As there are more upgrades for Cardano on the horizon as per the announcements, ADA looks ready to take shelter as we are reading in the cardano coin news today.
Cardano is up by more than 405 over the past week after the new developments around the upcoming Gougen Era but despite the hype, there are different technical metrics showing that the prices are poised to retrace. The spike in selling pressure behind this cryptocurrency could even drop to $0.097. The research and development company behind Cardano, IOHK, prepares to launch a new network upgrade which will make the protocol superior. While the speculation mounts, despite more upgrades coming in for Cardano, ADA will retrace before it advances further.
Cardano went through a huge rally over the past week and saw its price rise more than 40%. The so-called ETH killer went from trading at a low of $0.076 to a high of $0.107 recently. The bullish impulse seems to be correlated with the strides that the IOHK team has made towards Goguen’s release. The upcoming upgrade represents a huge step forward as it adds the ability to create a decentralized application on ADA’s protocol among other features. The head of IOHK, Charles Hoskinson announced that Goguen will be released in three phases but the team will initially focus on incorporating metadata transfers to help boost Cardano’s utility:
“One side of it is transaction metadata and starting to get to a point where you have a non-monetary transactions so basically saying I am not just sending ADA to somebody but this transaction carries a payload with it which has a non-ADA related utility. So for example, this month we finished all the metadata stuff dragged into the Cardano wallet and then into the node.”
Once the metadata transfers are integrated, the ADA network will transition to a multi-asset system and the idea is to allow users to create their personalized tokens. Ultimately, Goguen will bring and ERC20 token converted which will enable companies to migrate from ETH blockchain to Cardano efficiently. Despite the excitement around the recent announcement, the particular technical index shows that the token of the smart contracts is poised to retrace. The TD sequential indicator presented selling signals on both 12-hour and 4-hour chart as the bearish formations developed in the form of a green nine candlestick suggests a one to four 12hour candlestick correction as the uptrend resumes.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]