- Cardano developers announced a new release for Hydra, ADA’s layer-2 scalability solution.
- Ethereum-killer Cardano recovered from its decline on October 26 and yielded 16% gains for ADA holders over the past week.
- Analysts believe Cardano is likely to continue its rally and hit the $0.431 level if the altcoin sustains its uptrend.
Cardano blockchain’s solution for scalability, Hydra received a fresh update in a new prerelease version. The Ethereum-killer recovered its losses from past week and analysts revealed a bullish outlook on Cardano.
Also read: This is the biggest pain point for Bitcoin and Ethereum in the current cycle
Hydra receives new release from Cardano developers
Cardano’s scalability solution Hydra received a new update Hydra 0.8.0, from ADA developers. Sebastian Nagel, Hydra’s lead developer shared a GitHub release introducing several changes to the API, fixed bugs in the Hydra-node and improved the overall experience.
Several improvements have been made to Cardano’s layer-2 scalability solution. Developers have devised a mechanism to compute transaction costs as “min fee” and report them in the transaction cost benchmark.
New release for Hydra: 0.8.0!https://t.co/2U1P1qTaOT
— Sebastian Nagel (@ch1bo_) October 27, 2022
Took a bit longer than last time but it's packed with features:
- Persistence of Head state
- Improved contestation deadline reporting
- Fixed several bugs in the hydra-node
- Improved UX of the hydra-tui
- Static binaries
Cardano recovered from its steep decline on October 26
Ethereum’s competitor Cardano witnessed a steep decline on October 26 amidst market-wide drop in crypto and S&P 500. Over the past week, Cardano yielded 16% gains to holders and made a comeback above the $0.38 level.
Bob Mason, a leading crypto analyst has identified $0.41 as the next key level of resistance for Cardano price in its uptrend. The analyst believes that a breakout past $0.41 would signal a continuation of the bullish uptrend. Cardano would need the support of the broader market for continuation of its climb towards the $0.431 target.
Mason argues that in the event of an extended rally, Cardano price is likely to hit second major resistance at $0.431 and the third major resistance level at $0.464.
ADA/USD price chart
Mason believes that a bullish crossover of the 50-day EMA through the 100-day EMA would signal a move from resistance at $0.418 to the next major resistance at $0.431. However, a decline through the 200-day EMA at $0.398 could result in a trend reversal and a drop to the $0.385 level.
ADA/USD price chart with 50-day, 100-day, 200-day EMAs
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum prices struggle after mixed US NFP data
BTC and ETH prices experienced a temporary pullback as crypto market participants reacted to the news of the US NFP data release for May. Similar to the situation in April, the number of Nonfarm Payrolls added far exceeded the market’s expectations.
Solana: A break above $26.30 would spell doom for bears
SOL price has been trading with a bullish bias after an explosive breakout on December 30. However, because of volatility and the gloom in the broader crypto market, SOL has been unable to break above a key hurdle at $26.30, causing the price to trade sideways.
Bitcoin Weekly Forecast: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.
China crypto community picks Ethereum, Arbitrum and BNB Chain as top protocols
Ethereum, Arbitrum and BNB Chain protocols are top picks for the Chinese crypto community, data from a report shows, a possible bullish catalyst for tokens related to these protocols as Hong Kong opens the door of crypto to retail investors.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.