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

 

 

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