While Bitcoin has taken a breather, Cardano (ADA) seems to be just getting started. The 11th largest cryptocurrency by market cap is up over 5% in the past 24 hours while trading at $0.698, a level last seen in July 2019.
So far in 2020, ADA is up nearly 96% but is still down 95% from its all-time high of $1.33.
However, ADA’s uptrend just might be getting started as recently it completed the golden cross. With the 50 DMA crossing over 200 DMA, Mati Greenspan, founder of Quantum Economics says “Strong sign of a bull market.”
Cardano Breaking the Massive Range is a Buy
Trader Crypto Michael also points out how the digital currency is one of the major cryptocurrency that has finally broken the massive range after 6-months of sideways continuation.
“Usually, these accumulation ranges indicate a bottom, especially when they make such a scamwick as Cardano did a few weeks back,” said the trader.
He explained that the major resistance was present at 535-550 satoshis which have been broken to the upside. Now a retest of 540-560, which would mean a slight pullback, “would be a great entry and confirmation of the breakout of this range.”
If Cardano successfully holds this zone, we would be targeting 650 satoshis, 860 satoshis, and 1000 satoshis.
An 80% push is a given but “clear invalidation with higher timeframe close below 525.”
Even veteran trader Peter Brandt called ADA a “buy.”
The Next Smart Contract Leader?
On the development side as well, many exciting things are happening with the cryptocurrency. Earlier this week, Cardano creator Charles Hoskinson during one of his live stream sessions revealed that the OBFT hard fork could happen as early as next week.
Though they were planning to do the hard fork on Feb. 14, they are now taking a few extra days for certain partners that put the tentative date on Feb. 20.
“The OBFT hard fork, tentatively, tentatively, tentatively, I said three times, looks like the date is going to be Feb 20,” said Hoskinson.
This step would be the first step towards the much anticipated Shelly phase. Hoskinson had previously said this fork will make the shift from the Byron phase of the Shelly phase, during which no coins will be created. With another hard fork, Cardano will introduce Ouroboros Genesis.
Once OBFT hard fork is completed, the ecosystem will move to Goguen, which will equip Cardano network for decentralized application (dapps) allowing the smart contacts to build and deployed on Cardano blockchain.
According to Weiss Crypto ratings, Cardano is in the race to become the next smart contract leader.
Build a version of DAI on Cardano?
Shelley’s incentivized testnet is also seeing much traction with over 1,046 stake pools registered out of which 87.2% are by Cardano Foundation. A remarkable 11.35 billion ADA has been staked on the tesnet.
Hoskinson also shared that they are seeing “overwhelming participation” from the community as their “wildest hope” was of hundred stake pools instead they got a thousand and now “there’s no end in sight.”
In other news, Yori Extension 2.5.3 has also been released for Shelley testnet only. This new version has improved reward graph and balances in the wallet also loads much faster along with fix “wallet transfer” for Daedalus ITN wallets.
Elsewhere, there are reports that Hoskinson “wants to build a version of DAI on Cardano,” states Weiss Crypto ratings. Commenting on this Hoskinson hypothesized if this uses ADA as part of its central bank mechanism, it will create demand for the underlying asset.
“If we do this, then it will blow everyone out of the water. I started in this space with stablecoins and we’ve been thinking about them for seven years,” said Hoskinson.