According to U.Today, Cardano's ADA has made a significant recovery following a five-day streak of declines, which coincided with the formation of a technical pattern known as the 'death cross.' ADA recovered from a low of $0.426 on May 15, with the gains continuing as ADA rose 5.38% in the last 24 hours to $0.455. This upward movement has been a welcome relief for ADA holders, who have been waiting for signs of a bullish reversal. Over the past weekend, Cardano's ADA's 50-day and 200-day simple moving averages (SMAs) crossed bearishly, resulting in a death cross formation. Despite the bearish outlook suggested by the death cross, ADA's recent rebound is noteworthy.
Several factors may have contributed to Cardano's positive price performance post-death cross. One significant aspect is the overall market recovery, where a slight improvement in the broader economic outlook has led to increased investor confidence across various asset classes, including cryptocurrencies. The anticipation of upcoming protocol upgrades also likely played a role in bolstering investor sentiment. However, it remains to be seen if ADA's current rebound is a temporary recovery or something that might evolve into a sustained rally for the cryptocurrency. A break above the daily moving averages may be the first indication of strength.
Ouroboros, the consensus protocol that powers the Cardano blockchain, is moving forward with its planned upgrade path due to Cardano's ongoing development and increasing use. Ouroboros's evolution will continue with Ouroboros Genesis, which is scheduled for release in the third quarter of 2024. Ouroboros Genesis is a set of improvements to the already robust Ouroboros protocol that include countermeasures to safeguard network nodes when they are new or return after an absence. The first Genesis-capable implementation is expected for deployment in Q3, 2024. The most significant unknown at this point is the level of optimization required to compensate for the increased peer count needed to prevent eclipses.
