Cardano Price Rises Above The 50 SMA: Ouroborous BFT consensus to launch mid-February


  • Cardano community looks forward to the launch of the Ouroborous BFT consensus algorithm mid-February.
  • Cardano bullish momentum from Monday stalls at $0.0460. opening the door for declines.

The crypto market is mixed and green. Among the digital assets in the green is Cardano (ADA). The last 24 hours have seen Cardano grow 7.33% from lows around $0.0420. However, correction to the upside is capped at $0.0460. Meanwhile, Cardano is trading at $0.0453 amid attempts to stop a minor downward momentum targeting $0.0420.

Following the launch of the Shelley testnet in December. Cardano is gearing towards another groundbreaking launch of the Ouroborus BFT (OBFT) consensus. This will be the first Proof-of-Stake (PoS) consensus that will confidently match the security associated with the proof-of-work. The co-founder of IOHK, the firm behind the development of Cardano, Charles Hoskinson, recently said that the upgrade could launch as soon as February.

Looks like February — at pretty high certainty — we’re going to have the OBFT hard fork occur. We’re still talking to our exchange partners about that and we just want to make sure all the infrastructure is lined up for it, but infrastructure looks pretty good, so mid-February we anticipate an OBFT hard fork.

Cardano technical picture

In spite of the shallow retracement after failing to break above $0.0460, ADA is still largely in the control of the bulls. The Elliot Wave Oscillator is still a bullish session that commenced on Monday. Another key bullish indicator is the MACD, currently in the positive region. However, if the reversal pushes further down, ADA could use the support offered by the SMA on the 4-hour chart and the 100 SMA, in addition to the congestion of buyers at $0.0340 (previous support).

ADA/USD 4-hour chart

 

 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Having dropped BTC/USD below $10,000, will the bears now aim for $9,500?

BTC/USD has fallen from $10,197.35 to $9,617 so far this Wednesday, going below the key $10,000 psychological level. The bears will now aim to take the price below the $9,500, but to do that, they will need to conquer ...

More Bitcoin News

Ripple Price Analysis: Ripple finds support at important Fibonacci level

All the major cryptocurrencies fell on Wednesday in the US session. The price of XRP/USD is down around 6% so far in the session. Support has been found on the trendline which confluences with ...

More Ripple News

Litecoin Price Analysis: LTC/USD falls below SMA 20 following Wednesday’s bloodbath

LTC/USD fell from $77.40 to $70.72 this Wednesday as the bears took full control of the market. The buyers were able to bring back the price up to $71.15 in the early hours of Thursday. Following this Wednesday’s bloodbath ...

More Litecoin News

EOS Price Analysis: EOS/USD dips below the $4.50-level

EOS/USD has dropped sharply from $4.59 to $4.38, going below the $4.50 psychological level in the process. While the price is still hovering above the SMA 50 and SMA 200 curves, the SMA 20 curve ...

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast

BTC

ETH

XRP