2024-10-5 16:39 |
Cardano (ADA) might be eyeing a bullish breakout, which will signal a potential uptrend with a psychological price of $0.6 in the offing.
Market analyst Cischke Kevin acknowledged that ADA’s bullish move might suggest that Cardano is on track toward $0.665 if it breaks above the $0.36 resistance level and the 100 moving average (MA).
Source: Cischke KevinOn-chain metrics provider Crypto Rand echoed similar sentiments, stating that Cardano’s bullish breakout was confirmed and that its journey towards $1 was likely in the making.
Source: Crypto RandAccording to Coingecko’s data, ADA was up 1.01% in the past 24 hours to hit $0.3537 at the time of writing, suggesting that bullish momentum was building.
Cardano’s Midnight Testnet Goes LiveIntended to offer developers a stable sandbox environment when creating on-chain applications, the Midnight network recently entered the testnet phase.
This move aims to ensure that sensitive data is protected whenever on-chain applications are being developed.
According to the announcement, “The Midnight network is being built for developers and organizations that could benefit from the transparency of blockchain technology but need to balance data protection, ownership, and utilization needs.”
Therefore, zero-knowledge cryptography is at play in the Midnight Testnet and is meant to present a secure operating on-chain environment.
Meanwhile, Cardano is being fronted as one of the altcoins that will skyrocket this quarter as transactions edge closer to the 100 million mark.
According to Protocol Rankings, ADA’s total value locked (TVL) has also been on an uptrend after recently hitting 579 million.
Source: Protocol RankingsTherefore, bullish pictures continue to be painted in the Cardano ecosystem.
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