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Cardano

Cardano Turns 4: Inside the Journey of the “Ethereum Killer”

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The “Ethereum of Japan” has turned into a force to be reckoned with after a series of price crashes and disappointing delays

Cardano, the fourth-largest cryptocurrency, is celebrating its fourth anniversary.

The mainnet of one of the most successful blockchain projects to date went live on Sept. 29, 2017, which kicked off its “Byron” phase.

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Mathematician Charles Hoskinson started working on Cardano after a bitter falling out with the rest of the Ethereum co-founders.

Emurgo, IOHK and the Cardano Foundation, the three independent entities behind the blockchain, organized a crowdsale in Japan that raised $62 million by January 2017. U.S. citizens were not able to participate in the initial coin offering due to stringent securities laws.

Bittrex was among the first major exchanges to list the ADA token, and Cardano quickly started gaining more traction.

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The “Japanese Ethereum” peaked at $1.10 on Jan. 4, 2018, after a blistering rally, benefiting from the ICO craze that swept the crypto market.

Plagued by frequent delays, Cardano, however, ended up being one of the worst-performing cryptocurrencies during the bear market that came shortly after the bubble burst. By December 2018, ADA was down a staggering 97.5% from its peak.

ADA
Image by coinmarketcap.com

It took the token more than three years to finally reclaim its previous all-time high of late February.

ADA kept outperforming the market and managed to print a new all-time high of $3.02 earlier this month.

Apart from the broader crypto rally, the launch of native assets in early March and smart contracts in September were some of the main catalysts for the token’s stellar performance.

Still, Cardano has a lot to prove. It remains to be seen whether it will be able to reach vast adoption in the decentralized finance space given that only a mere 27 Plutus smart contract scripts have been deployed so far.

Moreover, the recent “concurrency” controversy has exposed some scaling issues that Cardano developers have to address. Interoperability and scalability will be the focus of the forthcoming Basho era.

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Cardano

What Happened To ADA Price? Is Nothing Been Built On Cardano?

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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.

adaprice
Source: Tradingview

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.

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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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Image
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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