Fundamental analysis:
Explaining in a very intuitive way: ETH 2.0 and Alonzo Upgrade will be the two biggest upgrades of the cryptocurrency network. Both upgrades will improve the functioning of these coins in ways never seen before.
ETH 2.0 is scheduled for the first quartile of 2022.
Alonzo Upgrade was scheduled for October, but the new release date is set for September 12th. This explains the absurd growth of 70% in the last 10 days.
As already seen with EIP 1559, the cryptocurrency market grows speculatively until the launch date and if the upgrade is successful, Cardado and all other cryptocurrencies continue to grow at the same pace for another 10 days.
The targets illustrated in the chart above were formed considering this situation and using fibo retracement at 3 different pivot points. Resistances based on fibonacci retracement.
Brief description of Alonzo Upgrade (source: news.bitcoin.com):
“It’s happening,” IOHK said. “We’re targeting 12 September 2021 for the ‘Alonzo’ upgrade, bringing smart contracts to Cardano via a hard fork combinator (HFC) event. Find out more about the journey to a new era of smart contracts, defi, and more for Cardano (ADA).” Essentially, the Cardano community believes Alonzo will usher in advanced smart contract solutions and decentralized finance (defi) protocols.
While the biggest features stemming from Alonzo will be smart contracts and defi, the upgrade aims to bolster concepts like tokenization and non-fungible token ideas. Additionally, it has been said that ERC20 tokens deriving from Ethereum will be able to be leveraged on the Cardano chain."
Explaining in a very intuitive way: ETH 2.0 and Alonzo Upgrade will be the two biggest upgrades of the cryptocurrency network. Both upgrades will improve the functioning of these coins in ways never seen before.
ETH 2.0 is scheduled for the first quartile of 2022.
Alonzo Upgrade was scheduled for October, but the new release date is set for September 12th. This explains the absurd growth of 70% in the last 10 days.
As already seen with EIP 1559, the cryptocurrency market grows speculatively until the launch date and if the upgrade is successful, Cardado and all other cryptocurrencies continue to grow at the same pace for another 10 days.
The targets illustrated in the chart above were formed considering this situation and using fibo retracement at 3 different pivot points. Resistances based on fibonacci retracement.
Brief description of Alonzo Upgrade (source: news.bitcoin.com):
“It’s happening,” IOHK said. “We’re targeting 12 September 2021 for the ‘Alonzo’ upgrade, bringing smart contracts to Cardano via a hard fork combinator (HFC) event. Find out more about the journey to a new era of smart contracts, defi, and more for Cardano (ADA).” Essentially, the Cardano community believes Alonzo will usher in advanced smart contract solutions and decentralized finance (defi) protocols.
While the biggest features stemming from Alonzo will be smart contracts and defi, the upgrade aims to bolster concepts like tokenization and non-fungible token ideas. Additionally, it has been said that ERC20 tokens deriving from Ethereum will be able to be leveraged on the Cardano chain."
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.