Cardano Price Analysis: ADA Bulls Gunning for Big Range Breakout as Cardano 1.5 Released on Testnet

  • Cardano’s ADA is trading up with gains over 4% on Saturday in an attempt to end the current run of losses.
  • The Cardano Foundation announced that the Cardano 1.5 update has been released on the Testnet.

ADA: Recent Price Behavior

Cardano’s ADA has managed to pick some upside momentum after three consecutive sessions of losses. ADA/USDT is seen trading up some 4% at the time of writing on Saturday, attempting to break out of a mundane daily range. The low of this range is observed at $0.0390000, with the high up at $0.0440000. The price has been forced to trade within this region since 25th February after the steep drop on 24th seen across the market.

Cardano 1.5 Released on Testnet

The Cardano Foundation detailed that it has released Cardano 1.5 on the testnet. The release is a milestone as it is the last one from Cardano that makes up the Byron development phase, which has been active since the launch of the mainnet.

Cardano Community issued the following announcement via Twitter on 8th March:

“Today, Cardano 1.5 has been released on the Cardano testnet in preparation for the later release to the mainnet. This release is a milestone because it is the last Cardano release of the Byron development phase.”

Progression Details

The latest update makes up a component in the preparation stage of moving to the Shelley development phase. The update does provide a new consensus protocol known as Ouroboros BFT. It is a critical step in the transition from Ouroboros Classic, which is the current consensus protocol running the Cardano network. Ouroboros Genesis is a component in the protocol for the Shelley era. Ouroboros Genesis is a significant upgrade to the protocol that underpins Cardano. It is the first proof-of-stake protocol that ties in with the security guarantees of proof-of-work protocols such as Bitcoin.

The team did warn those that are currently running a version before 1.5 they are not going to make the hard fork. Cardano Foundation detailed:

“Anyone running a Cardano version before 1.5 will not be able to make the hard fork. Users of the Cardano testnet are strongly encouraged to upgrade to 1.5. To help the development team test the transition on the testnet before we make Cardano 1.5 release on the mainnet. When the 1.5 release is made later on the mainnet, users will be able to easily upgrade by following prompts in Daedalus.”

Technical Review – ADA/USDT

ADA/USDT daily chart.

The price is pressing ahead for a range breakout and making substantial progress towards this. Should the bulls manage to force a way out from the confinements of this, then another chunky buying wave would be expected. Eyes on a return to the pre-24th February drop levels, $0.0500000, where an area of supply is tracking. Sellers are camped from $0.0500000 running up to $0.0550000; ADA/USDT has not traded above this zone since 19th November 2018. A breakdown of this territory could open up the door for a fast recovery back up to pre-November fall levels, or the $0.080000 region.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

 

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.