Cardano ($ADA) is less than 24-hours away from the Alonzo upgrade that would make the blockchain smart contract compatible. The smart contract went live on Alonzo Purple on September 1st itself that open the gates for new Dapps and NFT minting on the testnet before the mainnet launch. While many naysayers are still betting against the smart contract support, the Cardano network has managed to carry out key upgrades on time.
A recent stat showed that the transfer volume of Cardano NFTs (CNFT) is already catching up with the Ethereum NFTs. While Ethereum remains the top blockchain choice for many NFT projects but the scalability issue and high gas fee have opened the opportunity for many other “Ethereum killers” like Solana whose NFT marketplace is making headlines with multi-million NFT sales. Cardano would also like to take a chunk of the market share once the smart contract is integrated into the mainnet tomorrow.
Cardano Derangement Syndrome at its finest. CDS is a progressive disorder that slowly destroys the sufferer's ability to decern reality. It ultimately leaves them debilitated and screaming in a padded cell "fuck Charles Hoskinson" over and over again https://t.co/iiAwhjn01S— Charles Hoskinson (@IOHK_Charles) September 11, 2021
Hoskinson Calls Out Cardano Derangement Syndrome
Cardano has defied marked odds against it to become the third-largest cryptocurrency by market cap. Skeptics continue to bet against the network and founder Charles Hoskinson has a name for the syndrome called Cardano Derangement Syndrome (CDS). Hoskinson called out a Coindesk reporter who claimed minting NFTs on Cardano would be impossible.
Another user minted an NFT on Cardano for the tweet that claimed its “impossible” to mint NFTs. Hoskinson has not held back when it comes to responding to trolling disguised as criticism and has even warned about an incoming “FUD Storm”
Hey @CoinDesk and @davidzmorris check it out! I made an NFT on Cardano. Exactly as researched and designed for the last 5 years. Amazing! 🤩
Shoutout to @Tokhun_io and @pool_pm 🤜🤛#Cardano #Ada #CNFT #NFTs #DeFi #smartcontracts #goingfornumber1 https://t.co/Rk31XgC1W9 pic.twitter.com/WqfAmncrtr— Rick McCracken 🇪🇺🫖💋🤗 (@RichardMcCrackn) September 11, 2021
$ADA price on the other hand has surged 2.5X over since August in the run-up to the key upgrade and even claimed to the third spot. The altcoin touched a new all-time-high (ATH) of $3.10 and was looking set to enter price discovery mode like Solana before the Tuesday market flash crash. $ADA is currently trading at $2.41, down by 4% over the past 24-hours. Just like Ethereum, the price of the altcoin might see another bullish push post the Alonzo upgrade on Sunday.
What Happened To ADA Price? Is Nothing Been Built On Cardano?
The crypto space is preparing to leap long after the recent sell-offs and if following a steady approach to pull the next leg up. However, one such crypto which appears to be pretty happy and contented at its current levels is Cardano. The ADA price after a steep downfall has yet again initiated with consolidation within a narrow trend.
Today, Ethereum price surged with a notable margin and many altcoins also followed the second largest crypto. Terra(LUNA), Solana(SOL), Avalanche(AVAX), etc have been raised, but Cardno still remained within the same levels. The Cardano remained distinct without following the ETH price. And also showcases the asset behaving similar to that of a stable coin.
Amid the fresh plunge, it was believed the asset may revist the strong support levels at $1. However, the asset managed to pause the downtrend for some time and began with a healthy accumulation. The ADA price in order to register its name in the upcoming altseason needs to coil up notably and pierce through the $1.98 levels.
On the other hand, the traders may also have remained much distinct from the platform. As no notable change with the ADA price may rise the possibilities of no major developments happening on the platform. And hence Cardano price has to flip the consolidation and thrive through the local resistance at $1.8 to march towards its highs. However, the huge target still remains pretty much distant.
Cardano-Based DEX Announces Date of Testnet Launch
A major Cardano-based decentralized finance protocol is about to launch its testnet
Cardano-based decentralized exchange SundaeSwap has announced that its testnet launch is going to take place on Dec. 5.
Thousands of users will be able to try out one of the most notable projects on the Cardano network.
The purpose of the testnet is to discover some bugs and inefficiencies ahead of the upcoming mainnet launch.
It will also help the Input Output team to adjust the performance metrics of the network so that it can work smoothly under heavy load:
Our testnet is the perfect opportunity to put the new parameters under load so they can assess performance and further raise these limits.
Implementing such incremental changes will be crucial for making Cardano scalable enough for the decentralized finance sector.
In late September, SundaeSwap forged a partnership with Nervos, China’s top public blockchain.
Here’s What’s Next for Cardano, Shiba Inu, Terra and Two More Altcoins, According to Crypto Analyst
A popular crypto strategist and trader is plotting what could be ahead for Cardano (ADA), Shiba Inu (SHIB), Terra (LUNA) and two other altcoins.
Pseudonymous cryoto analyst Altcoin Sherpa tells his 154,100 Twitter followers that he is short-term bullish on ADA after the smart contract platform managed to stay above support at $1.48.
“ADA: Not a bad place for a long. Support/resistance level, 0.50 Fibonacci level too. I still wouldn’t hodl (hold on for dear life) this though. It would be a swing trade.”
At time of writing, Cardano is trading at $1.56, down 2.85% in the last 24 hours.
Next up is popular meme coin Shiba Inu. According to the crypto strategist, he’s expecting SHIB to ignite a quick bounce before resuming its downtrend unless the Dogecoin competitor manages to consolidate around $0.000047.
“SHIB: Short-term bottom is probably in. Expecting some sort of lower high to form. If this consolidates at the 0.50 [Fibonacci level], a more explosive move will come (But it’s going to take a much longer time in my opinion).”
SHIB is currently exchanging hands at $0.000048.
Another coin on the trader’s list is decentralized finance (DeFi) payment network Terra, which Altcoin Sherpa says is poised to erupt to new record highs.
“LUNA: Still a high time frame bullish [market structure], send to all-time highs.”
The fourth coin on the analyst’s radar is the blockchain-based game ecosystem The Sandbox (SAND). Altcoin Sherpa maps out two potential scenarios for SAND after the coin printed a bearish lower high structure.
“SAND: My plans are below. Let’s see where this goes. In general, I personally think a lower high just got printed, and we’re going to go lower. If a higher low comes, we will enter some consolidation, and then I’m guessing another push higher.”
The last coin is Theta Network (THETA), a peer-to-peer distribution platform for video content. According to Altcoin Sherpa, THETA can launch a massive rally once it takes out resistance at $9.61.
“THETA: When this moves it will be explosive. It’s been ranging for quite some time, and I think that this one usually has its own market cycle. I would not buy this as an active trade though.”