- IOHK’s Cardano is a third generation blockchain that may just live up to the expectations of challenging Ethereum (ETH) following recent developments.
- From the Byron development stage to Shelly’s end, Cardano has seen several upgrades with many more promised in the Goguen, Basho and Voltaire stages.
- Dubbed an ETH killer, the arrival of smart contracts will be a game-changer for Cardano and its price rally.
- Cardano has proven itself as a decentralized blockchain with its community at the centre of each policy.
The launch of the Bitcoin blockchain in 2009 was just the beginning of DeFi. More blockchains have sprung up since then, with smart contracts being the new vogue.
Due to the fact that the Ethereum blockchain can host smart contracts and dApps, it rose to prominence and was preferred by developers.
However, an increasing number of transactions led to a reduced speed. The resultant need for efficiency paved the way for “third-generation blockchains”, of which Cardano is the leader.
Cardano to Reach Another Price Milestone.
Cardano has always been among the favourite altcoins for crypto enthusiasts since its launch in 2017.
Currently sitting at $2.85, Cardano may soon surpass the $3 mark following generally favorable market conditions and a series of promising developments.
Five day price chart of Cardano (ADA). Source TradingView.com
The Cardano community is expecting the Alonzo hard fork to bring the Shelley phase to an end, marking the Goguen phase, characterized by smart contracts.
Cardano reached an all-time high and has surpassed Binance Coin as the third largest coin by market capitalization.
Recent Developments and Future Events
Cardano has consistently appeared in the news since its launch, to the delight of the community, due to its generous upgrades. Starting in 2017 with Byron, the blockchain has moved further towards decentralization in the Shelley phase through numerous incentives when users host nodes.
Alonzo is at the centre of Cardano’s recent development, and the arrival of smart contracts by October is all thanks to this upgrade.
After the updates, the Cardano blockchain will expand to incorporate NFT’s, gaming, and other dApps which will compete with Ethereum.
The roadmap of Cardano is rich, with the Basho and Voltaire development phases still in the pipeline. The Basho phase will improve the network’s capabilities through sidechains. Voltaire is a new push in its decentralized governance, making users participate more in future developments.
Cardano Price: Technical Analysis
Cardano has made price moves we haven’t seen in the top market cap segment for a long while. In just over two weeks Cardano reversed its downtrend by breaking through key local highs at $1.5, picked up more buyers at a shallow retracement at $1.9 and blasted its way through all-time highs of $2.47. In 2 weeks, Cardano has gained 2x more than the other top 3 market cap coins. While we rein in our FOMO and gather ourselves here, let’s consider what to expect next.
Cardano’s ascent to all-time highs was a sharp move without taking many breathers. Following steep hikes like that, some conservative players tend to start locking-in their gains, therefore a retest of a previous all-time high of $2.47 would not be a surprise.
However, on shorter timeframes there is still no indication of the uptrend slowing down. Retracements are shallow, consolidations are short, and the price keeps spiking up with momentum. For now, let’s wait for the price action to give us more indication whether bulls are locking in their quickly earned gains or are they bravely adding more.
- The uptrend is strong, no signs of slowing down.
- A retest of $2.47 is likely needed for Cardano to confirm its value at fresh all-time highs.
- 2X sharp moves into all-time highs are not your typical places to jump in, however, letting your current longs run when the bull is raging strong might make a lot of sense.
On The Flipside
- Cardano may be dubbed a third-generation blockchain but competition from Ethereum and Solana will reduce its mass adoption.
- “The ETH Killer” may not be an ETH Killer because of ETH 2.0; the improvement that will put Ethereum at the top.
Community
Blockchains need a massive and engaged community to be at the top. Cardano has a large community as it took a step further towards decentralization in the Shelley phase.
Skimming over the Twitter (NYSE:TWTR) feed, the DailyCoin team discovered the eagerness amongst the Cardano community for the smart contract launch. GratefulPool wrote;
How many days left until #Cardano smart contracts?
A Twitter user identified as RezCrypt believes the smart contract will cause another bull run. He wrote;
“12 September $ADA smart contracts release date
2 digits for #Cardano are coming soon” Joseph, another Cardano believer, has predicted the path Cardano will take after the launch. Here’s his vision if Cardano maintains the same momentum.
Users participate in the system as it prides itself on being built by the community for the community. Due to its democratic nature, users are incentivized to play roles in its governance. Users can also determine developments on the blockchain and how Cardano’s treasury funds should be used.
Why You Should Care?
Since the launch of Cardano, it has been a favourite altcoin of many users because of its growth. Cardano reached an all-time high last week and is heading to go above $3. With the arrival of smart contracts in October, Cardano will have another price rally, and its utility will keep it at the top.
Cardano Price Technical Analysis was provided by Adomas Baranauskas.
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