ADA, the eighth-largest cryptocurrency by market capitalization has achieved another important milestone.
With the launch of Mithril, a new technology that aims to offer Cardano a fresh boost in terms of security, efficiency, and decentralization, the network is expected to become miles better than it ever was.
Mithril will increase node synchronization efficiency and speed on the mainnet and is one heck of an upgrade.
Read on to find out what Mithril is all about, and what the chances are of ADA hitting $1 soon.
According to an announcement tweet from Banksy earlier this week, Mithril has officially launched on the ADA Mainnet.
Mithril is a new staking-based protocol that enables Cardano network nodes to quickly verify the authenticity of a block without having to download the whole blockchain history.
By allowing nodes to vote on protocol settings and updates depending on their stake, Mithril supports decentralized decision-making.
The Mithril protocol mainnet beta has been successfully deployed after volunteer stake pool operators (SPOs) testing it.
In a nutshell, Mithril offers three main components as benefits:
The Mithril roadmap has three unique phases :
According to a tweet from Santiment, ADA ranks among the top three networks over the last month and even has a very bold 2500 price surge prediction on $ADA, from the founder of Crypto Capital Venture, Dan Gambardello.
In a recent tweet, the Crypto Capital founder is quoted as saying "$7.80 ADA (is the) minimum all-time high in the next bull market. Save this tweet"
Compared to other price predictions, Cardano's rise to $1 is far from impossible.
Right before the current bear market hit the crypto industry as hard as it did, ADA sat at $3 – A whole 89% dip from where it currently sits at $0.31.
CoinMarketCap calculates Cardano's all-time high to have happened sometime around 2 September 2021.
If Dan Gambardello's prediction was right by any means, a $1 Cardano is less than a cakewalk.
In the weekly charts, we can see that ever since ADA plummeted from its $3 highs, it has been in a consolidation phase between $0.23 and $0.45 for a year and a half.
This indicates ADA's reluctance to go any lower than $0.23, and a lack of momentum to carry it past $0.45.
Cardano's descending channel
Zooming into the daily charts, we can see that Cardano is in a descending channel.
However, we can also see that the cryptocurrency's price is pushing up against the formation's resistance. This creates the possibility of a breakout from the top of the channel.
The RSI line also sits at the neutral zone, creating even footing for both bulls and bears.
If Cardano manages to break through this formation, a massive price impulse can be expected, as a complement to this descending channel that has remained unbroken for almost a year (since 14 August 2022).
Cardano breaking through this formation will open the door to several bullish price levels including $0.4, $0.45, $0.51, $0.69 and further upwards.
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