Cardano is among the best performing cryptocurrencies on the market today. An analyst named Financial Insane expects more from ADA. So what are the catalysts behind the rise?
- Cardano is up nearly 50% in the last week.
- IOHK has announced new plans to optimize the network.
- More upside pressure could send ADA to $2.
Cardano has become the fifth largest cryptocurrency by market cap after posting 47% gains. New scaling plans seem to be driving ADA’s bullish price action. cryptocoin.com We have compiled the details for you, let’s examine the subject together…
ADA price skyrocketed on this news: Winner of the day!
Cardano turned green. That’s because IOHK, the company that developed Cardano, has announced new plans that show how it will scale the network in 2022. The aim is to increase the capacity and efficiency of the network through different parameter adjustments, enhancements and other innovations. The engineering and research firm wants to prepare its smart contracts blockchain for a significant increase in usage amid plans to involve hundreds of thousands of users. Some of the main on-chain upgrades expected are an increase in block size, the introduction of pipeline to reduce block propagation times, and input validators to increase the number of transactions per second.
IOHK also plans to introduce sidechains to enable tokens on one chain to be used on another, and offer more resource-efficient processes for removing transactions from the main chain. The new scaling initiatives have been welcomed by market participants, as Cardano is one of the few major cryptocurrencies to start the week on a positive note on Monday. However, the news affecting the ADA price is not limited to these. The mainnet launch of SundaeSwap, a Cardano-based decentralized exchange, will take place on January 20. Also, newly launched gaming app Pavia on Cardano Blockchain has some big plans for this year.
Analyst explained: Cardano can see these levels!
ADA had a strong weekly open and may have more room to rise. According to the analyst, the 3-day chart shows Cardano trying to surpass the critical resistance at $1.55. Breaking such a significant supply wall could encourage crypto enthusiasts to return to the market and push ADA towards the $1.90 or even the psychological $2 barrier.
According to the analyst, although a local bottom appears to have formed around the 200-three-day moving average, this remains the most important support level for Cardano. Any signs of weakness around the $1 demand zone could have the power to invalidate the optimistic view. Under these conditions, ADA would be at risk of falling to $0.65.
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