Tag: Cardano

Cardano (ADA) price looks bullish as it does a U-turn on Monday following negative economic spikes from China getting crypto traders all worried. In addition, many major corporations are exiting Russia, including McDonald’s. All of these factors contribute to heightened risk sentiment making it entirely difficult for major cryptocurrencies to elevate in price than usual. This could also mean bad news for ADA; risking a 32% correction. The negative sentiment has been growing enormously which also signal a downward trend in the next quarters. As of this writing, the crypto is trading at $0.560514 on Coingecko, Wednesday, down 10% in the last seven days. Suggested Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On ADA Heading For A Nosedive Below $0.40 Tail risks pad up incessantly and it doesn’t seem to end which could mean ADA investors might head for the exit anytime soon. ADA price is heading for a nosedive right below the $0.47 price point or at the low end of the distribution zone which could even reach $0.38. On the brighter side, with the developments happening in the global economics and to the Cardano community, the first trading day of the week has shown promise of recovery. In fact, ADA price could possibly go towards $0.687 and move up to $0.915. ADA total market cap at $18.09 billion on the daily chart | Source: TradingView.com Even though Cardano suffered a massive drop during the past week, it managed to recover and reach $0.613 on May 16. Meanwhile, Cardano is currently shaking it off after its gains of 4%. Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano? It went through a three-day bounce right there as shown over the weekend. The whale activity was seen for Cardano which signaled a deviation in price direction. Cardano TVL is at around $174.74 million. Now, it may seem like the increase is totally insignificant but it’s a winning jump since it has been steadily declining from its peak TVL of $434.74 million in the first quarter or March 28. The difference between cardano and the other alts. They pay to do stuff like this. The Cardano Community just does it themselves out of love for the ecosystem and philosophy. We got marketing. It’s three million strong and growing. https://t.co/cRdnmGZPZz — Charles Hoskinson (@IOHK_Charles) May 16, 2022 Cardano Flag On Mount Everest Summit Charles Hoskinson, Cardano Founder, is loud and proud to have reached the Mount Everest summit. He was ecstatic about the raving support of the community. His remark saying “we got marketing,” definitely speaks volumes of his optimism despite the downward trend that ADA has displayed the previous days. The Cardano CEO is proud to have a strong and dedicated community comprised of 3 million members and still growing. The native tokens of Cardano also went up to 4.7 million. Moreover, Cardano has also managed to get $20 million more in funding since Mary 13. Its TVL has jumped from 18 million a few days ago to $137 million on May 16 – that is a 6% change of TVL in a matter of 24 hours. Featured image from Coinbase, chart from TradingView.com

It is evident that the market has now officially welcomed a cryptowinter. The market prices of various digital assets show this. However, as is expected, investors in the space are wondering how long this cryptowinter is expected to last. Goin by previ…

Price of Cardano (ADA) has been unstable following larger market trends. Bitcoin slid upto 20% over the past week and major altcoins followed through. Bitcoin’s revisit to levels that it hasn’t touched for months has caused other altcoins to plummet considerably. In just 24 hours, ADA nosedived 20% and over the last seven days, the coin posted over 30% loss in market value. ADA has been one of the worst performing altcoins of the month causing investors and buyers to flee the market. Continued sell off could cause the coin to dip further and rest near the $0.40 mark. Amidst other worrying factors, such as increasing inflation, hiked interest rates and an impending recession, broader market weakness could continue to bother the stability of the crypto industry. Cardano Price Analysis: Four Hour Chart ADA’s price at the time of writing stood at $0.50 which marks more 60% fall from its all all time high of $3 last year, September. The coin has almost noted a 35-week downtrend and the recent bearish price movement has made it nearly impossible for the coin to display chances of rebound. The coin continues to paint extreme oversold conditions. The coin depicted a downward trend (yellow) affirming the bearish thesis. At the current price level, Cardano might find a support level at $0.40. Investors might fight that scenario to be a buying opportunity which could lift ADA’s prices upward. In case of a rebound, which looks quite difficult, ADA could target $0.62. Volume of Cardano displayed a red bar which is indicative of bearishness, it also means that the coin is experiencing sell off at the time of writing. Technical Analysis Cardano had tried to retest its $0.62 level in the past few days but the bears kept dragging the altcoin down. At the time of writing, ADA was trading far below the 20-SMA line. This means that sellers were driving the price momentum of the coin in the market. After breaking from the downward trend, ADA had briefly tried to rally which had made the coin revisit the overbought zone as buyers gained confidence for a brief span of time as seen on the Relative Strength Index. Following this however, ADA barely recovered in terms of buying strength as the coin continued to juggle between the oversold zone and underbought zone. Related Reading | ADA On Discount? Cardano Whales Go On $200M Shopping Spree Ongoing bearish thesis has dampened the spirit of investors, the coin is currently experiencing a distribution phase owing to a sell-off. The Chaikin Money Flow which determines capital outflows was seen below the halfline. This reading signified that capital outflows were far greater that inflows. Awesome Oscillator that tells the price momentum, indicated amplified red histograms. Red histograms underneath the zero-line means bearish price action for the coin. Related Reading | Cardano (ADA) Real Volume Suggests Downtrend Is Far From Over Featured image from UnSplash, chart from TradingView.com

The Cardano network is preparing for its upcoming Hard Fork Combinator (HFC) event “Vasil”. The cryptocurrency has been undergoing several updates and optimizations but continues to follow the general market sentiment. Related Reading | ADA On Discount? Cardano Whales Go On $200M Shopping Spree In fact, Cardano (ADA) price has been trending downside since the end of 2021 when it broke below $2 and has continued in that direction as larger cryptocurrencies re-test critical support levels. At the time of writing, ADA’s price trades at $0.80 with a 5% loss in the last 24-hours and a 6% loss in the past 7-days. The cryptocurrency has been moving down in terms of market cap after becoming one of the top 5 in these terms, but there are indicators pointing to potential bullishness. Per a post from Cardano developer Input Output Global (IOG), they are focused on preparing the network’s node and consensus for the upcoming HFC “Vasil”. Expected in June 2022, this update will upgrade the mainnet “performance properties”. “Vasil” is mainly aimed at making Cardano more efficient when processing decentralized applications (dApps) transactions. Thus, smart contract users on the network will benefit from a better experience. The network introduced its smart contract capabilities back in 2021 with a series of Hard Fork Combinator events (HFC) which ended with the “Alonzo” upgrade. Since that time, the Cardano ecosystem has seen an important expansion. Despite the growth, ADA’s trading volume has been moving to the downside along with its price. As since below, this metric reached an all-time high in May 2021 and has seen trouble in getting back to previous highs. Conversely, ADA’s transaction volume has been on the rise and recently hit a multi-year high. This suggests that while retail investors might not be as active on Cardano, whales are potentially buying the dip as the “Vasil” upgrade approaches with the potential to increase the ecosystem’s use cases and efficiency. Cardano Facilitates Entry Into Its Ecosystem Cardano developer IOG recently revealed the launch of Essential Cardano. An initiative was created to make it easier for users to explore the ADA-based ecosystem. Deployed in its beta phase, the initiative will be supported by a “rich” directory of “sharable” content that aims at showcasing the best of the Cardano ecosystem. The community will be able to contribute and access Blogs, videos, and relevant information on the growth of Cardano. Related Reading | Cardano (ADA) Real Volume Suggests Downtrend Is Far From Over As IOG has stated in the past, their community is a key component of the network. They are providing users with more tools to have a voice in Cardano’s future. IOG added the following on the launch of this initiative in its beta phase: We want to share early and build this out together. The platform can still be improved on with the community’s input. Some things may break in beta. This is your chance to help get it off to the best possible start & grow it together. Launching officially today in Beta, we hope #EssentialCardano will grow into a definitive ecosystem resource for understanding #Cardano & everything around it. And spreading the word by sharing the best. Built on GitHub, curated by IOG, but driven and populated by the community. https://t.co/S2gf3ET75d — Tim Harrison (@timbharrison) May 5, 2022

Legendary rapper and new owner of Death Row Records Snoop Dogg launched an NFT collaboration with an exclusive metaverse project on the Cardano blockchain early this week in hopes to start his first formal metaverse play with a bang.
Related Reading | …

Cardano (ADA) has been on a steady downtrend since September of 2021 after hitting its all-time high of $3.1. This has been one of the most brutal downtrends for its investors, the majority of which are now drowning in losses. However, as they say, that one man’s misfortune is another man’s come up, whales have seen this as a perfect opportunity to buy up as much ADA as they can.  They have now ramped up their buying and have accumulated about $200 million worth of ADA in the space of a month. Whales Buy 194 Million ADA Over the past five weeks, Cardano whales have been busy accumulating the digital asset. These whales who hold between 1 million and 10 million ADA on their wallet balances have been the most active since the digital asset has been falling and trending around $1. It seems this has presented a buying opportunity to these whales who have now purchased 196 million ADA in this five-week period. Related Reading | Billionaire Ricardo Salinas Fires Back At Warren Buffett’s Bitcoin Slander Prior to this though, these same addresses have been on a dumping spree. It has caused their collective holdings to drop during this time and in the middle of March had hit one of the lowest points it has ever been. However, after prices had hit a new month low, the whales had resumed their accumulation trend which has increased their collective balances drastically.  🐳📈 #Cardano whale addresses holding 1M to 10M $ADA are accumulating their bags these past 5 weeks (196M more $ADA) after a 7-month stretch of dumping (-1.7M less $ADA). The 9th largest market cap asset recently hit prices last this low in February, 2021. https://t.co/co8BcqHJAF pic.twitter.com/OXpbu3KSXp — Santiment (@santimentfeed) May 3, 2022 In total, these whales have purchased about $200 million worth of ADA in a little over a month. This is not a new trend for Cardano whales though. In the first quarter of 2022 alone, it is reported that addresses that held between 1 and 10 million ADA on their balances had bought over 4 billion ADA. This had increased their collective balances to 12.19 before the dump trend that had started in the middle of March. Cardano Hits Yearly Lows The current price of Cardano is nothing to write home about but it seems that there is no clear end to this downtrend anytime soon. The digital asset has now managed to hit new yearly lows. ADA had last been at prices this low in February of 2021 and that was when the digital asset was at the beginning stages of its impressive 2021 bull rally. ADA price hits one year low | Source: ADAUSD on TradingView.com Even though the network boasts one of the most loyal investors following in the space, its price does not reflect this loyalty, nor does it reflect all of the upgrades that are being made on the network. This coupled with the flatlining transaction volume paints a rather gloomy future for the digital asset. Related Reading | Bored Ape’s Land Sale Broke Ethereum. Extreme Success Or Roaring Failure? Cardano investors are also bearing the brunt of the losses in the crypto market. According to data from IntoTheBlock, only 6% of all ADA holders are currently in profit. A measly 1% of holders are sitting tentatively in neutral territory, while the majority of holders (93%) are completely in the loss. Featured image from Blaze Trends, chart from TradingView.com

Cardano (ADA) has been one of the worst-hit cryptocurrencies in the market. The digital asset which had seen a high of $3.10 now lives on past glory as it is now trading below the $1 mark. This has been going on for a while which has convinced some inv…

The crypto market has not been in the best of places recently and Cardano (ADA) has been feeling the heat especially hot lately. The digital asset which remains one of the popular and largest by market cap has had a hard run of it lately, pushing it fu…

Via an official post, Cardano developer Input Output Global (IOG) confirmed the approval and implementation of a proposal to increase the network’s block size. Currently standing at 80 kilobytes (KB), the mainnet will see a 10% increase to 88 KB. Related Reading | Cardano (ADA) Is One Of The Worst Performing Crypto In Terms Of Profit Set to roll out today April 25 at 20:20 UTC, at the boundary of epoch 335, as confirmed by the company. IOG called this proposal a “significant network enhancement” set to increase Cardano’s throughput and the performance of its decentralized applications (dApp). As the company reiterated, Cardano has been experiencing a series of network upgrades that will allow it to improve its scaling capabilities in 2022. As the block size increase, IOG added, they will keep a close eye on it for future changes: Once deployed, we shall monitor network performance and behaviour closely over at least one epoch (5 days) to determine the next increment. Cardano has seen phenomenal growth in recent months, with performance improvements to match. Furthermore, the company claims that Cardano has been experiencing a “huge recent rise in transaction volume”. In that sense, with the addition of more improvements, they expect this trend to continue. IOG is focused on optimizing Cardano as it prepares for its next Hard Fork Combinator (HFC) event set for around June this year. IOG added: Cardano is one of the most decentralized blockchains in the world, built for correctness and security. As the ecosystem grows, we’re focused on delivering the scaling phase of our roadmap; improving speed and network capacity while maintaining security and decentralization. As NewsBTC reported, the network seems to be experiencing an increase in institutional demand, per data from IntoTheBlock. On-chain transaction volume for ADA appears to be in an uptrend since the start of February. This data seems to match with IOG’s statements about Cardano’s growth. @Cardano is experiencing increasing institutional demand The volume of on-chain transactions >$100k has increased by 50x just in 2022 Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volumehttps://t.co/8ME8STvRSF pic.twitter.com/aqH7hYIPiV — IntoTheBlock (@intotheblock) March 29, 2022 What’s Wrong With Cardano (ADA)? Data from Token Terminal paints a different picture. As seen below, ADA’s trading volume saw a massive increase in late 2021 as the cryptocurrency began a persistent downside price action. This suggests investors started taking profit on ADA at that time. Since that period, the cryptocurrency saw an uptick in trading volume during January which led to further losses for ADA. Only the increase in trading volume for March and April has led to profits for this cryptocurrency. Remains to be seen if the network improvements, as IOG claims, will be effective at bringing more users into the Cardano ecosystem which could result in sustainable price recovery. Related Reading | New Wallets Surge On Cardano, What’s Behind This? CEO at IOG Charles Hoskinson addressed ADA’s recent price action. In response to a holder’s concerns about the cryptocurrency’s recent downtrend, and what are the possible factor behind it, Hoskinson said: Nothing. Markets move up and down. Cardano is stronger and more useful as an ecosystem than it’s ever been. At the time of writing, ADA’s price trades at $0.8 with a 2% loss on the 4-hour chart.

Cardano (ADA) has made it on the list as one of the worst-performing assets when it comes to profitability. The ability to make a profit from a digital asset is what drives the majority of investments when putting money in the asset. However, for some,…

The Cardano network is no stranger to accelerated growth but every now and then, there is a spike that causes the market to take a pause. This has been the case with the number of new wallets added on a daily basis which had reached a high of 7,600 new…

One of the best performer assets in the crypto top 10 by market cap, Cardano (ADA) keeps strengthening its ecosystem. As the network prepares for its next major Hard Fork Combinator (HFC) event, called Vasil, its DeFi sector could add some of the most popular assets in the space. Related Reading | Majority Of Cardano (ADA) Holders In Loss As Price Slides To $1 At the time of writing, ADA’s price trades at $0.95 with a 2% profit in the last 24-hours. Cardano could soon have native support for Tether (USDT), and USD Coin (USDC). Charles Hoskinson, this network’s inventor, and CEO at Input Output Global (IOG), shared his enthusiasm for WingRiders. Wingriders is one of the most exciting DEXes to launch on Cardano and now they are bringing stablecoins! https://t.co/Rpsl9znhyl — Charles Hoskinson (@IOHK_Charles) April 12, 2022 A decentralized exchange running on Cardano, WingRiders partnered with another two projects called Flint Wallet and Milkomeda, created to provide sidechains with friendly user and developer UX, to launch these stablecoins on the mainnet. According to a Medium post, Milkomeda will implement the Ethereum Virtual Machine on their Cardano sidechain. This sidechain will operate with a synthetic version of ADA called wrapped ADA (wADA). In practice, this will allow users to leverage the Milkomeda sidechain and wADA to connect with Ethereum, as seen in the diagram below. This will remove friction from the process of trading ERC-20 tokens with native Cardano tokens. WingRiders said: Milkomeda itself is an EVM based side chain of Cardano — supporting the ERC20 tokens stored for the user (for example on their Flint wallet or again using Metamask). A gateway will lock these ERC-20 tokens then issue Cardano native equivalents of these tokens on to the Cardano blockchain. This can be done via the Flint wallet. Bitcoin And Ethereum To Integrate With Cardano (ADA)? As WingRiders explained, the tokens on one side of the two chains will enter a smart contract to be “locked” as the synthetic versions are minted on the other side. In the case of the stablecoins, these digital assets will be “pre-mined” before the user request them and they will be “locked on the Cardano mainnet”. In that way, users can benefit from a “simple” way to transact on this network. Stablecoin is some of the most important digital assets because it can operate as a “liquidity accelerator” and onboard new users, fresh capital, and new assets, such as Bitcoin and Ethereum, to the ecosystem. However, bridges have become objects of attack by bad actors. Some of the biggest DeFi hacks in recent times have occurred on these platforms. Therefore, the potential for this partnership and ADA’s performance seems great, but not without potential tradeoffs. Related Reading | Here’s Why ADA Could Replicate Ethereum’s 2017 bullish break-out  The inventor of Cardano trusts the team behind the initiative. According to Hoskinson, IOG has been working with WingRiders for “years” on multiple projects. The inventor of Cardano said: We’ve worked with the team for years. They are the ones who did the ledger integration for cardano and also adalite. I like and respect their engineers. They also caught the bug in Minswap and did a responsible disclosure saving the DApp from hackers. Good people get callouts.

Cardano (ADA) had since lost its momentum and has been back on another downtrend once more. This time around, the downtrend quickly sent the cryptocurrency back towards the $1 territory. This has had some dire implications for Cardano investors. The ma…

Cardano (ADA) has seen the bulls finally reclaim control after a long stretch in the bear territory. This is a welcome change for the digital asset which remains one of the largest cryptocurrencies and widely used networks. However, after properly ceme…

Cardano was pushed down in the crypto top 10 by market cap as LUNA and XRP took over its former place. However, ADA’s price has been surging in the last month and could reclaim previous highs as the general sentiment turns bullish. Related Reading | Cardano Soars 13% On Rumors Of Burn Mechanism Rollout, Charles Hoskinson Reacts At the time of writing, Cardano (ADA) trades at $1.20 with a 30% rally over this period. This makes ADA the best-performing cryptocurrency by market cap. ADA’s price has been recovering from a multi-month downside that saw its price drop from an all-time high at around $3 to under $1 in 2022. There are several factors contributing to the current rally. This includes the full implementation of smart contract capabilities, the increase in developer activity recorded by the network, the improvement of Cardano to make it more decentralized and scalable, according to its main developer IOG. Most importantly, the above factors have translated into an ecosystem explosion. There are hundreds of projects building on Cardano which could be re-fueling the Ethereum Killer narrative. IOG recently highlighted some of these projects. Via their official Twitter handle, the company said: The Cardano ecosystem is growing by leaps and bounds, with new players entering the ecosystem every day. Let’s start this week with a recap of the latest news & announcements from projects Building On Cardano and contributing to its growth. Among these projects is Milkomeda. Created as a scalability solution for Cardano, this project is set to integrate the network with Ethereum Virtual Machines (EVM) capabilities. The project was launched on March 28 on Cardano. In the future, this network will be able to integrate with other blockchains, such as Avalanche, and Algorand. IOG also mentioned Ergo, a decentralized exchange that will be deployed in the Cardano testnet on April 4. In addition, this network will see more use cases with the future launch of a converter bridge solution, created by Singularity, and real asset tokenization with the Indigo Protocol. 📢Announcement for Indigo x Cornucopias! 🌏We’ve officially partnered with @CornucopiasGame to bring Indigo 3D Assets to the Metaverse. 🔹It is exciting to work alongside leading #Metaverse projects to offer a unique user experience for the future! 🔮Follow @Indigo_protocol pic.twitter.com/yKkGa6TWGM — 🔮 Indigo | Synthetic Assets on Cardano (@Indigo_protocol) March 18, 2022 Cardano Growth Beyond Expectations, Institutions Want More ADA The inventor of Cardano, Charles Hoskinson, celebrated the growth of the project. In 2021, Hoskinson predicted a boom in the number of projects building on this network, and the number of assets launched on Cardano. Via Twitter, he posted that there are “millions” of both surpassing his expectations. In the coming months, this number seems poised to climb as the network prepares for another Hard Fork Combinator (HFC) event. Dubbed “Vasil”, Hoskinson believes it will trigger another surge in network activity, and potential total value locked (TVL). What most also don’t understand is that many Cardano DApps are waiting for the Vasil hardfork in June to launch to benefit from pipelining. So it seems we ain’t seen nothing yet on TVL https://t.co/mMHxwRrF96 — Charles Hoskinson (@IOHK_Charles) March 12, 2022 Related Reading | Despite Rocky Beginnings with Hoskinson, Cardano Is Shaping Up to Have an Interesting Year Thus, ADA’s price could have fuel for the mid to long term to sustain its rally. Data from IntoTheBlock suggest institutional investors might have caught on to this future trend as the number of addresses moving large sum in ADA trend upwards. @Cardano is experiencing increasing institutional demand The volume of on-chain transactions >$100k has increased by 50x just in 2022 Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volumehttps://t.co/8ME8STvRSF pic.twitter.com/aqH7hYIPiV — IntoTheBlock (@intotheblock) March 29, 2022

ADA seems unstoppable with a 37% rally in the last week. The seventh crypto by market cap is the best performing asset on that ranking and could continue to reclaim previous highs. Related Reading | Cardano Completes Network Upgrade, ADA Reacts To The Upside At the time of writing, ADA’s price trades at $1.16 with a 12% profit in the last 24-hours. The current seems to be fueled by leading crypto exchange Coinbase announcement to included Cardano to its staking offering. The platform has enabled users to stake their ADA and benefit from reward. According to the exchange’s blog, this service aims at removing friction from the process of staking ADA. For some users, Coinbase said, this can be “confusing and complicated”. Per the exchange’s latest earnings report, the platform records 43 million users with 3 million active users per month. In 2021, Coinbase reported $1,6 billion in revenue, most of which proceeded from retail traders. In that sense, ADA staking has found a major spot to increase its adoption levels and provide millions with access to its rewards. The platform is offering a 3.75% APY for ADA staking, with a reward delivery schedule of 5 to 7 days. Cardano is quickly approaching the important psychological price point of $1.20. The cryptocurrency last saw these levels before its move into its all-time high near $3. In the short term, Cardano could face hurdles as it attempts to break above $1.20. Data from Material Indicators (MI) records a cluster of asks or selling orders around those levels. As the chart shows, these asks could operate as resistance with $3 million in selling orders. In case of rejection, $1.16 could act as support as there are $1,5 million in bid orders. As the price of Cardano moves higher, MI also records an increase in selling pressure from investors with asks orders of around $100,000 (purple in the chart below). This selling has been mostly absorbed by smaller investors with bid orders of around $10,000 (red in the chart below). Cardano Ecosystem Growths Despite its critics, the Cardano ecosystem shows important growth after introducing smart contract capabilities, as measure by its total value locked (TVL). According to a report from Wu Blockchain: On March 23, Cardano TVL exceeded 300 million US dollars, most of which were provided by two DEXs, and TVL ranked 24th among all L1s. Currently, ADA worth $23.8 billion is staking in the Cardano network, with a staking rate of 71.64%. Related Reading | 7% Rally Pushes Cardano (ADA) Closer To $1 Still far from the TVL of Ethereum’s DeFi protocols, this growth hints at a potential trend for ADA’s price as more users onboard its ecosystem. The inventor of Cardano, Charles Hoskinson, has celebrated the explosive expansion of the projects building on this network. Remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, there are now millions of native assets issued and DApps are now in the hundreds. #SlowAndSteady https://t.co/mK4So6NHa1 — Charles Hoskinson (@IOHK_Charles) March 23, 2022

Cardano (ADA) has not had the best start to the year 2022. The digital asset which had hit its all-time high above $3 in 2021 continues to suffer more downtrends in the market which has left it struggling below $1. Despite this, the digital asset is st…

Cardano remains one of the best performing assets in the crypto top 10 by market cap for the past 7 days. ADA’s price, with Avalanche (AVAX), Ethereum (ETH), and Solana (SOL), trades with over 15% in profit over this time period, and gains could extend on different timeframes. Related Reading | Cardano Soars 13% On Rumors Of Burn Mechanism Rollout, Charles Hoskinson Reacts At the time of writing Cardano trades north of $0.90 with a 2.5% profit in the last 24 hours. While Bitcoin and larger cryptocurrencies by market cap move sideways, Cardano’s reaction to the upside could be driven by its increase in the number of project building on its ecosystem, and recent improvements implemented on the network. Cardano’s developer Input Output Global (IOG) has been focused on optimizing and improving the network. Today, this company revealed their latest update proposal to increase the per-block Plutus script memory units limits from 56 million to 62 million. This update, the company clarified, will aid the network’s scalability. Plutus is one of Cardano’s recent most recent components as the network made a transition to implement smart contract capabilities. Operating a platform, Plutus enables users to leverage a programming environment. In that way, users can build their own smart contract without needing technical skills, maintaining code, and removing the need to use a full development environment. Plutus is one of Cardano’s most ambitious products as it’s aim at removing friction from the DeFi sector and onboarding more users to its ecosystem. According to IOG, this update proposal will: his incremental adjustment is the latest in a continuing series of optimizations and increases to network capacity that are being made as Cardano continues to scale in 2022 for future growth. Once deployed, we’ll monitor carefully for at least one epoch (5 days) before assessing any further adjustment. Continued observation & orientation guided by real world usage is key to growing Cardano capacity safely (…). Cardano Enters A New Era The update, IOG added, will come into effect on March 21, UTC 21:44, when the network will reach epoch boundary 328. The company highlighted the “phenomenal growth in recent months”, and users should expect “significant” future growth as well as Cardano becomes more “optimize”. In that sense, the company warn users about the potential increase in network traffic as a result of new DeFi projects launching on Cardano, and new users entering the network. This could bring congestion to the network, as IOG said, specially around NFT drops or a token launch. Related Reading | Cardano (ADA) Takes A Tumble After Hoskinson Is Accused Of Falsifying Credentials This secondary effect of a potentially bullish activity will improve over time as the company “steadily” improves the network. IOG claimed: As the ecosystem grows, we’re now focused on delivering the scaling phase of its roadmap; improving speed and network capacity while maintaining security and decentralization.

In the last 7 days, Cardano is one of the best performers on the crypto top 10 by market cap. Proof-of-Stake networks lead the market, as Bitcoin and others stand in the back. Related Reading | Cardano (ADA) Takes A Tumble After Hoskinson Is Accused Of Falsifying Credentials Avalanche (AVAX) records almost 30% in profits, as Ethereum (ETH) records 16% and Cardano (ADA) 13% profits over the past week. ADA’s price trades at $0.89, as of press time, and could see further gains in the short term as the market experiences further gains. ADA’s price appreciation could be fueled by rumors about the potential implementation of a burn mechanism for Cardano. The news was shared on Twitter by WatcherGuru triggering a reaction from the ADA community. The source of the rumor could be a tweet from Clark Alesna, developer and CEO of a company called SAIB Inc. Alesna accepted a “challenge” from Hoskinson and said he will start production of a burn smart contract for ADA. Alesna said: It seems like no one really took Charles Hoskinson challenge to build a #Cardano $ADA burn smart contract challenge that he put out some time ago. So, I’m taking matters into my own hands and started to plan and code it this weekend. I’ll update you guys soon. However, the tweet and its replies suggest Alesna was simply joking. The message by taken seriously by certain media outlets which triggered a reply from Hoskinson himself. The inventor of Cardano shared the following meme as a response to these reports. https://t.co/f9qU9xW5gl pic.twitter.com/KfaZEEBXrw — Charles Hoskinson (@IOHK_Charles) March 19, 2022 The ADA community seems to agree a burning mechanism will never be implemented on Cardano and classified the rumors as “misleading”. Most of the users seem to agree this system will bring disadvantages to the network. A pseudonym user said: Misleading information. There will never be layer 1 chain burns. You can’t burn utxo protocol just like bitcoin. Token means layer 2 blockchain on Cardano may require burns. Have to get this clear. Why eth burn? Because they build very differently in terms of accounting model. We shall not talk about them as they are struggling to roll out decentralised proof of stake. The Cardano Ecosystem On Fire Data shared by Hoskinson suggest the Cardano ecosystem has been expanding since the implementation of its smart contract capabilities. As seen below, there are over 500 projects building on this network, per Hoskinson. Currently, Non-Fungible Tokens (NFTs) seem to be dominating development on this network, native marketplaces for these digital assets follow at a much smaller scale, with Decentralized Exchanges (DEX), GamiFi, and wallets. Related Reading | Cardano (ADA) Attains 9th Position in Market Valuation During Ecosystem Inflows He hinted at the continuation of this trend, as Cardano deepest into its third era of development, known as Basho. Hoskinson said: “Moving the chains. A large wave will come after June when the Vasil hardfork happens”. This could potentially support the continuation of the current bullish trend for ADA’s price.

With a market valuation of $28.68 billion, Cardano (ADA) has claimed the 9th position in cryptocurrency market capitalization, surpassing Avalanche (AVAX). Despite recent inflows into its ecosystem, the coin beat Avalanche’s $22.28 billion to attain the title of 9th largest coin. As the value of Cardano’s ecosystem has skyrocketed, so too have funds flowing into it. From roughly $1.7 million in mid-January to a present-day total value locked (TVL) up at just under $315 million – or a 18420% increase. The Cardano team has entered the third phase of its construction, a process known as Basho, the Cardano’s next era after Alonzo. Cardano plans to release Hydra, a collection of Layer 2 solutions, as part of this phase. In this stage, Basho will update Cardano’s security and scalability. Related Reading | Cardano Based Project Bashoswap Introduces Launchpad and DEX The first Hydra Heads have opened on the public Cardano testnet, and it is an exciting moment for this scaling journey. As a result, the protocol can be vital in ensuring that there are no problems along the way towards becoming a fully decentralized network. Cardano Price Action And Ecosystem Inflows The Cardano ecosystem is booming with new funds, attracting nearly $150 million in March alone. With the surge of total value locked at over $314.87 million from roughly $168.95 million, big things are expected for this crypto project. Cardano’s TVL has increased by more than 80% in just two weeks. And It is currently worth $225.9 million without including staked governance assets. The increase was noted on February 28th through March 16th, when the number rose from $150 million to $314.87 million. The Cardano Minswap has seen a surge in total value locked (TVL) over the last week, with 121% more locked up than before. Cardano Minswap became the most significant protocol by flipping the SundaeSwap. The majority of funds on this network now reside at its Minswap decentralized platform–with $115 million currently locked.  Even as Cardano (ADA) continues to progress, the price has failed to catch up. The coin has been on a downward journey after reaching its ATH at $3.10 in September 2021. Related Reading | TA: Bitcoin Holds Uptrend Support, What Could Trigger Sharp Decline The Cardano price has fallen nearly 75% from its all-time high of $3.10 and currently trading at $0.85 per coin. However, $0.85 remains a vital resistance point. Because if investors can stay above that price level, they’ll see their investment rise towards testing another crucial milestone of $0.9.  Although, Cardano is still a long way from returning to its former price of $1. As investor sentiment remains negative and the current market favors sellers. Featured image from Pixabay, chart from Tradingview.com

Crypto hardware wallet has announced support for Cardano (ADA) after many years of not supporting the digital asset. As Cardano has grown and with the rise of decentralized finance (DeFi) on the network, there has been more demand for the cryptocurrenc…

Cardano (ADA) is one of the most popular digital assets in the crypto market. The network which has been the subject of never-ending upgrades has made its mark as a force to be reckoned with, both development-wise and price-wise. However, it has been on a downtrend since it hit its all-time high of $3 last year and has not made any meaningful recovery since then. This has recently been further made worse by accusations about the network’s founder, Charles Hoskinson. Hoskinson who founded Cardano in 2017 has come under fire for some information that was published in journalist Laura Shin’s new book. Hoskinson Falsifying Information? In her new book The Cryptopians, Laura Shin opens a window into the world of key players in the space. One of those who made the lineup was Cardano founder Charles Hoskinson. According to Shin, Hoskinson had made some untrue claims with regards to his schooling and education. Shin said that the founder had previously told her that he had dropped out of a Ph.D. program which she had confirmed to be false. Related Reading | Risk Aversion Pulls Crypto Market Down, Bitcoin Still Below $40K Shin made the accusations in response to a comment Hoskinson had made on Twitter calling her book a “great work of fiction.” The crypto journalist had subsequently fired back at Hoskinson asking him to address the discrepancies between his claims about his schooling and the statements from the schools stating that Hoskinson was never enrolled in their Ph.D. program and one of the schools didn’t even offer a math Ph.D. program. Hi Charles, speaking of fiction, do you want to address the discrepancies between your claims of dropping out of a PhD program and the schools’ assertions that you were enrolled as an undergrad? pic.twitter.com/gBULGEa6KK — Laura Shin (@laurashin) March 6, 2022 Other Twitter users had replied to Shin saying that Hoskinson never said he had been in a Ph.D. program. To which the crypto journalist had countered with an audio recording of Hoskinson saying that he was a grad student. “I was trying to get a Ph.D., and I ended up dropping out and never finished,” Hoskinson is heard saying on the recording. Cardano (ADA) Takes A Hit Hoskinson is yet to respond to the accusations levied by Shin regarding his claims that he had dropped out of a Ph.D. program. Nonetheless, the digital asset has reacted to this controversy. On March 6, when Shin had posted the accusations, there had not been much movement in the price of the digital asset, although it had continued its downward plunge. However, once the exchange began to gain more attention, the effects were being felt on the charts. ADA falls to $0.8 | Source: ADAUSD on TradingView.com On Monday, March 7th, ADA had taken a pretty significant nosedive that put it below $0..8 for the first time in over a year. A small recovery had since it break back above $0.8 but the cryptocurrency has not had much luck continuing on that recovery as it is now back down to the low $0.8. Related Reading | TA: Bitcoin Faces Uphill Task, Why BTC Bears Are Still In Control Laura Shin’s book opened a conversation about a lot of leaders in the crypto space and their conduct over the years. But besides calling the book a work of fiction, Charles Hoskinson has not said much about the book or the parts that involve him. Featured image from Cointribune, chart from TradingView.com

Cardano investors have been heavily impacted by current market conditions with ADA losing its spot in the top 5 crypto by market cap. After an impressive rally during 2021, this cryptocurrency has lost critical zones and could return to previous lows. Related Reading | Cardano (ADA) Ready For Rally Towards $1.50? What Indicators Are Saying At the time of writing, ADA’s price trades at $0.87 with a 2.3% loss in the last 24 hours. In higher timeframes, Cardano records a 19.5% and 28.1% loss for the past 30 days and over the past year, respectively. ADA’s price seems to be following the general sentiment in the market as larger cryptocurrencies are trending to the downside over macro-factors and general uncertainty. The Ukrainian-Russia conflict and a potential shift in the U.S. Federal Reserve (FED) monetary conflict seem to be operating as the core causes of unrest in market participants. However, Cardano seems to be suffering more losses than other cryptocurrencies in the top 10 by market cap. In the short term, these losses could deepen beyond $0.85. Data from Material Indicators (MI) shows major resistance for the bulls at around $0.89 which could keep the price suppressed at its current levels, at least for now. There are around $2 million in asks orders at $0.89, as seen below. If bulls manage to break above this resistance, the $1 mark stands as the next major resistance with fewer asks orders stacked at those levels. Only $1 million in asks orders sit at that price point. On the downside, bulls are facing more troubles as liquidity around $0.85 seems to be getting thinner which could suggest further losses in the short term. As Cardano trend lower into its current levels, bid orders went from over $1.5 million to around $900,000. Cardano Whales Come Into The Picture, Who Is Buying ADA At Current Levels? If these levels fail, $0.80 stands as the next major support to prevent a deeper plunge into previous lows. However, further data shows that retail investors are buying the dip, in lower timeframes with larger investors have been selling. As seen below, investors with asks orders of around $100,000 (purple line below) have been selling into current PA, while smaller investors with orders of around $100 (yellow line below) have been buying. Bulls have seen support from investors with around $1,000 (green line below) in bid orders, but nothing significant for lower timeframes. In higher timeframes, Cardano whales seem to have been buying ADA at current levels for around a week. Data provided by a pseudonym user indicates that addresses holding over 100,000 ADA have seen an increase of over 1,000 ADA during this period. The user added: Might be too early to tell but potentially we see whales accumulating big again. Related Reading | Cardano Inventor Front-Ran SundaeSwap Users? Research Casts Light ADA Whales could be re-accumulating as a result of the recent improvements introduced to the mainnet. As newsBTC reported, Cardano’s developer IOG is focused on updating the network scalability and throughput and recently implemented the first of three major updates for 2022.

Cardano (ADA) has not been on the best of trends lately. In fact, since the digital asset touched its high above $3 in September 2021, it has been a continuous trend of heartbreak for its holders. Every slight upward recovery has been marked by a deepe…

Ecosystem builder running on Cardano, AdaSwap, recently announced the successful completion of a $2.5 million funding round. Launched with the objective of “establishing” the first DeFi protocols operational on this blockchain, AdaSwap saw a lot of interest from noticeable investors. Related Reading | Here’s What Cardano Founder Charles Hoskinson Wants For Christmas According to an official post, the funding round was led by iAngels, with participation from Shima Capital, Pluto Digital, GBV, Stardust, Efficient Frontier, Finova, Banter Capital, and COTI. Other investors from outside the crypto space also took a stake in the project. As the post confirmed, Hollywood actress Gal Gadot, known for her portrayal of DC Comics character Wonder Woman and for her roles in movies such as Justice League, Batman v. Superman, Fast & Furious, Cleopatra, and others, was part of the funding round. Gadot’s husband Jaron Varsano, producer and actor involved in the Wonder Woman movie sequel, also participated in the $2.5 million round. Cardano inventor and CEO at Input Output Global, Charles Hoskinson, welcomed Gadot to the “family”. Via his Twitter handle, Hoskinson shared the following message. I’m glad to welcome Wonder Woman to the Cardano Family https://t.co/ddeDPX7YI0 — Charles Hoskinson (@IOHK_Charles) March 2, 2022 Per the post, AdaSwap will use the funds to “deliver on its goal of building the best-decentralized exchange on Cardano”. The DEX will be complemented by other AdaSwap products to be released on this ecosystem including a native NFT marketplace. In addition, the project aims at providing ADA users with a decentralized platform to swap native tokens. Therefore, the claim is to be building a gamified Cardano protocol to enable users to trade native tokens deploy on this network. The team behind the project added: Its plans also include the creation of a Cardano-native NFT marketplace and decentralized finance capabilities such as staking and fixed, long-term and high-yield liquidity pools. Through these applications, DEX users will be able to stake tokens, buy and sell NFTs and earn interest on their Cardano tokens. Cardano Gets Improvement, What Is IOG Planning For 2022 Actress Gal Gadot and her husband Jaron Varsano are far from the only celebrities that have shown interest in cryptocurrencies over the past months. From NFTs, to GameFi, and DeFi projects, there seems to be a crypto rush booming in Hollywood. According to the post, Wonder Woman’s lead and Varsano said the following on their AdaSwap investment: “This is an exciting investment opportunity for us in the crypto space”. Project Co-Founder Itay Levy added: This is one of our first and greatest accomplishments towards building a new financial ecosystem that will have a great impact on our world. The AdaSwap team is really excited to move forward with our project backed by the best investors from both technical and commercial backgrounds. As NewsBTC reported, the company behind Cardano’s development IOG recently implemented the first of 3 major updates to the mainnet. After the implementation of smart contract capabilities with the Alonzo Hard Fork, the company has set out to improve the network’s scalability and infrastructure. Related Reading | Cardano Inventor Front-Ran SundaeSwap Users? Research Casts Light As of press time, ADA’s price stands at $0,93 with a 2.3% loss in the past 24 hours.

Cardano follows the general sentiment in the market as it records a 4.2% profit in the last 24 hours. The price of ADA trades north of $0.96 with a 12.6% profit in the last 7 days. Cardano seems to benefit from an overall increase of demand across digital assets and potential mitigation of macro-economic headwinds for risks-on assets. In addition, the network seems to be steadily moving towards new improvements. Related Reading | Cardano Inventor Front-Ran SundaeSwap Users? Research Casts Light Per a recent update from Input Output Hong Kong (IOHK), the company behind Cardano’s development, the network recently saw the implementation of the first of 3 major updates. IOHK claims the core network was upgraded and was introduced to “powerful improvements and enhancements”. The company has been preparing to introduce these changes on the network, according to Tim Harrison, Marketing and Communications Director at IOHK, after the successful implementation of smart contract capabilities. IOHK added: This February release is part of a broader plan of core Cardano optimizations and enhancements being delivered in 2022. These include key elements of our scaling plan like pipelining, significant performance improvements to Plutus, Hydra and input endorsers. Additionally, the company confirmed the deployment of complementary products and architecture, such as light wallets and UTXO on-disk storage, a dApp store, and a certification program. IOHK also claimed they will release new APIs and development tools, sidechains, and a fast synchronization solution. In order to meet their optimization and scalability goals, Cardano will see parameter adjustments across the year. The company claims these changes will be implemented “steadily” to guarantee the safety of the users. IOHK added: While you can still expect high network loads at times – e.g. around highly-anticipated launches & NFT + token drops – through methodical adjustments you’ll steadily see headroom expand as the ecosystem grows. All the while maintaining the robustness & security of the network The Improvements Released On Cardano Harrison clarified some of the previously mentioned improvements, such as the ability to create transactions with CDDL which will make developers less dependable on third-party tools. Also, ADA users will be able to leverage incremental multi-signature transactions. In addition, IOHK has implemented improvements on the network Command Line Interface (CLI). Thus, stake pool operators (SPOs), developers, and users can benefit from more predictable transactions, mempool inspection tools, and leadership schedule tools. Harrison added the following on the recently introduced and the upcoming updates with two Hard Fork Combinator (HFC) events expected for June and October 2022: In combination with parameter adjustments, these features will enhance Cardano’s throughput and optimize the system to accommodate an increasing range of decentralized finance (DeFi) apps, smart contracts, and DEXs. Related Reading | Cardano (ADA) Still In A Slump This Week – Can It Hit $1.45? Despite its recent price action and improvements, some users have expressed “frustration” over the pace at which the ecosystem is growing. The opposite view from other users places more value on a slow, but steady development that will bring benefits for the long run. My gripes and frustation of only a month ago is gone. Having a chain that behaves predictably and reliably are core essentials that @InputOutputHK are now delivering. I’ve hated the scale it slowly approach, but BOY, it’s soon forgotten when it now proves it by delivering!! — VEGAS ADA Pool (@VEGAS_ADA_Pool) February 26, 2022

Over the weekend, a Reddit post accusing Charles Hoskinson, inventor of Cardano of front-running SundaeSwap users went viral. A pseudonym user said Hoskinson used a large amount of ADA to benefit from a price hike on the decentralized exchange native token, SUNDAE. Related Reading | Cardano Price Up And Down Amidst SundaeSwap Launch As one of the first DEX running on Cardano, there is a lot of hype around SundaeSwap. The ADA whale, according to the user, used his funds to queue jump other users and be one of the first to benefit from SUNDAE’s launch. The pseudonym user based the accusations on three alleged facts: a large SUNDAE order was placed before the DEX was deployed, a wallet with millions of ADA was created specifically for this event, the funds can be tracked to another wallet with “a billion of unstaked ADA” or an entity sitting at the top of the Cardano rich list. The pseudonym user claims the large transactions were linked to the inventor of Cardano after “about an hour clicking CardanoScan links”. The user provided a link of addresses related to his claims which can be viewed in the following link. In addition, the pseudonym user addressed the possibility of a crypto exchange or similar entity involved with the transaction rather than Charles Hoskinson by saying: I do not think any of the addresses in the chain of CardanoScan links below are exchange wallets. You can take a look through them and try to identify which you think is an exchange, but it looks to me they are regular wallets. Most of the addresses in the sequence have just a single input and single output, so it was easy to trace. Since IOHK, the company responsible for developing Cardano, was a key player on many of the projects or components on this network’s ecosystem, seems logical a large portion of ADA is linked back to them. However, the pseudonym user seems to believe that an important portion of the ADA supply in circulation can’t be linked to IOHK. Inventor Of Cardano Replies To Accusations The inventor of Cardano, Charles Hoskinson, replied to the accusations and to the Reddit post. Via his Twitter account, Hoskinson said: Had a look at the sundae Reddit posts that have been cropping up. It looks like the funds came from a Coinbase custody account that aggregates thousands of users. Later, Hoskinson shared a link to a full investigation conducted by Colin Edwards, a Quantitative Strategist at IOHK. Therein, he explains Cardano’s UTXO model and by using on-chain analysis tracks down the SundaeSwap frontrunner. Edwards posted the transactions that “jumped the queue” and the tools he employed to conduct his investigation. Ultimately, he concluded that a wealthy client probably using Coinbase Custody was behind the transactions. IOHK’s Quant said a subpoena, a product of a legal procedure, could identify the actor. He added: (…) practically all Ada is within 3 transactions of being on an exchange where it would have mixed with funds originating from IOHK. Having funds originating from IOHK deposited at a large custody company, along with funds from thousands of others, is a statistical certainty – not a smoking gun. Related Reading | Here’s What Cardano Founder Charles Hoskinson Wants For Christmas As of press time, ADA trades at $0.93 with a 9.2% profit in the last 24 hours. The 9th crypto by market cap seems to be following the general sentiment in the market as it bounces back from the lows amid Russia’s invasion of Ukraine.

Despite the crypto market’s bloodshed, in the past few days, the Cardano (ADA) trading activity has been relentless, and its holders’ balance remains strong with a multi-year high. Into The Block data indicates that the wallet balance held by long-term Cardano holders hit a multi-year high on February 23. “Regardless of the price action, Cardano‘s holders remain strong. The balance held by HODLERS- addresses holding >1 year, is at a multi-year high. These HOLDERS increased their positions to 10.12b $ADA, the largest balance since December 11, 2019.” Despite the geopolitical tension causing the altcoin’s price to drop dramatically, traders have increased their position of Cardano. Holders have accumulated the highest balance of ADA since December 2019. Cardano’s network recent developments might be serving as fuel to its supporters, and as a consequence, many believe its price will climb. “Every bounce is still getting sold off, waiting for a final leg down before a reversal. Would consider buying this at 0.50,” an analyst noted. A Finder’s poll indicated several analysts believe the price of ADA will reach $58 by 2030, and a few thought it might close this year at $2.72, a 160% increase. Many traders received the $58 prediction as an exaggeration unless the Cardano ecosystem truly manages to explode during the following years. Expert Vanessa Harris was also bullish on the altcoin. She expects it to close 2022 around the $3 mark, adding that its criticized slow-paced growth could pay off as nations turn their eyes towards it: “It is one of the few smart contract platforms that have placed security, correctness [and] decentralization at their core, backed by formal methods and peer-reviewed research… While this means Cardano moves more deliberately in the short term, long term this resilience should support adoption by nation-states and non-governmental organizations. We are already seeing this adoption happen in Ethiopia and Tanzania.” However, other experts remained bearish and cited “lack of execution and poor technology” and alleged that “They have failed on their promise of delivery for the last several years.” But however slow, the expansion of its DeFi ecosystem is starting to happen and might support the loyal holders’ sentiment. Related Reading | Cardano Daily Transaction Volume Up, But ADA Prices Remain Sluggish Cardano DeFi Expansion Cardano volumes and transactions are growing as developers focus on building the first dApps solutions and its DeFi space is set to grow. It has even surpassed the on-chain activity of Ethereum ranking 2nd in 24h transaction volume after registering $17.04 billion on February 22. In terms of gaining traction, the decentralized exchange SundaeSwap, an Automated Market Maker DEX, was anticipated by many users and launched at the beginning of the year. It tumbled at the beginning due to congestion. But after some adjustments of the block size done by IOHK, the transactions run smoothly now and SundaeSwap reports a Total Value Locked of $21 million. The boom of NFTs is also contributing to the Cardano blockchain attraction. The non-custodial decentralized exchange ecosystem Arcadex will soon be launched on the network. It has generated enthusiasm for providing a wide variety of DeFi services through both DEX and NFT marketplaces. Despite the slow-paced growth and 6-month downtrend, Cardano is still gaining traction and holders are not letting go. More growth is expected as the Cardano roadmap aims to increase scalability. Related Reading | Bitrue Announces Support For Cardano (ADA) As Base Pair On Exchange Price Of ADA At the time of writing, Ada is down to $0.83, shedding around 0.72% over the past 24 hours.  

Cardano (ADA) is presently trading at USD1.077, according to market indicators Thursday, which shows the crypto may be nearing the conclusion of its slump.
The seventh-largest cryptocurrency by market cap is experiencing a bearish algorithm throughout …

Cardano has been struggling on the charts since its decline that began last year. It has since taken the digital asset below $1, although a recent recovery trend has rectified that. Nevertheless, Cardano is yet to regain at least 50% of its all-time va…

Cardano (ADA) has been on the receiving end on some of the most brutal beatdowns the crypto market has dished out in recent times. The cryptocurrency had managed to grow from about $0.20 at the beginning of 2021 to a high of $3, which saw investors cas…

At the time of writing, Cardano looks promising on its charts. ADA had broken over the $1.10 mark yesterday and was currently priced at $1.20. The $1.10 mark for ADA had acted as a long-standing resistance mark for the coin. The break above the aforementioned level could push ADA to trade above the $1.20 mark over the upcoming trading sessions. The bullish force in the market seems to have propelled the prices of Cardano significantly. In the last 24 hours itself, ADA’s price grew by 6%. Continued trading above the $1.20 mark would help the bulls to breach the immediate resistance of $1.28. Breaking above the $1.28 mark, and Cardano could aim for $1.41. Cardano Price Analysis: Four-Hour Chart     Cardano had been trading tightly between the $0.90 and $1 mark for the past couple of weeks. Recent Market-wide appreciation in prices has caused ADA to move in a northbound manner. At press time, ADA was seen trading at $1.20 and was eyeing the $1.28 resistance level. The nearest support level rested at $1.16, falling through which ADA would target $1.10. If ADA manages to uphold the current price momentum then it could soon aim for $1.41. The technical outlook for the coin is quite bullish. On the four-hour chart, bulls were dominant, therefore indicating that buying strength seems substantial. Over the last week, ADA had displayed a Golden Cross and secured a 14.7% gain. A Golden Cross happens when the 20-SMA line crosses over the 50-SMA line, in other words, the reading is considered bullish. Cardano’s price was seen above the 20-SMA, therefore signalling that buyers dominated price momentum in the market. Related Reading | Is The Bitcoin Bottom In? Here’s What SOPR Data Says Indicators and Rationale From the above-attached chart, technical indicators have painted a bullish bias for Cardano. The buying pressure preceded selling pressure. The Relative Strength Index, in accordance with the above reading also was parked above the 75-mark, therefore, in the overvalued and overbought zone MACD usually tells the current trend of the market. The indicator had undergone a bullish crossover, hence, it displayed green histograms at the time of writing. These green histograms were seen amplifying which suggested that ADA might continue to maintain its bullish outlook in the immediate trading sessions. As the asset was overbought, there are chances of a price pullback, in other words, prices could dip if buyers continued to outnumber sellers. In case of such an event, ADA’s next trading levels would rest at $1.16, $1.10 and finally at $1. Trading volume in the last few days closed in the green which meant that the bulls dominated the market. Yesterday, however, trading volume flashed a red bar which depicted the onset of slight bearishness. Cardano was last seen trading at the current price level on the 24th of January, marking a multi-week high for the altcoin. Related Reading | Cosmos Records 20% Gain, What’s Behind The Boom In Its Ecosystem

Cardano announced its Hydra protocol last year and has continued to develop on it ever since. The project which finally gained smart contract capability in 2021 has been making strides in proving that it is a force to be reckoned with in the space. Its…