Following the Cardano 360 event, the platform developer Input Output Hong Kong (IOHK) has published a summary of the key points. In addition to showing a demo of a decentralized exchange like Uniswap running on Plutus, IOHK confirmed the date for “D-Day”.
Slated for March 31, Cardano’s developer announced that on this date they will hand over full control of block production to community stake pool operators. Therefore, the D-parameter, a metric that measures Cardano’s decentralization, will be reduced to 0. IOHK announced:
D-DAY CONFIRMED: Today, we have just successfully submitted an updated proposal to the #Cardano blockchain, handing over full responsibility for block production to the stake pool operator community on March 31st. This is what #Decentralization looks like. Onward!
Thus, embracing full decentralization. Cardano’s network has over 375,000 delegators and 2,350 registered pools. Cardano’s blockchain, migrated in 2020 to a consensus protocol based on Proof-of-Stake, is in its last epoch before the milestone. Cardano’s inventor Charles Hoskinson stated: “Been one hell of a journey”.
🚀Cardano’s decentralization journey: D=0 on 31 March, P2P rollout begins next
💪DevNets: 1,200+ developers onboard
✔️New IOG stake delegation: community call in early April
🧐LLVM smart contracts universality = more developers on #Cardano. Early version 6 months away 😲 2/5
— Input Output (@InputOutputHK) March 27, 2021
In parallel, IOHK stated that more than 1,200 developers are creating applications for Cardano and expect an increase with the LLVM which will give “universality” to smart contracts deployed on this platform.
Plutus, the smart contract platform, is expected to be deployed on Cardano’s third Hard Fork Combinator event Alonzo. This will occur at some point in June, following Plutus testnet due to take place in the coming months. In addition, Silvu Petricescu and Gerard Moroney, Directors of Operations and Strategy at IOHK, reveal a partnership program:
Partner strategy is actually a key element of our broader strategy which is the differentiation strategy for Plutus. What we want to achieve is basically have these professional developers complement the work that the pioneer’s program is going to help us do and achieve. So we are going to fast-track our quality assurance and testing process towards the next Hard Fork.
ADA’s short-term outlook
According to IntoTheBlock’s In/Out of the Money Around Price (IOMAP) metric, an approximate 144,000 addresses bought 3.9 billion ADA at levels between $1.12 and $1.16. Therefore, ADA’s price presents a critical support level in that area.
Analyst John Isige predicts a 21% increase in ADA’s price to $1.35 if the cryptocurrency manages to validate by closing the gap in the referenced overbought zone. Isige stated:
The Relative Strength Index (RSI) reinforced the uptrend after recovering from the oversold region. Cardano’s momentum to $1.35 is bound to continue.
ADA trades at $1,18 with moderate losses in the 24-hour chart and sideways movement in the last hour. During the past weeks, ADA has followed the general market sentiment and present an 8.3% loss.
Ravendex, A Cardano-Based Project, Releases its DEX Demo, to start with Tokens Sales soon
Ravendex, a new Cardano project has made a demo version of its first decentralized exchange, having features like Swap Pools, Light & Dark Mode.
While the company continues to make rapid progress after the private token sale started, which has 100 million $RAVE tokens available for the investors, while 82 million $RAVE tokens are already said to be sold out.
Ravendex team is committed to launching a working DEX on the cardano ecosystem before the year ends.
The project will be launched and maintained using funds raised from the sale of $Rave tokens to early investors.
Features Of Ravendex
Ravendex will also have A Staking Platform and also a decentralized lending and borrowing platform, which sets it apart from other Cardano network projects as they are one of the very few projects on the third generation blockchain with the idea conception.
Investors & Liquidity providers can give liquidity to tokens and in return, they will make profit from transaction fees. Alternatively, users can stake their assets on the staking platform and earn a commission and percentage from borrowers’ fees.
According to the Ravendex team, their decentralized exchange will include wallet connect features, Asset Price display and transaction list features.
They will also keep their payment fees low and secure. As a matter of fact, Ravendex aspires to be the Cardano network’s primary financial hub.
Ravendex reveals that the total number of $RAVE coins will be limited to one billion.
Investors will be able to stake, provide liquidity, or vote with their tokens on the Cardano network.
The Private Sale Phase is almost filled as the company has already reached 82 percent of its goal of selling 100 million tokens by the end of its first private sale and the pricing places it at 0.00225 ADA per $RAVE token.
The Cardano-based project, on the other hand, intends to hold a total of five sales which can be seen in the sale stages page.
Ravendex, like many other cryptocurrency projects, plans to open its sale to the general public later this year.
200,000,000 $RAVE tokens will be available in the pre-sale phase at a price a little more expensive than the private sale at 0.0027 ADA per coin.
Those who missed out on the first public sale will have another opportunity to purchase $RAVE tokens for 0.0032 ADA each. A total of 100 million tokens will be sold during this stage.
This Medium link provides more information about the Ravendex
Ravendex is a Cardano-based crypto project that aims to create a decentralized exchange.
Its purpose is to provide a platform that has incredibly minimal fees and allows for quick cross-border transactions.
More importantly, it aspires to include features that will be useful to Cardano supporters. Also, we also look forward to creating a community of active investors who may vote on issues. They can also lend coins or provide liquidity to create a fully functional decentralized exchange.
Cardano Price Prediction: ADA ready to explode to $4
- Cardano price returns to bullish conditions, denying further sell-side control
- An imminent breakout towards new all-time highs is likely.
- Little resistance ahead, but bulls should remain wary.
Cardano price has failed to capitalize on the movement generated by its closest peers, Bitcoin and Ethereum. As a result, very tight and challenging trading ranges have been the norm for Cardano, but that may change here soon.
Cardano price targets a breakout above $2.45
Cardano price has a very bullish set up on its $0.05/3-box reversal Point and Figure chart. If a new column of Xs forms and hits the $2.45 entry, three things happen simultaneously. First, a double-top is broken, confirming an entry signal. Second, the entry confirms a complete Bear Trap Point and Figure pattern. Finally, the entry at $2.45 is a breakout above the dominant bear market angle.
The breakout could be the very beginning of a new bullish expansion phase for Cardano price. The initial target on the breakout is based on the horizontal profit target method in Point and Figure analysis. $4.05 is the initial range and would be a new all-time high.
However, the current trading conditions still have a significant bearish weight. Therefore, Cardano price must remain above the $2.05 value area. If it fails to hold $2.05 as support, a return to the $1.80 trading range is likely.
ADA/USD $0.05/3-box Point and Figure Chart
Bulls should also be aware of some resistance on any breakout near the prior swing high and high volume node at $2.80. While the momentum of the breakout may make any near-term resistance moot, $2.80 has been a consistent source of trouble for Cardano, and it would certainly be odd for it not to provide some resistance in the future.
Cardano Price Analysis: ADA/USD set to surpass the intraday highs of $2.3
- Cardano price analysis is bullish today.
- The ADA/USD pair formed a lower low yesterday.
- Today we expect to see Cardano’s value rebound somewhat.
Today’s Cardano price analysis is bullish, as a new lower low was formed following a substantial decline over the previous 24 hours. As a result, ADA/USD should recover some of its losses later today as bears run out of steam, according to our predictions.
Cardano price movement in the last 24 hours: Cardano faces stiff resistance at $2.2
Over the last 24 hours, ADA has traded in a range of $2.178-$2.198, with considerable swings from one day to the next. The volume is up by 27.43 percent and stands at $2.78 billion. In comparison, the overall market cap is valued at about $70 billion, placing Cardano in third place among all cryptocurrencies by market cap.
ADA/USD 4-hour chart: ADA set to reverse today?
On the hourly chart, after a significant drop, bears are weary, with Cardano’s price starting to reverse. The RSI is climbing, implying that the price will continue to rise. The current resistance level for Cardano is $2.2, which was established by a lower high.
The RSI is climbing, and the price should follow suit as no technical factors suggest otherwise. ADA/USD will rise if bulls break through the $2.22 resistance level.
ADA/USD 4-hour chart. Source: TradingView
On the 4-hour chart, we can see that after a substantial fall, bears are weary, with Cardano’s price starting to reverse. RSI is moving up, suggesting that the price will continue to rise. The coin’s current resistance level is at $2.2, formed by a lower high.
The RSI is moving up, and the price should continue to follow, as no technical factors suggest otherwise. If bulls manage to break through the resistance level of $2.22, then ADA/USD will rally towards its next resistance level at $2.4 – $2.45 – $2.5.
After establishing two lower highs above $2 in early October, Cardano hit a new downside high of $2.30 in mid-October, followed by the current range of $2.178-$2.198. Here we’re likely to see a decisive break – either down or up – and we might anticipate temporary bearish momentum, as seen on the 4-hour chart, before ADA/USD recovers and starts gaining ground again.
Over the next 24 hours, the Cardano price is expected to recover some of its losses. We might anticipate bearish momentum to continue throughout this week if a lower high is hit.
Cardano Price Analysis: Conclusion
From a long-term perspective, this still looks like an excellent time to invest in Cardano.
Looking at the 4-hour chart, we can conclude that ADA is following an overall bullish trend. However, with RSI moving up and establishing a higher low at $2.178, this might be the beginning of a more extensive recovery.