The crypto market looks pretty bloody today, with most of the important coins trading in the red. But this is not stopping the optimistic predictions regarding some altcoins from popping up.
It’s been just revealed that the crypto strategist Michaël van de Poppe is analyzing Cardano (ADA)’s price.
ADA is about to enter a consolidation phase
Van de Poppe says that ahead of the September 12th “Alonzo” upgrade which ushered in Cardano’s smart contract era, ADA had recorded impressive price gains before entering a consolidation phase.
“Cardano has been one of the strongest movers in the past month after the actual crash in May and the consolidation afterward. Since August, it has been rallying up towards a new all-time high. So should you be expecting another breakout to be happening after such a big run?”
He also made sure to point out the fact that there’s a “new impulse wave” for Cardano which is only likely to begin after a period where the price moves sideways.
“I think that if you’re seeing a valuation of $100 billion of Cardano at this stage, it doesn’t make sense to expect the breakout to be happening at the actual event, given that the actual event was already priced in,” he said.
He continued and stated the following:
“So what we’re seeing right now is that the price is going back towards equilibrium, towards the mean, having some consolidation before the new impulse wave can start.”
He also addressed the Cardano-Tether chart and said that an impulse wave is likely to begin after a consolidation phase.
“You should be looking at the range around $2 as a very important support level…from here to $2, I think you can just DCA [Dollar Cost Average] and then you’re getting ready to watch the new impulse wave. So after every big move, we’ll be having some sort of consolidation.”
At the moment of writing this article, ADA is trading in the red just like other alts and the coin is priced at $2.40.
Cardano, Polkadot and Four Additional Altcoins Are Set To Explode in 2022, According to Crypto Trader Austin Arnold
Crypto trader and Altcoin Daily host Austin Arnold thinks six major altcoins are gearing up for massive rallies in the next year.
In a recent crypto update, the YouTube star tells his 1,040,000 subscribers that Ethereum layer-2 (L2) scaling solution Polygon (MATIC) is gaining momentum after landing a partnership with the $20 billion gambling company DraftKings.a
Arnold shares a statement from DraftKings’ president of global product and technology, Paul Liberman, explaining how the company is positioning itself to grow alongside Polygon.
“Although DraftKings marketplace is still in its nascency, we are bullish on the possibilities that blockchain, NFTs, cryptocurrency and more will present as we prepare for Web 3.0 alongside Polygon and the new innovations ahead for digital collectibles.”
Next, Arnold looks at the decentralized interoperability platform Polkadot (DOT). He points to a recent tweet from Polkadot founder Gavin Wood explaining that there are currently just under 19 million DOT tokens stored in the DOT treasury to fund community projects.
If any DOT goes unused, it gets burned. Currently, the Polkadot treasury is burning 239,988 tokens every month, according to Gavin Wood.
“Either burned or used, the DOT token is only getting more scarce. We have seen a rally in the DOT price recently. This could be linked to some exciting developments ahead, such as the upcoming parachain launch and slot auctions – these parachain auctions will take DOT off the market as well.
And with the first 11 parachain auctions coming to Polkadot next month, along with the 100 or so available slots to be filled, this could boost Polkadot’s presence in the crypto sector, and could cement the multichain system’s rising status.”
The third coin Arnold looks at is the supply chain management protocol VeChain (VET). The trader highlights that VeChain recently landed a partnership with major logistics company DHL for enterprise NFT (non-fungible token) issuance.
“This collaboration with DHL China, one of the first things it will allow customers to experiment with is customize the DHL mascot and then mint it as NFTs on the VeChainThor blockchain solution.”
Next up is the smart contract platform Cardano (ADA). Arnold notes that Cardano appears to be gaining more traction after landing partnerships with television satellite provider DISH and announcing that the network has received $100 million for investment in Cardano-focused 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.”
Another coin on Arnold’s list is the decentralized oracle network Chainlink (LINK). He notes that despite the token’s lackluster performance over the last few months, he believes there is still massive upside for LINK to realize in the market as partnerships continue to rise month-over-month, with 84 integrations made just in September.
“I get it, but in my opinion, Chainlink still has a lot of room to grow. Think about this: Chainlink already has a ton of exclusive, big partnerships with big companies – Google and Oracle to name two – over 75 different blockchains already use Chainlink technology, as well as being used by many data feeds, including USD [US dollar] currency pairs. That’s a strong foundation.
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.”
Finally, the crypto trader thinks that the leading smart contract platform Ethereum is gearing up for a huge 2022. He notes that Ethereum developers announced that ETH is planning to make the transition into Ethereum 2.0 in May-June of 2022, which will convert the blockchain to a proof-of-stake protocol.
“The code should be ready around February 2022. The merge to mainnet, to ETH 2.0, in June of 2022 at the earliest. Next year will be known as the year of ETH. That’s where DeFi [decentralized finance] is, that’s where NFTs are.”
Analysts affirm Cardano will outperform Bitcoin and Ethereum given ADA’s enhanced scalability
- Binance coin replaced Cardano as the third-largest cryptocurrency.
- Over 70% of ADA supply remains staked.
- With institutional investment flows to Cardano, proponents expect ADA market capitalization to recover.
- Cryptocurrency analysts expect Cardano to outperform Bitcoin and Ethereum based on ADA price trends.
Charles Hoskinson, Cardano founder, made an effort to dampen Cardano’s negativity and uncertainty and the cryptocurrency ecosystem. Hoskinson broadcasted from South Africa and shared potential opportunities for the Cardano Foundation.
Analysts expect Cardano to outperform Bitcoin with updates in the ecosystem
In his recent broadcast from Africa, Charles Hoskinson shared how the rising uncertainty in cryptocurrencies puzzled him. Hoskinson believes that Cardano has met every single milestone on its roadmap.
The Cardano network has never suffered an outage, and the founder reassures users about ADA’s current plans. Cardano is focused on enhancing scalability.
The Plutus Application Backend (PAB) launch is set to ensure scalability on the network. It is scheduled for later this month. Once Cardano improves scalability, more users are expected to join the network.
Cardano is working on another exciting development in the roadmap, layer-2 scaling solution Hydra. Alongside Plutus, Mamba Pool, Atala Prism and Mithral, Hydra’s development is underway.
Fourteen teams are working on different elements within the Cardano ecosystem. Hydra is expected to process transactions on the Cardano network in an efficient manner. Since most transactions will be processed off-chain, Hydra will use the Cardano blockchain to secure settlement.
The Hydra protocol is currently under extensive testing.
Despite the upcoming updates in the Cardano ecosystem, ADA’s market capitalization dropped, and the altcoin no longer ranks among the top three cryptocurrencies. The percentage of ADA tokens staked remains stable above 70%; analysts are bullish on the altcoin as supply under circulation remains relatively low.
There is a spike in institutional investment in ADA. Over $3 million capital flowed to ADA-based funds in the past week, according to a Coinshares report.
Austin Hilton, a cryptocurrency analyst and YouTuber, has set a $15 target for ADA price. Hilton states,
Cardano could hit $15 by the end of this bull run that we are all looking at. It’s set to end in kind of February-March time frame.
FXStreet analysts have evaluated the ADA price trend and predicted that the altcoin’s price is bound for profit-taking. Analysts set a target of $1.70 for the altcoin.
Cardano’s Project Catalyst Fund6 Concludes Voting Campaign
Cardano’s largest community initiative is going to finish voting for its sixth iteration
Only a few hours remain for Cardano (ADA) enthusiasts to take part in the largest community vote, i.e., a referendum designed to indicate the winners of Project Catalyst.
711 applicants, $4 million in ADA at stake
According to the “last call” announcement by Input Output Hong Kong, the development studio behind Cardano (ADA), its Project Catalyst Fund6 is ready to enter a crucial stage.
#ProjectCatalyst Fund6 voting is open until October 21, make sure to place your vote before @ 11:00 UTC! 🗓️
In this round, 711 proposals made it to the ballot & looking to share funding of over $4M in $ADA! 🤩
See how you can contribute & vote👇 https://t.co/dvytdN9nD7— Input Output (@InputOutputHK) October 20, 2021
The voting campaign that allows ADA holders to choose the winners of Project Catalyst will be closed on Oct. 21, 2021, at 10:00 a.m. UTC.
IOHK representatives shared that 711 products submitted their proposals to Project Catalyst voting portal. As covered by U.Today previously, 267 projects took part in the previous iteration of Project Catalyst.
In Fund5, the net amount of rewards was set at $2,000,000 in ADA tokens.
Largest community-driven campaign in crypto
Project Catalyst is a unique multi-phase incubator for all early-stage products interested in building on Cardano’s (ADA) smart contracts.
Launched stealthily in August 2020, it garnered excitement across Cardano-focused dApps developers. The winners of Project Catalyst receive financial, consulting and promotional support.
Project Catalyst Fund6 is a special one as it is the first campaign launched with smart contracts live in Cardano’s (ADA) mainnet.
As such, the winners of this stage will be able to experiment with “real” Cardano smart contracts.