricity for node synchronization and block creation.

Therefore, ADALend chose Cardano (ADA) as the technical framework for its development. Cardano (ADA), with its proof-of-stake (PoS) system, consumes 1.6 million times less energy than Bitcoin (BTC) does. Moreover, it is much more resource-efficient than its competitors in the PoS segment.

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Recently, Cardano (ADA) inked a long-term strategic partnership with the Veritree community. With this collaboration, Cardano (ADA) will support “The First Global Cardano Impact Challenge,” a world-level initiative focused on investing money into replanting trees across the globe.

ADALend and security of Cardano (ADA)

ADALend’s team is also laser-focused on improving its security. As such, Cardano (ADA), with its codebase written in Haskell, is a natural solution: all products on Cardano (ADA) can be easily audited.

Thus, Cardano (ADA) offers a proactive layer of security for all of its decentralized applications (dApps), including ADALend.

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Right now, ADALend is going through a private sale funding round for its ADAL token. As covered by U.Today, its seed funding round was oversubscribed.

On Sept. 9, 2021, ADALend raised a total of $540,000 from a clutch of high-profile VC funds and angel investors.

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