Cardano price has been on a downward spiral since early July, when the altcoin hit resistance at $0.46 and began a steady decline. The much-anticipated Chang upgrade was expected to reverse this trend, but it had little effect on the Cardano price trajectory. However, just weeks after the Chang release, Cardano is back in the spotlight, fueled by fresh excitement.
Charles Hoskinon, Cardano’s founder, recently teased the development of a new “Solana-killer” technology, stirring speculation across the crypto community. As Cardano aims to solidify its position as a leading platform for decentralized applications and smart contracts, could this new upgrade trigger a price surge and revive the ADA bullish momentum?
Can Charles Hoskinon’s Ouroboros Upgrade Aid Suffering Cardano Price?
In a reply post on X, Cardano founder Charles Hoskinon talked about Ouroboros Leius and the evolution of ‘Praos.’
Hoskinson’s response was to a poll about which type of proposal participants would consider between implementing Leios or building a new Rust node. The founder said he would choose Leios over a new rust node since the latter makes Cardano faster than Solana without losing decentralization.
The rust node gives us no new differentiating features for users. Leios makes us faster than Solana without losing decentralization…
— Charles Hoskinson (@IOHK_Charles) September 15, 2024
Ouroboros Leios is a step above Praos, the family of proof-of-stake (PoS) consensus mechanisms that secure the Cardano network. With the implementation of Leios, Cardano will have tiered transaction fees and faster chain synchronization, which could push the network to become faster than Solana.
Following the Chang upgrade, Cardano became one of the most decentralized blockchains. With Leios, it could achieve speed without losing its decentralization.
Meanwhile, the ADA price has remained stagnant, gaining only 0.1% over the last 24 hours to trade at $0.3342, while its rival Solana price is up 0.7% to trade at $132.
Can ADA Price Reach $0.45?
Cardano price is currently trending downward, with a descending trendline that has consistently acted as a resistance level. However, recent price action suggests that ADA may be nearing a bottom, as it is trading within a key support area.
The strong support zone between $0.32 and $0.33 has held firm after multiple tests, marking it as a crucial level for a potential reversal. The immediate resistance lies at the descending trendline around $0.35–$0.36.
If a breakout occurs, the next major target would be the $0.45 resistance level, a significant threshold based on historical price movements.
The 24-hour open interest (OI) change from Coinglass shows that traders are closing their Shorts in profits. When this happens, they tend to enter Long positions, which means Cardano price could be getting ready for a swing higher.
The current candle reveals some rejection wicks near support, suggesting that buyers may be stepping in. However, a strong bullish reversal pattern has yet to appear, so further confirmation is needed.
If Cardano price breaks above the $0.36 descending trendline, this would suggest a reversal of the downtrend, with a possible long-term target of $0.45. Holding above this level could open up higher targets in the $0.50 range.
Frequently Asked Questions (FAQs)
Charles Hoskinson recently teased a new upgrade, highlighting Cardano’s potential to surpass Solana in speed and efficiency without losing decentralization. This could involve the Ouroboros Leios upgrade, advancing Cardano’s proof-of-stake (PoS) system.
Ouroboros Leios is an evolution of Cardano’s current PoS system, Ouroboros Praos. The upgrade will bring tiered transaction fees and faster blockchain synchronization, potentially making Cardano faster than Solana. This improvement could enhance scalability without losing decentralization, a key focus for Cardano.
Cardano price action suggests it may be nearing a bottoming zone around a strong support range of $0.32–$0.33. If ADA can break above the descending trendline at $0.36, it could target the next major resistance level at $0.45. A successful breakout above $0.45 could signal further gains, possibly pushing ADA toward $0.50.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/charles-hoskinon-teases-solana-killer-tech-will-cardano-price-boom/
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