Cardano price in position for bullish sequel as Hydra launches its second pre-release
- Cardano’s scalability solution Hydra has launched end-to-end node integration in its second pre-release this week.
- Analysts observe hidden bullish divergences in Cardano’s price trend, predict a bullish sequel for the altcoin.
- Cardano development team continues building at a fast pace with 3,057 new GitHub commits.
Cardano price is on its path to recover from the crash of December 4, when it noted a nearly 25% drop. Analysts observed a hidden bullish divergence in the Cardano price chart and predicted the altcoin’s bullish comeback.
Cardano’s scaling solution Hydra is closer to its release
Development of Cardano’s layer-2 scaling solution Hydra is on track. The Hydra team launched its second pre-release, end-to-end Cardano node integration, this week.
Cardano’s team of developers added 3,057 new GitHub commits, making progress towards the Hydra launch.
Mid-week repo update: #Cardano code forges continue to burn bright with 3,057 GitHub commits this week & counting...
— Input Output (@InputOutputHK) December 15, 2021
To follow the latest code commits, bookmark the excellent https://t.co/Tj4Ebgc65u #Cardano $ADA pic.twitter.com/zshY32fkNZ
The layer-2 scaling solution’s launch is key to the Cardano blockchain as it would allow the parallel processing of transactions and smart contracts. Hydra’s implementation in the Cardano ecosystem would have similar results as the Ethereum network expects from “sharding” or creating parallel blockchains.
The Cardano development team continued working on the altcoin’s wallet, increasing its compatibility with the latest version of the node, v.1.32.1.
Analysts have evaluated the Cardano price chart and noted hidden bullish divergences. Crypto analysts at the YouTube channel “CoinsKid,” observed the price drop to $1.27 in a falling wedge pattern, and believe that this is a bull flag.
Cardano price could break resistance at $1.34 and retrace previous levels in a bullish sequel. The analyst considers the falling wedge pattern a precursor of a Cardano price rally, setting a target of $1.47, 10% climb from the current level.
FXStreet analysts believe that Cardano price is approaching its market bottom after the 60% crash.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
