The Cardano blockchain has been one of the most exciting crypto projects in recent weeks. While the entire crypto market is now clearly in the plus and has gained around 5% in market capitalization in the past 24 hours, this looks even clearer with Cardano. Because the blockchain’s native ADA token is currently up over 8.5%. Today’s price increase promoted ADA to a new ATH. What’s next with the Cardano Performance?
Sideways phase ended, ATH above $ 3
The Cardano rally started around a month and a half ago. In the last 30 days alone, the ADA rate rose by over 130%. But in the past week ADA seemed to run out of breath. This was followed by a consolidating sideways movement not far from the recently marked all-time high. The new ATH at 2.97 US dollars also represented the decisive resistance. With a price increase of over 8%, however, the breakout from the sideways range succeeded. According to data from Coingecko, ADA marked a new all-time high at $ 3.09. So the rally seems to be going on.
Alonzo update ahead, correction too?
ADA-Hodler and all crypto enthusiasts are eagerly awaiting the implementation of smart contracts on the Cardano blockchain. The long-awaited Alonzo update contains far-reaching changes to the network. The application scenarios are becoming significantly more diverse. On September 12th, the time has finally come, and the Alonzo update will go online on the Cardano blockchain.
However, a correction could also be pending in the next few weeks. There was little profit-taking in the most recent rally. Although it currently looks like another rally, the warning signs are increasing. Sooner or later, profit-taking is likely to lead to a correction. However, this is nothing to worry about for ADA owners. Because after the price explosion, a technical correction would be classified as healthy. A subsequent consolidation could push Cardano to new record highs again as the fundamental outlook remains excellent.
Hackers should do Cardano better
The implementation of smart contracts on the Cardano platform is a big step for the third most valuable cryptocurrency in the world. Now the Cardano Foundation, which is behind the development of the blockchain, is working with white hat hackers who want to track down vulnerabilities in the network as part of a bug bounty program. The rewards are available in the Cardano token ADA. The amount is graded according to the severity of the bug in the program code. The Hackerone Community is no stranger to this. Over 2,400 customers have already resorted to the help of white hat hackers, who identified around 250,000 security gaps. This could help to make the smart contracts on the Cardano blockchain secure, reliable and successful.
Buy Cardano now?
The above-average price development of ADA in the last few weeks has aroused interest from private and institutional investors who continue to invest diligently in Cardano. In addition, there is the fundamental further development of the Cardano blockchain. As a result, the token remains an exciting investment in the long term. In the short term, it looks like the rally will continue, although a correction is likely in the medium term.
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