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Cardano (ADA) saw a slight recovery in today's session, returning to $1 after slipping below it in previous sessions.
Cardano saw profit-taking after reaching a high of $1.16 on Jan. 17. The fall came to a halt on Jan. 20 after two consecutive days of decline, with the price briefly rising to $1.10. But bears would not give up, resuming the drop and driving ADA to a low of $0.95 in Tuesday's trading session.
The downtrend continued in today's session, with ADA barely recovering to the daily SMA 50 at $1.01, roughly where it now trades. Cardano was battling to hold the $1 mark at the time of writing, having gained 1.02% in the last 24 hours to $1.00.
Cardano's slight rebound coincides with a bearish "death cross" indicator on the hourly charts. A death cross happens when a short-term moving average crosses below a long-term moving average, indicating potential downward price movement. In the case of Cardano, the 50-hour moving average has crossed below the 200-hour moving average, indicating a "death cross" and raising concerns about its short-term price movement.
Tomiwabold OlajideThe overall cryptocurrency market has shown subtle signs of recovery, aiding ADA's rebound. According to Ali, a crypto analyst, Cardano (ADA) network activity continues to show strength, with daily active addresses hitting higher highs and reaching 50,828.
Progress made for Plomin hard fork
Progress has been made toward the Plomin hard fork, as over 90% of Cardano blocks were produced in the previous 24 hours using node version 10.1.4, considerably lowering the risk of a DoS attack following the hard fork.
The Plomin hard fork has also made significant progress in meeting three expected thresholds. In recent days, the SPO vote and SPO upgrade requirements were met, with four of the seven constitutional seats voting.
The hard fork governance action must be approved by at least 51% of stake pools, and the interim constitutional committee must ratify it with a threshold of 66.7% or above, which equates to five out of seven seats voting yes.
Additionally, at least 85% of active stake pools should have upgraded to a Cardano node version that supports the hard fork.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Godfrey Benjamin
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