Popular “scientifically-based” smart contract platform Cardano has been in the community’s crosshairs for a while, with some praising them for their innovative approach to blockchain technology while others called them out on their lack of any palpable developments regarding the project.
While being down 97 percent from its peak, Cardano is currently focused on the development phase as its creator Charles Hoskinson announced December 18 as the date for the release of Cardano 1.4 along with changes in the Foundation council in order to strengthen it.
In a month only, ADA price has lost over 55 percent of its value as it currently trades at $0.0279 with 24 hours loss of 4.17 percent while managing the daily trading volume $10 million.
Cardano announces V1.4 Upgrade
Cardano has been on fire as of late with the release of two newsmart contract toolsthat are a potential boon for the Fin-tech industry.
These tools named Plutus and Marlowe have the potential to put Cardano on the map as a leader in the development of smart contracts for the fintech industry. Also, Cardano’s major update ‘version 1.4’ is on the testnet and things are going well.
In a tweet released on December 8 2018, Charles Hoskinson, CEO of theCardanoproject, had announced that the latest update for the Cardano network, known as version 1.4, has entered the testnet phase of production.
1.4 is almost out, testnet has been released, rust cardano is making epic progress, the haskell re-write is underway, plutusfest in a few days, Emurgo is growing and the Foundation will soon re-awaken from its long slumber. Cardano’s future is looking very bright!
— Charles Hoskinson (@IOHK_Charles) December 7, 2018
Developments are usually slow with a peer-reviewed academic research project such as Cardano but the process should usually result in a optimised and peer-reviewed codebase that investors and developers can be confident with.
According to Hoskinson in a recentYouTube AMA, the v1.4 update has made major amendments to the codebase and created a new solution for the database that makes storage more efficient. He also went on to say that the majority of the updates after the v1.4 update will be mainly Project Shelly-related which aims to shift Cardano into a fully decentralized and autonomous network.
The failure of Cardano to climb back into the previous range is likely to attract selling. The bears will now attempt to break down the support at $0.027237 and plunge towards the next support of $0.025954.
On the other hand, if theADA/USDpair bounces off the Dec. 7 low, it might remain range bound for a few more days. The first sign of buying will be when the price sustains above $0.035. We can expect the recovery to gain traction if the bulls scale the 20-day EMA and sustain it for three days. Until then, the path of least resistance is to the downside. Also because the entire market sentiment is looking downwards price-wise.
Cardano’s development may run slower relative to other cryptocurrency projects; however, when the team does release updates, you can be more certain that the code has been academically or peer-reviewed and should, theoretically, be more robust than code that has not been peer-reviewed.
- The market is currently trading at support as the buyers continue to defend the $0.029 handle.
- Support moving forward: $0.029, $0.027, $0.025, $0.02206, $0.020, $0.01952, $0.01489.
- Resistance moving forward: $0.030, $0.03319,$0.035, $0.03993, $0.045, $0.04705, $0.050,