Cardano (ADA) is one of the biggest technology in the crypto industry by market capitalization designed as a next-gen evolution from the ideas of Ethereum, seeking to provide blockchain platform services that are flexible, sustainable, and scalable running with the help of smart contracts while ensuring development across a wide range of decentralized finance dApps, NFTs, Metaverse, and games.
With its native token ADA, Cardano continues to show positive potential due to continuous development and innovation from the smart team of developers behind the Cardano (ADA) Project.
The Latest Cardano News
Despite the decline in global cryptocurrency prices due to a bearish market, the Cardano (ADA) team of innovators is not relenting at building solid partnerships and innovations that firmly build the Cardano network and ecosystem.
In recent news, Cardano was added to the biggest Decentralized application store in the world known as Dapp Radar. On September 5, 2022, Dapp Radar announced its support for Cardano's (ADA) popular Proof of Stake (POS) consensus mechanism.
Cardano (ADA) is set for another date, as it eyes September 22, 2022, to launch the Cardano (ADA) Vasil hard fork.
Cardano (ADA) founder John Hoskinson announced September 22, 2022, as the date for Cardano (ADA) Vasil mainnet upgrade via his youtube Vlog.
What Is Cardano (ADA)?
Cardano as evolving technology has made a name for itself due to the idea of providing a lasting solution to Ethereum scalability and for other projects with many expectations on how this project would continue to grow.
The project Cardano (ADA) was named after a renowned mathematician called Ada Lovelace, who was recognized as the world's first ever computer programmer.
As a digital currency and decentralized software leveraging blockchain technology, Cardano has a utility token called the ADA coin, which ranks 8th in the cryptocurrency market capitalization.
Cardano's utility token ADA has a huge market cap of over 16 Billion dollars and a total supply of 34,854,947,575 ADA tokens.
Cardano's digital software network or ecosystem is built on a Proof-Of-Stake (POS) consensus mechanism called the Ouroboros Proof-of-Stake.
The technology adopted by Cardano also features two unique wallet types in its ecosystem and network known as the Daedalus Wallet and Yoroi wallet.
The Daedalus wallet is a full-node wallet created by 10HK on Cardano (ADA). It provides maximum security without interference from centralized third-party-hosted servers. In contrast, the Daedalus wallet is also built to download full copies of the Cardano blockchain and independently validate every transaction on its history.
The Yoroi wallet is a one-click install and easy-to-use light wallet. Emurgo created Yoroi for Cardano. It is a user-friendly wallet compatible for day to day transactions.
In recent years, Cardano has built a foundation called the Cardano foundation. The Cardano foundation is a swiss based, an independent nonprofit organization that supervises and oversees Cardano's growth and advancement.
Cardano (ADA) History
Cardano's digital software and cryptocurrency technology were deployed and launched in September 2017. Ethereum co-founder John Hoskinson founded it with the aim and vision to be third-generation blockchain technology providing increased scalability, decentralization, and security.
Cardano (ADA) aims to be a third-generation blockchain technology and is on course as it is built on Bitcoin and Ethereum's second-generation technology and ideas.
Cardano (ADA) Technology
Cardano utilizes blockchain technology as digital software in deploying applications and carrying out secure transactions on its network.
With the idea of becoming an environmentally sustainable platform for all technology, the Cardano network is built on a Proof-of-Stake (POS) consensus mechanism called the Ouroboros proof-of-stake. The Ouroboros proof of stake consensus mechanism enables a scalable, decentralized, and secure infrastructure for the Cardano (ADA) blockchain network.
Cardano (ADA) utility project continues to develop using Haskell programming language, which enables Cardano(ADA to pursue evidence-based development and innovation for increased scalability and security.
Supply Curve Details
The image above shows the current circulating supply and price for ADA; However, the crypto market has been hit with a downtrend for some time now, and the data shows investors, partnerships, and foundations have no intention of selling this project because of its great use case.
Cardano blockchain ecosystem operates on a Proof-of-Stake (POS) consensus mechanism; this allows the unique Ouroboros Proof-of-Stake technology to validate multiple transactions carried out on the Cardano (ADA) network with low and optimal energy costs.
Cardano blockchain network is split into two distinct layers, which are;
- Cardano Settlement Layer (CSL): The Cardano(ADA) settlement layer contains a ledger or record of transaction information, such as accounts and balances, which are subject to validation by the Ouroborus consensus mechanism.
- Cardano Computing Layer (CCL): The Cardano (ADA) computation layer is an execution layer where computations of multiple decentralized applications running on the blockchain are executed using smart contract operations.
Cardano’s unique Ouroboros consensus mechanism, coupled with the brilliant idea of splitting its blockchain into two powerful layers, boosts the network and enables the Cardano (ADA) network to process and perform multiple transactions as high as a million transactions per second.
Cardano Price Factors
Over the years, Cardano utility token ADA has shown much strength in its growth. The following factors may affect the price of Cardano (ADA) price growth;
Cardano Development And Innovation
The technology adopted by Cardano has seen so many milestones being reached with huge partnerships and innovative ideas being put into the ecosystem. These achievements and the development of Cardano's technology have put its native token ADA on a pedestal for positive growth.
Cardano's constant investment in development is seen in its unique innovations, such as the Ouroboros unique proof of stake consensus mechanism and its splitting of the blockchain to offer scalable solutions in transaction and data processing.
As this technology continues in its innovation and research in the ecosystem to promote mass development, Cardano will keep attracting multiple users, developers, and investors, which will also positively impact the price of Cardano's ADA token.
Cryptocurrency adoption and global acceptance is an important factor that drives the growth of any project and cryptocurrency.
Cardano's (ADA) increase in user adoption may depend on the technological solutions it provides and on building momentum and hype that matches its innovative technology and solutions.
Bitcoin (BTC) is a pioneer digital currency leveraging blockchain technology. Bitcoin(BTC) massive adoption and widespread acceptance sit bitcoin price at the top rank of global cryptocurrency rankings.
Bitcoin(BTC) traded in top exchanges has a trading volume second to none. Bitcoin (BTC) controls over 50% of the total market capitalization of cryptocurrencies. A significant price shift in Bitcoin’s price affects the prices of other cryptocurrencies referred to as “Altcoins.”
The price of Cardano (ADA) may be affected by a significant upward or downward movement in the price of Bitcoin.
Cardano (ADA) utility token price may be affected by decisions and outcomes from key economic events in the global financial system.
Economic events and news such as Bitcoin halving, hard forks, merges, and government regulations on cryptocurrencies significantly affect the prices of global cryptocurrencies, including Cardano(ADA) native tokens.
Supply And Demand
The supply and demand of any cryptocurrency asset is a major factor that affects the price and is also a key determinant in future price predictions of a digital asset or token.
Cardano has a huge supply of its tokens, with a circulating supply of 34.18 billion ADA tokens and a Maximum supply of 45 billion Cardano (ADA) tokens.
Cardano's (ADA) supply matches up with its vast and vibrant community of users, investors, and contributors resolved to scale the price growth of the token.
Burning tokens can reduce a token supply, which may significantly affect the price of any token or cryptocurrency asset.
Although in recent times, Cardano(ADA) founder John Hoskinson has reiterated that the Cardano (ADA) token will not undergo burning.
Cardano (ADA) Price Trend
The price of ADA saw a good run in price in 2021 as it reached its all-time high of $3.1, but has struggled in the past few months to show that great run because of the current state of the market as most altcoins have been affected by Bitcoin’s downtrend from its all-time high by over 50%, this drop has affected most crypto assets including ADA price.
ADA has seen a price drop of over 80%, but the ecosystem has continued to build and attract partnerships and investors, which will help push the price of ADA to its all-time high or higher as the market regains its bullish sentiments.
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Cardano (ADA) Price Resistance
The price of ADA has seen a difficult time, and as a result, prices have fallen way below its key support flipping them into resistance to being overcome before the price could go higher.
Key resistances that ADA price needs to flip to have a chance of going higher on the weekly chart include $0.58, $1, $1.48, and $1.9.
Major Resistances On The Weekly Chart: $0.58, $1, $1.48, and $1.9
Cardano (ADA) Technical Analysis: Weekly Chart
On the weekly chart, the price of ADA saw its weekly low of $0.4 as it bounced off from that area, acting as a support zone for the price of ADA.
The price of ADA has struggled to build momentum as the current market continues to move in range. ADA’s price could see a significant surge as its hard fork approaches. With good volume from buy orders, ADA needs to flip the first major resistance of $0.58 as the price could have a chance of retesting $1 again.
Cardano (ADA) Technical Analysis: Daily Chart
The price of ADA on the daily timeframe has struggled to make traction; the price of ADA is currently trading at $0.47 below the 23.6% Fibonacci retracement value. Price needs to flip this 23.6% value corresponding to $0.6, acting as resistance on the daily timeframe for the price to have a chance of trading higher to a region of $1, equivalent to 78.6% Fib retracement.
Cardano (ADA): Buy Or Sell At Current Levels?
Ahead of the anticipated Vasil hard fork Cardano at this current price, could be a good place to buy some assets as it could make some tractions. You should do your research as this is speculative, and ideas could be flawed.
But there is something more assured for traders and investors aside from holding crypto assets, On the Margex platform, you can trade your crypto assets to earn great APY rewards with no lockup of assets, and rewards are paid daily with the help of the Margex automated system in your staking balance.