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Charles Hoskinson believes Cardano is in the best position to venture in this space…

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Futuristic and feature rich cryptocurrencies like Cardano are making the crypto adoption initiative more smooth and worthy. Yet the price of Cardano’s native token, ADA doesn’t reflect much. At least compared to other “shitcoins”. Maybe the coin needs something like what a few trending altcoins have got: the spirit and the followers. Yet, Cardano is trying or at least plans to revolutionize its blockchain into an interoperable one. Even compete with its biggest rival – Ethereum.

Here are a few aspects/ideas that Cardano’s chief executive discussed in the latest AMA session.

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Charles Hoskinson, one of the most recognized figures across the globe shared his narrative concerning some integration for Cardano and its ecosystem.

Cardano’s Layer 2 solution was designed alongside the blockchain as a preemptive solution for the blockchain’s eventual scalability issues. First, on Rollups. These execute transactions outside of the Layer 1 blockchain. Like most Layer 2 solutions, rollups increase transaction output and reduce gas fees. ‘They are getting better year by year. Now I say every system has some notion of that,’ he added.

“We’ll get rollups for free with Mamba, So when the EVM sidechain comes those roll up infrastructures, can and will be rolled over as a scalability solution for the EVM Sidechain.”

The Ethereum Virtual Machine (EVM) sidechain along with this development will aid Cardano to aggravate its DeFi space potential. However, the question still remains. Does Cardano need roll-ups on the main chain? Well, he certainly sees potential here. Moreover, he suspects that

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“…several DEXs are gonna move in that particular direction. So it’s something there, it’s a buy instead of build, because there’s already a lot of great solutions that port it to L2(s). We’ll get them on the Ethereum side first, but certainly it’s going to be fun to port some of those to the UTXO model.”

Cardano aiming for the sky

As covered before, the UTXO model brings in the best of both worlds; Cardano and Ethereum. Hoskinson reiterated or rather compared the same in an old interview to compare his platform to its arch rival, ETH.

Moving on, he addressed Zero-knowledge proofs as well. These have become an important tool for addressing privacy and scalability concerns in cryptocurrencies and other applications. For instance, Sonic. Similarly, “we’ve seen a lot of great progress with plunk and there’s a lot of Next Generation ZK stuff that’s coming alive”, he opined.

StarkWare made some interesting design choices – as acknowledged by IOHK CEO. ‘There designs were future proof from a prescient viewpoint, that they use some hash based crypto, so they’re post Quantum. However, not quite as efficient as the classical ones, Hoskinson added. This is where Cardano’s Catalyst fund comes into the picture.

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“This is a great venture for somebody wanting to do something on Cardano when Catalyst funds will be made available. We’ll see a whole wave of ZK companies come in, I think we’re one of the best positions of the ventures in the crypto space to pursue this.”

In addition to this, Hydra will play a crucial role as well as the fact that Cardano will get immense traction soon. Hydra provides the network with greater efficiency by enabling most of the transactions to be processed off-chain, using the main-chain ledger as the secure settlement layer.

The Hydra Head protocol is still in the testing phase. Even though he didn’t mention a release date – but he’s optimistic about the aforementioned developments. Nevertheless, history shows, some delays could be a possibility. Even concerning November’s forking event, as things stand – it’ll be clubbed with February’s timeline for a “larger release”.

Yet, HODLers community stay positive on this crypto.

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Cardano price analysis: ADA falls to $1.50, can bulls defend the level?

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  • Cardano price analysis suggests downwards movement to $1.40
  • The closest support level lies at $1.500
  • ADA faces resistance at the $1.580 mark

The Cardano price analysis shows that after falling to the $1.50 level, ADA was unable to recover to $1.60 and has continued falling after setting a lower high at $1.585. Currently, the price is hovering above the $1.50 support level but shows downside potential as selling continues. 

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include ETH and BTC recording a 10.01 and an 8.28 percent decline respectively.

Cardano price analysis: Selling pressure high as ADA consolidates at $1.50

Cardano price analysis: ADA falls to $1.50, can bulls defend the level? 1
Technical indicators for ADA/USDT by Tradingview

Across the technical indicators, the MACD is currently bullish as expressed by the green color of the histogram. However, the indicator shows little to no bullish momentum as the histogram’s height is insignificant compared to a few days ago. Furthermore, the MACD has exhibited multiple crossovers across the last 24-hours as the price consolidated above the $1.500 mark. 

The EMAs are currently trading at a very low position as the price trades in a downwards channel across the mid-term charts. Since November 9, Cardano price analysis has shown a steady decay as ADA crashed from highs of $2.378 to the current $1.50 support level through numerous lower highs set up across the period. These include key support levels at $2.00 and $1.80.  

The RSI is currently neutral but trades low at the 35.37 index unit level suggesting a strong bearish pressure on the price action. Furthermore, the indicator trades near the oversold territory showing little room for further downwards movement across the short-term charts. At press time, the indicator moves with a low slope showing a lack of momentum from either side.

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The Bollinger Bands are currently wide and continue to suggest high price volatility for ADA as the bands remain wide. While the bears breached the bands’ lower limit, it was only momentarily and the limit provides a support level at $1.442 to the buyers at press time. Meanwhile, the bands’ mean line presents a resistance level at $1.578 for the bulls to overcome.

Technical analysis for ADA/USDT

Overall, the 4-hour Cardano price analysis issues a sell signal with 13 of the 26 major technical indicators showing support to the bears. On the other hand, three of the indicators support the bulls suggesting that there is no significant buying activity occurring in the markets. Meanwhile, the remaining ten indicators sit on the fence and issue no signals at the time of writing. 

The 24-hour Cardano price analysis accentuates this sentiment and issues a sell signal with 14 indicators suggesting a downwards price movement against three indicators suggesting an upward price movement. The analysis reaffirms the bearish dominance in the markets, suggesting strong selling pressure weighing on the price action across the mid-term charts. At the same time, nine indicators are neutral and do not lean towards either side at press time. 

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What to expect from the Cardano price analysis?

Cardano price analysis: ADA falls to $1.50, can bulls defend the level? 2
4-hour price chart by Tradingview

The Cardano price analysis shows that ADA is currently stuck in a downwards channel and continues to move downwards breaking lower support levels. While the price currently trades above the $1.50 support level, the selling pressure continues to haunt the bulls since November 10. 

Currently, traders should expect the Cardano price analysis to move downwards to the $1.40 support level as the selling continues. However, the price action can be expected to hold the level as the bears are exhausted as well. If the buyers prevent further downwards movement, then the price may start its recovery towards the $2.00 mark in the next few days.

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Cardano In A Critical State, ADA Price May Slide To $1 If Fails To Flip!

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Cardano nowadays appears to have remained distinct with the market as the ADA price failed to follow the market trend. Ever since the Alonzo hard fork, the crypto space experienced multiple prices jumps at different intervals.

Bitcoin flipped the sideway trend and ranged high to smash its highs just below $70K. At this time, most of the assets inculcated a bullish momentum, however, ADA still remained out of the crowd and trended similar to a stablecoin.

No doubt the asset did attempt to flip the narrow trend, yet the fresh crash trembled the plot to a large extent. The ADA price currently is attempting very hard to sustain above $1.5 and appears it may be successful to a large extent.

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Yet, if the price trend fails to flip, the price is expected to decline below $1.5. A popular analyst, Micheal de van Poppe, believes the price may slowly drop to the major support levels close to $1 very soon. 

The analyst marks these support levels as the most important levels to sustain and also reverse the trend from here. A reversal may uplift the price back above $1.5 levels which may later go and test the upper resistance levels too. However, the important resistance levels still remain around $2.2 and surpassing these levels may confirm with the bull run. 

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Collectively, Cardano currently in the past 2-3 months is swinging in a very narrow range and trending with the same symmetrical triangle.

However, the asset has now broken the triangle and heading towards the south, a notable flip above the support levels is very much mandatory. Also, some still believe that the time has come for the ADA price to flip as a lot of DeFi stuff is incoming in the form of Ardana, Sundae Swap etc. 

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Cardano (ADA) Price Could Decline to 15% Any Moment From Now

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  • Cardano (ADA) is at risk to decline to 15%.
  • If this happens, the ADA price will drop to $1.26.

There is a high possibility for Cardano’s ADA price to plummet down to 15% in the crypto market any moment from now. The bearish movement was spotted based on how ADA is currently struggling to secure reliable support to start a new price swing.

In many ways, this shows that if the price downtrend momentum grips ADA, the Cardano community should expect the ADA to decline to $1.26, according to a report. However, this time is deemed a very crucial moment for Cardano to strengthen its crypto arms for betterment.

As said earlier, apart from the predicted $1.26 drastic decline, it is worth mentioning that ADA is still at risk to see further losses if it fails to regain crucial support to prevent greater losses in the coming day.

Meanwhile, ADA’s price swiftly skyrocketed up to $1.72 on November 24. Since then, it has seen a continual drop down of over 13%, recording a new swing low of $1.48. Additionally, citing from the report, Arms Index (TRIN) — a tool that gauges all the market sentiment signals that there are more sellers than buyers in the market these days.

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Indirectly, this could generally be the behind-the-scenes of why Cardano keeps retrogressing in its performance nowadays. Furthermore, many also attribute Cardano’s current downside to how eToro exchange attempted to delist ADA due to a recent sell-off.

Above all, it is not too late for Cardano to jumpstart a new price performance in the market. If bulls decide to buy and trade more using ADA, the crypto could find huge support to form a new price surge. At writing time, Cardano (ADA) trades at $1.51 with a 24-hour volume of over $1 billion on CoinMarketCap.

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