Cardano Latest Technological Updates Unveiled, Analyst Maintains Bullish Outlook on ADA
March 29 2024 - 7:00PM
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Cardano (ADA), the proof-of-stake blockchain platform, has made
notable progress in technological advancements, according to Input
Output Hong Kong (IOHK), the engineering firm behind the Cardano
blockchain. IOHK’s recent announcement highlights crucial
improvements across various aspects of the platform, signaling
further growth and development for Cardano. Cardano Smart Contract
Optimization One significant area of improvement lies within the
ledger team, which has reportedly enhanced test frameworks and data
quality in the Newconstraints phase3. They achieved this by
introducing constraints and new types such as Size, SizeSpec, and
Sized. Related Reading: Bitcoin Ready To Rip? Indicator
Prints Bullish Signal After 9 Years The engineering company has
also noted advancements in wallets and services. The Lace team is
preparing to release Lace v.1.9, which promises new features and
improvements for Cardano users. In the realm of smart contracts,
the Plutus team has included a guide in the documentation,
elucidating how to use AsData functionality to optimize scripts.
They have also implemented a UPLC optimization pass to minimize the
number of forces and delays in the script. Mithril Team Releases
Major Update Addressing scalability, the Hydra team has restored
test compatibility with all networks and reviewed and merged
streaming plugins. They have rectified tutorial instructions for
downloading the latest Cardano-node and resolved the observed
contesters bug. The Mithril team has released Mithril
distribution 2412.0, encompassing critical updates and
enhancements. These include support for the Prometheus metrics
endpoint in signer, deprecation of the snapshot command in the
client CLI, full Pallas-based implementation of the chain observer,
and compatibility with Cardano node v.8.9.0. Moreover, the
team has implemented community-requested features to verify the
output folder structure created by the client. They continue to
investigate and address any sources of “flakiness” in the CI
end-to-end test. Notable Surge In Token Trading Volume According to
DeFiLlama data, Cardano’s total value locked (TVL) currently stands
at $422 million, signifying a slight dip of $80 million following
the achievement of the $500 million milestone. Cardano boasts a
significant figure of $23.3 million in terms of stablecoin market
capitalization. Analyzing Token Terminal data reveals several key
market indicators for Cardano. The fully diluted market cap,
representing the maximum potential market value of all tokens in
circulation, is estimated at $29.20 billion, reflecting a notable
4.9% increase over the past 30 days. Similarly, the
circulating market cap, which considers only the tokens in active
circulation, stands at $22.88 billion, with a 5.2% growth rate over
the same period. Long-Term Outlook Remains Bullish For ADA
Regarding price action, crypto analyst “Trend Rider” recently
shared insights on ADA’s latest price action in a post on the
social media platform X (formerly Twitter). According to the
analyst, ADA’s price experienced a decline after reaching a yearly
high of $0.811 on March 14. It is currently trading within the
range of a parabolic red line and a rider band. The parabolic
red line represents a significant resistance level, while the rider
band indicates a potential support region for ADA’s price. This
range-bound movement suggests a period of consolidation for ADA, as
the cryptocurrency takes a breather before its next significant
move. Related Reading: Coinbase Sees Largest USDC Inflow Ever, What
This Could Mean For Bitcoin Furthermore, the analyst notes that the
bullish strength of the trend has weakened over the past two weeks.
This could indicate a temporary slowdown in ADA’s upward momentum,
potentially leading to consolidation or sideways trading.
However, despite this weakening bullish strength, the analyst
stated that the overall trend direction remains bullish, suggesting
that ADA’s long-term prospects remain positive. ADA is trading at
$0.652, exhibiting a sideways price action in the last 24 hours.
However, over the past seven days, the token has successfully
recovered from previous losses and registered a gain of 5.4%.
Featured image from Shutterstock, chart from TradingView.com
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