FxWirePro- Cardano Daily Outlook

Cardano is a fully open-source decentralized public blockchain crypto project for Ada cryptocurrency.

Consensus mechanism-

Blockchain consensus mechanism - Proof of Stake (POS) algorithm called Ouroboros which is extremely cost-effective compared to mining. Ouroboros is an innovative Proof -- Stake that aims at higher security.  

Ouroboros processes transaction blocks by dividing chains into epochs, which are further divided into time slots. A slot leader is elected for each time slot and is responsible for adding a block to the chain. 

Cardano has two types of layers-

Cardano settlement layer( Layer 1)- It is the base layer of the blockchain. It helps in tracking account balances, and processing transactions.

Cardano Computational layer (CCL)- It handles computational work on the blockchain.

Main features of Avalanche-

Current TPS- 1000

Block time- 20 seconds

Number of validators- 1619

Time to finality - 10 to 60 min

The Chang Hard Fork which is scheduled for Q2 2024 will be a game changer for Cardano. It addresses scalability and transaction speed issues.

As per Input Output Global (IOG), Cardano reached the milestone of 94 million transactions ahead of Chang's hard fork this year. It also reveals a total of 1300 projects running under Cardano and over 10 million active tokens. The total value locked (TVL) 548.4 million.

ADAUSD trades higher after a massive sell-off.

Any daily close above $0.50 confirms further bullishness.

ENSUSD gained more than 40% in the past three weeks. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $34.32 and is currently trading around $26.97.

The bullish invalidation can happen if the pair closes below $0.20. On the lower side, the near-term support is $0.30. Any break below the target is $0.20/$0.10. Any violation below $0.10 targets $0.0070.

The immediate resistance stands at around $0.50. Any breach above confirms bullish continuation. A jump to $0.62/$0.75  is possible. A surge past $0.80 will take it to $1.

It is good to buy on dips around $0.35 with SL around $0.20 for a TP $1.