Cardano, Terra, Polkadot
2/3
Investing.com – Cardano, and have not escaped the general downward pressure in the market on Thursday, January 27, 2022. The is down -4.37% to $1.0479, while the -4 .84% to 60.41 dollars and yields -3.58% to 18.02 dollars.
Cardano: 11-step plan to improve scalability
Last September, the Cardano blockchain became compatible with smart contracts thanks to the Alonzo update. However, although the exploitation of dApps and DeFi projects has not really started yet, the speed of transactions poses significant problems.
SundaeSwap users reported that it sometimes takes several hours to complete a single transaction. IOHK now wants to focus more on scaling the network and has established an 11-point plan that should be implemented this year again.
In the past few hours, the Plutus script has already been modified to increase the number of memory units available per transaction.
Terra threatened with further losses
On Terra’s 4-hour chart, price broke out of the triangle down with the Fed’s interest rate decision yesterday. The downward move then continued very dynamically towards the recent low of $53.99.
From there, a rally has certainly occurred, but it will be met with resistance at the 23.6 percent Fibo retracement of $61.33. This is reinforced by the descending trendline of the triangle.
The chances that the recent low will indeed be tested therefore increase.
Polkadot targets $15.86
Polkadot failed to rally sustainably above the 23.6% Fibo retracement of $18.85.
The current upside correction will meet resistance at the lower boundary of the descending channel, reinforced by the 23.6% fibo retracement.
Only a rise above the $20.00 high will confirm the formation of a higher high, which would signal a near-term recovery.
If that doesn’t happen, expect a test of $15.86.
By Marco Oehrl
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