TLDR
- Cardano traded at $0.6745 after gaining 7.29% in 24 hours with trading volume climbing 114% to $1.07 billion
- The Midnight application went live on Hydra Layer 2, marking Cardano’s first major scaling deployment
- Technical analysts forecast a potential 333% price increase to $2.96, matching 2021 bull run levels
- ADA posted a 6.8% three-day gain, outperforming Bitcoin, Ethereum, and Solana in the CoinDesk 20 Index
- Price consolidates near $0.6055 support level as RSI and MACD indicators suggest potential for recovery
Cardano is changing hands at $0.6745 following a 7.29% price increase over 24 hours. Trading volume jumped 114.15% to $1.07 billion during the same timeframe.
The token’s market capitalization reached $24.17 billion. Data shows increased participation from retail and institutional traders across exchanges.
ADA gained 6.8% between October 17 and October 20. This three-day performance exceeded Bitcoin’s 4.1%, Ethereum’s 5.2%, and Solana’s 5.2% returns.
The token ranked among top performers in the CoinDesk 20 Index. Chainlink led with 16.6%, followed by Aave at 13.7% and Filecoin at 10.4%.
Midnight Application Launches on Hydra Protocol
The Midnight application deployed on Cardano’s Hydra Layer 2 network. This represents the largest application built on Cardano’s mainnet to date.
Hydra enables faster transaction processing at lower costs while maintaining network security. The protocol demonstrates Cardano’s approach to enterprise-grade scaling without sacrificing decentralization.
Crypto analyst Mintern confirmed Midnight is now operating on Hydra infrastructure. The launch marks the network’s first major Layer 2 implementation in production.
The deployment shows how Cardano can handle high-volume applications. Transaction speeds increase while costs decrease compared to mainnet operations.
Analysts Project 333% Price Breakout
Crypto analyst Javon Marks identified a bullish pattern in ADA’s chart. The price action shows higher lows forming against a resistance barrier.
Marks forecasts a potential 333% rally if the trend continues. This would push ADA toward $2.96, a level last seen during the 2021 bull market.
The projection is based on current price structure and historical patterns. Network activity and trading volume support the bullish outlook.
Technical indicators show Cardano consolidating near the 200 EMA at $0.6055. The token trades below the 50 and 100 EMAs, indicating medium-term resistance overhead.
The 20 EMA sits at $0.7667, above current price levels. This positioning suggests selling pressure at higher prices.
Technical Setup Shows Consolidation Phase
The MACD indicator displays weak bearish momentum. The signal line remains below the MACD line in current readings.
RSI sits at 44.92, below the neutral 50 level. This reading indicates slight bearish sentiment with room for upward movement.
Price action suggests consolidation around key support zones. A directional breakout has not yet materialized on the charts.
Market observers note capital rotation into fundamentals-focused projects. Cardano’s DeFi ecosystem continues expanding with new staking and governance features.
The network’s development roadmap attracts long-term focused investors. Recent price movement reflects renewed interest in scalable layer-1 blockchains.
Layer-1 projects with proven scaling solutions are gaining traction. The Hydra launch demonstrates Cardano’s technical capabilities in real-world applications.
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