- Cardano founder Charles Hoskinson warns traders of massive FUD in the run-up to September 12th.
- Cryptocurrency analyst Jason Pizzino predicts that ADA is likely to gain 290% after a five-week cycle theory.
- Cardano’s upcoming mainnet upgrade should make gas fees predictable and relatively cheap compared to rival Ethereum.
After the start of the test network, Cardano was criticized by analysts. Traders are holding back on the recent decline in altcoin to $ 2.58. They anticipate further pullbacks.
Cardano course crashes, but 64% of the network is preparing for the Alonzo hard fork
Charles Hoskinson, the founder of Cardano, warned retailers in the run-up to the introduction of smart contracts in the mainnet against a communication strategy geared towards uncertainty or deterrence.
As expected, a massive FUD storm is afoot. We saw the same thing at Shelley last year. This is nothing new. People only want to burn down what they don’t understand or what they feel threatened by. September 12th is a big day, but just one day on a long journey that we all go together.
– Charles Hoskinson (@IOHK_Charles) September 7, 2021
When Input Output Hong Kong (IOHK) announced the date for the Alonzo hard fork, Cardano rose to a new all-time high of $ 3.09.
Since then, the Ethereum alternative has been heavily criticized by developers and traders in the crypto ecosystem because of the technical challenges involved in executing smart contracts. Ethereum proponents blame the lack of a Cardano virtual machine for the mistakes that the programmers of smart contracts are faced with.
The Ethereum Virtual Machine (EVM) enables the correct code execution on the Ethereum blockchain. It acts as a runtime environment for every smart contract in the Ethereum network. Developers appreciate the EVM for having no downtime and for keeping all objects that are created in smart contracts free from changes and errors. In the absence of a complete Turing machine, criticism from the community quickly resulted in losses at Cardano.
The Cardano development team at IOHK is confident that the transition to the mainnet on September 12th will go smoothly. A failed transaction is not a problem on the Cardano blockchain. Instead, the network aims to get a grip on the unpredictable and high transaction costs in the Ethereum network.
NEW BLOG: Failed Transaction? No problem! No fee! #Cardano’s innovative approach to transactions effectively divides them into two phases. Fee predictability is maintained while SPOs are compensated for validation. More from @polinavinovino https://t.co/9TNO1Af2Kr
– Input Output (@InputOutputHK) September 7, 2021
Jason Pizzino, cryptocurrency analyst and YouTuber, applies Elliott Wave Theory to Cardano, believing that bull cycles manifest in waves and follow the psychology of the masses. Pizzino’s maximum target for the ADA course is $ 11.
What is the price if there is an increase of 800% or 900% from the lows reached in June and July? That would get us close to the $ 8 mark … We might get a return of 1,000% from that point. That would get us up to $ 10 or $ 11.
In anticipation of the mainnet start, 64% of the Cardano pools were updated to the 1.29.0 Alonzo node. IOHK had set a goal of 70%, but the team expected nearly 80% of the pools to be ready for the hard fork event by September 12th.