Cardano’s Ouroboros and EUTXO Strengthen the Network

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Cardano's Ouroboros and EUTXO Strengthen the Network
Cardano's Ouroboros and EUTXO Strengthen the Network

As the crypto world has never stopped developing its platform to bring the latest technology to all users around the world. Cardano is one of the platforms in the crypto ecosystem that provides a solid rock environment to process millions of transactions worldwide. All transactions are processed in a decentralized and highly scalable manner.

The Ouroboros consensus algorithm developed by the Cardano development team makes ADA highly secure and resistant to network failures. In addition, Cardano wants to be flexible and maximize throughput. This allows Cardano to keep pace with the growing demand for its network from users.

At the same time, Cardano also offers problem solutions when designing. Enhanced Unsupported Transaction Output (EUTXO) eliminates the problems developers encounter when building and designing DeFi applications on the network. In addition, applications specifically designed for Cardano’s EUTXO model are expected to provide the best user experience.

Cardano Price Analysis

Today’s Cardano price analysis is bearish as we expect more sales after yesterday’s strong rally ended, rising to $2.378. Hence, it is expected to regress before going up again, which requires further integration.

Yesterday’s Cardano price analysis concluded that after a strong rebound to $2.378 and a short-term high, expect another downtrend, in fact after the ADA/USD retracement before the falling wedge resistance at $2.301 is confirmed. 

Yesterday, Cardano price tried to break above the $2.378 level but did not rise any further, ADA/USD is now testing the breakout point of $2,180 again.

The Billinger Band has also started moving down, which is a good indicator of further sales.

Today’s Cardano price prediction will see a downside break below $2.15, which will result in yet another test of the previous breakout point of $1,951. This is an important level of support and has not been tested. Should it give way, it could fall further to $1.56 in the medium term.

A break below $2.15 drops to yesterday’s low of $1,951, which has not been tested and may offer support if retested after the expected sell-off.