Cardano Price Prediction as Milestone Mithril 2 Paper Released: What Does it Mean for ADA?
The Cardano price has jumped to $0.309983 today, marking an impressive 8% gain in 24 hours as the wider cryptocurrency market rises by 3%.
ADA is now up by 7.5% in a week and by 28% in the past fortnight, with the altcoin also having risen by 26% since the start of the year.
And with Cardano this week releasing the paper for the important Mithril 2 upgrade, ADA could see further gains in the coming days and weeks.
ADA looks as though it’s halfway through a breakout rally, with its indicators in strong but not yet peaked positions.
Its RSI (purple) has risen above 70 yet again, indicating rising buying pressure that has actually been more or less in place for around a week now.
Also bullish is ADA’s 30-day moving average (yellow), which is rising strongly towards its 200-day (blue) in another clear sign that a breakout is in progress.
The current Cardano price is perhaps the clearest indicator of such a breakout, in that this price has risen beyond both indicators.
The coin’s support level (green) provides another bullish sign, having risen aggressively in the past few days, with significant corrections downwards now being unlikely.
As noted above, ADA’s current strength comes from two sources.
Firstly, the market as a whole is rallying as a result of growing Bitcoin ETF positivity and because the Fed opted to hold rates steady yesterday.
Secondly, Cardano itself benefitted from the release of a new Mithril 2 research paper.
The Mithril 2 paper introduces new cryptographic techniques to prove knowledge of a large dataset without revealing it entirely. The methods are efficient and secure.
It introduces a technique called Approximate Lower Bound Arguments, or ALBAs. The goal is to enable someone to… https://t.co/IV8iHTImCb
— Romain
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