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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Cardano Latest Technological Updates Unveiled, Analyst Maintains Bullish Outlook on ADA

Ronaldo Marquez
Ronaldo Marquez
1 year ago
4 mins read
Cardano

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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. 

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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. 

Cardano
ADA’s support and resistance levels. Source: Trend Rider on X

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.

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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.

Cardano
The daily chart shows ADA’s sideways price action. Source: ADAUSD on TradingView.com

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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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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