Cardano Announces Latest Upgrade (Mary) to Its Mainnet

Cardano Announces Latest Upgrade (Mary) to Its Mainnet

Cardano announced yesterday that it has successfully implemented an upgrade to its network, noting that this is a crucial milestone.

The company mentioned that the update introduces Goguen features of native token functionality and multi-asset support. Goguen is a significant upgrade on the Cardano roadmap and introduces smart contracts and enables users to build dApps.

According to a blog post by IOHK, native tokens will give Cardano multi-asset support, enabling users to create unique tokens and facilitate transactions with them on the blockchain.

The recent upgrade, Mary, helps the ledger’s accounting infrastructure to process ADA transactions alongside transactions from several other asset types. The company highlighted that native support bestows some distinct advantages to developers, given that the need to create smart contracts to handle custom token creation has gotten eliminated.

Developers now build tokens on the Cardano network for virtually everything, including NFTs and tokenized stocks or commodities. According to Token Tool, there are already 1,400 uniquely designed tokens on the network. However, it appears that many of these tokens were created as experiments, as most do not have any purpose.

Meanwhile, the IOHK blog post reported that the tracking and accounting of custom tokens on Cardano is supported by the ledger natively, which is said to be a better alternative to Ethereum’s ERC-20 standard. The blog post added that: “Because native tokens do not require smart contracts to transfer their value, users will be able to send, receive, and burn their tokens without paying the transaction fees required for a smart contract or adding event-handling logic to track transactions.”

ADA Price Spikes in the Run-Up to the Upgrade
In other news, ADA has rallied in the run-up to the system upgrade, helping the cryptocurrency to snatch the number three spot from Binance Coin (BNB) a few days ago.

That said, Cardano (ADA) has surged by about 240% in the past thirty days and has rallied by more than 2,500% over the past year.

 

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ADA/USD Price May Reverse at $1.46 Resistance Level

ADA/USD Price May Reverse at $1.46 Resistance Level

ADA Price Analysis – March 02

Should the bears further increase their momentum and push the price to the support level of $1.11, then, $0.98 level may be tested. In case the price is rejected at the $1.23 level, the price may continue bullish movement. The resistance level can be found at $1.46, $1.68, and $1.76 levels.

ADA/USD Market
Key Levels:

Resistance levels: $1.46, $1.68, $1.76

Support levels: $1.23, $1.11, $0.98

ADA/USD Long-term Trend: Bullish

ADA is bullish in the long-term outlook. The crypto has been under the control of the buyers for many days. The price has been making higher highs after the breakout that took place on February 05. The bulls gained enough momentum to break up the resistance level of $0.98 tested $1.11 level and pulled back on February 23. Further increase in the bulls’ pressure penetrates $1.11, and $1.46 level is tested. The Cardano is pulling back towards $1.11 level.

ADAUSD Daily chart, March 02

The price is trying to break down the 9 periods EMA and the 21 periods EMA while the former remains above the later. At the moment, the price is trading above the two EMAs at close contact which indicates a weak bullish movement in the ADA market. Should the bears further increase their momentum and push the price to the support level of $1.11, then, $0.98 level may be tested. In case the price is rejected at the $1.23 level, the price may continue bullish movement. The resistance level can be found at $1.46, $1.68, and $1.76 levels.

ADA/USD Medium-term Trend: Bearish

ADA/USD is bearish on the 4-hour chart. The bullish pressure could not withstand the resistance level at $1.46. There was a short period of consolidation but the bears eventually prevailed. The price descended towards the support level of $1.23 where it commences ranging movement. There is a probability that the price will decrease to the support level at $0.98.

ADAUSD 4- hour chart, March 02

Cardano is trading below the 9 periods EMA and 21 periods EMA which indicate bearish momentum and that the bears are dominating the market. The Relative Strength Index period 14 with its signal line pointing down around 40 levels connotes a sell signal.

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Cardano Price: Would Bears Defend $1.11 Resistance Level? 

Cardano Price: Would Bears Defend $1.11 Resistance Level? 

ADA Price Analysis – February 23

The price may increase to $1.23 – $1.31 should the bulls gain more momentum and the daily candle closes above the $1.11 level. In case the bears defend the $1.11 level, the bears’ pressure may likely reduce the price.

ADA/USD Market

 Key Levels:

 Resistance levels: $1.11, $1.23, $1.31

Support levels: $0.98, $0.83, $0.73

ADA/USD Long-term Trend: Bullish

ADA/USD was exhibiting a range-bound movement within the $0.38 and $0.43 price level till February 03. The buyers gathered enough momentum to break up the resistance level of $0.43 on February 06; this is seen on the daily chart with the formation of strong bullish candles. The resistance level of $0.73, $0.83, and $0.98 were penetrated upside by the bulls’ pressure. It is currently pulling back from the resistance level of $1.11. 

ADAUSD daily chart, February 23

ADA/USD may increase to $1.23 – $1.31 should the buyers gain more momentum and the daily candle closes above the $1.11 level. In case the sellers defend the $1.11 level, the bear pressure may likely reduce the price. However, the next support levels can be found at $0.98, $0.83, and $0.73. The technical indicator RSI is at 70 levels with the signal line pointing downside which indicates a bearish signal.

 ADA/USD Medium-term Trend: Bearish

Cardano is under the pressure of the sellers in the 4-hour chart. The crypto was range-bound within the resistance level at $0.98 and the support level at $0.83 last two weeks; this scenario commenced on February 12 when the coin tested the resistance level of $0.98 and the level hold the price. Attempts were made by the bears and the bulls to break down the support level of $0.83 and resistance level of $0.98 respectively but the bulls prevailed on February 20 to test the $1.23 level. 

ADAUSD 4 hour chart, February 23 

The bulls’ pressure is getting weak and bears are dominating with the price trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement while the relative strength index period 14 is at 50 levels and the signal line showing a bearish signal.

 

 

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Have you invested in an extremely rare opportunity of a lifetime?

Have you invested in an extremely rare opportunity of a lifetime?

The Next “Buzz Word” Altcoins
Last month, the Bloomberg Galaxy Crypto Index was at 1414.37, following a low of 217.82 in early March. BTC had made a new high yesterday at $51,630.86. Today (February 17) and the index was at 2,295.61. That’s a huge gain for one month.

Let me put this into perspective. In late 2017, I said that cryptoassets were the biggest institution revolution since the Industrial Revolution and that they represented the investment of a lifetime. Institutions, however, were not ready or capable of participating in that revolution so they “pooh-poohed” it. The SEC decided that most altcoins were securities which precipitated a huge bear market. By the end of 2018, cryptos had undergone an 85% decline and BTC hit a low price of $3,236.76 on Dec 15, 2018. But then look what happened.
BTC was up 92.71% in 2019
It was up 305.94% in 2020
And it’s up 75.42% in less than 50 days of 2021….

What did I say in 2018? There was actually a period from October through November last year when I made over $3 million in 7 weeks. Cryptos are the investment of a lifetime.

While BTC could go up another 10 fold in the long run, I doubt that it will go much over $100,000 this year…. But the opportunity of a lifetime is not over because now the altcoins are starting to move. Here are a few examples, and this is just the movement in 2021.

BNB 289%
ETH 144%
LINK 178%
SNX 215%
AAVE 397%
CND 145%

And remember those gains are just from the 48 days of 2021….

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Update on Cryptoassets
I think that there are a number of altcoins that could go up 10 times or more during the rest of 2021. Now we might have a decline of 40% or more during the year, but it probably will be short-lived with a very quick recovery…
BTC was up 92.7% in 2019, 305.94% in 2020, and in the first six weeks of 2021, it’s up 74.22%. Let’s contrast that with the other hedge against the USD and disaster, gold. Gold was up 20.94% in 2019, up 18.32% in 2020, and it’s down 5.1% so far in 2021. The path of safety is now BTC.

Gold has about 10 times more market cap than cryptos right now (even though cryptos are now over a trillion for the 1st time). If all of the money in gold went into BTC, BTC’s price would be about $370,000…

People talk about BTC being volatile and risky. But where can you find something that has made over 1,000% in 3 of the last 11 years, over 100% in 8 of them, and had only two losing years? There is only one other place than BTC with anywhere near equal performance – other cryptoassets.
If you had bought BTC at the beginning of 2012 (well, not at the very beginning), you would have turned $1,000 into more than $7.1 million (up $4.5M last month)…

Remember these are 30-day percent gains. This is probably the easiest market possible to make a lot of money. You could, however, just as easily enter a position and immediately have a 25% drawdown – which could cause you to exit and then miss out on some nice gains. If you don’t have strong beliefs about cryptos like I do, crypto volatility will test you…

This newsletter makes no recommendations about cryptos but is a free service… I personally own positions in most of the cryptos mentioned in this newsletter.

Author: Van K. Tharp, PhD

Note: This article was culled and abridged from a monthly cryptos update by Dr. Van Tharp. The full article can be accessed here.

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Cardano Set to Launch Hard Fork Upgrade on March 1

Cardano Set to Launch Hard Fork Upgrade on March 1

Cardano (ADA), the tenth-largest cryptocurrency, has recently released the date for its long-anticipated Hard Fork Combinator (HFC) event termed “Mary.” According to the founder of the project, Charles Hoskinson, the network upgrade will occur on March 1, after a satisfactory developer checks and quality assurance result on the HFC on February 24.

Hoskinson noted that the HFC event would get executed five days from its initial trigger from the current epoch. This means that if the original trigger occurs on February 24, the hard fork will occur on March 1. However, he highlighted that some variables could alter the course of the schedule, including unfavorable weather conditions.

The founder is very optimistic about the trajectory of the upcoming HFC event, noting that a lot of work has been put into it to ensure a hitch-free event. He stated that “we’ve been testing it for almost a month on the testnet…looks good. Exchanges are happy. We’ve done a huge QA set, so…looks like it’s going to take off on schedule.”

Cardano’s Latest Version of Daedalus, Flight
Hoskinson added that existing Cardano network users would have to upgrade their node to enable them to have access to the new network upgrade by installing the latest version of Daedalus, Flight.

According to the founder, Flight will be the first version of the Daedalus wallet with the ability to support the native multi-asset interface. The wallet would also be upgraded to Flight in the first week of March.

Charles Hoskinson

That said, after a two-week burn-in, Flight will get upgraded to the Daedalus mainnet, the primary version of the wallet, in mid-March.

The Mary hard fork will be one of the most significant upgrades for Cardano and bring a truckload of opportunities for the Cardano community and companies using/hosted on the network. It has got noted that this upgrade will “fully unlock Cardano’s smart contract functionalities.”

Worth mentioning is that Cardano’s native cryptocurrency, ADA, has recorded immense price surges since the beginning of the year, as investor interest spikes. That said, the HFC event could attract even more investors to ADA.

 

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