Cardano is on the verge of becoming a fully decentralized platform as updates and developments continue to pile up. Now, the team has announced that there will be two upgrades in weeks to come. This is set to change a few coding rules to accommodate the network’s next phase. No doubt, aside from superb performance, Cardano has been dominating headlines in recent weeks. The project has been releasing highly anticipated developments as it continues to build up towards becoming fully decentralized.
Recently, the project successfully released the Cardano 1.5 update which prepares the platform for, Shelley phase, a shift from Settlement and control layer development. This is the project’s last phase before becoming a fully decentralized project. Even so, the transition from Byron phase, to Shelley phase has seen some key architectural limitations emerge. The development team says it will be stepping back and making some changes and fixing some key rules of the Byron code. This fix will result in two hard forks. Although the team assures all users that the transition will be safe, the team adds that this must be done in a cautious way since it not only a change in coding rules but a transition from one code base to another—“there is one hard fork to enter the transitional era and then a second one to begin the Shelley era proper”. The team further adds that there will be a transitional period, in which the Shelley phase will run on a test-net for delegation and staking thereby allowing the team to identify and resolve issues that may arise.
For a better perspective, we shall take a top-down approach and in this case consider development in the weekly chart. As visible, Cardano (ADA) like most coins is reaping huge benefits thanks to Bitcoin gains. It is up 24.1 percent in the last week—at the time of press and pretty stable in the last 24 hours.
Even though our first targets at 9.5 cents was hit thanks to Apr 2 upswings, we should note that ADA/USD is trading within a bullish breakout pattern after closing above 6 cents reversing heavy losses of Q4 2018.
That’s not all when we take a look at the monthly chart, it is evident that volumes are picking up and Mar’s—6 billion was almost twice those of Nov 2018—3.5 billion in the processing a three-bar bull reversal pattern mirroring gains of Dec 2017 can be seen. Moving on, it will be prudent to search for entries in lower time frames and that means ideal buy zone is anywhere between 7 cents and 8.5 cents with easy targets at 12 cents.