Cardano Price up by 0.94% – Time to Buy ADA?
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- Cardano Developers Propose Block Size Increase.
- Cardano’s Innovation Engine Launches Fund8.
- AdaLend, Cardano-Based Lending Protocol goes Top.
Despite the crypto market experiencing a downtrend, Cardano shows positive growth in prices, urging investors to buy ADA tokens.
Cardano is a blockchain platform based on proof-of-stake (PoS) that promises to empower “changemakers, innovators, and dreamers” to impact positive global change. The purpose of the ADA token is to allow owners to participate in the network’s operation.
Cardano Developers Propose Block Size Increase
Input Output, the Cardano network’s development company, recommended expanding the network’s block size. Cardano block size is currently 72 KB; however, Cardano developers have suggested an increase to 80 KB as part of a larger strategy to boost network capacity. The modifications are designed to boost the performance of Cardano-based applications while increasing overall network capacity.
A proposal was made to improve the performance of Plutus, the Cardano blockchain’s smart contract platform. According to Input Output, the number of script memory units per transaction (or the amount of data contained in a single transaction) on Cardano has increased from 12.5 million to 14 million.
Cardano’s Innovation Engine Launches Fund 8
Project Catalyst, Cardano’s innovation engine, created the world’s largest decentralised innovation fund through collaborative, competitive human activities.
Fund8, the most recent fully financed project, is a global community of cryptocurrency enthusiasts and investors that will hold $16 million in ADA.
The main goal is to propose, assess, and ultimately determine which creative initiatives should be funded. The options under consideration are Decentralized Finance (DeFi) applications, the address of financial inclusion disparities, and realFi.
The recommendations are part of a larger effort to enhance trade volumes on the Cardano network as it transitions to a blockchain-focused on decentralised finance (DeFi). DeFi refers to financial services that rely on smart contracts rather than third-party intermediaries.
AdaLend Becomes World’s Leading Cardano-Based Lending Protocol
Cardano-based Lending Protocol, AdaLend, has created a user-friendly, scalable, and fully decentralised Layer-1 platform for quick loan approval, automatic collateral, trustless custody, and increased liquidity to permanently solve DeFi’s difficulties.
AdaLend, based on the proof-of-stake (POS) Cardano blockchain, intends to usher in the next generation of frictionless, fast, and secure crypto lending protocols.
The AdaLend protocol enhances capital flow efficiency by managing multiple lending pools using the native ADAL coin. Each pool has three important components: a liquidation model, a utilisation ratio, and an interest rate on borrowing/lending.
The protocol provides tokenisation of deposited assets, seamlessly transferring ownership of lending positions between users.
Cardano’s Technical Analysis
The technical indicators of ADA show a slight rise in value. The crypto asset is now trading across the 61.8% Fibonacci retracement threshold of $0.93, which means ADA will see support at that level and may likely rise past the indicator price if the value of the broader crypto market continues to increase.
The Relative Strength Index (RSI) of the ADA token is 61.12. This value shows that Cardano is in the underbought zone, indicating investors to buy ADA and rise with the market.
Furthermore, Cardano’s asset is trading above the trendline, with a Simple Moving Average (SMA) value of $0.93. The Moving average convergence and divergence (MACD) value show the asset is slightly above the trendline – a good opportunity for investors to buy ADA.
Also, the exponential moving average (EMA) is moving slightly above the trending line at 0.01; this encourages investors to buy ADA at its current price of $0.94 and rise with the asset.
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