- Technical analysis suggests that the price of Cardano’s ADA is approaching a crucial resistance level near $0.82, which could trigger a significant upward move if broken.
- Important developments for Cardano, including a major technology upgrade (UTXO-HD) and growing adoption are underway in regions like Argentina.
Cardano, a blockchain platform focused on being highly decentralized and scalable, is making notable progress on both its technical development and its real-world use. Recent news highlights a key technology upgrade and increasing adoption in Argentina.
Cardano’s Network Development and Price Outlook
A recent development report from Cardano highlighted the release of Node v.10.4.1, which includes a ready-to-use version of UTXO-HD. This stands for Unspent Transaction Output – High Density. It’s a major improvement to Cardano’s system for handling transaction data, designed to make the blockchain more streamlined and faster.
Think of UTXO-HD as an upgraded system for managing records. By optimising how it stores information about unspent transaction outputs, it requires less computer memory for network nodes. This means that even devices with less powerful hardware can run a node, which helps make the network more decentralized.
The goal is faster processing and smoother performance overall, improving the network’s ability to scale.
Meanwhile, Cardano’s connection with Argentina has been growing, reaching beyond just the crypto community to include official levels. In June 2024, the Cardano Foundation formed a partnership with the province of Entre Ríos in Argentina.
This formal agreement aims to explore using blockchain technology in the region’s public services and infrastructure.
Another important step came in October 2024 when a loan agreement made between two Cardano community members using a smart contract on the network was legally recognised under Argentine law.
This event demonstrated that blockchain technology on Cardano is not just for technical experiments but can be integrated into the legal system for practical uses. An event called Argentina Digital Nation 2024 also brought together hundreds of people, including Cardano co-founder Charles Hoskinson, to discuss the role of decentralised technologies like Cardano in Argentina’s future.
Regarding other developments, Charles Hoskinson recently commented on the possibility of Ripple’s stablecoin, RLUSD, being available on Cardano. He mentioned that while discussions happened last year, the final decision depends on broader corporate plans, suggesting an optimistic view following improved interactions between the Ripple and Cardano communities.
ADA has recently seen a positive price increase, showing a gain and trading around the $0.77 mark. Along with increased trading activity, this suggests renewed interest in the token. For several months, ADA’s price has been trading within a defined range. Currently, it sits just below the 200-day moving average, located around $0.82.
This $0.82 level, specifically the 200-day moving average, acts as a key resistance. To see a substantial price increase for ADA, buyers typically need to push the price above this level and hold it there. If ADA can convincingly break past $0.82, especially with strong buying volume, it could signal a potential rally.
Such a move might target higher prices, possibly around $0.90 or even $1.00. Breaking above $0.82 would also represent ADA moving out of a longer-term downward trend pattern seen since late 2024, potentially shifting momentum in favour of buyers.
ADA‘s price is consolidating between roughly $0.75 and $0.77, trading at $0.7715, up 0.001% in the last 24 hours. Key support levels that could prevent a price drop are around $0.70-$0.72. While some technical indicators suggest that bullish momentum might be building, others are still neutral or show signs of the recent price consolidation, highlighting that overcoming the $0.82 resistance remains a key challenge.
While ADA’s price faces immediate resistance at the $0.82 level marked by the 200-day moving average, the underlying progress with technical upgrades like UTXO-HD and increasing real-world adoption in places like Argentina provide fundamental strength that could support a future price rally if the technical barrier is overcome and broader market sentiment is positive.
The post Cardano’s UTXO-HD Update and Argentina’s ADA Embrace Could Catapult Price Beyond $0.82 appeared first on ETHNews.
