Cardano Upgrade: IOHK Announces Alonzo Launch
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The host company of Cardano (ADA), Input-Output Hong Kong (IOHK), has just announced the launch of the testnet for the Alonzo Smart Contracts platform and detailed its rollout blueprint.
The Alonzo launch will, reportedly, occur in multiple stages, with every phase classified by color. The current phase, which is blue, should be succeeded by Alonzo White and Alonzo Purple. IOHK also noted that it had begun assembling “a small, select group of SPOs & #Plutus Pioneers to help lay the foundations.”
The Alonzo upgrade, a hard fork, will bring many operational and efficiency improvements to the Cardano network. One of the crucial features of the Alonzo upgrade is the integration of Plutus scripts, which would finally give the network Smart Contracts compatibility. Users of the network would have the necessary tool to develop decentralized apps (dApps) in the ever-growing DeFi global market.
The project could take a few months to get fully unraveled as more users get brought in, as more testnet functionalities and features get integrated.
Although the announcement did not provide many details about the launch, IOHK noted that more information would get announced soon.
Cardano has had an exceptionally positive year, with several new investments flooding in. The upgrade would give the network a more competitive edge on the Ethereum network.
Key Cardano Levels to Watch — May 28
After peaking at the $1.8300 resistance from its recent plunge, ADA appears to have fallen into a bearish movement. A mini channel has emerged over the past few hours, highlighting the bearish bias.
However, the fifth-largest cryptocurrency has gotten to the bottom of the channel and is being propped up by the 200 SMA, indicating an impending bullish bounce. That said, we expect to see a bounce to the $1.7000 resistance over the coming hours.
A subsequent break above the $1.8300 resistance should reinstate a bullish momentum for Cardano.
Meanwhile, our resistance levels are $1.7000, $1.8300, and $1.9500, and our support levels are $1.5000, $1.4000, and $1.3108.
Total Market Capitalization: $1.6 trillion
Cardano Market Capitalization: $50 billion
Cardano Dominance: 3.12%
Market Rank: #5
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