Cardano Price up by 14.38% – Time to Buy ADA?

• Cardano to significantly boost transaction throughput
• Cardano Staking Rewards are currently available on Coinbase.
• AdaLend Partners with Cardano to develop new Lending Protocol

Cardano has shown positive growth in prices, encouraging investors to buy ADA tokens amid the recent rallying of the crypto market.

Cardano (ADA) is a blockchain platform based on the Ouroboros proof-of-stake (PoS) consensus protocol, which processes transactions efficiently. The fundamental goal is to create a scalable decentralised network that efficiently validates transactions while keeping the Cardano platform as energy-efficient as possible.

Cardano plans to Boost Transaction Throughput

Cardano (ADA) has scheduled a hardfork for the summer of 2022, intending to extend the Cardano protocol and greatly increase transaction throughput, volume, and liquidity.

Matthias Fitzi, a Cardano researcher, outlined the concept of increasing the transaction throughput. Fitzi states that the recent enabling of smart contracts on Cardano has increased user activity and average transaction sizes.

There are limits to how large a ledger-consensus protocol can securely maintain a block. Therefore, boosting transaction throughput addresses this issue by strengthening the consensus layer and raising the budget, allowing faster block propagation and validation times. This enables longer blocks and, as a result, higher transaction throughput while keeping the consensus rules constant.

Cardano Staking Rewards Available on Coinbase

Coinbase, the publicly traded cryptocurrency exchange, has been on a listing splurge since last year. It is also expanding its staking choices; it announced recently that staking for ADA, the native cryptocurrency of the Cardano blockchain, is now available.

Cardano is a PoS protocol, which means that the network is protected by participants contributing a portion of their ADA holdings to the network rather than mining. In exchange, these participants receive a portion of the newly minted ADA.

Because this “staking” process can be complicated or time-consuming for the typical user, Coinbase and other exchanges offer to handle it by pooling ADA on the Cardano network and sharing a portion of the rewards.

AdaLend Partners with Cardano To Build New Protocol

AdaLend, the Cardano-based Lending Protocol, has developed a user-friendly, scalable, and fully decentralised Layer-1 platform for speedy loan approval, automatic collateral, trustless custody, and enhanced lending liquidity to permanently solve DeFi’s problems.

Using the premier proof-of-stake (POS) Cardano network, AdaLend intends to usher in the next generation of frictionless, fast, and secure crypto lending.

By managing several lending pools with the native ADAL coin, the AdaLend protocol improves capital flow efficiency. Each pool has three key components: a liquidation model, a utilisation ratio, and a borrowing/lending interest rate.

The protocol facilitates the tokenisation of deposited assets and the seamless transfer of ownership of lending positions between users.

Cardano’s Technical Analysis – Green light for Investors

At press time, Cardano’s price is trading at $1.127 and has surged by 14.38% in the last 24 hours with a trading volume of $3.8 billion. The price has risen by 31.19% in the past week.

The technical indicators of ADA show a bullish value. The crypto asset is now trading across the 1% Fibonacci retracement threshold of $1.128; ADA may see resistance at this level, however, the asset is likely to rise past the indicator price if the general crypto market value increases.

The Relative Strength Index (RSI) of ADA stands at 76.88. This shows that Cardano is in the overbought region; this indicates a good time for investors to buy ADA and continue to rise with the market.

Furthermore, Cardano’s asset is trading above the trendline, with a 50-hour Simple Moving Average (SMA) value of $1.112, showing that it’s bullish. Also, the Moving average convergence and divergence (MACD) show a strong buy sign. This presents a good opportunity for investors to buy ADA.

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