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ADA Bulls Are on the Fit of Fury, Cardano CEO Says Goguen Is the Ultimate ‘Ethereum’ Killer

ADA

The month of September has been turbulent for major cryptocurrencies and Cardano (ADA), the 9th largest cryptocurrency by market cap has not been left out. It all began on September 2nd when the crypto market saw a broad-based selloff, ADA also conceded to bearish action plunging from highs of $0.127. This decline continued until ADA price breached the key $0.0880 level.

ADA consequently entered into the bears’ territory as it traded sideways for a while before reeling down to lows of $0.0755.

ADA met stiff support at $0.0755 as its price surged past the key $0.0880 level. ADA bulls in a fit of fury broke many key hurdles near $0.0950. A break above a crucial bearish trend line with resistance near $0.0872 was seen on the 4-hours chart of the ADA/USD pair.

Major resistance levels are $0.1050, $0.1150, and $0.1280 key levels. Analysts are paying keen attention to the $0.1050 key level as ADA sustained rally is dependent on how it behaves to this key resistance.

ADA also traded higher in its Bitcoin pairing as it hit intraday highs of 982 SATS extending the bullish momentum it kickstarted on September 24.

ADA/USD Daily Chart

Cardano (ADA) is presently at $0.1032.

Cardano CEO Says Goguen Is the Ultimate ‘Ethereum’ Killer

On Sunday, Cardano’s founder Charles Hoskinson released new updates about Goguen. The Goguen era represents a big step forwards in capability for the Cardano network. Where the Shelley era decentralizes the core of the system, Goguen adds the ability to build decentralized applications (DApps) on Cardano.

Goguen is also ushering in the ERC20 token converter, which will permit companies to translate from Ethereum’s blockchain to that of Cardano. Hoskinson maintained that the project would launch Cardano into being a multi-asset system while allowing users to create their personalized tokens.

The CEO referred to Goguen as a far superior standard to Ethereum. Hoskinson was originally one of Ethereum co-founders before leaving in 2014.

Cardano has been one of the most keenly awaited competitors in Ethereum for some time. Earlier this year, Cardano’s Shelley update had created much buzz for the Cardano network with the introduction of staking resulting in significant price action for ADA token. However, like Ethereum 2.0, the Cardano upgrade is on a long term scale. There are five eras with Shelley being the 2nd era, Goguen era follows subsequently ushering in smart contracts.

In contrast to Ethereum 2.0, Cardano will ultimately operate an on-chain governance model. A Quantstamp source recently stated that he believes the project will consequently surpass the other major on-chain governance platform, Tezos, becoming second only to Ethereum as the smart-contract platform of choice.

Image Credit: Shutterstock

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