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
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.
New release for Hydra: 0.8.0!https://t.co/2U1P1qTaOT
Took a bit longer than last time but it's packed with features:
– Persistence of Head state
– Improved contestation deadline reporting
– Fixed several bugs in the hydra-node
– Improved UX of the hydra-tui
– Static binaries
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
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Bitcoin price was primed to book nearly 10% on Monday. BTC price left traders behind with only a 2% slim gain for the day as markets remained nervous.
Luna Classic price is attempting to recover the losses it observed following the broader market crash caused by FTX’s collapse. The altcoin is looking to retest the resistance of $0.000200 but might note some obstruction in its attempts at doing so.
Binance’s Vice President of government affairs in Europe, Daniel Trinder, was questioned over Biannce’s selling of FTT tokens. Trinder stated that Binance would provide evidence pertaining to the potential acquisition of FTX.
Cardano price shows a resurgence of bullish sentiment that is attempting to overcome a significant hurdle. If successful, ADA can trigger a massive run-up to the ongoing range’s upper limit.
Bitcoin price reveals that its quick recovery rally is coming to an end as it faces a critical hurdle. This development has pushed BTC to slide lower and could result in a consolidative structure over the next few days.
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