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Cardano Ecosystem

Cryptomode

05/03/2024

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Why Cardano Is About to Explode: Analyst

According to analysts from AllinCrypto, the introduction of new technologies on the Cardano blockchain, namely AA Boris and Oror Leos, promises to significantly enhance scalability and efficiency, which they...

Why Cardano Is About to Explode: Analyst

CryptoMode Why Cardano Is About to Explode: Analyst

According to analysts from AllinCrypto, the introduction of new technologies on the Cardano blockchain, namely AA Boris and Oror Leos, promises to significantly enhance scalability and efficiency, which they believe will boost Cardano’s (ADA) price trajectory.

The analysts state these advancements are poised to revolutionize how transactions and operations are managed within the network, marking a stride toward practical applications of blockchain technology. They state that AA Boris, a concept years in the making, allows for parallel transaction processing by enabling slot leaders to manage multiple blockchains simultaneously. 

This innovation aims to address scalability challenges. By facilitating such an operational structure, the analyst states that Cardano sets itself apart from competitors like Ethereum (ETH) and Polkadot (DOT), as it offers a potentially more robust framework for handling increasing transaction volumes. Analyst Michael Wrubel also predicts the altcoin is set to explode soon based on the current market dynamics.

Simultaneously, the analysts state that the development team is advancing Oror Leos, a solution designed to increase the blockchain’s throughput to better cater to real-world use cases. The experts explain that Oror Leos has been under development for several years and represents a step toward enhancing Cardano’s utility in everyday applications. The project, currently in the prototyping phase, has also been submitted for academic review, underscoring its innovative approach to meeting the rising demand for cryptocurrency solutions.

The analyst also touched on Cardano’s potential role in the transition from Web 2 to Web 3, emphasizing its importance as a foundational infrastructure for future digital ecosystems. The expert likens blockchain technology to the internet’s evolution, suggesting that it will become an integral part of various industries, often operating seamlessly in the background. According to them, these serve as other reasons for possible ADA domination. However, other analysts warn the altcoin could drop to $0.399.

Cardano Price Review: A Look at ADA’s Performance Today?

Looking at an in-depth analysis, we see Cardano has broken out of a falling wedge pattern, showing bullish momentum. The price is now headed towards previous support levels which could mean another correction should it fail to break the level. Conversely,  a break above the zone could signal a continuous bull run. 

2-hour ADA/USDT Chart | Source: TradingView

Looking at other indicators, we see that the Volume Oscillator is negative, but has now deviated from its southern trajectory, showing a changing momentum from bearish to bullish. On the other hand, the CCI (Commodity Channel Index) is hovering above the zero line, which often suggests that the price is in a bullish phase relative to the average price. The recent peaks and troughs in the CCI are higher, suggesting increasing momentum. According to stats from CoinMarketCap, Cardano was trading at $0.4577 as of 12:56 p.m., representing a 4.3% increase over the last day.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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