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Cardano (ADA) Soars 17 Percent Ahead of Smart Contract Launch as Charles Hoskinson Takes Aim at Critics

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Cardano has trimmed nearly all of its recent losses on the cusp of the much-anticipated Alonzo hard fork

The price of Cardano (ADA) spiked more than 17 percent on the Binance exchange, reaching an intraday high of $2.78.

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Image by tradingview.com

The price action of the native currency of the top proof-of-stake chain is being driven by mounting anticipation surrounding the upcoming Alonzo upgrade, which will bring smart contracts to the network.

The event will occur on Sept. 12 after months of anticipation within the cryptocurrency community.     

What was behind the recent price drop?   

During a live stream, IOG CEO Charles Hoskinson opined that the recent ADA price drop was not related to the concurrency controversy, rebuffing media reports that claim otherwise.

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The billionaire attributes the decline to the broader cryptocurrency market correction:

The market collapsed, and proportionally everything collapsed together. There was no case when everything was green and one thing went down, and that thing went down because we somehow failed to deliver something.       

On Sept. 7, the price of ADA briefly tanked by nearly 30 percent to its lowest level since Aug. 19 during a major market sell-off.    

As reported by U.Today, Cardano was subjected to an onslaught of attacks on social media following the bumpy launch of multi-pool decentralized exchange Minswap.      

Users started complaining about not being able to perform basic operations on the platform due to errors linked to the blockchain’s eUTxO accounting model. Many made a premature conclusion that the network was only capable of handling one transaction per block, which is materially false.

Currently, Cardano developers are working on various scaling solutions for dApps on the network.

The crypto mogul also stressed that the mainnet is going to gain more capabilities through a series of periodic upgrades.

“Polarizing” and “inhumane”

Hoskinson also slammed the cryptocurrency industry for being “viciously polarizing” and “inhumane” for instantly branding those who make mistakes as a “criminal” or a “psychological liar.”     

He expressed his frustration with some members of the Bitcoin community who are still convinced that Cardano is a scam.

Hoskinson says that smart contracts could be “tremendously beneficial” for the Bitcoin ecosystem as well as other projects. 

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Cardano-Based DEX Announces Date of Testnet Launch

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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.  

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In late September, SundaeSwap forged a partnership with Nervos, China’s top public blockchain. 

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Here’s What’s Next for Cardano, Shiba Inu, Terra and Two More Altcoins, According to Crypto Analyst

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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.”

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Source: Altcoin Sherpa/Twitter

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).”

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Source: Altcoin Sherpa/Twitter

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.

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“LUNA: Still a high time frame bullish [market structure], send to all-time highs.”

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Source: Altcoin Sherpa/Twitter

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.”

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Source: Altcoin Sherpa/Twitter

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.”

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Source: Altcoin Sherpa/Twitter

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Is Cardano Price Ready For Bullish Reversal? Traders Watch These Crucial levels

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ADA Price established a new high price of $3.08 two months ago. The altcoin has been struggling to keep up with its earlier stellar performances.

In November 2021, the Cardano price struggled. It began the month around $2 and then jumped more than 22% to a monthly high of $2.3766. It then plummeted 44.55 percent to $1.4235, a multi-month low.

Cardano Must Hold Critical Level

Cardano (ADA) must hold a key level to maintain its positive market structure, according to a well-known crypto strategist and trader. 

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Despite Cardano’s dramatic slide from its all-time high, crypto analyst Jason Pizzino assures his 242,000 YouTube subscribers in a new strategy session that the smart contract platform is still on a broadly positive trend. At the moment, the overall trend is still a huge bull market. 

If we broke the lows at approximately $0.90, he wouldn’t call it a bull market anymore, but at the moment, we’ve closed above the 50% [Fibonacci level], so it’s still going strong. [It’s trading at] $1.60, and the 50% is at $1.59, so it’s $0.01 higher, so there are just a few minor indicators there.

Cardano’s significant decrease this month, according to Pizzino, could signal the end of ADA’s multi-month corrective period.

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“You can see how much, how quickly it starts to fall towards the end. And from this point, I am saying ‘potentially’ the end. I can’t say for sure it is, but it’s quite often that you get a very sharp move towards the end of the downtrend and then a reversal…I don’t see a reversal yet, but the first sign is there for me that the market has taken a sharper turn down.” 

According to public on-chain data, the number of active addresses on the Cardano ($ADA) network has lately increased from roughly 150,000 per day to over 480000, before plummeting back to 200,000. 

The data shared by Messari shows that when the price of the Cardano fell, the number of active addresses unexpectedly increased. At the time of writing, the altcoin is trading at $1.58 and has declined by 2.7 percent in the last 24 hours.

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