Cardano price has been on a downward spiral since early July, when the altcoin hit resistance at $0.46 and began a steady decline. The much-anticipated Chang upgrade was expected to reverse this trend, but it had little effect on the Cardano price trajectory. However, just weeks after the Chang release, Cardano is back in the spotlight, fueled by fresh excitement.
Charles Hoskinon, Cardano’s founder, recently teased the development of a new “Solana-killer” technology, stirring speculation across the crypto community. As Cardano aims to solidify its position as a leading platform for decentralized applications and smart contracts, could this new upgrade trigger a price surge and revive the ADA bullish momentum?
Can Charles Hoskinon’s Ouroboros Upgrade Aid Suffering Cardano Price?
In a reply post on X, Cardano founder Charles Hoskinon talked about Ouroboros Leius and the evolution of ‘Praos.’
Hoskinson’s response was to a poll about which type of proposal participants would consider between implementing Leios or building a new Rust node. The founder said he would choose Leios over a new rust node since the latter makes Cardano faster than Solana without losing decentralization.
The rust node gives us no new differentiating features for users. Leios makes us faster than Solana without losing decentralization…
— Charles Hoskinson (@IOHK_Charles) September 15, 2024
Ouroboros Leios is a step above Praos, the family of proof-of-stake (PoS) consensus mechanisms that secure the Cardano network. With the implementation of Leios, Cardano will have tiered transaction fees and faster chain synchronization, which could push the network to become faster than Solana.
Following the Chang upgrade, Cardano became one of the most decentralized blockchains. With Leios, it could achieve speed without losing its decentralization.
Meanwhile, the ADA price has remained stagnant, gaining only 0.1% over the last 24 hours to trade at $0.3342, while its rival Solana price is up 0.7% to trade at $132.
Can ADA Price Reach $0.45?
Cardano price is currently trending downward, with a descending trendline that has consistently acted as a resistance level. However, recent price action suggests that ADA may be nearing a bottom, as it is trading within a key support area.
The strong support zone between $0.32 and $0.33 has held firm after multiple tests, marking it as a crucial level for a potential reversal. The immediate resistance lies at the descending trendline around $0.35–$0.36.
If a breakout occurs, the next major target would be the $0.45 resistance level, a significant threshold based on historical price movements.
The 24-hour open interest (OI) change from Coinglass shows that traders are closing their Shorts in profits. When this happens, they tend to enter Long positions, which means Cardano price could be getting ready for a swing higher.
The current candle reveals some rejection wicks near support, suggesting that buyers may be stepping in. However, a strong bullish reversal pattern has yet to appear, so further confirmation is needed.
Cardano Price Analysis Chart
If Cardano price breaks above the $0.36 descending trendline, this would suggest a reversal of the downtrend, with a possible long-term target of $0.45. Holding above this level could open up higher targets in the $0.50 range.
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