{"id":556762,"date":"2023-10-24T12:00:06","date_gmt":"2023-10-24T12:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=556762"},"modified":"2023-10-24T10:20:59","modified_gmt":"2023-10-24T10:20:59","slug":"cardano-crucial-update-ada-price-65-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano\/cardano-crucial-update-ada-price-65-rally\/","title":{"rendered":"Cardano Passes Crucial Update As ADA Price Prepares For 65% Rally"},"content":{"rendered":"

The Cardano ecosystem is ringing in significant transformations with the Cardano Foundation’s announcement of a pivotal modification to its staking parameters. After a stake pool operator (SPO) poll and thorough deliberations by the Parameters Committee, the foundation decided to update the network to enhance both its competitiveness and user experience.<\/p>\n

The Cardando Foundation stated<\/a> via X (formerly Twitter): “As a result of the Stake Pool Operator [SPO]-Poll and a subsequent evaluation by the Parameters Committee, the Cardano Foundation has successfully submitted a transaction on the Cardano mainnet to lower the minPoolCost parameter from 340 to 170 ADA.”<\/p>\n

This development has been welcomed with a mix of anticipation and strategy from different sections of the Cardano community. Cardano staking pool “Stake with Pride” was quick to pivot in line with the new parameters, remarking<\/a>:<\/p>\n

The Cardano min Pool Cost fee has been dropped to 170 ADA from 340. SPOs can drop their fees starting epoch 445 on October 27th. They further pledged to optimize their policies with the recent modifications, firmly anchoring their “minPoolCost to 170 permanently, and Margin to 0% temporarily, as market dynamics are assessed.<\/strong><\/p><\/blockquote>\n

Related Reading: Crypto Analyst Lists Reasons Why Cardano (ADA) Will Not Do Well In The Bull Market<\/a><\/div>\n

The minPoolCost parameter, as explained in a Cardano Foundation blog post<\/a> from September 13, had twofold objectives since its inception with the Shelley launch in 2020. The primary two goals were to act as a defense against Sybil attacks and to guarantee pool operators a floor income to sustain their server operations.<\/p>\n

The Cardano Foundation elaborated, “By potentially halving minPoolCost we don\u2019t enforce but allow the operators to reduce their ‘floor’ income.” The strategic change is anticipated to shift market dynamics favorably for smaller pool operators, providing them with a more level playing field.<\/p>\n

Cardano (ADA) Price Poised For A 65% Rally?<\/h2>\n

The Cardano price has seen a strong uptrend in the past few hours, in line with the overall crypto market. At the time of writing, ADA was trading at $0.282, up 6.5% over the past 24 hours. The 1-day chart of ADA shows that ADA was able to break out of its 6-month downtrend (black line) this past Sunday. On April 15, ADA marked its high for the year at over $0.46, since then the Cardano price has been on the decline.<\/p>\n

Related Reading: Cardano\u2019s Uncertain Path: Analyst Predicts Plunge, But What\u2019s Next For ADA?<\/a><\/div>\n

As a result of the breakout momentum, ADA was able to overcome the important 0.236 Fibonacci retracement level at $0.277. Remarkably, the price has already withstood a retest and established it as new support on the lower time frames. Should ADA manage a daily close above this price level today, the outlook for the Cardano price could turn further bullish.<\/p>\n

\"Cardano
ADA price, 1-day chart | Source: ADAUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

As then, ADA would have to face arguably the most important resistance at the moment, the 200-day exponential moving average (EMA, blue line), at $0.299. The price indicator is often referred to as the “bull line”. Accordingly, a breach could maneuver ADA back into bullish territory. ADA last failed to complete a daily close above the 200-day EMA in mid-July.<\/p>\n

If a breakout into bullish territory succeeds, the next targets would be the Fibonacci retracement level of 0.382 at $0.313, 0.5 at $0.341, 0.618 at $0.370, and 0.786 at $0.411. The pinnacle target remains the annual peak of $0.463, suggesting a prospective ascent of 65% from its present value.<\/p>\n

In this context, it is important to mention that ADA has underperformed compared to other altcoins so far this year. For example: While Solana (SOL) is currently trading<\/a> just below its high for the year and Ether (ETH) is only 15% away<\/a> from a new high for the year, ADA is still 39% below this level.<\/p>\n

On the one hand, this shows the existing potential, and on the other hand, it shows that ADA has not been one of traders’ favorite altcoins so far in 2023. Whether a rise above the 200-day EMA can change this remains to be seen.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Cardano ecosystem is ringing in significant transformations with the Cardano Foundation’s announcement of a pivotal modification to its staking parameters. After a stake pool operator (SPO) poll and thorough deliberations by the Parameters Committee, the foundation decided to update the network to enhance both its competitiveness and user experience. The Cardando Foundation stated via X (formerly Twitter): “As a result of the Stake Pool Operator [SPO]-Poll and a subsequent evaluation by the Parameters Committee, the Cardano Foundation has successfully submitted a transaction on the Cardano mainnet to lower the minPoolCost parameter from 340 to 170 ADA.” This development has been welcomed with a mix of anticipation and strategy from different sections of the Cardano community. Cardano staking pool “Stake with Pride” was quick to pivot in line with the new parameters, remarking: The Cardano min Pool Cost fee has been dropped to 170 ADA from 340. SPOs can drop their fees starting epoch 445 on October 27th. They further pledged to optimize their policies with the recent modifications, firmly anchoring their “minPoolCost to 170 permanently, and Margin to 0% temporarily, as market dynamics are assessed. Related Reading: Crypto Analyst Lists Reasons Why Cardano (ADA) Will Not Do Well In The Bull Market The minPoolCost parameter, as explained in a Cardano Foundation blog post from September 13, had twofold objectives since its inception with the Shelley launch in 2020. The primary two goals were to act as a defense against Sybil attacks and to guarantee pool operators a floor income to sustain their server operations. The Cardano Foundation elaborated, “By potentially halving minPoolCost we don\u2019t enforce but allow the operators to reduce their ‘floor’ income.” The strategic change is anticipated to shift market dynamics favorably for smaller pool operators, providing them with a more level playing field. Cardano (ADA) Price Poised For A 65% Rally? The Cardano price has seen a strong uptrend in the past few hours, in line with the overall crypto market. At the time of writing, ADA was trading at $0.282, up 6.5% over the past 24 hours. The 1-day chart of ADA shows that ADA was able to break out of its 6-month downtrend (black line) this past Sunday. On April 15, ADA marked its high for the year at over $0.46, since then the Cardano price has been on the decline. Related Reading: Cardano\u2019s Uncertain Path: Analyst Predicts Plunge, But What\u2019s Next For ADA? As a result of the breakout momentum, ADA was able to overcome the important 0.236 Fibonacci retracement level at $0.277. Remarkably, the price has already withstood a retest and established it as new support on the lower time frames. Should ADA manage a daily close above this price level today, the outlook for the Cardano price could turn further bullish. As then, ADA would have to face arguably the most important resistance at the moment, the 200-day exponential moving average (EMA, blue line), at $0.299. The price indicator is often referred to as the “bull line”. Accordingly, a breach could maneuver ADA back into bullish territory. ADA last failed to complete a daily close above the 200-day EMA in mid-July. If a breakout into bullish territory succeeds, the next targets would be the Fibonacci retracement level of 0.382 at $0.313, 0.5 at $0.341, 0.618 at $0.370, and 0.786 at $0.411. The pinnacle target remains the annual peak of $0.463, suggesting a prospective ascent of 65% from its present value. In this context, it is important to mention that ADA has underperformed compared to other altcoins so far this year. For example: While Solana (SOL) is currently trading just below its high for the year and Ether (ETH) is only 15% away from a new high for the year, ADA is still 39% below this level. On the one hand, this shows the existing potential, and on the other hand, it shows that ADA has not been one of traders’ favorite altcoins so far in 2023. Whether a rise above the 200-day EMA can change this remains to be seen. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":556766,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,14643,12332,16522,12329,89706],"class_list":["post-556762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-adausd","tag-cardano","tag-cardano-foundation","tag-cardano-price","tag-minpoolcost"],"acf":[],"yoast_head":"\nCardano Passes Crucial Update As ADA Price Preps For 65% Rally<\/title>\n<meta name=\"description\" content=\"The Cardano ecosystem is ringing in significant transformations with a pivotal modification to its staking parameters.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano Passes Crucial Update As ADA Price Prepares For 65% Rally","url":"http:\/\/wncen.com\/news\/cardano\/cardano-crucial-update-ada-price-65-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/cardano\/cardano-crucial-update-ada-price-65-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_2105090489.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_2105090489.jpg?fit=7500%2C4000"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","adausd","cardano","cardano foundation","cardano price","minpoolcost"],"dateCreated":"2023-10-24T12:00:06Z","datePublished":"2023-10-24T12:00:06Z","dateModified":"2023-10-24T12:00:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Cardano Passes Crucial Update As ADA Price Prepares For 65% Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano\\\/cardano-crucial-update-ada-price-65-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano\\\/cardano-crucial-update-ada-price-65-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_2105090489.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_2105090489.jpg?fit=7500%2C4000\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"adausd\",\"cardano\",\"cardano foundation\",\"cardano price\",\"minpoolcost\"],\"dateCreated\":\"2023-10-24T12:00:06Z\",\"datePublished\":\"2023-10-24T12:00:06Z\",\"dateModified\":\"2023-10-24T12:00:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_2105090489.jpg?fit=7500%2C4000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/556762"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=556762"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/556762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/556766"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=556762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=556762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=556762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}