- Cardano PoS upgrade set to release
- Cardano ADA Price Analysis – ADA price targeting the $0.05 level amidst rising channel
The Cardano Foundation is getting set to release a new PoS system. With the upgrade, the PoS platform is projected to be portrayed as a public network. The project is deemed the first blockchain platform to be established from the profound scientific philosophy, combined with comprehensive research.
Currently, all transactions via Cardano ADA are being authorized by a confederated system of validators, involving the Cardano Foundation, Input Out Hong Kong (IOHK), and Emurgo. Speaking on the upgrade, the CEO of IOHK, Charles Hoskinson stated that the pending public network is projected to pique the interest of people better than Bitcoin and other PoW systems.
While giving details in the forthcoming Shelley upgrade, and the aim of attaining a fully decentralized Cardano network, Hoskinson stated: “This marks the starting point for handing the [Cardano] protocol completely to the community.”
Cardano ADA Price Analysis – ADA price targeting the $0.05 level amidst rising channel
Currently, Cardano ADA is ranked 13th, and it is trading at $0.044787, with a 0.94% price decline in the past 24 hours. The overall market cap is around $ 243.71 Billion with an increment of 0.70% in the last 24 hours. Most of the boards are green, with over 64% cryptocurrencies in the positive zones, as Crypto giant BTC declines to 66.19%.
Cardano ADA is trading at $ 0.044925 with a surge of over 4.08% in the last 1 day, growing its market cap to $ 1.1 billion. It is projected that ADA can surge in the table and likely enter the top ten market again. This projection is back by the fact that a mounting channel that began on January 3 in the $0.032 zone has permitted Cardano ADA to amass a profit of over 47.16% in just two weeks. Currently, there appear to be no medium-term signs that the price trend will stop its bullish momentum.
For now, ADA price has shifted from the support level sited in the red rectangle to consolidate above $0.04 which was its support level during the Q3 of 2019, before declining to lower levels. ADA price is currently forming a higher level towards the instant resistance level positioned at $0.05, which is equivalent to the major Fib Retracement level at 23.6%.
Cardano (ADA) Price Today – ADA / USD
If Cardano ADA struggles to above the 23.6% Fib Retracement Level, which is in the green zone, ADA price could encounter a surge close to 70%, roughly related to what other crypto projects like Monero, Dash, and BSV already attained thus month.