Charles Hoskinson has introduced Ouroboros Genesis, a new update that enhances the security and scalability of Cardano. This update strengthens the network’s nodes, particularly those that are new or rejoining, and reinforces Cardano’s resilience and scalability. Hoskinson shared an intriguing GIF on Twitter to generate excitement about the update.
In terms of pricing, Cardano has seen bullish trends recently, moving away from its low of $0.4180. After breaking through resistance levels at $0.4350 and $0.4420, ADA entered a short-term bullish phase. The price continued to progress past the 23.6% Fibonacci retracement level, indicating a potential uptrend. The ADA/USD 4-hour chart also showed a decisive break above a critical bearish trend line at $0.4580, signaling the possibility of a strong rally if resistance levels at $0.4650, $0.470, and $0.4980 are surpassed.
Cardano’s approach to network integrity is innovative, with protocols like ‘Limit on Eagerness’ and Grounded Decision Disconnect (GDD) ensuring the selection of unanimously agreed-upon blocks and protecting the network against adversarial threats. The platform’s continuous technological advancements aim to outperform competitors like Ethereum.
Despite a downward trend in the past two months, where ADA fell to a support level of $0.426 from $0.81, the market dynamics have shifted. The price has stabilized around $0.4577, showing a modest increase of 2.27% over the past day. With the support level defended by buyers, ADA’s price trajectory is now trending sideways, indicating a consolidation phase before potential upward movements.
In conclusion, with updates like Ouroboros Genesis and its ability to withstand market fluctuations, Cardano remains a significant player in the blockchain space, offering exciting developments for its community and investors.