The primary goal of most Layer 1 blockchain protocols is to displace Ethereum as the dominant network for smart contracts, so many are innovating to achieve this. In the case of Cardano (ADA), the protocol is anticipating its new Ouroboros upgrade that will potentially change the Ethereum-killer narrative once it goes live.

As highlighted by Twitter user and blockchain educator @Soorajksaju2, the Ouroboros Genesis upgrade will seek to address issues of costless simulation and the bootstrapping problem of the protocol, while mitigating the threat of long-range attacks in a decentralized, open environment.

These upgrades will notably position Cardano as a highly functional proof-of-stake (PoS) protocol, whose security is more closely aligned with that of the Bitcoin blockchain. None of the existing Ethereum killers, including Solana (SOL), Avalanche (AVAX) and Polkadot (DOT), has these features.

The fact that Cardano will brandish advanced security while still maintaining its energy efficiency as a PoS network will further make it a highly appreciated protocol among its peers. The network has remained a high performer, ending January with a lot of new milestones in what appears as the user’s recognition of its bright future.

Ouroboros will complement other features

Over the past few weeks, DJED, the most collateralized stablecoin on Cardano, was launched, and the protocol’s Sidechain Toolkit made its way to the network, pitching the blockchain as one of the most versatile in this current blockchain ecosystem.

The advent of Ouroboros Genesis will help to complement both of these launched features and products as well as bootstrap those that are yet to be actualized on Cardano.

With Cardano (ADA) pitched as a digital currency that is more resilient than Bitcoin (BTC) in terms of price growth for January, the obvious protocol fortification is bound to boost the blockchain’s growth.

A strong start to the trading year could lay the groundwork for an asset’s rally to continue throughout the year, and that’s all any investor wants for their portfolio. In the first week of 2023, Dogecoin (DOGE), Cosmos (ATOM), and Snowfall Protocol (SNW) are leading the crypto ecosystem’s shift to the green. Snowfall Protocol is particularly shining bright after a 250% increase crossing into 2023. Find out more about these three assets and how to maximize your profits with Snowfall Protocol in 2023.

Dogecoin Foundation Announced A New Fund for Dogecoin Core Developers

For a long time, Dogecoin has struggled with a lack of use cases. To attract more attention to the network, the Dogecoin Foundation recently announced the creation of a new developer fund for Dogecoin Core developers.

On December 31, the Dogecoin Foundation announced that it would allocate 5 million Dogecoin, approximately $360,000, to a new fund to support the development of the Dogecoin platform. The fund will require three out of five signatures from Dogecoin Core developers and will be kept in a new multi-sig wallet run by its members. With this development and the increasing number of developers in the Dogecoin ecosystem, we may finally see Dogecoin recover in 2023.

Cosmos as An Ethereum Killer

During the ongoing crypto winter, the health and diversity of an ecosystem have been crucial factors in determining the success of any crypto project. Cosmos’ (ATOM) expanding ecosystem has allowed it to maintain a high level of resilience in the face of massive sell-offs.

Cosmos, dubbed an Ethereum killer, was created as an alternative to Ethereum’s slow, expensive, unscalable, and environmentally harmful proof-of-work model. However, with Ethereum recently switching to a Proof of Stake mechanism, Cosmos now relies on its Byzantine Fault Tolerance (BFT) consensus algorithm, a variant of the PoS that provides additional functionalities to outperform Ethereum. Furthermore, Cosmos is built on a structure dedicated to making blockchain technology less complex for developers.

Snowfall Protocol Sells A Record-Breaking Amount of Tokens in Three Rounds, With Another 100 Million Expected To Sell Out In The Final Round

Snowfall Protocol has blown the competition away with outstanding performance despite entering the crypto ecosystem at a time when sentiment was very negative. In just three months Snowfall Protocol has sold more than 295 million Snowfall tokens. The first two rounds saw the sale of 195 million Snowfall tokens and raised over $3 million. PS, demand was so high in the second round that it sold out a day early.

In the recently closed third round, Snowfall didn’t slow down. A 100 million more Snowfall tokens sold out in just a month. In addition, this round saw a 250% price increase over round two. Snowfall Protocol is now in its final round of the campaign, looking strong for an official launch on February 3. A further 100 million tokens are available in this round and they are selling quickly! Hurry to join and purchase this highly prized gem while it is still in its early stages and at a discount.

Market analysts believe Snowfall Protocol will return up to 5000% to its early investors when it launches. You’re not late! Add Snowfall Protocol to your portfolio today to maximize your profits in 2023.

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Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

• Cardano developers announced a new release for Hydra, ADA’s layer-2 scalability solution. 
• Ethereum-killer Cardano recovered from its decline on October 26 and yielded 16% gains for ADA holders over the past week. 
• Analysts believe Cardano is likely to continue its rally and hit the $0.431 level if the altcoin sustains its uptrend. 

Cardano blockchain’s solution for scalability, Hydra received a fresh update in a new prerelease version. The Ethereum-killer recovered its losses from past week and analysts revealed a bullish outlook on Cardano. 

Also read: This is the biggest pain point for Bitcoin and Ethereum in the current cycle

Hydra receives new release from Cardano developers

Cardano’s scalability solution Hydra received a new update Hydra 0.8.0, from ADA developers. Sebastian Nagel, Hydra’s lead developer shared a GitHub release introducing several changes to the API, fixed bugs in the Hydra-node and improved the overall experience. 

Several improvements have been made to Cardano’s layer-2 scalability solution. Developers have devised a mechanism to compute transaction costs as “min fee” and report them in the transaction cost benchmark. 

Cardano recovered from its steep decline on October 26

Ethereum’s competitor Cardano witnessed a steep decline on October 26 amidst market-wide drop in crypto and S&P 500. Over the past week, Cardano yielded 16% gains to holders and made a comeback above the $0.38 level. 

Bob Mason, a leading crypto analyst has identified $0.41 as the next key level of resistance for Cardano price in its uptrend. The analyst believes that a breakout past $0.41 would signal a continuation of the bullish uptrend. Cardano would need the support of the broader market for continuation of its climb towards the $0.431 target. 

Mason argues that in the event of an extended rally, Cardano price is likely to hit second major resistance at $0.431 and the third major resistance level at $0.464. 

ADA/USD price chart

Mason believes that a bullish crossover of the 50-day EMA through the 100-day EMA would signal a move from resistance at $0.418 to the next major resistance at $0.431. However, a decline through the 200-day EMA at $0.398 could result in a trend reversal and a drop to the $0.385 level. 

ADA/USD price chart with 50-day, 100-day, 200-day EMAs

Cardano has witnessed a slew of development since May 2022. The Ethereum-killer network recently hit a new milestone, functioning for 1,760 days without suffering an outage. Cardano has proven its reputation as one of the most stable networks in the crypto ecosystem.

For the past five years, Cardano tackled extremely high loads without an outage. The network has functioned smoothly despite a rise in the number of decentralized applications on its blockchain. Notably, over 100 new projects were launched on Cardano over the past week.

Cardano price is at a make-or-break point, and the altcoin is ready for a 40% breakout.

The weekly support and resistance levels for Cardano are $0.38 and $0.77. The price of Cardano is likely to witness a 40% rally in its price after a decline to support at $0.38. Cardano has completed two liquidity runs since mid-June 2022.

Cardano’s fractal revolves around liquidity collection and started with a run up to $0.527 in the run that started on June 19. On July 18, the first liquidity run started and resulted in a climb to $0.527. On July 22, the second liquidity run pushed Cardano to $0.54.

The next liquidity event is likely to push Cardano to support at $0.38 and a 40% rally thereafter. Since both liquidity events that occurred in Cardano’s price trend started at $0.47, a key support level for the Ethereum-killer.

A 40% price rally implies a run-up to the monthly resistance of $0.77. The positive developments in Cardano’s ecosystem and the rise in the number of projects being developed on the Ethereum-killer blockchain have fueled a bullish sentiment among investors.

The maximum pain scenario implies a further decline in Cardano’s price after plummeting to a weekly support at $0.38. Cardano’s downtrend is likely to get extended in case of a bullish invalidation, a failure to cross the resistance at $0.55.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.

• Cardano price failed to sustain its uptrend, resulting in a 37% correction over the past month.
• ADA could crash 20% to $0.80 if the $1 psychological level fails to hold up.
• A daily candlestick close above the 50-day SMA at $1.20 will be the start of a potential upswing.

Cardano price has been on a downswing for the past month and has revisited a crucial support level twice in this range. A breakdown of this barrier could lead to a steep correction to levels last seen a year ago.

Cardano price faces a decisive moment

Cardano price set up a higher high at $1.64, coinciding with the 100-day Simple Moving Average (SMA) on January 18. Since then, ADA has been on a downtrend and revisited the $1 level twice in the past month. 

As the so-called “Ethereum killer” tags the $1 barrier again, the possibility of a breakdown increases. Moreover, a double bottom and a sell-side liquidity zone at $0.803 make it more appealing for market makers to knock the altcoin lower.

Therefore, investors need to exercise caution and be prepared for a downswing. In an optimistic scenario, a resurgence of buyers could see Cardano price hold its ground around the $1 support level and consolidate before rethinking the directional bias.

ADA/USDT 1-day chart

Further depicting the grim nature of Cardano price is IntoTheBlock’s Global In/Out of the Money (GIOM) model. This on-chain index suggests that failing to hold above a significant support level at $1 could see ADA revisit the support cluster at $0.90, where roughly 53,070 addresses purchased 452.53 million tokens. This level is relatively weak and is likely to be breached quickly should the price ever revisit this area. 

ADA GIOM

This reduction in the number of large transactions worth $100,000 or more from 3,620 to 2,050 aligns perfectly with the recent downswing in Cardano price. The 43% slump suggests that high networth investors are losing interest in Cardano at the current price levels. 

ADA large transactions

While things look grim for Cardano price, a bounce off the $1 barrier could trigger a massive uptrend if buyers band together. If this upswing pushes ADA to produce a daily candlestick close above $1.20 or the 50-day SMA, it will signal the potential start of an uptrend.