1. Home
  2. News
  3. Cryptocurrency
  4. More upgrades for Cardano scheduled, ADA looks for a retrace

More upgrades for Cardano scheduled, ADA looks for a retrace

Photo of: Janeth Diamond
by Janeth Diamond

IOHK, the research, and development company behind Cardano, is now preparing to launch a novel network upgrade. The upgrade is much required to ensure the protocol’s functionalities perform on an upgraded basis. This is necessary considering how Ethereum is currently ruling the roost but is getting overburdened with several transactions increasing its rate. The upgrade of the Cardano will ensure that the protocol runs in a far superior manner compared to Ethereum. 

While the news is doing rounds about the possible upgrade further data reveals that Cardano’s ADA might opt for further construction before it decides to advance further. Last week Cardano experienced a great rally with its price going up by more than 40%. Cardano is proclaimed as the Ethereum killer because it started off at an extreme low of $0.076 to a high of $0.107 recently. IOHK has been experiencing immense strides in its research and the rapid progress it has made towards Goguen’s release, has contributed effectively towards the bullish impulse that the network has been experiencing. 

Cardano already is following its roadmap of growth and development, and the upcoming and much-discussed network upgrade will represent a big leap towards adding enhanced ability to build a decentralized application on ADA’s protocol. It will bring about growth in the feature offerings of the network. Charles Hoskinson, the head of IOHK had made an announcement that Goguen will see a three-fold release. But before the phased out plans initiate, the team will first put all its focus on including metadata transfers so that Cardano’s utility gets expanded.

Once the metadata is being integrated, the network will convert into a multi-asset system so that users could create their personalized tokens. Goguen will also fetch the ERC20 token converter so that the firms will be able to migrate from Ethereum to Cardano. There is excitement surrounding the new call, yet a technical index was quick to point out that the smart contracts token might retrace. 

Source: Trading View

The TD sequential indicator displayed sell signals on both the 12-hour and 4-hour chart. The green 9 candlesticks express bearish formations which also suggests a one to four 12-hour candlestick correction before the ascent starts. When it comes down to $0.097 it may find significant support. The concept of In/Out of the Money around price (IOMAP) showcases that nearly 30,000 addresses had purchased more than 3.7 billion ADA around this price level. This huge gap in supply may have the ability to assimilate and occupy the selling pressure of the altcoin.

The bullish outlook is the much-needed lubrication considering how volatile and unpredictable the cryptocurrency markets are. An increase in the buy orders will allow Cardano to move from its recent high $0.107 and can do a world of good to nullify the pessimistic scenario. Under these circumstances, the IOMAP brigade highlights that the next portion of resistance will be around $0.115. In this 11,000 addresses are credited to have purchased 607 million ADA.