Key Insights:
- ADA encountered a 3.77% drop during the last 24 hours, reaching a value of $0.5818 as macroeconomic uncertainties influenced market conditions.
- The upcoming Leios upgrade aims at greatly enhancing the Cardano’s network capacity and scalability, confirmed by Input Output Global (IOG) on June 19.
- A notable surge in trading volume, nearing 38.39% above the weekly norm, indicates vibrant market participation with ADA stabilizing around $0.582.
Cardano’s ADA token faced pressure as it dipped to $0.5818 amidst intensified focus on the Leios upgrade slated for future implementation. Despite the price decrease of 3.77% over the last day and the trading volume jumping dramatically, the signs of market interest remain vibrant according to CoinDesk Research’s analytical assessments.
On Thursday, August 19, IOG reaffirmed its goals for the Leios upgrade via a thread on X, detailing how it is designed to enhance transaction processing and optimize resource utilization, primarily during peak times.
Leios was first introduced in November 2022 as an innovative variant of Cardano’s Ouroboros consensus protocol, aimed at overcoming inherent scalability challenges of existing models.
Technical Analysis Highlights:
- ADA traded within a 7.15% range, moving from $0.605 down to a low of $0.562 before partial recovery.
- The 5:00 PM hour highlighted a support zone from $0.562–$0.576, peaking with a volume of 175 million units.
- Price stabilized within the resistance of $0.582–$0.588 and the support of $0.573–$0.582, signaling consolidation.
- Trends in decreasing volumes could suggest a possible accumulation phase.
- A sell-off at 12:48 resulted in breaching initial support at $0.583, followed by a consolidation near $0.582.
Parts of this article utilized AI-driven tools for generation, ensuring adherence to CoinDesk’s accuracy standards.
