Cardano (ADA) Price Prediction as Rumours Surrounds Integration of Hydra Node

A prominent Twitter user named Lucid, known for tweeting about crypto tokens such as Bitcoin, Ethereum, and Cardano, has revealed that some Cardano developers have fired up a Hydra node on the Cardano mainnet in secret.

The main tweet reads, "Just received word that some Cardano Devs have secretly fired up a Hydra Node on the Cardano Mainnet! The Mythical 100,000 TPS Cardano is much closer to becoming a reality than most realize! Are you ready?"

For those unfamiliar with Hydra, it is a layer-2 system designed to scale the wider Cardano blockchain by reducing latency and increasing the transactions per second (TPS). According to IOHK, Hydra can reach confirmation times of under one second, compared to the Cardano mainnet's latency of 20 seconds.

This news has sent Cardano supporters into a frenzy, with many commenting on the tweet and expressing their excitement over the potential for Cardano to become one of the fastest and most efficient blockchain networks in the world. 

As the Cardano (ADA) network continues to grow with more smart contracts and DApps launching on the blockchain, Hydra's implementation will help to ensure that transaction costs remain low.

This announcement comes at a time when the US banking industry is experiencing some instability, creating market FUD, while cryptos are on a bull run that is likely to raise Cardano's price. 

Overall, this news is a testament to Cardano's commitment to innovation and development, and it will be interesting to see how the network evolves in the coming months.

Cardano (ADA) Price Prediction

At the press time, Cardano's current price is $0.375088 USD, with a 24-hour trading volume of $897,145,445 USD. Cardano has increased by 5.95% in the last 24 hours. ADA is currently ranked #7 on CoinMarketCap, with a market cap of $13,022,728,292 USD. There are 34,719,150,381 ADA coins in circulation, with a maximum supply of 45,000,000,000 ADA coins.

Source: CoinMarketCap

Cardano (ADA) Price Prediction: Daily Chart

ADA is currently trading at $0.37, having breached the 50-day moving average and approaching the next resistance level on the chart. Cardano looks to be in an uptrend in light of current market conditions, with the potential to continue rising.

The bears, however, have not given up and are attempting to arrest the recovery of around $0.39, as seen by the lengthy wick on the March 21 and 22 candlesticks. The bulls must convert the moving averages into support.

If, on the other hand, the price falls and falls below the moving averages, it indicates that higher levels continue to attract sellers. The pair may then fall to $0.30.

The Daily chart is making a reverse cup and handle pattern which indicates that the prices are going to transition from a bull market to bearish sentiment. The prices are already jumping off the handle pattern and started declining.

The RSI is at 59 which indicates a “Buy” Market. If further price rises, ADA could see a short bull run before going down according to the pattern discussed above.

Source: TradingView