Cardano, one of the prominent cryptocurrencies in the market, has recently released a new node version, generating significant excitement among investors and enthusiasts.
With this development, the question arises: Can Cardano (ADA) experience a massive surge of 10 times its current value?
As the crypto community eagerly awaits the impact of the new node version, analysts and investors are closely monitoring Cardano’s price movements to assess its potential for substantial growth in the near future.
Cardano Releases Upgrade to Enhance Blockchain Efficiency and Address Network Issues
Cardano developers have recently released an upgrade to enhance the user experience by diminishing epoch transitions on the blockchain.
Epochs, which represent periods on the Cardano network, consist of 432k slots, with each slot lasting one second.
This means that an epoch spans approximately 5 days and serves as the duration during which Cardano tokens are staked, and new blocks are generated.
With the introduction of upgrade 8.1.1, the calculations related to epochs have been modified to accelerate network functions during epoch shifts, resulting in a smoother blockchain experience for users.
Furthermore, this upgrade addresses various issues concerning peer-to-peer network communications and the ADA-based domain name system, further bolstering the network’s functionality.
Despite these advancements, the price of ADA has shown minimal fluctuations over the past 24 hours, maintaining a trading value of 25 cents during the European morning hours on Tuesday, as reported by CoinGecko.
Cardano Price
The ADA/USD pair is currently grooving at $0.2593, with a 24-hour trading volume of $12.7 billion. ADA has been showing off some dance moves, experiencing a nearly 2% decrease in the past day.
CoinMarketCap knows how to rank the party, placing ADA at #7 with a market capitalization of $9.1 billion.
ADA is circulating with the crowd, with 34,925,072,689 coins on the dance floor, but it has a maximum supply of 45,000,000,000 coins.
Cardano Price Prediction
On the technical side, the ADA/USD pair is busting some moves around $0.2620, slightly stepping back after a confident bounce off the support level at $0.2500.
Cardano had its moment on the dance floor in early June, with a groovy sell-off that led to a drop of over 20% in the past week.
But fear not; Cardano is regaining its rhythm and has already completed a cool 38.2% Fibonacci retracement of around $0.2791.
Zooming in on the hourly chart, Cardano’s price is staying in sync with the 50-day exponential moving average, and the relative strength index (RSI) and moving average convergence divergence (MACD) are showing some serious moves in the buying zone.
This suggests the potential for a sweet dance move in the market.
Cardano needs to break through the $0.2695 level to keep the groove going. Once that barrier is busted, it could unleash even more moves, aiming for the 50% or 61.8% Fibonacci retracement levels at $0.2940 or $0.3089, respectively.
On the downside, Cardano will likely gain support around the $0.2605 level. But if that floor breaks, more sellers might join the party, possibly leading the price toward the $0.2312 level.
In conclusion, it is important to closely monitor the $0.2800 level as it could present a significant turning point, indicating a favorable opportunity for investors to enter the market.
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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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