Cardano’s Hydra Upgrade Boosts Optimism for ADA Price Rally
Cardano's native token, ADA, is trading around $0.8121 with little movement recently. Investors are optimistic due to a significant scalability upgrade.
- Analyst Ali Martinez highlights ADA's consolidation in a symmetrical triangle pattern since last November, predicting a potential breakout soon.
- A key support level is identified at $0.69, with potential for a rally towards $2 if this level holds.
Hydra Upgrade Impact
- The Hydra Node version 1.0.0 has been launched, enhancing Cardano's transaction throughput and reducing costs.
- During testing, the protocol achieved a sustained throughput of 650,000 transactions per second (TPS), with peaks exceeding 1 million TPS.
ADA Price Dynamics
- ADA is consolidating near the middle Bollinger Band, indicating reduced momentum.
- Key resistance is noted at $0.90; a break above could drive the price toward $1.10.
- Support levels to watch are $0.76 and $0.69 in case of a price drop.
Traders are monitoring broader ETF influences on altcoin risk appetite, which could affect ADA's movement towards $1, a historically significant level.