Can Cardano’s Latest Updates Help ADA Price Breakout?

The cryptocurrency market has been divided into two pieces, considering the current price action. The world’s largest cryptocurrency, Bitcoin, has been pushing higher and higher, while altcoins are trading at the same old levels.

While Bitcoin token, for instance, has breached past its all-time highs, altcoins are still in their recovery phase with no big buyers to lead the prices.

But, if introspected in another perspective, Bitcoin can also be observed as a laggard cryptocurrency when compared with the overall price action of a few top-performing altcoins. As an example, Cardano crypto made its new all-time high on August 19 post-mid-May highs. But Bitcoin, on the other hand, has taken much longer to break through the same mid-May highs. So, although BTC crypto is currently on the run, few altcoins have already had that move in the earlier months.

Whatever be the price action of the cryptos, the fundamental updates and upgrades do not seem to take a pause in the altcoin projects. With several altcoin projects working towards reaching their milestones, the fundamental aspects keep them bullish regardless.

One of the projects includes Cardano, which has been on a roll with respect to its developments in the ecosystem. Following are some of the recent updates in the Cardano (ADA) ecosystem that have kept its fourth most valued cryptocurrency up and going.

Daedalus 4.4.0 Out for Cardano’s Mainnet

Cardano’s technology business, IOHK (Input Output Hong Kong), has announced the release of Daedalus 4.4.0 for Cardano’s mainnet. The new edition was created with the anticipated Cardano service into consideration, according to a report from the company.  The developers also took into account and incorporated the latest Cardano’s wallet and node versions. 

The new version is set to bring features such as a button to disconnect a hardware wallet, a token display that allows users to view all the available tokens, and an option to select their favorites, the latest Electron version, etc. However, the Daedalus version is only compatible with desktops.

“OUT NOW: #Daedalus 4.4.0

Daedalus 4.4.0 for the #Cardano mainnet includes a dedicated Tokens screen, an updated Electron version, and an option to unpair a hardware wallet. pic.twitter.com/0tzAWiTDKN” – Input-Output (@InputOutputHK)

Input-Output Enters into Partnership to Build on UTXO Model

IOHK announced the formation of the UTXO partnership alongside Topl, Nervos, Komodo, and Ergo during the Cardano Summit 2021. Besides,  Komodo is yet to join the alliance, which should be done later this week.

The main purpose of the collaboration is to focus on scalable smart contract solutions, as well as interoperability as part of the UTXO paradigm. They will also try to build bridges across blockchains in order to improve banking on an international scale.

Furthermore, the alliance will work on Improving the UTXO paradigm and establishing an internationally accepted UTXO standard, researching methods to help smart contract developments using the UTXO paradigm, and assigning Cardano  (ADA) crypto holders a set of rules for them to follow a certain standard.

Cardano’s Oracle Solution Partners with a Wallet System

Charli3, Cardano’s decentralized oracle service, has announced a partnership with CardWallet, Cardano’s decentralized finance protocol and wallet system. Both businesses have teamed up to create and manage a unified ecosystem of DeFi solutions on the Cardano blockchain.

Cardano Network’s Transaction Fee on the Rise

Like Ethereum gas fees always hitting all-time highs, Cardano seems to be following the same trend. According to the data from Messari, the transaction fee on the Cardano blockchain has increased from $0.03 to almost half a US dollar. Of course, the current fee might not seem high, but relatively it is an increase of a whopping 1500% in one year.

Moreover, the fee is not an independent constant. The transaction fee would vary proportionally to the price of Cardano (ADA) cryptocurrency. And considering the developments in Cardano and its ecosystem, it is obvious for the demand to expand and eventually the token’s price as well. Hence, the fees are expected to rise higher and higher in accordance with the market value of Cardano.

Cardano Technicals: Consolidation to Breakout?

Cardano cryptocurrency has had a great bull run since July after setting a low at $1.2. The all-time high made at $2.4 in the second quarter of 2021 was broken in late August with compelling momentum. The new ATH ow stands at $3.1. But the markets have not been able to breach above it and are consolidating below for almost two months.

The sellers came in quite aggressively in the retracement phase, as the market failed to hold the psychological support at $2.2. Although the market did leave wicks on the bottom, they were engulfed later by the sellers.

Currently, the market is trading at the same support level, after taking a discount up to the demand zone at $1.9. As the market is entering into a squeeze, and the bulls are leaving a higher low, a breakout to the upside remains due in Cardano.

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