Cardano Price Analysis: Strong Fundamentals Power Market Higher
- Strong fundamental update from IOHK on Cardano 1.4 and Charles Hoskinson.
- ADA/USD has potential to fly another 70% plus, but must first break down $0.0400-0.0450.
ADA/USD has gained 66% over the past five days. A big thanks to the renewed bullish sentiment that came back into the market. In addition, there have been positive fundamental developments from the Cardano foundation. This in the form of the 1.4 update and recent prospective commentary from the creator Charles Hoskinson.
Cardano 1.4 Update
The IOHK team provided the details of the update via their recent blog post.
A key aspect of the update is the significant improvement in its storage capacity. In addition, it covers other code fixes. Ultimately, it paves the way for the Cardano network to be fully decentralized with Project Shelley.
This update has solved much of the network issues in connection, which affected several users in the past. The use of optimized block storage reduces the number of files needed from 1.3 million to just 44,000.
Charles Hoskinson Upbeat on Updates
The Cardano creator, Charles Hoskinson, recently posted a new video on the latest Cardano update, version 1.4. He said, “It’s a considerable improvement, and people post-upgrade should really notice a big improvement there.”
Charles Hoskinson did acknowledge that the process is somewhat slow and will require patience. He indicated that the Cardano team will look at setting up a channel on Telegram to assist anyone that are having issues migrating.
He noted, “It’s a big update, and you’re basically moving from the old, broken, not-so-good data layer to the new, awesome, wonderful, great data layer. But in the process of that transition, it does take a bit of time.”
Cardano New Features in Q1 and Shelley
Hoskinson was also discussing the project Shelley. The aim of this is to make Cardano decentralized. The Cardano team are set to use Q1 of 2019 to test new protocols to ensure the ideas, incentives, delegation and the new ledger rules work.
He detailed, “There’s going to be some changes to the ledger rules. There’s going to be some changes to the APIs. And there’s going to be some changes to the network stack, and all of these things are required for us for Shelley logic.”
Technical Review – ADA/USD
After breaking out to the upside from a range-block, ADA/USD saw buyers pilling in, driving the price higher. There is a near-term barrier just in the way of further upside. This can be seen tracking at from $0.0400 up to $0.0450. A top area noted between 23 November to the 3rd December, not allowing the price to move back above.
Should the bulls maintain the recent course of upside momentum, then the price should smash through this. A break through will likely see a fresh and powerful wave of further buying pressure. There could be room for another 70% plus jumpas the next barrier is not eyed up until $0.0800-$0.0850, pre-November fall territory.
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.
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