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Cardano reaches 2 million wallets and accelerates on Hydra

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The price of the ADA exceeds 2 dollars, while the blockchain now has 2 million wallets. The network is growing and will support this increase with Hydra.

The price of ADA, Cardano’s native token, has been under pressure in recent weeks. Unlike competing networks, its capitalization was stagnating. In November, it starts to rise again.

On November 3, the price of ADA rose 8.75% to 2.12 dollars. It thus takes 5th place in the hierarchy of crypto-assets, a rank that the SOL de Solana had taken from it. The competition is fierce for Ethereum’s rivals.

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After Alonzo, make way for Hydra

In August and until the beginning of September, Cardano was in a dynamic state. The blockchain and its token were carried by the imminence of an important update: Alonzo. This finally signed the arrival of smart contracts.

But the effect of this feature on the rise in the price of ADA has since vanished. The token needs new growth levers, especially if it is to compete with the very dynamic Solana network.

Recent news could play this role. In a tweet, the Cardano Foundation indicates that it has reached the milestone of 2 million wallets. This figure underlines the rapid growth in the number of users.

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The Cardano blockchain reached its first million wallets on May 22, 2021. In just under 6 months, it therefore won an additional million. A performance that does not fail to congratulate the Cardano community.

“It wasn’t that long ago that we celebrated reaching the million #ada wallets. Today, we have reached the impressive figure of 2 million #ada portfolios! ”, She rejoices on Twitter.

Africa and Hydra to drive Cardano’s growth

To compete with its competition, Cardano cannot stop there however. For its founder, the future of blockchain lies in particular in Africa. Charles Hoskinson is looking to develop new contracts for his technology on the continent.

It will soon have 5 million Ethiopian students. They will use a digital identity to access their academic results. Through its commercial subsidiary EMURGO, Cardano strives to further develop its presence in Africa.

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To do this, it invests in various African startups, thus promoting the development of use cases for its blockchain. But Cardano must also continue its technological developments.

After Alonzo, the next major update will be Hydra, a layer-two scaling solution. Charles Hoskinson also plans to step up the pace. With 1,000 Hydra nodes, Cardano could in theory process up to 1 million transactions per second.

Hydra constitutes a “very high commercial priority”, underlines the founder. “And it will be very important that we can offload a lot of the transaction traffic that will come from all future applications,” he continues.

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Cardano

Red Alert In Crypto Space, Cardano Price Trembling Yet Remains Bullish

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Crypto space witnessed a replica of a May crash but with lesser intensity. Bitcoin price is hovering between $53,800 and $54,400. However, some assets stood strong above their support levels like Ethereum & Cardano.

Despite the bearish trend prevailing in the short-term, yet the ADA price still remains bullish in the higher time frame. 

Cardano price maintained a substantial downtrend ever since the beginning of the present trading day. In the daily chart, the asset has formed a double-bottom and was expected to surge high slicing through the neckline.

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But the asset was rejected at the neckline in the last few hours of the last trading day. ADA price dumped nearly 15% ever since then, however, it’s also attempting to rebound. 

3rd Cardano sell-off is going on since the early hours of the Asian trade. The dump dragged the price much below the 200-day MA and extended the gap between the strong resistance levels around $2.5.

A major reason for the sell-off is speculated to be the pandemic FUD circulating in space. However, the retracement is expected to be well in place as more than 70% of ADA is staked and keeping only 30% in circulation is pretty bullish for the asset. 

Exactly a year ago, the Cardano price was around $0.03 and the asset was surrounded by immense FUD. However, the ADA price didn’t stop then and may not stop now also.

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Collectively the asset maintains a substantial rally ever since it faced an extreme sell-off in September. Yet the strong support levels still reside around $1 and the asset is still bullish until the asset sustains above these levels. 

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Cardano

Red Alert In Crypto Space, Cardano Price Trembling Yet Remains Bullish

Published

on

Crypto space witnessed a replica of a May crash but with lesser intensity. Bitcoin price is hovering between $53,800 and $54,400. However, some assets stood strong above their support levels like Ethereum & Cardano.

Despite the bearish trend prevailing in the short-term, yet the ADA price still remains bullish in the higher time frame. 

Cardano price maintained a substantial downtrend ever since the beginning of the present trading day. In the daily chart, the asset has formed a double-bottom and was expected to surge high slicing through the neckline.

Advertisement

But the asset was rejected at the neckline in the last few hours of the last trading day. ADA price dumped nearly 15% ever since then, however, it’s also attempting to rebound. 

3rd Cardano sell-off is going on since the early hours of the Asian trade. The dump dragged the price much below the 200-day MA and extended the gap between the strong resistance levels around $2.5.

A major reason for the sell-off is speculated to be the pandemic FUD circulating in space. However, the retracement is expected to be well in place as more than 70% of ADA is staked and keeping only 30% in circulation is pretty bullish for the asset. 

Exactly a year ago, the Cardano price was around $0.03 and the asset was surrounded by immense FUD. However, the ADA price didn’t stop then and may not stop now also.

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Collectively the asset maintains a substantial rally ever since it faced an extreme sell-off in September. Yet the strong support levels still reside around $1 and the asset is still bullish until the asset sustains above these levels. 

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Cardano on the edge: Why and what it needs to make a recovery

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These are not the best of times for Cardano. While the asset may have maintained its sixth position in the rankings with a market cap of $49.1 billion, it is consistently reaching new lows over the past week, and at present, it is possibly at the last key support before an evident bearish reversal.

This article will draw estimates around the current price movement of Cardano and explain why it should recover moving forward to avoid further corrections.

Red-Flags for Cardano

Source: Trading View

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While a sense of optimism is appreciated for one of the top performers of 2021, ADA’s price structure is anything but ideal. Earlier in November, the asset finally breached above its long-term ascending channel pattern but it was followed by immediate invalidation. It was a sign of things to come for the asset, and Cardano barely recovered ever since.

Now, at press time, the asset has finally dropped under the pattern in a bearish direction, eliminating any chance of immediate bullish recovery. $1.80 was an important high-time frame support, which did not hold ADA‘s crashing valuation.

Source: Trading View

The importance of $1.80 can be understood from the Fibonacci levels. $1.80 marked the 0.618 Fibonacci level, which fundamentally is the last support during a correction phase of a bull run.

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During the Q3 correction period, Cardano dropped down to $1.00 which was the Fib level of 0.618 for a market top of $2.47. The same situation hasn’t panned out this time, with the market falling sharply beyond the retracement levels.

Is there still hope?

Source: Trading View

Well, never say never in crypto trend, and volatility could swing in Cardanos’ favor as well. According to data from intotheblock.com, 4.93 billion ADA currently resides between the range of $1.34-$1.63 amongst 394,ooo addresses. While this suggests that ADA may drop down to as low as $1.40 in the next few days, the flip side is, it can recovery strongly as well.

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However, failure to do so may see Cardano enter price discovery between $1.11 and $1.34. Close to 8.37 billion ADA resides in that range distributed amoong ~590,000 addresses. The situation is definitely on the edge for Cardano, and major sentiment indicates a bearish outlook.

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