Will Cardano (ADA) Rally Above 9.5 Cents? Fireworks After Goguen

Dalmas Ngetich

1 year ago

2 mins read

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Cardano (ADA) retesting middle BB
Charles Hoskinson confirms that Goguen is independent of Shelly

Goguen is Cardano’s development phase which tags along smart contracting. It will be independent, and despite delays in Shelly, developers can deploy it as Cardano edge closer to launch. Whether that will help lift prices, we don’t know, but so far Cardano (ADA) may drop to 6 cents.

Cardano Price Analysis

Fundamentals

Charles Hoskinson, the leader of Cardano’s technical/quality team and the person behind the architecture of the smart contracting platform, is indeed a visionary. He works on Cardano while concurrently contributing towards Ethereum Classic progress despite “deep chain” reorganization in Q1 2019.

Even so, that glitch isn’t slowing him and Cardano. After the successful conclusion of Byron, the focus now is on how best to decentralize Cardano in Shelly. Shelly being the second phase in a four-stage development concluding with Voltaire may be what CoinBase needs before listing the asset, exposing ADA to millions of customers across the US and Europe. However, it is Goguen that excites Charles Hoskinson.

In Goguen, the Cardano team will be “designing a next-generation virtual machine called IELE and a universal language framework to be used as the core infrastructure for future blockchain technologies. The proposed technology, which is based on formal methods and state-of-the-art programming language theory, will bring much greater security and dependability to blockchain systems and will reduce the risk of vulnerabilities.” Goguen brings smart contracting to Cardano.

Interestingly, its release is not sequentially dependent on Shelly’s completion as two different teams are working towards its actualization. Besides, smart-contracting is independent of the state of the platform’s distribution or decentralization.

Candlestick Arrangement

At eighth, Cardano (ADA) is down 2.2 percent in the last 24 hours but steady with a market cap of $2,566 million. All the same, the trend is bullish, and our previous trade conditions are valid. However, for proper trend continuation, there should be a clear cut close above 9.5 cents as buyers of Apr-2 come to live.

Notice that although bulls may be in charge and within a typical bullish breakout pattern, ADA is under pressure, correcting.

As prices slide, prices are retesting the middle BB, our flexible support line. Now, if this level doesn’t hold, then we may see ADA dropping to around 6 and 7 cents in a retest phase before buyers flow back.

Technical Indicators

Like above, ADA is technically bullish with prices shored by supportive fundamentals. In an effort versus result point of view, it appears that there is a chance for more upsides. However, for proper confirmation, movement above 9.5 cents or signaling support anywhere between 6 and 7 cents must be with high volumes exceeding averages of 126 million. It’s even better if it’s above 381 million of Apr-2.

Chart courtesy of Trading View

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

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When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
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