Cardano Leads Development Activity Race with Mithril Launch – Will this Push ADA Towards $1?

Cardano Price Analysis
Cardano Price Analysis

Key Insights

  • Cardano has launched Mithril, a new technology that aims to improve the network's security, efficiency, and decentralization.
  • Mithril has three main benefits: faster node syncing, enhanced security, and decentralized decision-making.
  • Cardano's price has been consolidating between $0.23 and $0.45 for the past year and a half.
  • If Cardano breaks out of the descending channel, it could reach price targets of $0.4, $0.45, $0.51, $0.69, and further upwards

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.

Mithril – A New Horizon

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:

  • Faster Node Syncing: The network operates more efficiently when nodes are synchronized with the entire blockchain.
  • Enhanced Security: Mithril guarantees strong security settings through the use of stake-based threshold multi-signatures.
  • Decentralized Decision-Making: ADA becomes more transparent and trustworthy by letting stakeholders rule and vote depending on their stakes.

The Mithril Roadmap

The Mithril roadmap has three unique phases :

  • Mithril beta,
  • Mithril MVP, and
  • Mithril itself.

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"

Can ADA Hit $1 Soon?

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.

Cardano's all-time high
Cardano's all-time high

If Dan Gambardello's prediction was right by any means, a $1 Cardano is less than a cakewalk.

Cardano Price Action
Cardano Price Action

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 consolidation
Cardano's consolidation

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.

Cardano's possible breakout | source: <a href='' target='_blank' rel='noreferrer noopener'>TradingView</a>
Cardano's possible breakout | source: TradingView

ADA Price Targets

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's price levels
Cardano's price levels

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.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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