Cardano: when is the breakthrough?

Investing.com – Even though today fell -8.13% to $1.1097, there’s no hiding the fact that, from a fundamental standpoint, there’s been tremendous progress.

The number of dApps awaiting development has been steadily increasing since the network is able to manage smart contracts. In the meantime, the sustained demand for transactions has even led to a considerable increase in transaction costs.

This prompted the developers to work hard on a scaling solution so that they can process more transactions per second in the future. The project, known as Hydra, recently passed a major milestone, as it launched on a public testnet.

At the same time, the price of ADA broke through the psychologically important $1.00 mark, while earnings on a monthly basis increased by 35 percent. The all-time high, reached last August above $3.09, is certainly still a long way off, but could be put to the test thanks to technological advances.

The fact that the number of users is increasing enormously shows that the general acceptance is on the rise. According to data from IntoTheBlock, the number of addresses in the Cardano network has risen from 2.6 million in March last year to a record 5.09 million addresses. assets.

Cardano technical price benchmarks

On the weekly chart, we can see that within the downtrend from the all-time high until recently, there have never been two consecutive candles with a large green body.

But to trigger positive upward momentum, it is essential that Cardano manages to reach a weekly closing price above the 23.6 percent fibo retracement of $1.3027.

Only then can the journey towards the 38.2 percent Fibo retracement of $1.6459 continue.

If the positive momentum fades to the other side, expect a sideways move between the low of $0.7478 and $1.3027.

by Marco Oehrl

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