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Cardano Falls Despite Alonzo Mainnet Launch

September 13, 2021

#ADA#Alonzo#Cardano#CRYPTOCURRENCY#NEWS#TechnicalAnalysis

The long wait for the Cardano Alonzo Mainnet update is finally over, as years of research and trials culminated in the launch of the network upgrade on Sunday.

This means that the network now supports Smart Contracts (SC), which many development teams can utilize in building and deploying protocols directly on Cardano.

One of the most critical factors surrounding the Smart Contracts capability on Cardano is Plutus, which is responsible for the added functionality. Also, the Plutus core helps in defining the parameters of the extended UTXO model. The team noted that Plutus provides unique advantages over different accounting models.

Meanwhile, the Plutus Application Framework (PAF) offers access to applications and services that operate on the network, and it also includes a full web browser interoperability.

That said, the Alonzo rollout was not all smooth sailing. Recent complaints show that Cardano’s SC capabilities suffer from a fundamental concurrency issue. A concurrency issue means that multiple users cannot use or interact with the protocol at the same time.

However, Charles Hoskinson and the Input-Output Hong Kong (IOHK) team have debunked the allegations with an in-depth explanation about the SC model of the network.

Key Cardano Levels to Watch — September 13

ADA has entered the new week on a bearish footing as the third-largest cryptocurrency stumbled from the $2.8000 area to the $2.3000 support line in the early Asian session today. This was ADA’s second attempt at the $2.8000 line under a 24-hour timeframe, highlighting the strong bearish presence presently in the market.

ADAUSD – 4-Hour Chart

That said, the cryptocurrency needs to stay above $2.3000 in the near term to avoid ceding control to bears and a bearish spiral to the $2.0000 psychological support. However, the technical factors do not favor a bullish move anytime soon as trading conditions (MACD) re-enters sell mode.

Meanwhile, our resistance levels are $2.4705, $2.6000, and $2.7000, and our support levels are $2.3000, $2.2000, and $2.1000.

Total Market Capitalization: $2.04 trillion

Cardano Market Capitalization: $78 billion

Cardano Dominance: 3.82%

Market Rank: #3

 

You can purchase crypto coins here: Buy Tokens

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