Connect with us

Altcoins

Cardano’s [ADA] price reacts this way as Voltaire hint airs

Published

on

Source: Pixabay


Late in September, Cardano [ADA] released the Vasil hardfork. Positive feelings persisted after the fork, as the network continued to function normally.

Now, Cardano’s founder, Charles Hoskinson, on 3 October intimated that the next phase, the age of Voltaire, was on the horizon now that Vasil has been functioning as planned.

Enter the age of Voltaire

According to Hoskinson’s tweet, this new era was geared toward the users and builders of the network. He argued that Cardano’s goal was to enhance decentralized governance in a way that would serve as an example to the rest of the industry. 

Furthermore, according to the roadmap of this stage, a voting and treasury system would be introduced. Cardano would be fully decentralized and free from Input Output’s control once a voting mechanism and a treasury system are implemented. As a result, the destiny of Cardano would squarely remain in the hands of its users.

Uptick in price at the mercy of bears 

The tweet generated a good price movement as ADA observed more buy volume and closed in the green zone as of 3 October. At the end of the day, ADA’s price was $0.4276, up from its 3 October opening price of $0.4195, a gain of about 2%.

At the time of writing, ADA was still trading at $0.43, with the volume indicator indicating more buying pressure.

Source: TradingView

On the daily timeframe, the trend line showed a downward trend in the price of ADA in the last few weeks. Despite the previous testing, the support line around $0.425 appeared to be holding. Over the past few months, ADA met resistance at $0.484, with every break resulting in a correction below the line. 

Furthermore, the last seven days witnessed more erosion of the resistance level, which at press time stood at $0.450. With the Relative Strength Index (RSI) reading below 50, bearish momentum was evident.

The Awesome Oscillator (AO) was also below the zero line, indicating a strong bearish trend despite the recent price increase on the daily timeframe.

There was less work done on projects according to Santiment after the Vasil fork than there had been before. The number although now inched up, sat at 73. In the following weeks, as Voltaire’s preparations ramp up, you can expect an increase in commits and developer activity.

Source: Santiment

What ADA investors can take from this

The development of Cardano is being closely watched by observers in the industry. Once the Voltaire phase has been implemented effectively, the concept of a decentralized network may gain traction, attracting more investors to the project. 

Furthermore, the current price range may be an excellent buying opportunity for ADA investors who plan to take a long position.

Additionally, the imminent chance of a significant price change in either direction may not occur in the near future. Furthermore, the altcoin still has a market cap of over $14 billion, making it the eighth largest cryptocurrency.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.