Cardano Comes Back With 25% Rally And Crypto Market Boost

Cardano comes back strong with a 25% rally along with a crypto market boost where almost all crypto assets recovered from their lows. In our Cardano ADA news today, we are reading more about the analysis.

BTC is now in the middle of pushing towards $1,700 at the time of writing which is a sign that the key resistance level is here and bulls should hope to hold. ETH is pushing past the key resistance and is moving to $540. Some of the other altcoins were doing much more better like Cardano for example. Cardano comes back and increased by 22% over the past day or 27% on the week. This is a better performance than the rest of the coins. BTC is down by 6 percent on the week while ETH gained only 0.5%.

ADA is among the best-performing assets in the top 100 while some other good performers include Dash, XRP, Numeraire, Horizen and Verge. These are all coins that performed well in the 2017 bull market with many seeing the signs as retail investors returned on the market. ADA’s breakout is based on technical trends so after the correction earlier this week, the crypto asset started forming a crucial bottoming pattern which took it from the $0.14 level to the $0.15 which marked a bullish breakout over this resistance level.

Against BTC, ADA seems to have a little resistance and one trader even eyed another move of another 50 percent. Assuming BTC will not budge, ADA will move towards $0.24 and the trader is suggesting. Cardano’s native coin will most likely benefit from the return of the certain market participants which are related to the bidding of a certain group of coins. IOHK the development company run by Charles Hoskinson released a new update for Goguen, which is the next big step in Cardano’s history. Goguen will also integrate smart contracts:

 “With the integration of smart contracts, the Goguen era represents a big step forwards in capability for the Cardano network. Where the Shelley era decentralizes the core of the system, Goguen adds the ability to build decentralized applications (DApps) on Cardano’s solid foundation of peer-reviewed research and high-assurance development.”

In the update, the developers mentioned the introduction of the ADA tokens which and a few other smart contract functionalities that will enable a budding system of decentralized applications. Smart contracts will provide Cardano with the ability to take over a piece of the ETH market share in DeFi assuming that it could convince the users to move to Cardano as the main chain. Hoskinson said:

 “This time next year I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is definitely ready to innovate.”