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Cardano has created a death cross: the bearish technical pattern — which occurs when a short-term moving average falls below the long term MA — has appeared on the four-hour chart.
Cardano fell alongside the rest of the markets at the start of the week, recording a sharp drop in Monday's session from $0.888 to $0.788.
Cardano has broadly declined since a high of $0.937 on Sept. 19, reaching a low of $0.754 on Thursday.
In the last 24 hours, more than $855 million have been liquidated across various digital assets, according to CoinGlass data. Longs accounted for the majority of this figure, coming in at $721.54 million, while shorts came in at $133.22 million.
Core inflation was little changed in August, according to the Federal Reserve’s preferred inflation gauge, likely keeping the central bank on pace for interest rate cuts ahead.
The personal consumption expenditures price index rose 0.3% for the month, putting the annual headline inflation rate at 2.7%, the Commerce Department reported Friday.
In the very short term, resistance will be watched at $0.86 ahead of $0.94, while support is envisaged at $0.735.
Ouroboros upgrades to boost Cardano
Ouroboros Leios is a major redesign of Cardano’s Ouroboros consensus, designed to achieve significant scalability and throughput, pushing Cardano well beyond its current limits.
Input Output plans to roll out Leios in iterations, with Leios Lite as the first major step toward full deployment. Leios Lite is anticipated to bring about a 30-55x increase in throughput for Cardano.
Ouroboros Omega is a proposed future version of Cardano's consensus protocol. It aims to combine the benefits of previous Ouroboros variants with additional features like adaptive security and efficient storage.
According to Cardano founder Charles Hoskinson, "the road to Omega is full of challenges and surprises, but it will solve the pillar of scalability once and for all. Midnight and partnerchains give us interoperability, and we are well on our way to governance being recursively self-improving."
Dan Burgin
Vladislav Sopov
U.Today Editorial Team